UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 17, 2009
KRAFT FOODS INC.
(Exact name of registrant as specified in its charter)
| Virginia | 1-16483 | 52-2284372 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
| Three Lakes Drive, Northfield, Illinois | 60093-2753 | |
| (Address of Principal executive offices) | (Zip Code) |
Registrant’s Telephone number, including area code: (847) 646-2000
Not Applicable
(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 (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | 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. |
On June 18, 2009, Irene B. Rosenfeld, our Chairman and Chief Executive Officer, will participate in a panel discussion at The CIES World Food Business Summit. Ms. Rosenfeld is expected to disclose Kraft Foods’ Organic Revenue Growth rate of 3.4% from 2005 to 2006. Please see our GAAP to Non-GAAP reconciliation attached as Exhibit 99.1 and on our Web site, www.kraftfoodscompany.com.
We report our financial results in accordance with U.S. GAAP. Our top-line guidance measure is organic net revenues, which excludes the impact of acquisitions, divestitures and currency. We use organic net revenues and corresponding growth rates as non-GAAP financial measures. Management believes this measure better reflects revenues on a going-forward basis and provides improved comparability of results.
Pursuant to General Instruction B.2. to Form 8-K, the information set forth in this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | The following exhibit is being furnished with this Current Report on Form 8-K. |
| Exhibit |
Description | |
| 99.1 |
Kraft Foods Inc.’s Net Revenues GAAP to Non-GAAP Reconciliation. |
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.
| KRAFT FOODS INC. | ||||
| Date: June 17, 2009 | ||||
| /s/ Marc S. Firestone | ||||
| Name: | Marc S. Firestone | |||
| Title: | Executive Vice President, Corporate and Legal Affairs and General Counsel | |||
Exhibit 99.1
GAAP to Non-GAAP Reconciliation
Net Revenues
For the Twelve Months Ended December 31,
($ in millions) (Unaudited)
| As Reported (GAAP) |
Impact of Divestitures |
Impact of Acquisitions |
Implementation Costs |
Impact of Currency |
Organic (Non-GAAP) |
% Change | |||||||||||||||
| As Reported (GAAP) |
Organic (Non-GAAP) |
||||||||||||||||||||
| 2008 Reconciliation | |||||||||||||||||||||
| Kraft Foods Europe |
9,728 | (214 | ) | (2,216 | ) | — | (387 | ) | 6,911 | 38.8 | % | 3.4 | % | ||||||||
| Kraft Foods Developing Markets |
8,248 | (16 | ) | (943 | ) | — | (272 | ) | 7,017 | 38.0 | % | 17.7 | % | ||||||||
| Total International Operations |
17,976 | (230 | ) | (3,159 | ) | — | (659 | ) | 13,928 | 38.5 | % | 10.2 | % | ||||||||
| 2007 Reconciliation | |||||||||||||||||||||
| Kraft Foods Europe |
7,007 | (323 | ) | — | — | — | 6,684 | ||||||||||||||
| Kraft Foods Developing Markets |
5,975 | (15 | ) | — | — | — | 5,960 | ||||||||||||||
| Total International Operations |
12,982 | (338 | ) | — | — | — | 12,644 | ||||||||||||||
| 2007 Reconciliation | |||||||||||||||||||||
| Kraft Foods Europe |
7,007 | (323 | ) | (226 | ) | — | (571 | ) | 5,887 | 18.9 | % | 3.3 | % | ||||||||
| Kraft Foods Developing Markets |
5,975 | (15 | ) | (7 | ) | — | (330 | ) | 5,623 | 18.0 | % | 11.3 | % | ||||||||
| Total International Operations |
12,982 | (338 | ) | (233 | ) | — | (901 | ) | 11,510 | 18.5 | % | 7.1 | % | ||||||||
| 2006 Reconciliation | |||||||||||||||||||||
| Kraft Foods Europe |
5,894 | (196 | ) | — | — | — | 5,698 | ||||||||||||||
| Kraft Foods Developing Markets |
5,064 | (13 | ) | — | — | — | 5,051 | ||||||||||||||
| Total International Operations |
10,958 | (209 | ) | — | — | — | 10,749 | ||||||||||||||
| 2006 Reconciliation | |||||||||||||||||||||
| Kraft Foods Europe |
5,894 | (196 | ) | (71 | ) | — | 91 | 5,718 | (1.5 | )% | (1.3 | )% | |||||||||
| Kraft Foods Developing Markets |
5,064 | (13 | ) | (1 | ) | — | (88 | ) | 4,962 | 11.0 | % | 9.4 | % | ||||||||
| Total International Operations |
10,958 | (209 | ) | (72 | ) | — | 3 | 10,680 | 3.9 | % | 3.4 | % | |||||||||
| 2005 Reconciliation | |||||||||||||||||||||
| Kraft Foods Europe |
5,981 | (185 | ) | — | — | — | 5,796 | ||||||||||||||
| Kraft Foods Developing Markets |
4,564 | (30 | ) | — | — | — | 4,534 | ||||||||||||||
| Total International Operations |
10,545 | (215 | ) | — | — | — | 10,330 | ||||||||||||||