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2014

Mondelez International Reports Third Quarter 2013 Results

- Q3 net revenues increased 1.8%; Organic Net Revenues(1) increased 5.3%, driven entirely by volume/mix; Emerging markets(2) grew 10.7%

- YTD net revenues increased 1.1%; Organic Net Revenues grew 4.3%

- Q3 diluted EPS was $0.57; Adjusted EPS(1) increased to $0.41, up 16.7% on a constant currency basis

- YTD diluted EPS was $1.23; Adjusted EPS increased to $1.12, up 15.5% on a constant currency basis

- Company lowers 2013 Organic Net Revenue growth outlook to approximately 4%

- Company raises 2013 Adjusted EPS guidance to $1.57-$1.62(11)

- Company has repurchased approximately $0.8 billion of shares YTD

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DEERFIELD, Ill., Nov. 6, 2013 /PRNewswire/ -- Mondelez International, Inc. (NASDAQ: MDLZ) today reported third quarter 2013 results. 

(Logo: http://photos.prnewswire.com/prnh/20121003/MM86695LOGO)

"We delivered solid results in a difficult environment.  Both revenue and operating margin improved sequentially, fueled by volume/mix gains of more than 5 percent, double-digit growth in emerging markets and increased global market shares," said Chairman and CEO Irene Rosenfeld.  "Weak biscuit performance in China, continued headwinds from coffee pricing and slower global category growth, however, led to revenue growth below our expectations."

"Looking forward, we expect these factors will continue to pressure our top line for the remainder of the year," Rosenfeld continued.  "As a result, we're reducing our 2013 Organic Net Revenue growth outlook to approximately 4 percent.  In light of this more challenging environment, we're stepping up our efforts in productivity and overheads, and continue to expect Adjusted Operating Income margin of approximately 12 percent for the full year.  Additionally, we're raising our 2013 Adjusted EPS target to $1.57 to $1.62."

Rosenfeld concluded:  "We believe that the recent industrywide slowdown in key emerging markets, especially China, is temporary.  But this slowdown, along with lower coffee prices, will moderate our top-line growth in 2014 to be in the 4 to 5 percent range.  We will, however, continue to invest in Power Brands, sales capabilities and routes to market so that we're well-positioned when global category growth returns to previous levels.  As a result, we remain committed to delivering our long-term goals of 5 to 7 percent Organic Net Revenue growth and double-digit Adjusted EPS growth."

Third Quarter Results
Net revenues were $8.5 billion, up 1.8 percent.  Organic Net Revenues increased 5.3 percent, driven entirely by volume/mix, despite challenging macroeconomic conditions and slowing category growth in many key emerging markets.  The pass-through of lower coffee commodity costs tempered growth by 0.5 percentage points.   

Power Brands continued to grow faster than the company average, up 6.9 percent, led by Tuc, Club Social, belVita and Barni biscuits and Cadbury Dairy Milk, Milka and Lacta chocolate.

Revenues from emerging markets increased 10.7 percent, led by gains of mid-to-high teens in Russia, India and Brazil.  China, however, declined double digits reflecting softening macroeconomic conditions and weak biscuit performance.  The BRIC markets3, in aggregate, were up double digits despite China's weak performance.  Developed markets4 grew 1.8 percent as North America, Europe and Asia Pacific all posted low-single digit gains, in line with our long-term algorithm. 

Operating income increased to $1.3 billion, up 50.6 percent, and operating income margin was 14.9 percent.  This includes a $336 million favorable impact from the reversal of an indemnity accrual related to the 2010 acquisition of Cadbury5.

Adjusted Operating Income1 increased 0.8 percent on a constant currency basis, including a negative 5.0 percentage point impact from prior year one-time items6.  Excluding these items, higher gross profit was partially offset by increased investments in advertising, consumer support, sales capabilities and route-to-market expansion.  

Adjusted Operating Income margin was 12.2 percent, a sequential improvement from the previous quarter, but down 0.8 percentage points versus prior year as last year's margin was unusually high due to the spin-off of Kraft Foods Group.  The decline also reflects increased growth investments and a negative 0.6 percentage point impact from prior year one-time items.  

Diluted EPS was $0.57, including a $0.21 benefit from the indemnity accrual reversal.  Adjusted EPS was $0.41, including a negative $0.01 impact from currency.  On a constant currency basis, Adjusted EPS increased 16.7 percent, reflecting a positive impact of $0.07 from lower taxes.

Third Quarter Revenue Results by Region
Latin America:  Net revenues increased 1.7 percent.  Organic Net Revenues grew 16.9 percent primarily driven by continued strong performance in Brazil as well as pricing in the inflationary economies of Venezuela and Argentina.  Brazil increased mid-teens behind strong volume/mix gains and pricing.  Power Brands grew 18.1 percent, led by Club Social, Oreo and belVita biscuits, Lacta chocolate and Halls candy.

Asia Pacific:  Net revenues decreased 7.5 percent.  Organic Net Revenues were essentially flat, as higher volume/mix offset lower pricing.  The region's emerging markets were down slightly, as double-digit declines in our $1.1 billion China business, driven by weak biscuits performance, offset high-teens growth in India.  Developed markets in the region were up slightly.  Power Brands decreased 3.5 percent primarily due to Oreo biscuits in China.  

EEMEA:  Net revenues increased 7.0 percent.  Organic Net Revenues grew 13.0 percent, as strong volume/mix gains were partially offset by lower pricing, mostly from coffee in Eastern Europe.  Revenue growth was broad-based with double-digit gains in Russia, the GCC7 countries, Ukraine and West Africa.  Russia continued to build momentum with high-teens growth behind exceptional volume/mix performance, partially offset by lower pricing in coffee and chocolate.  Power Brands grew 18.9 percent, led by Cadbury Dairy Milk and Milka chocolate, Barni, Oreo, Tuc and belVita biscuits and Jacobs coffee.

Europe:  Net revenues increased 4.3 percent.  Organic Net Revenues increased 1.9 percent, as strong volume/mix gains, particularly in biscuits, chocolate and coffee were partially offset by lower pricing in coffee and soft performance in gum.  Lower coffee revenues negatively affected the region's growth by 1.4 percentage points.  Power Brands grew 4.7 percent, led by Oreo and chocobakery biscuits, Cadbury Dairy Milk and Milka chocolate and Tassimo coffee. 

North America:  Net revenues increased 1.0 percent.  Organic Net Revenues increased 2.4 percent, with strong biscuits and candy growth partially offset by lower gum revenues.  U.S. biscuits grew 5 percent or more for the ninth consecutive quarter.  Power Brands grew 2.9 percent fueled by strong growth of Oreo, Chips Ahoy! and belVita biscuits and Halls candy.

September Year-to-Date Results
Net revenues were $25.8 billion, up 1.1 percent.  Organic Net Revenues increased 4.3 percent, driven by strong volume/mix of 3.8 percentage points as well as favorable pricing of 0.5 percentage points.  Lower coffee revenues tempered growth by 0.8 percentage points. 

Power Brands grew 7.4 percent.  Oreo, Chips Ahoy!, Tuc, Club Social, belVita, and Barni biscuits, Cadbury Dairy Milk, Milka and Lacta chocolate and Halls candy each posted double-digit increases.  

Revenues from emerging markets were up 9.9 percent, led by double-digit gains in the BRIC markets.  Developed markets increased 0.7 percent as modest gains in North America and Europe were mostly offset by a low-single digit decline in Asia Pacific. 

Market share performance8 was strong, with more than 60 percent of revenues gaining or holding share.  Performance was particularly strong in biscuits, with more than 75 percent of revenues gaining or holding share.

Operating income increased to $3.0 billion, up 10.6 percent, and operating income margin was 11.5 percent.  This includes a $336 million favorable impact from the reversal of an indemnity accrual related to the 2010 acquisition of Cadbury.

Adjusted Operating Income decreased 4.3 percent on a constant currency basis, including a negative 4.3 percentage point impact from prior year one-time items9.  Excluding these items, higher gross profit was offset primarily by increased investments in advertising, consumer support, sales capabilities and route-to-market expansion.

Adjusted Operating Income margin was 11.3 percent, down 1.4 percentage points, including the negative impacts of 0.5 percentage points from prior year one-time items9 and 0.3 percentage points due to the devaluation of the Venezuelan bolivar.

Diluted EPS was $1.23, including a $0.21 benefit from the indemnity accrual reversal.  Adjusted EPS was $1.12, including a negative $0.07 impact from currency.  On a constant currency basis, Adjusted EPS increased 15.5 percent, reflecting a positive impact of $0.20 from lower taxes.

Net Debt and Share Repurchases
The company's Net Debt10 as of Sept. 30, 2013, was $16.2 billion, up $0.6 billion from June 30, 2013.  The increase was largely attributable to $0.7 billion of share repurchases in the quarter.  Through September 2013, the company has repurchased approximately $0.8 billion of its common stock at an average price of $31.13.

Outlook
The company lowered its 2013 Organic Net Revenue growth outlook to approximately 4 percent from its previous guidance of the low end of 5 to 7 percent to reflect the impact of weak biscuit sales in China, continued lower coffee prices and slower global category growth, especially in key emerging markets.  The company raised its 2013 Adjusted EPS target to $1.57 to $1.6211 (at guidance currency rates) to flow through some tax favorability.  Based on currency translation impacts recorded to date and spot rates as of Oct. 31, the company's 2013 Adjusted EPS would be about 5 cents lower than the $1.57 to $1.62 guidance.

Conference Call
Mondelez International will host a conference call for investors with accompanying slides to review its results at 5 p.m. ET today.  Access to a live audio webcast with accompanying slides and a replay of the event will be available at www.mondelezinternational.com/Investor.

About Mondelez International
Mondelez International, Inc. (NASDAQ: MDLZ) is a global snacking powerhouse, with 2012 revenue of $35 billion.  Creating delicious moments of joy in 165 countries, Mondelez International is a world leader in chocolate, biscuits, gum, candy, coffee and powdered beverages, with billion-dollar brands such as Cadbury, Cadbury Dairy Milk and Milka chocolate, Jacobs coffee, LU, Nabisco and Oreo biscuits, Tang powdered beverages and Trident gum. Mondelez International is a proud member of the Standard and Poor's 500, NASDAQ 100 and Dow Jones Sustainability Index. Visit www.mondelezinternational.com and www.facebook.com/mondelezinternational.

End Notes

  1. Please see discussion of Non-GAAP Financial Measures at the end of this press release.
  2. Emerging markets consist of the Latin America and Eastern Europe, Middle East and Africa regions in their entirety; the Asia Pacific region, excluding Australia, New Zealand and Japan; and the following countries from the Europe region: Poland, Czech & Slovak Republics, Hungary, Bulgaria, Romania, the Baltics and the East Adriatic countries.
  3. The BRIC markets are Brazil, Russia, India and China.
  4. Developed markets include the entire North America region, the Europe region excluding the countries included in the emerging markets definition, and Australia, New Zealand and Japan from the Asia Pacific region.
  5. As part of our 2010 Cadbury acquisition, we became the responsible party for tax matters under the Cadbury Schweppes Plc and Dr Pepper Snapple Group, Inc. ("DPSG") Tax Sharing and Indemnification Agreement dated May 1, 2008 ("Tax Indemnity") for certain 2007 and 2008 transactions relating to the demerger of Cadbury's Americas Beverage business.  A U.S. federal tax audit of DPSG for the 2006-2008 tax years was concluded with the IRS in August 2013. As a result, we recorded a favorable impact of $375 million due to the reversal of the accrued liability in excess of the amount we paid to DPSG under the Tax Indemnity.  We recorded $336 million in selling, general and administrative expenses and $49 million in interest and other expense, net, partially offset by $10 million of tax expense for an impact of $0.21 per diluted share, in the three and nine months ended September 30, 2013.
  6. Prior year one-time items in the third quarter include the reversal of a Cadbury reserve accrual (Europe) and proceeds from insurance settlements (Asia Pacific).
  7. The Gulf Cooperation Council (GCC) countries are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
  8. Market share performance is defined as the percentage of revenues for the biscuits, chocolate, gum, candy, coffee, powdered beverage and cream cheese categories in key markets with share either increasing or flat versus the same prior year period.  Based on Global Nielsen data for measured channels for available periods through September 2013.
  9. Prior year one-time items year to date include the gains on sales of properties in Russia and Turkey (EEMEA), an asset impairment charge related to a trademark in Japan (Asia Pacific), the reversal of a Cadbury reserve accrual (Europe) and proceeds from insurance settlements (Latin America and Asia Pacific).
  10. "Net debt" is defined as total debt, which includes short-term borrowings, current portion of long-term debt and long-term debt, less cash and cash equivalents.  See schedule 15 for the GAAP to Non-GAAP reconciliation.
  11. Adjusted EPS guidance of $1.57-$1.62 is based on 2012 average currency rates and includes the estimated impact of the write-down of the net monetary assets and the translation of operating income for the company's Venezuelan business stemming from that government's decision to devalue its currency to a fixed rate of 6.30/$US on February 8, 2013.

Forward-Looking Statements 
This press release contains a number of forward-looking statements.  Words, and variations of words, such as "will," "expect," "continue," "growth," "believe," "deliver," "outlook," "guidance" and similar expressions are intended to identify our forward-looking statements, including, but not limited to, statements about: our future revenue growth and margin; the impacts of sales in emerging markets, coffee prices and category growth; and our Outlook, including 2013 Organic Net Revenue growth and 2013 Adjusted EPS.  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 and in emerging markets, continued consumer weakness, continued volatility of commodity and other input costs, pricing actions, continued weakness in economic conditions, increased competition and tax law changes.  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.  Mondelez International disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release, except as required by applicable law or regulation.

Non-GAAP Financial Measures
The company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP").  We use certain non-GAAP financial measures to budget, make operating and strategic decisions and evaluate our performance. We disclose non-GAAP financial measures so that you have the same financial data that we use to assist you in making comparisons to our historical operating results and analyzing our underlying performance. 

Our non-GAAP financial measures and corresponding metrics reflect how we evaluate our operating results currently and provide improved comparability of operating results.  As new events or circumstances arise, these definitions could change over time:

  • "Organic Net Revenues" is defined as net revenues excluding the impacts of acquisitions, divestitures (including businesses under sales agreements), Integration Program costs, accounting calendar changes and foreign currency rate fluctuations.
  • "Adjusted Gross Profit" is defined as gross profit excluding the impact of pension costs related to obligations transferred in the Spin-Off, the 2012-2014 Restructuring Program, the Integration Program and other acquisition integration costs and the operating results of divestitures (including businesses under sales agreements).  We also evaluate growth in our Adjusted Gross Profit on a constant currency basis.
  • "Adjusted Operating Income" and "Adjusted Segment Operating Income" are defined as operating income (or segment operating income) excluding the impact of Spin-Off Costs, pension costs related to the obligations transferred in the Spin-Off, the 2012-2014 Restructuring Program, the Integration Program and other acquisition integration costs, the benefit from the Cadbury acquisition-related indemnification resolution, gains / losses from divestitures or acquisitions, acquisition-related costs and the operating results of divestitures (including businesses under sales agreements).  We also evaluate growth in our Adjusted Operating Income and Adjusted Segment Operating Income on a constant currency basis.
  • "Adjusted EPS"  (previously referred to as "Operating EPS") is defined as diluted EPS attributable to Mondelez International from continuing operations excluding the impact of Spin-Off Costs, pension costs related to the obligations transferred in the Spin-Off, the 2012-2014 Restructuring Program, the Integration Program and other acquisition integration costs, the benefit from the Cadbury acquisition-related indemnification resolution, gains / losses from divestitures or acquisitions, acquisition-related costs and net earnings from divestitures (including businesses under sales agreements), and including an interest expense adjustment related to the Spin-Off  transaction.  We also evaluate growth in our Adjusted EPS on a constant currency basis.

We believe that the presentation of these non-GAAP financial measures, when considered together with our U.S. GAAP financial measures and the reconciliations to the corresponding U.S. GAAP financial measures, provides you with a more complete understanding of the factors and trends affecting our business than could be obtained absent these disclosures.   In addition, the non-GAAP measures the company is using may differ from non-GAAP measures used by other companies.  Because GAAP financial measures on a forward-looking basis are neither accessible nor deemed to be significantly different from the non-GAAP financial measures, and reconciling information is not available without unreasonable effort, the company has not provided that information with regard to the non-GAAP financial measures in the company's Outlook. 

See the attached schedules for supplemental financial data and corresponding reconciliations of the non-GAAP financial measures referred to above to the most comparable GAAP financial measures for the three and nine months ended September 30, 2013 and 2012. 

Segment Operating Income
Management uses segment operating income to evaluate segment performance and allocate resources.  The company believes it is appropriate to disclose this measure to help investors analyze segment performance and trends.  Segment operating income excludes unrealized gains and losses on hedging activities (which are a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, the benefit from the Cadbury acquisition-related indemnification resolution (which is a component of selling, general and administrative expenses), gains and losses from divestitures and acquisitions, and acquisition-related costs (which are a component of selling, general and administrative expenses) for all periods presented.  The company excludes the unrealized gains and losses on hedging activities from segment operating income in order to provide better transparency of our segment operating results.  Once realized, the gains and losses on hedging activities are recorded within segment operating results.  We exclude general corporate expenses, amortization of intangibles, gains and losses on divestitures and acquisitions and acquisition-related costs from segment operating income in order to provide better transparency of our segment operating results.

Mondelez International Inc. and Subsidiaries


Condensed Consolidated Statements of Earnings


For the Three Months Ended September 30,

Schedule 1

(in millions of dollars, except per share data) (Unaudited)













As Reported/Revised (GAAP)




2013


2012


% Change

Fav / (Unfav)









Net revenues


$ 8,472


$ 8,326


1.8%









Cost of sales


5,328


5,206


(2.3)%










Gross profit


3,144


3,120


0.8%










Gross profit margin


37.1%


37.5%











Selling, general and administrative expenses


1,784


2,215


19.5%









Asset impairment and exit costs


43


13


(100.0+)%









Amortization of intangibles


55


54


(1.9)%










Operating income


1,262


838


50.6%










Operating income margin


14.9%


10.1%











Interest and other expense, net


218


737


70.4%










Earnings from continuing operations before income taxes


1,044


101


100.0+%









Provision / (benefit) for income taxes


14


(76)


(100.0+)%









Effective tax rate


1.3%


(75.2)%












Earnings from continuing operations


$ 1,030


$ 177


100.0+%









Earnings from discontinued operations, net of income taxes


-


482


(100.0)%










Net earnings


$ 1,030


$ 659


56.3%









Noncontrolling interest


6


7


14.3%










Net earnings attributable to Mondelez International


$ 1,024


$ 652


57.1%









Per share data:








Basic earnings per share attributable to Mondelez International:








- Continuing operations


$ 0.58


$ 0.10


100.0+%


- Discontinued operations


-


0.27


(100.0)%


Net earnings attributable to Mondelez International


$ 0.58


$ 0.37


56.8%










Diluted earnings per share attributable to Mondelez International:








- Continuing operations


$ 0.57


$ 0.10


100.0+%


- Discontinued operations


-


0.26


(100.0)%


Net earnings attributable to Mondelez International


$ 0.57


$ 0.36


58.3%









Average shares outstanding:








Basic


1,779


1,779


-


Diluted


1,794


1,789


(0.3)%



















Mondelez International, Inc. and Subsidiaries



Reconciliation of GAAP to Non-GAAP Measures



Net Revenues

Schedule 2


For the Three Months Ended September 30,



($ in millions) (Unaudited)


























































As Reported/Revised (GAAP)


Impact of

Divestitures (1)


Impact of

Acquisitions (2)


Impact of Accounting Calendar Changes


Impact of Currency


Organic (Non-GAAP)







2013




































Latin America

$ 1,308


$ -


$ -


$ -


$ 195


$ 1,503







Asia Pacific

1,136


-


-


-


93


1,229







Eastern Europe, Middle East & Africa

948


-


(23)


-


48


973







Europe

3,295


-


-


(19)


(118)


3,158







North America

1,785


-


-


-


12


1,797

























Mondelez International

$ 8,472


$ -


$ (23)


$ (19)


$ 230


$ 8,660











































2012




































Latin America

$ 1,286


$ -


$ -


$ -


$ -


$ 1,286







Asia Pacific

1,228


-


-


-


-


1,228







Eastern Europe, Middle East & Africa

886


(25)


-


-


-


861







Europe

3,158


(60)


-


-


-


3,098







North America

1,768


(13)


-


-


-


1,755

























Mondelez International

$ 8,326


$ (98)


$ -


$ -


$ -


$ 8,228

























































Organic Growth Drivers
















Vol / Mix


Price


% Change




































Latin America

1.7%


- pp


- pp


- pp


15.2 pp


16.9%



3.8pp


13.1pp


Asia Pacific

(7.5)%


-


-


-


7.6


0.1%



4.7


(4.6)


Eastern Europe, Middle East & Africa

7.0%


3.1


(2.7)


-


5.6


13.0%



16.4


(3.4)


Europe

4.3%


2.1


-


(0.7)


(3.8)


1.9%



4.7


(2.8)


North America

1.0%


0.7


-


-


0.7


2.4%



2.0


0.4




















Mondelez International

1.8%


1.2 pp


(0.2)pp


(0.3)pp


2.8 pp


5.3%



5.3pp


0.0pp





























































(1)

Divestitures are comprised of: (a) 2013 divestitures in Turkey and South Africa; and (b) several 2012 divestitures primarily in Germany, Belgium and Italy as well as in North America.

(2)

On February 22, 2013, the company acquired the remaining interest in a biscuit operation in Morocco, which is now a wholly-owned subsidiary within the EEMEA segment.











Mondelez International, Inc. and Subsidiaries



Reconciliation of GAAP to Non-GAAP Measures

Schedule 3


Operating Income



For the Three Months Ended September 30,



($ in millions) (Unaudited)











































































% Change



As Reported/Revised (GAAP)


Integration Program and other Acquisition Integration costs (1)


Spin-Off

Costs and

Related

Adjustments (2)


2012-2014 Restructuring Program costs (3)


Benefit from Indemnification Resolution (4)


Operating Income from Divestitures


As Adjusted (Non-GAAP)


Impact of Currency


As Adjusted Constant FX (Non-GAAP)



As Reported (GAAP)


As Adjusted (Non-GAAP)


As Adjusted Constant FX (Non-GAAP)


2013




















































Latin America

$ 171


$ -


$ -


$ 9


$ -


$ -


$ 180


$ 32


$ 212



(8.6)%


(10.0)%


6.0%


Asia Pacific

81


10


-


-


-


-


91


11


102



(59.1)%


(58.8)%


(53.8)%


Eastern Europe, Middle East & Africa

109


5


-


3


-


-


117


7


124



1.9%


8.3%


14.8%


Europe

403


21


-


28


-


-


452


(15)


437



(10.2)%


12.4%


8.7%


North America

279


-


-


22


-


-


301


3


304



19.2%


10.7%


11.8%


Unrealized G/(L) on Hedging Activities

12


-


-


-


-


-


12


-


12



100.0+%


100.0+%


100.0+%


General corporate expenses (5)

(74)


-


9


1


-


-


(64)


4


(60)



73.9%


23.8%


28.6%


Amortization of intangibles

(55)


-


-


-


-


-


(55)


(2)


(57)



(1.9)%


(1.9)%


(5.6)%


Benefit from indemnification resolution

336


-


-


-


(336)


-


-


-


-



100.0%


-


-


Gains on divestitures, net

-


-


-


-


-


-


-


-


-



-


-


-


Acquisition-related costs

-


-


-


-


-


-


-


-


-



-


-


-




























Mondelez International

$ 1,262


$ 36


$ 9


$ 63


$ (336)


$ -


$ 1,034


$ 40


$ 1,074



50.6%


(3.0)%


0.8%






















































2012




















































Latin America

$ 187


$ 5


$ 6


$ 2


$ -


$ -


$ 200


$ -


$ 200









Asia Pacific

198


4


19


-


-


-


221


-


221









Eastern Europe, Middle East & Africa

107


2


-


-


-


(1)


108


-


108









Europe

449


(28)


-


-


-


(19)


402


-


402









North America

234


3


23


15


-


(3)


272


-


272









Unrealized G/(L) on Hedging Activities

1


-


-


-


-


-


1


-


1









General corporate expenses

(284)


-


200


1


-


(1)


(84)


-


(84)









Amortization of intangibles

(54)


-


-


-


-


-


(54)


-


(54)









Benefit from indemnification resolution

-


-


-


-


-


-


-


-


-









Gains on divestitures, net

-


-


-


-


-


-


-


-


-









Acquisition-related costs

-


-


-


-


-


-


-


-


-



































Mondelez International

$ 838


$ (14)


$ 248


$ 18


$ -


$ (24)


$ 1,066


$ -


$ 1,066

























































































(1)

Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition.

(2)

Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments include the pension adjustment defined as the estimated benefit plan expense associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off.

(3)

Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing-related costs.

(4)

As part of our 2010 Cadbury acquisition, the company became the responsible party for tax matters under the Cadbury Schweppes Plc and Dr Pepper Snapple Group, Inc. ("DPSG") Tax Sharing and Indemnification Agreement dated May 1, 2008 ("Tax Indemnity") for certain 2007 and 2008 transactions relating to the demerger of Cadbury's Americas Beverage business. A U.S. federal tax audit of DPSG for the 2006-2008 tax years was concluded with the IRS in August 2013. As a result, the company recorded a favorable impact of $375 million due to the reversal of the accrued liability in excess of the amount paid to DPSG under the Tax Indemnity. The company recorded $336 million in selling, general and administrative expenses and $49 million in interest and other expense, net, partially offset by $10 million of tax expense for an impact of $0.21 per diluted share, in the three and nine months ended September 30, 2013.

(5)

General corporate expenses include corporate functions and project expenses as well as other general corporate expenses. For the three months ended September 30, 2013, corporate functions and project expenses decreased $27 million from $72 million to $45 million.















Mondelez International, Inc. and Subsidiaries




Reconciliation of GAAP to Non-GAAP Measures

Schedule 4



Condensed Consolidated Statements of Earnings




For the Three Months Ended September 30, 2013




(in millions of dollars, except per share data) (Unaudited)





























As Reported/Revised (GAAP)


Integration Program and other Acquisition Integration costs (1)


Spin-Off

Costs (2)


Spin-Off

Pension

Adjustment (2)


Spin-Off

Interest

Adjustment (2)


2012-2014 Restructuring Program Costs (3)


Net Benefit from Indemnification Resolution (4)


Net Earnings from Divestitures


As Adjusted (Non-GAAP)
























2013
























Operating income


$ 1,262


$ 36


$ 9


$ -


$ -


$ 63


$ (336)


$ -


$ 1,034


























Operating income margin


14.9%
















12.2%

























Interest and other expense, net


218


-


-


-


-


-


49


-


267


























Earnings from continuing operations before income taxes


1,044


36


9


-


-


63


(385)


-


767

























Provision for income taxes


14


7


7


-


-


16


(10)


-


34

























Effective tax rate


1.3%
















4.4%


























Earnings from continuing operations


1,030


29


2


-


-


47


(375)


-


733

























Noncontrolling interest


6


-


-


-


-


-


-


-


6


























Net earnings attributable to Mondelēz International from continuing operations


$ 1,024


$ 29


$ 2


$ -


$ -


$ 47


$ (375)


$ -


$ 727

























Per share data:






















Diluted earnings per share attributable to Mondelez International:






















- Continuing operations


$ 0.57


$ 0.02


$ -


$ -


$ -


$ 0.03


$ (0.21)


$ -


$ 0.41

























Average shares outstanding:






















Diluted


1,794






























































2012
























Operating income


$ 838


$ (14)


$ 226


$ 22


$ -


$ 18


$ -


$ (24)


$ 1,066


























Operating income margin


10.1%
















13.0%

























Interest and other expense, net


737


-


(457)


-


(26)


-


-


-


254


























Earnings from continuing operations before income taxes


101


(14)


683


22


26


18


-


(24)


812

























Provision for income taxes


(76)


(9)


231


8


10


7


-


(6)


165

























Effective tax rate


(75.2)%
















20.3%


























Earnings from continuing operations


177


(5)


452


14


16


11


-


(18)


647

























Noncontrolling interest


7


-


-


-


-


-


-


-


7


























Net earnings attributable to Mondelez International from continuing operations


$ 170


$ (5)


$ 452


$ 14


$ 16


$ 11


$ -


$ (18)


$ 640

























Per share data:






















Diluted earnings per share attributable to Mondelez International:






















- Continuing operations


$ 0.10


$ -


$ 0.24


$ 0.01


$ 0.01


$ 0.01


$ -


$ (0.01)


$ 0.36

























Average shares outstanding:






















Diluted


1,789







































(1)

Integration Program costs are defined as the costs associated with combining the Mondelez International and Cadbury businesses, and are separate from those costs associated with the acquisition.

(2)

Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelez International business. Spin-Off related adjustments include: (a) a pension adjustment defined as the estimated benefit plan expense associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off; and (b) an interest adjustment defined as the interest expense associated with the assumed reduction of the $6 billion of our debt on January 1, 2012, from the utilization of funds received from Kraft Foods Group in 2012 in connection with our Spin-Off capitalization plan. Note during the year ended December 31, 2012, a portion of the $6 billion of debt was retired. As such, we adjusted interest expense during this period as if this debt had been paid on January 1, 2012 to ensure consistency of our assumption and related results.

(3)

Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing-related costs.

(4)

As part of our 2010 Cadbury acquisition, the company became the responsible party for tax matters under the Cadbury Schweppes Plc and Dr Pepper Snapple Group, Inc. ("DPSG") Tax Sharing and Indemnification Agreement dated May 1, 2008 ("Tax Indemnity") for certain 2007 and 2008 transactions relating to the demerger of Cadbury's Americas Beverage business. A U.S. federal tax audit of DPSG for the 2006-2008 tax years was concluded with the IRS in August 2013. As a result, the company recorded a favorable impact of $375 million due to the reversal of the accrued liability in excess of the amount paid to DPSG under the Tax Indemnity. The company recorded $336 million in selling, general and administrative expenses and $49 million in interest and other expense, net, partially offset by $10 million of tax expense for an impact of $0.21 per diluted share, in the three and nine months ended September 30, 2013.











Mondelez International Inc. and Subsidiaries



Reconciliation of GAAP to Non-GAAP Measures

Schedule 5


Operating Income



For the Three Months Ended September 30,



($ in millions, except percentages) (Unaudited)























































































2013


2012





As Reported (GAAP)


Integration Program and other Acquisition Integration costs (1)


Spin-Off

Costs and

Related

Adjustments (2)


2012-2014 Restructuring Program costs (3)


Benefit from Indemnification Resolution (4)


As Adjusted (Non-GAAP)


As Revised (GAAP)


Integration Program and other Acquisition Integration costs (1)


Spin-Off

Costs and

Related

Adjustments (2)


2012-2014 Restructuring Program costs (3)


Operating Income from Divestitures


As Adjusted (Non-GAAP)


Mondelez International



























Operating Income


$ 1,262


$ 36


$ 9


$ 63


$ (336)


$ 1,034


$ 838


$ (14)


$ 248


$ 18


$ (24)


$ 1,066



Growth vs. Prior Year


50.6%










(3.0)%










































Operating Income Margin


14.9%










12.2%


10.1%










13.0%
























































Latin America



























Segment Operating Income


$ 171


$ -


$ -


$ 9


$ -


$ 180


$ 187


$ 5


$ 6


$ 2


$ -


$ 200



Growth vs. Prior Year


(8.6)%










(10.0)%










































Segment Operating Income Margin


13.1%










13.8%


14.5%










15.6%
























































Asia Pacific



























Segment Operating Income


$ 81


$ 10


$ -


$ -


$ -


$ 91


$ 198


$ 4


$ 19


$ -


$ -


$ 221



Growth vs. Prior Year


(59.1)%










(58.8)%










































Segment Operating Income Margin


7.1%










8.0%


16.1%










18.0%
























































Eastern Europe, Middle East & Africa



























Segment Operating Income


$ 109


$ 5


$ -


$ 3


$ -


$ 117


$ 107


$ 2


$ -


$ -


$ (1)


$ 108



Growth vs. Prior Year


1.9%










8.3%










































Segment Operating Income Margin


11.5%










12.3%


12.1%










12.5%
























































Europe



























Segment Operating Income


$ 403


$ 21


$ -


$ 28


$ -


$ 452


$ 449


$ (28)


$ -


$ -


$ (19)


$ 402



Growth vs. Prior Year


(10.2)%










12.4%










































Segment Operating Income Margin


12.2%










13.7%


14.2%










13.0%
























































North America



























Segment Operating Income


$ 279


$ -


$ -


$ 22


$ -


$ 301


$ 234


$ 3


$ 23


$ 15


$ (3)


$ 272



Growth vs. Prior Year


19.2%










10.7%










































Segment Operating Income Margin


15.6%










16.9%


13.2%










15.5%

















































































































(1)

Integration Program costs are defined as the costs associated with combining the Mondelez International and Cadbury businesses, and are separate from those costs associated with the acquisition.

(2)

Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelez International business. Spin-Off related adjustments include the pension adjustment defined as the estimated benefit plan expense associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off.

(3)

Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing-related costs.

(4)

As part of our 2010 Cadbury acquisition, the company became the responsible party for tax matters under the Cadbury Schweppes Plc and Dr Pepper Snapple Group, Inc. ("DPSG") Tax Sharing and Indemnification Agreement dated May 1, 2008 ("Tax Indemnity") for certain 2007 and 2008 transactions relating to the demerger of Cadbury's Americas Beverage business. A U.S. federal tax audit of DPSG for the 2006-2008 tax years was concluded with the IRS in August 2013. As a result, the company recorded a favorable impact of $375 million due to the reversal of the accrued liability in excess of the amount paid to DPSG under the Tax Indemnity. The company recorded $336 million in selling, general and administrative expenses and $49 million in interest and other expense, net, partially offset by $10 million of tax expense for an impact of $0.21 per diluted share, in the three and nine months ended September 30, 2013.







Mondelez International Inc. and Subsidiaries


Reconciliation of GAAP to Non-GAAP Measures

Schedule 6

Gross Profit


For the Three Months Ended September 30,


($ in millions) (Unaudited)








































































% Growth




As Reported/Revised (GAAP)


Integration Program and other Acquisition Integration costs (1)


Spin-Off

Costs and

Related

Adjustments (2)


2012-2014 Restructuring Program costs (3)


Impact of Divestitures


As Adjusted

(Non-GAAP)


Impact of Currency


As Adjusted Constant FX (Non-GAAP)



As Reported (GAAP)


As Adjusted (Non-GAAP)


As Adjusted Constant FX (Non-GAAP)


2013

























Net Revenues


$ 8,472


$ -


$ -


$ -


$ -


$ 8,472






































Gross Profit


$ 3,144


$ 13


$ -


$ 2


$ -


$ 3,159


$ 82


$ 3,241



0.8%


1.6%


4.3%



























Gross Profit Margin


37.1%










37.3%






































2012

























Net Revenues


$ 8,326


$ -


$ -


$ -


$ (98)


$ 8,228






































Gross Profit


$ 3,120


$ 6


$ 11


$ 1


$ (30)


$ 3,108






































Gross Profit Margin


37.5%










37.8%





































(1)

Integration Program costs are defined as the costs associated with combining the Mondelez International and Cadbury businesses, and are separate from those costs associated with the acquisition.

(2)

Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelez International business. Spin-Off related adjustments include the pension adjustment defined as the estimated benefit plan expense associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off.

(3)

Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing-related costs.







Mondelez International Inc. and Subsidiaries


Reconciliation of GAAP to Non-GAAP Measures


Diluted EPS

Schedule 7

(Unaudited)























Diluted EPS


% Growth










Diluted EPS Attributable to Mondelez International for the








Three Months Ended September 30, 2012 (GAAP)




$ 0.36




Discontinued operations, net of income taxes




0.26




Diluted EPS Attributable to Mondelez International from continuing






operations for the Three Months Ended September 30, 2012 (GAAP)


0.10




Integration Program (1)




-




Spin-Off Costs (2)




0.24




Spin-Off related adjustments (3)




0.02




2012-2014 Restructuring Program costs (4)




0.01




Net earnings from divestitures




(0.01)




Adjusted EPS for the Three Months Ended








September 30, 2012 (Non-GAAP)




0.36




Change in operations




-




Change in unrealized gains / (losses) on hedging activities




-




Change in interest expense




(0.01)




Change in taxes




0.07




Adjusted EPS for the Three Months Ended








September 30, 2013 (constant currency)




0.42


16.7%


Unfavorable foreign currency (5)




(0.01)




Adjusted EPS for the Three Months Ended








September 30, 2013 (Non-GAAP)




0.41


13.9%


Integration Program and other acquisition integration costs (1)




(0.02)




Spin-Off Costs (2)




-




2012-2014 Restructuring Program costs (4)




(0.03)




Net Benefit from Indemnification Resolution (6)




0.21




Net earnings from divestitures




-




Diluted EPS Attributable to Mondelez International for the








Three Months Ended September 30, 2013 (GAAP)




$ 0.57


470.0%





























(1)

Integration Program costs are defined as the costs associated with combining the Mondelez International and Cadbury businesses, and are separate from those costs associated with the acquisition. Integration Program costs were $36 million, or $29 million after-tax including certain tax costs associated with the integration of Cadbury, for the three months ended September 30, 2013, as compared to ($14) million, or ($5) million after-tax for the three months ended September 30, 2012.

(2)

Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelez International business. Spin-Off Costs for the three months ended September 30, 2013 were $9 million, or $2 million after-tax, as compared to $683 million or $452 million after-tax for the three months ended September 30, 2012.

(3)

Spin-Off related adjustments include; (a) pension adjustment defined as the estimated benefit plan expense associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off; and (b) interest adjustment defined as the interest expense associated with the assumed reduction of the $6 billion of our debt on January 1, 2012, from the utilization of funds received from Kraft Foods Group in 2012 in connection with our Spin-Off capitalization plan. Note during the year ended December 31, 2012, a portion of the $6 billion of debt was retired. As such, we adjusted interest expense during this period as if this debt had been paid on January 1, 2012 to ensure consistency of our assumption and related results.

(4)

Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing-related costs. Restructuring Program costs for the three months ended September 30, 2013, were $63 million, or $47 million after-tax as compared to $18 million, or $11 million after-tax for the three months ended September 30, 2012.

(5)

Includes the favorable foreign currency impact on Mondelez International foreign denominated debt and interest expense due to the strength of the U.S. dollar.

(6)

As part of our 2010 Cadbury acquisition, the company became the responsible party for tax matters under the Cadbury Schweppes Plc and Dr Pepper Snapple Group, Inc. ("DPSG") Tax Sharing and Indemnification Agreement dated May 1, 2008 ("Tax Indemnity") for certain 2007 and 2008 transactions relating to the demerger of Cadbury's Americas Beverage business. A U.S. federal tax audit of DPSG for the 2006-2008 tax years was concluded with the IRS in August 2013. As a result, the company recorded a favorable impact of $375 million due to the reversal of the accrued liability in excess of the amount paid to DPSG under the Tax Indemnity. The company recorded $336 million in selling, general and administrative expenses and $49 million in interest and other expense, net, partially offset by $10 million of tax expense for an impact of $0.21 per diluted share, in the three and nine months ended September 30, 2013.







Mondelez International Inc. and Subsidiaries


Condensed Consolidated Statements of Earnings


For the Nine Months Ended September 30,

Schedule 8

(in millions of dollars, except per share data) (Unaudited)













As Reported/Revised (GAAP)




2013


2012


% Change

Fav / (Unfav)









Net revenues


$ 25,811


$ 25,520


1.1%









Cost of sales


16,194


15,994


(1.3)%










Gross profit


9,617


9,526


1.0%










Gross profit margin


37.3%


37.3%











Selling, general and administrative expenses


6,385


6,601


3.3%









Asset impairment and exit costs


135


84


(60.7)%









Gains on acquisition and divestitures, net


(28)


-


100.0%









Amortization of intangibles


164


163


(0.6)%










Operating income


2,961


2,678


10.6%










Operating income margin


11.5%


10.5%











Interest and other expense, net


732


1,568


53.3%










Earnings from continuing operations before income taxes


2,229


1,110


100.0+%









Provision / (benefit) for income taxes


8


104


92.3%









Effective tax rate


0.4%


9.4%












Earnings from continuing operations


$ 2,221


$ 1,006


100.0+%









Earnings from discontinued operations, net of income taxes


-


1,506


(100.0)%










Net earnings


$ 2,221


$ 2,512


(11.6)%









Noncontrolling interest


13


18


27.8%










Net earnings attributable to Mondelez International


$ 2,208


$ 2,494


(11.5)%









Per share data:








Basic earnings per share attributable to Mondelez International:








- Continuing operations


$ 1.24


$ 0.56


100.0+%


- Discontinued operations


-


0.84


(100.0)%


Net earnings attributable to Mondelez International


$ 1.24


$ 1.40


(11.4)%










Diluted earnings per share attributable to Mondelez International:








- Continuing operations


$ 1.23


$ 0.55


100.0+%


- Discontinued operations


-


0.85


(100.0)%


Net earnings attributable to Mondelez International


$ 1.23


$ 1.40


(12.1)%









Average shares outstanding:








Basic


1,783


1,776


(0.4)%


Diluted


1,798


1,786


(0.7)%











Mondelez International, Inc. and Subsidiaries



Reconciliation of GAAP to Non-GAAP Measures



Net Revenues

Schedule 9


For the Nine Months Ended September 30,



($ in millions) (Unaudited)


























































As Reported/Revised (GAAP)


Impact of

Divestitures (1)


Impact of

Acquisitions (2)


Impact of Accounting Calendar Changes


Impact of Currency


Organic (Non-GAAP)







2013




































Latin America

$ 4,045


$ -


$ -


$ -


$ 469


$ 4,514







Asia Pacific

3,743


-


-


-


145


3,888







Eastern Europe, Middle East & Africa

2,850


(20)


(59)


-


114


2,885







Europe

10,026


-


-


(19)


(155)


9,852







North America

5,147


-


-


-


17


5,164

























Mondelez International

$ 25,811


$ (20)


$ (59)


$ (19)


$ 590


$ 26,303











































2012




































Latin America

$ 3,996


$ -


$ -


$ -


$ -


$ 3,996







Asia Pacific

3,770


-


-


-


-


3,770







Eastern Europe, Middle East & Africa

2,700


(67)


-


-


-


2,633







Europe

9,967


(187)


-


-


-


9,780







North America

5,087


(43)


-


-


-


5,044

























Mondelez International

$ 25,520


$ (297)


$ -


$ -


$ -


$ 25,223

























































Organic Growth Drivers
















Vol / Mix


Price


% Change




































Latin America

1.2%


- pp


- pp


- pp


11.8 pp


13.0%



1.6pp


11.4pp


Asia Pacific

(0.7)%


-


-


-


3.8


3.1%



4.1


(1.0)


Eastern Europe, Middle East & Africa

5.6%


1.9


(2.2)


-


4.3


9.6%



12.1


(2.5)


Europe

0.6%


1.9


-


(0.2)


(1.6)


0.7%



3.2


(2.5)


North America

1.2%


0.8


-


-


0.4


2.4%



2.1


0.3




















Mondelez International

1.1%


1.2pp


(0.2)pp


(0.1)pp


2.3pp


4.3%



3.8pp


0.5pp





























































(1)

Divestitures are comprised of: (a) 2013 divestitures in Turkey and South Africa; and (b) several 2012 divestitures primarily in Germany, Belgium and Italy as well as in North America.

(2)

On February 22, 2013, the company acquired the remaining interest in a biscuit operation in Morocco, which is now a wholly-owned subsidiary within the EEMEA segment.














Mondelez International, Inc. and Subsidiaries




Reconciliation of GAAP to Non-GAAP Measures




Operating Income


Schedule 10


For the Nine Months Ended September 30,




($ in millions) (Unaudited)
























































































% Change



As Reported/Revised (GAAP)


Integration Program and other Acquisition Integration costs (1)


Spin-Off

Costs and

Related

Adjustments (2)


2012-2014 Restructuring Program costs (3)


Benefit from Indemnification Resolution (4)


Operating Income from Divestitures


Gains on Acquisition and Divestitures, net (5)


Acquisition-related costs


As Adjusted (Non-GAAP)


Impact of Currency


As Adjusted Constant FX (Non-GAAP)



As Reported (GAAP)


As Adjusted

(Non-GAAP)


As Adjusted Constant FX (Non-GAAP)


2013




























































Latin America

$ 425


$ 8


$ -


$ 9


$ -


$ -


$ -


$ -


$ 442


$ 130


$ 572



(23.6)%


(25.0)%


(2.9)%


Asia Pacific

399


22


-


-


-


-


-


-


421


18


439



(24.0)%


(25.7)%


(22.6)%


Eastern Europe, Middle East & Africa

282


36


-


7


-


7


-


-


332


18


350



(26.9)%


(16.2)%


(11.6)%


Europe

1,178


42


-


69


-


-


-


-


1,289


(23)


1,266



(9.9)%


1.5%


(0.3)%


North America

643


1


-


75


-


-


-


-


719


3


722



13.6%


4.1%


4.5%


Unrealized G/(L) on Hedging Activities

55


-


-


-


-


-


-


-


55


-


55



31.0%


31.0%


31.0%


General corporate expenses (6)

(219)


1


33


2


-


-


-


-


(183)


-


(183)



59.5%


8.0%


8.0%


Amortization of intangibles

(164)


-


-


-


-


-


-


-


(164)


-


(164)



(0.6)%


(0.6)%


(0.6)%


Benefit from indemnification resolution

336


-


-


-


(336)


-


-


-


-


-


-



100.0%


-


-


Gains on acquisition and divestitures, net

28


-


-


-


-


-


(28)


-


-


-


-



100.0%


-


-


Acquisition-related costs

(2)


-


-


-


-


-


-


2


-


-


-



(100.0)%


-


-
































Mondelez International

$ 2,961


$ 110


$ 33


$ 162


$ (336)


$ 7


$ (28)


$ 2


$ 2,911


$ 146


$ 3,057



10.6%


(8.8)%


(4.3)%






























































2012




























































Latin America

$ 556


$ 20


$ 6


$ 7


$ -


$ -


$ -


$ -


$ 589


$ -


$ 589









Asia Pacific

525


23


19


-


-


-


-


-


567


-


567









Eastern Europe, Middle East & Africa

386


6


-


-


-


4


-


-


396


-


396









Europe

1,307


9


-


-


-


(46)


-


-


1,270


-


1,270









North America

566


4


68


61


-


(8)


-


-


691


-


691









Unrealized G/(L) on Hedging Activities

42


-


-


-


-


-


-


-


42


-


42









General corporate expenses

(541)


2


340


1


-


(1)


-


-


(199)


-


(199)









Amortization of intangibles

(163)


-


-


-


-


-


-


-


(163)


-


(163)









Benefit from indemnification resolution

-


-


-


-


-


-


-


-


-


-


-









Gains on acquisition and divestitures, net

-


-


-


-


-


-


-


-


-


-


-









Acquisition-related costs

-


-


-


-


-


-


-


-


-


-


-







































Mondelez International

$ 2,678


$ 64


$ 433


$ 69


$ -


$ (51)


$ -


$ -


$ 3,193


$ -


$ 3,193






































(1)

Integration Program costs are defined as the costs associated with combining the Mondelez International and Cadbury businesses, and are separate from those costs associated with the acquisition.

(2)

Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelez International business. Spin-Off related adjustments include the pension adjustment defined as the estimated benefit plan expense associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off.

(3)

Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing-related costs.

(4)

As part of our 2010 Cadbury acquisition, the company became the responsible party for tax matters under the Cadbury Schweppes Plc and Dr Pepper Snapple Group, Inc. ("DPSG") Tax Sharing and Indemnification Agreement dated May 1, 2008 ("Tax Indemnity") for certain 2007 and 2008 transactions relating to the demerger of Cadbury's Americas Beverage business. A U.S. federal tax audit of DPSG for the 2006-2008 tax years was concluded with the IRS in August 2013. As a result, the company recorded a favorable impact of $375 million due to the reversal of the accrued liability in excess of the amount paid to DPSG under the Tax Indemnity. The company recorded $336 million in selling, general and administrative expenses and $49 million in interest and other expense, net, partially offset by $10 million of tax expense for an impact of $0.21 per diluted share, in the three and nine months ended September 30, 2013.

(5)

On February 22, 2013, the company acquired the remaining interest in a biscuit operation in Morocco, which is now a wholly-owned subsidiary within the EEMEA segment. A pre-tax gain of $22 million was recorded in connection with the acquisition. In addition, during the three months ended June 30, 2013, the company completed two divestitures, a salty snack business in Turkey and a confectionery business in South Africa. A pre-tax gain of $6 million was recorded in connection with these divestitures.

(6)

General corporate expenses include corporate functions and project expenses as well as other general corporate expenses. For the nine months ended September 30, 2013, corporate functions and project expenses decreased $31 million from $186 million to $155 million.

 















Mondelez International, Inc. and Subsidiaries




Reconciliation of GAAP to Non-GAAP Measures

Schedule 11



Condensed Consolidated Statements of Earnings




For the Nine Months Ended September 30




(in millions of dollars, except per share data) (Unaudited)

































As Reported/Revised (GAAP)


Integration Program and other Acquisition Integration costs (1)


Spin-Off

Costs (2)


Spin-Off

Pension

Adjustment (2)


Spin-Off

Interest

Adjustment (2)


2012-2014 Restructuring Program Costs (3)


Net Benefit from Indemnification Resolution (4)


Net Earnings from Divestitures


Gains on Acquisition and Divestitures, net (5)


Acquisition-related costs


As Adjusted (Non-GAAP)




























2013




























Operating income


$ 2,961


$ 110


$ 33


$ -


$ -


$ 162


$ (336)


$ 7


$ (28)


$ 2


$ 2,911






























Operating income margin


11.5%




















11.3%





























Interest and other expense, net


732


-


-


-


-


-


49


-


-


(5)


776






























Earnings from continuing operations before income taxes


2,229


110


33


-


-


162


(385)


7


(28)


7


2,135





























Provision for income taxes


8


22


13


-


-


42


(10)


2


39


(3)


113





























Effective tax rate


0.4%




















5.3%






























Earnings from continuing operations


2,221


88


20


-


-


120


(375)


5


(67)


10


2,022





























Noncontrolling interest


13


-


-


-


-


-


-


-


-


-


13






























Net earnings attributable to Mondelez International from continuing operations


$ 2,208


$ 88


$ 20


$ -


$ -


$ 120


$ (375)


$ 5


$ (67)


$ 10


$ 2,009





























Per share data:


























Diluted earnings per share attributable to Mondelēz International:


























- Continuing operations


$ 1.23


$ 0.05


$ 0.01


$ -


$ -


$ 0.07


$ (0.21)


$ -


$ (0.04)


$ 0.01


$ 1.12





























Average shares outstanding:


























Diluted


1,798










































































2012




























Operating income


$ 2,678


$ 64


$ 365


$ 68


$ -


$ 69


$ -


$ (51)


$ -


$ -


$ 3,193






























Operating income margin


10.5%




















12.7%





























Interest and other expense, net


1,568


-


(619)


-


(135)


-


-


-


-


-


814






























Earnings from continuing operations before income taxes


1,110


64


984


68


135


69


-


(51)


-


-


2,379





























Provision for income taxes


104


(4)


330


26


50


25


-


(12)


-


-


519





























Effective tax rate


9.4%




















21.8%






























Earnings from continuing operations


1,006


68


654


42


85


44


-


(39)


-


-


1,860





























Noncontrolling interest


18


-


-


-


-


-


-


-


-


-


18






























Net earnings attributable to Mondelez International from continuing operations


$ 988


$ 68


$ 654


$ 42


$ 85


$ 44


$ -


$ (39)


$ -


$ -


$ 1,842





























Per share data:


























Diluted earnings per share attributable to Mondelez International:


























- Continuing operations


$ 0.55


$ 0.04


$ 0.37


$ 0.02


$ 0.05


$ 0.02


$ -


$ (0.02)


$ -


$ -


$ 1.03





























Average shares outstanding:


























Diluted


1,786












































































(1)

Integration Program costs are defined as the costs associated with combining the Mondelez International and Cadbury businesses, and are separate from those costs associated with the acquisition.

(2)

Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelez International business. Spin-Off related adjustments include: (a) a pension adjustment defined as the estimated benefit plan expense associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off; and (b) an interest adjustment defined as the interest expense associated with the assumed reduction of the $6 billion of our debt on January 1, 2012, from the utilization of funds received from Kraft Foods Group in 2012 in connection with our Spin-Off capitalization plan. Note during the year ended December 31, 2012, a portion of the $6 billion of debt was retired. As such, we adjusted interest expense during this period as if this debt had been paid on January 1, 2012 to ensure consistency of our assumption and related results.

(3)

Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing-related costs.

(4)

As part of our 2010 Cadbury acquisition, the company became the responsible party for tax matters under the Cadbury Schweppes Plc and Dr Pepper Snapple Group, Inc. ("DPSG") Tax Sharing and Indemnification Agreement dated May 1, 2008 ("Tax Indemnity") for certain 2007 and 2008 transactions relating to the demerger of Cadbury's Americas Beverage business. A U.S. federal tax audit of DPSG for the 2006-2008 tax years was concluded with the IRS in August 2013. As a result, the company recorded a favorable impact of $375 million due to the reversal of the accrued liability in excess of the amount paid to DPSG under the Tax Indemnity. The company recorded $336 million in selling, general and administrative expenses and $49 million in interest and other expense, net, partially offset by $10 million of tax expense for an impact of $0.21 per diluted share, in the three and nine months ended September 30, 2013.

(5)

On February 22, 2013, the company acquired the remaining interest in a biscuit operation in Morocco, which is now a wholly-owned subsidiary within the EEMEA segment. A pre-tax gain of $22 million was recorded in connection with the acquisition. In addition, during the three months ended June 30, 2013, the company completed two divestitures, a salty snack business in Turkey and a confectionery business in South Africa. A pre-tax gain of $6 million (or an after-tax gain of $45 million) was recorded in connection with these divestitures.











Mondelez International Inc. and Subsidiaries



Reconciliation of GAAP to Non-GAAP Measures



Operating Income

Schedule 12


For the Nine Months Ended September 30,



($ in millions, except percentages) (Unaudited)









































































































2013


2012





As Reported (GAAP)


Integration Program and other Acquisition Integration costs (1)


Spin-Off

Costs and

Related

Adjustments (2)


2012-2014 Restructuring Program costs (3)


Benefit from Indemnification Resolution (4)


Operating Income from Divestitures


Gains on Acquisition and Divestitures, net (5)


Acquisition-related costs


As Adjusted (Non-GAAP)


As Revised (GAAP)


Integration Program and other Acquisition Integration costs (1)


Spin-Off

Costs and

Related

Adjustments (2)


2012-2014 Restructuring Program costs (3)


Operating Income from Divestitures


As Adjusted (Non-GAAP)


Mondelez International

































Operating Income


$ 2,961


$ 110


$ 33


$ 162


$ (336)


$ 7


$ (28)


$ 2


$ 2,911


$ 2,678


$ 64


$ 433


$ 69


$ (51)


$ 3,193



Growth vs. Prior Year


10.6%
















(8.8)%
















































Operating Income Margin


11.5%
















11.3%


10.5%










12.7%




































































Latin America

































Segment Operating Income


$ 425


$ 8


$ -


$ 9


$ -


$ -


$ -


$ -


$ 442


$ 556


$ 20


$ 6


$ 7


$ -


$ 589



Growth vs. Prior Year


(23.6)%
















(25.0)%
















































Segment Operating Income Margin


10.5%
















10.9%


13.9%










14.7%




































































Asia Pacific

































Segment Operating Income


$ 399


$ 22


$ -


$ -


$ -


$ -


$ -


$ -


$ 421


$ 525


$ 23


$ 19


$ -


$ -


$ 567



Growth vs. Prior Year


(24.0)%
















(25.7)%
















































Segment Operating Income Margin


10.7%
















11.2%


13.9%










15.0%




































































Eastern Europe, Middle East & Africa

































Segment Operating Income


$ 282


$ 36


$ -


$ 7


$ -


$ 7


$ -


$ -


$ 332


$ 386


$ 6


$ -


$ -


$ 4


$ 396



Growth vs. Prior Year


(26.9)%
















(16.2)%
















































Segment Operating Income Margin


9.9%
















11.7%


14.3%










15.0%




































































Europe

































Segment Operating Income


$ 1,178


$ 42


$ -


$ 69


$ -


$ -


$ -


$ -


$ 1,289


$ 1,307


$ 9


$ -


$ -


$ (46)


$ 1,270



Growth vs. Prior Year


(9.9)%
















1.5%
















































Segment Operating Income Margin


11.7%
















12.9%


13.1%










13.0%




































































North America

































Segment Operating Income


$ 643


$ 1


$ -


$ 75


$ -


$ -


$ -


$ -


$ 719


$ 566


$ 4


$ 68


$ 61


$ (8)


$ 691



Growth vs. Prior Year


13.6%
















4.1%
















































Segment Operating Income Margin


12.5%
















14.0%


11.1%










13.7%















































































































































(1)

Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition.

(2)

Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments include the pension adjustment defined as the estimated benefit plan expense associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off.

(3)

Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing-related costs.

(4)

As part of our 2010 Cadbury acquisition, the company became the responsible party for tax matters under the Cadbury Schweppes Plc and Dr Pepper Snapple Group, Inc. ("DPSG") Tax Sharing and Indemnification Agreement dated May 1, 2008 ("Tax Indemnity") for certain 2007 and 2008 transactions relating to the demerger of Cadbury's Americas Beverage business. A U.S. federal tax audit of DPSG for the 2006-2008 tax years was concluded with the IRS in August 2013. As a result, the company recorded a favorable impact of $375 million due to the reversal of the accrued liability in excess of the amount paid to DPSG under the Tax Indemnity. The company recorded $336 million in selling, general and administrative expenses and $49 million in interest and other expense, net, partially offset by $10 million of tax expense for an impact of $0.21 per diluted share, in the three and nine months ended September 30, 2013.

(5)

On February 22, 2013, the company acquired the remaining interest in a biscuit operation in Morocco, which is now a wholly-owned subsidiary within the EEMEA segment. A pre-tax gain of $22 million was recorded in connection with the acquisition. In addition, during the three months ended June 30, 2013, the company completed two divestitures, a salty snack business in Turkey and a confectionery business in South Africa. A pre-tax gain of $6 million was recorded in connection with these divestitures.







Mondelez International Inc. and Subsidiaries


Reconciliation of GAAP to Non-GAAP Measures


Gross Profit

Schedule 13

For the Nine Months Ended September 30,


($ in millions) (Unaudited)








































































% Growth




As Reported/Revised (GAAP)


Integration Program and other Acquisition Integration costs (1)


Spin-Off

Costs and

Related

Adjustments (2)


2012-2014 Restructuring Program costs (3)


Impact of Divestitures


As Adjusted

(Non-GAAP)


Impact of Currency


As Adjusted Constant FX (Non-GAAP)



As Reported (GAAP)


As Adjusted (Non-GAAP)


As Adjusted Constant FX (Non-GAAP)


2013

























Net Revenues


$25,811


$ -


$ -


$ -


$ (20)


$ 25,791






































Gross Profit


$ 9,617


$ 38


$ -


$ 2


$ (3)


$ 9,654


$ 208


$ 9,862



1.0%


1.7%


3.9%



























Gross Profit Margin


37.3%










37.4%






































2012

























Net Revenues


$25,520


$ -


$ -


$ -


$ (297)


$ 25,223






































Gross Profit


$ 9,526


$ 14


$ 33


$ -


$ (80)


$ 9,493






































Gross Profit Margin


37.3%










37.6%

































































(1)

Integration Program costs are defined as the costs associated with combining the Mondelez International and Cadbury businesses, and are separate from those costs associated with the acquisition.

(2)

Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelez International business. Spin-Off related adjustments include the pension adjustment defined as the estimated benefit plan expense associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off.

(3)

Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing-related costs.







Mondelez International Inc. and Subsidiaries


Reconciliation of GAAP to Non-GAAP Measures


Diluted EPS

Schedule 14

(Unaudited)























Diluted EPS


% Growth










Diluted EPS Attributable to Mondelez International for the








Nine Months Ended September 30, 2012 (GAAP)




$ 1.40




Discontinued operations, net of income taxes




0.85




Diluted EPS Attributable to Mondelez International from continuing






operations for the Nine Months Ended September 30, 2012 (GAAP)


0.55




Integration Program (1)




0.04




Spin-Off Costs (2)




0.37




Spin-Off related adjustments (3)




0.07




2012-2014 Restructuring Program costs (4)




0.02




Net earnings from divestitures




(0.02)




Adjusted EPS for the Nine Months Ended








September 30, 2012 (Non-GAAP)




1.03




Decrease in operations




(0.03)




Gains on sales of property in 2012




(0.03)




Intangible asset impairment charge in 2012




0.01




Change in unrealized gains / (losses) on hedging activities




0.01




Lower interest and other expense, net




0.01




Changes in taxes




0.20




Change in shares outstanding




(0.01)




Adjusted EPS for the Nine Months Ended








September 30, 2013 (constant currency)




1.19


15.5%


Unfavorable foreign currency (5)




(0.07)




Adjusted EPS for the Nine Months Ended








September 30, 2013 (Non-GAAP)




1.12


8.7%


Integration Program and other acquisition integration costs (1)




(0.05)




Spin-Off Costs (2)




(0.01)




2012-2014 Restructuring Program costs (4)




(0.07)




Net Benefit from Indemnification Resolution (6)




0.21




Net earnings from divestitures




-




Gains on acquisition and divestitures, net (7)




0.04




Acquisition-related costs




(0.01)




Diluted EPS Attributable to Mondelez International for the








Nine Months Ended September 30, 2013 (GAAP)




$ 1.23


123.6%





























(1)

Integration Program costs are defined as the costs associated with combining the Mondelez International and Cadbury businesses, and are separate from those costs associated with the acquisition. Integration Program costs were $109 million, or $88 million after-tax including certain tax costs associated with the integration of Cadbury, for the nine months ended September 30, 2013, as compared to $64 million, or $68 million after-tax for the nine months ended September 30, 2012. We also incurred $1 million of integraton costs during the nine months ended September 30, 2013, associated with the acquisition of the biscuit operation in Morocco.

(2)

Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off Costs for the nine months ended September 30, 2013 were $33 million, or $20 million after-tax, as compared to $984 million or $654 million after-tax for the nine months ended September 30, 2012.

(3)

Spin-Off related adjustments include; (a) pension adjustment defined as the estimated benefit plan expense associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off; and (b) interest adjustment defined as the interest expense associated with the assumed reduction of the $6 billion of our debt on January 1, 2012, from the utilization of funds received from Kraft Foods Group in 2012 in connection with our Spin-Off capitalization plan. Note during the year ended December 31, 2012, a portion of the $6 billion of debt was retired. As such, we adjusted interest expense during this period as if this debt had been paid on January 1, 2012 to ensure consistency of our assumption and related results.

(4)

Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing-related costs. Restructuring Program costs for the nine months ended September 30, 2013, were $162 million, or $120 million after-tax as compared to $69 million, or $44 million after-tax for the nine months ended September 30, 2012.

(5)

Includes the favorable foreign currency impact on Mondelez International foreign denominated debt and interest expense due to the strength of the U.S. dollar.

(6)

As part of our 2010 Cadbury acquisition, the company became the responsible party for tax matters under the Cadbury Schweppes Plc and Dr Pepper Snapple Group, Inc. ("DPSG") Tax Sharing and Indemnification Agreement dated May 1, 2008 ("Tax Indemnity") for certain 2007 and 2008 transactions relating to the demerger of Cadbury's Americas Beverage business. A U.S. federal tax audit of DPSG for the 2006-2008 tax years was concluded with the IRS in August 2013. As a result, the company recorded a favorable impact of $375 million due to the reversal of the accrued liability in excess of the amount paid to DPSG under the Tax Indemnity. The company recorded $336 million in selling, general and administrative expenses and $49 million in interest and other expense, net, partially offset by $10 million of tax expense for an impact of $0.21 per diluted share, in the three and nine months ended September 30, 2013.

(7)

On February 22, 2013, the company acquired the remaining interest in a biscuit operation in Morocco, which is now a wholly-owned subsidiary within the EEMEA segment. A pre-tax gain of $28 million was recorded in connection with the acquisition. In addition, during the three months ended June 30, 2013, the company completed two divestitures, a salty snack business in Turkey and a confectionery business in South Africa. A pre-tax gain of $6 million (or an after-tax gain of $45 million) was recorded in connection with these divestitures.














Mondelez International Inc. and Subsidiaries




Condensed Consolidated Balance Sheets


Schedule 15


($ in millions) (Unaudited)












September 30,


December 31,





2013


2012




ASSETS







Cash and cash equivalents (1)

$ 3,692


$ 4,475




Receivables, net

6,245


6,129




Inventories, net

4,161


3,741




Other current assets

1,365


1,277




Property, plant and equipment, net

10,085


10,010




Goodwill

25,679


25,801




Intangible assets, net

22,111


22,552




Other assets

1,521


1,493











    TOTAL ASSETS

$ 74,859


$ 75,478











LIABILITIES AND EQUITY







Short-term borrowings (1)

$ 2,527


$ 274




Current portion of long-term debt (1)

2,303


3,577




Accounts payable

4,533


4,642




Other current liabilities

5,906


6,380




Long-term debt (1)

15,089


15,574




Deferred income taxes

6,218


6,302




Accrued pension costs

2,807


2,885




Accrued postretirement health care costs

470


451




Other liabilities

2,514


3,038











    TOTAL LIABILITIES

42,367


43,123











    TOTAL EQUITY

32,492


32,355











    TOTAL LIABILITIES AND EQUITY

$ 74,859


$ 75,478
























(1)

Net debt is defined as total debt, which includes short-term borrowings, current portion of long-term debt and long-term debt, less cash and cash equivalents.










9/30/13


6/30/13


Incr/(Decr)









Short-term borrowings

$ 2,527


$ 756


$ 1,771


Current portion of long-term debt

2,303


2,319


(16)


Long-term debt

15,089


14,986


103


Total Debt

$ 19,919


$ 18,061


$ 1,858









Cash and cash equivalents

3,692


2,476


1,216









Net Debt

$ 16,227


$ 15,585


$ 642







Mondelez International, Inc. and Subsidiaries


Condensed Consolidated Statements of Cash Flows

Schedule 16

($ in millions) Unaudited






For the Nine Months Ended




September 30,




2013


2012







CASH PROVIDED BY / (USED IN) OPERATING ACTIVITIES






Net earnings


$ 2,221


$ 2,512








Adjustments to reconcile net earnings to operating cash flows:






Depreciation and amortization


808


1,065


Stock-based compensation expense


98


135


Deferred income tax (benefit) / provision


(237)


461


Gains on acquisition and divestitures, net


(28)


-


Unrealized loss on discontinued cash flow hedges due to Spin-Off


-


436


Asset impairments


36


94


Benefit from indemnification resolution


(385)


-


Other non-cash expense, net


46


98


Change in assets and liabilities:






Receivables, net


(100)


(699)


Inventories, net


(502)


(712)


Accounts payable


(30)


(104)


Other current assets


16


149


Other current liabilities


(787)


(1,284)


Change in pension and postretirement assets and liabilities, net


42


24








Net cash provided by operating activities


1,198


2,175







CASH PROVIDED BY / (USED IN) INVESTING ACTIVITIES






Capital expenditures


(1,028)


(1,229)


Acquisition, net of cash received


(119)


-


Proceeds from divestitures, net of disbursements


48


-


Cash received from Kraft Foods Group related to the Spin-Off


55


-


Other


29


100








Net cash used in investing activities


(1,015)


(1,129)







CASH PROVIDED BY / (USED IN) FINANCING ACTIVITIES






Net issuance of short-term borrowings


1,604


83


Issuance of commercial paper, maturities greater than 90 days


726


1,579


Repayments of commercial paper, maturities greater than 90 days


(70)


(1,581)


Long-term debt proceeds


-


6,767


Long-term debt repaid


(1,750)


(4,336)


Repurchase of Common Stock


(793)


-


Dividends paid


(696)


(1,542)


Other


98


(142)








Net cash (used in) / provided by financing activities


(881)


828







Effect of exchange rate changes on cash and cash equivalents


(85)


25







Cash and cash equivalents:






Increase / (decrease)


(783)


1,899








Balance at beginning of period


4,475


1,974








Balance at end of period


$ 3,692


$ 3,873







 

 

SOURCE Mondelez International, Inc.



RELATED LINKS
http://www.mondelezinternational.com

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