[PEPSICO, INC. 2000 ANNUAL REPORT][Financial Highlights][Letter from the Chairman]Quaker Oats[Frito Lay][Pepsi-Cola][Tropicana][Corporate Citizenship]
[Principal Divisions & Corporate Officers][PepsiCo Products][Board of Directors][Capital Stock Information/Stock Performance][Shareholder Information]
We rang up our best performance since 1995, with a total return to shareholders of nearly 43%. That put us way ahead of the Dow Jones Industrials, the Standard & Poor's 500, the S&P Food Index and the S&P Beverage Index.

Strong business results drove that healthy return, as the highlights on the facing page show. On a pro forma basis, revenue growth of 8%, a rate rare among big consumer packaged goods companies, led the way. And that's just the beginning:

We posted double-digit growth in segment operating profit and earnings per share every quarter.
Our return on invested capital moved up 2.5 points to 23%.
Operating cash flow grew to $2.7 billion. That's after capital expenditures and other investments.
Our balance sheet remained very strong, with a relatively low net debt of $1.1 billion.
We returned some $2.2 billion to shareholders in dividends and share repurchases.

Especially exciting is the breadth of our performance. If you'll pardon the metaphor, we've been firing on all cylinders:

Every operating division posted volume gains.
Every operating division posted revenue gains.
Every operating division increased its market share.
Every operating division delivered solid growth in operating profit, with four out of five posting double-digit gains.

Good news spanned the globe. There are lots of examples.

Our Sabritas unit in Mexico, posted salty snack volume growth of 17%. In Thailand, Pepsi-Cola volume grew 12%. In the United States, volume of Tropicana's flagship Pure Premium brand surged 12%.

A Top Consumer Products Company
So the numbers were good. Our strength was broad-based. We had lots of momentum. And our sights are set squarely on the vast global opportunity in convenient foods and beverages.

continued -->