Financial Highlights

PepsiCo, Inc. and Subsidiaries

(in millions except per share data; all per share amounts assume dilution)

Summary of Operations

2011

2010

Chg

(a)

Core net revenue(b)

$65,881

$57,838

14

%

Core division operating profit(c)

$11,329

$10,626

7

%

Core total operating profit(d)

$10,368

$9,773

6

%

Core net income attributable to PepsiCo(e)

$7,035

$6,675

5

%

Core earnings per share attributable to PepsiCo(e)

$4.40

$4.13

7

%

Other Data

Management operating cash flow, excluding certain items(f)

$6,145

$6,892

(11

)%

Net cash provided by operating activities

$8,944

$8,448

6

%

Capital spending

$3,339

$3,253

3

%

Common share repurchases

$2,489

$4,978

(50

)%

Dividends paid

$3,157

$2,978

6

%

Long-term debt

$20,568

$19,999

3

%


(a) Percentage changes are based on unrounded amounts.

(b) In 2011, excludes the impact of an extra reporting week. See “Reconciliation of GAAP and Non-GAAP Information” for a reconciliation to the most directly comparable financial measure in accordance with GAAP.

(c) Excludes corporate unallocated expenses and merger and integration charges in both years. In 2011, also excludes restructuring charges, certain inventory fair value adjustments in connection with our WBD and bottling acquisitions and the impact of an extra reporting week. In 2010, also excludes certain inventory fair value adjustments in connection with our bottling acquisitions and a one-time net charge related to the currency devaluation in Venezuela. See “Reconciliation of GAAP and Non-GAAP Information” for a reconciliation to the most directly comparable financial measure in accordance with GAAP.

(d) Excludes merger and integration charges and the net mark-to-market impact of our commodity hedges in both years. In 2011, also excludes ­restructuring charges, certain inventory fair value adjustments in connection with our WBD and bottling acquisitions and the impact of an extra reporting week. In 2010, also excludes certain inventory fair value adjustments in connection with our bottling acquisitions, a one-time net charge related to the currency devaluation in Venezuela, an asset write-off charge for SAP software and a contribution to The PepsiCo Foundation, Inc. See “Reconciliation of GAAP and Non-GAAP Information” for a reconciliation to the most directly comparable financial measure in accordance with GAAP.

(e) Excludes merger and integration charges and the net mark-to-market impact of our commodity hedges in both years. In 2011, also excludes ­restructuring charges, certain inventory fair value adjustments in connection with our WBD and bottling acquisitions and the impact of an extra reporting week. In 2010, also excludes a gain on previously held equity interests and certain inventory fair value adjustments in connection with our bottling acquisitions, a one-time net charge related to the currency devaluation in Venezuela, an asset write-off charge for SAP software, a contribution to The PepsiCo Foundation, Inc. and interest expense incurred in connection with our debt repurchase. See pages “Results of Operations – Consolidated Review” in Management’s Discussion and Analysis and “Reconciliation of GAAP and Non-GAAP Information” for reconciliations to the most directly comparable financial measures in accordance with GAAP.

(f) Includes the impact of net capital spending, and excludes merger and integration payments, restructuring payments and capital expenditures related to the integration of our bottlers in both years. In 2011, also excludes discretionary pension payments. In 2010, also excludes discretionary pension and retiree medical payments, a contribution to The PepsiCo Foundation, Inc. and interest paid related to our debt repurchase. See also "Our Liquidity and Capital Resources" in Management's Discussion and Analysis. See “Reconciliation of GAAP and Non-GAAP Information” for a reconciliation to the most directly comparable financial measure in accordance with GAAP.

Cumulative Total Shareholder Return

Return on PepsiCo stock investment (including dividends), the S&P 500® and the S&P® Average of Industry Groups*

Cumulative Total Shareholder Return


12/99

12/00

12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

PepsiCo, Inc.

$100

$143

$142

$125

$140

$159

$183

$198

$245

$181

$208

$230

$241

S&P 500

$100

$91

$80

$62

$80

$89

$93

$108

$114

$72

$91

$105

$107

S&P Avg. of Industry Groups*

$100

$123

$118

$117

$130

$143

$139

$161

$179

$148

$179

$210

$235


* The S&P Average of Industry Groups is derived by weighting the returns of two applicable S&P Industry Groups (Non-Alcoholic Beverages and Food) by PepsiCo's sales in its beverages and foods businesses. The returns for PepsiCo, the S&P 500 and the S&P Average indices are calculated through December 31, 2011.

Mix of Net Revenue

 
Mix of Net Revenue

Mix of Net Revenue

Net Revenues

Division Operating Profit

Net Revenues Division Operating Profit
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