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Neil Kimberley, profile picture
Subido porNeil Kimberley
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Campbell's cagny 2015

1) Campbell Soup Company's President and CEO outlined changes underway at the company including reorganizing into three new business divisions and implementing a cost-reduction program. 2) The company is reorganizing into the Americas Simple Meals and Beverages division, Global Biscuits and Snacks division, and Packaged Fresh division to better align with growth strategies. 3) Campbell aims to reduce costs by $200 million annually over three years through initiatives like zero-based budgeting, headcount reductions, and examining all spending categories.

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2 Denise Morrison President & Chief Executive Officer Campbell Soup Company 2015 CAGNY Presentation
3 CHANGES UNDERWAY Far reaching implications
4 Shift our center of gravity Create value for shareholders by driving sustainable, profitable net sales growth DUAL MANDATE
5 TRENDS AND DYNAMICS IN FOOD
6 Redefining the framework of our relationships with our customers and consumers SEISMIC SOCIAL SHIFTS
7 REVOLUTIONARY CHANGES IN THE DEFINITION AND COMPOSITION OF THE FAMILY Increasing diversity, new economic realities and powerful social transformations
8 CONSUMER PREFERENCES AND PRIORITIES WITH RESPECT TO FOOD
9 IMPACT OF DIGITAL TECHNOLOGIES AND E-COMMERCE
10 Middle class expanding in developing markets GLOBAL ECONOMIC REALIGNMENT ASIA USA + EU 2B PEOPLE TODAY ALL OTHER ASIAUSA + EU 4.9B PEOPLE IN 2030 ALL OTHER Source: Mario Pezzini, “An emerging middle class” OECD Observer, 2012.
11 IMPORTANT STEPS TAKEN TO DIVERSIFY OUR PORTFOLIO Acquisitions contributing more than $1 billion in sales August 6, 2012 June 13, 2013 August 8, 2013
12 Clear portfolio roles Improved product quality Breakthrough innovation IMPROVED COMPETITIVENESS ACROSS MUCH OF OUR CORE PORTFOLIO
13 Closed 5 manufacturing facilities Reduced costs by IMPROVEMENT IN COST STRUCTURE
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15 Valuable Steps Taken Announced closure of Marshall, MI plant Announced exit of operations in Russia Sold Campbell seed business and Davis, CA facility Announced closure of South Plainfield, NJ plant Partnership agreement with La Costena and Jumex; announced closing of Mexico plant Acquired Plum Organics Acquired Bolthouse Farms Announced closure of Aiken, SC plant Acquired Kelsen Group Articulated new company Purpose and Growth Agenda Sold European simple meals business Announced closure of Sacramento plant June 28, 2011 August 6, 2012 September 27, 2012 June 13, 2013 April, 2014 October 28, 2013 August 8, 2013 June 27, 2013 February 14, 2013 September 19, 2012
16 Fundamental Changes Needed • How our business is organized and managed • How we deploy resources and assets • How we communicate and connect with consumers
17 A game-changing development in Campbell’s evolution HOW OUR BUSINESS IS ORGANIZED AND MANAGED
18 Organized and managed for moderate growth and higher profit AMERICAS SIMPLE MEALS AND BEVERAGES ~ $4.5 Billion in Sales FY14
19 AMERICAS SIMPLE MEALS AND BEVERAGES Define more moderate goals for growth Expand margins Manage costs
20 Focus on scale innovation platforms Expand points of distribution and presence in growth channels AMERICAS SIMPLE MEALS AND BEVERAGES
21 AMERICAS SIMPLE MEALS AND BEVERAGES Smarter approach to engagement and execution with customers Reduce cost and complexity in our supply chain
22 Pivotal change in our structure GLOBAL BISCUITS AND SNACKS ~ $2.8 Billion in Sales FY14
23 Unlock potential Leverage portfolio scale GLOBAL BISCUITS AND SNACKS
24 Global Biscuits and Snacks Core Markets with sizable presence Export Markets Core Markets with manufacturing presence
25 PACKAGED FRESH ~ $1 Billion in Sales FY14 CONTINUE TO DELIVER ROBUST SALES PERFORMANCE IN BOLTHOUSE FARMS
26 Super-premium cold pressed beverages PACKAGED FRESH
27 Building scale in the perimeter beyond produce PACKAGED FRESH A FASTER-GROWING $18.6 BILLION CATEGORY
28 New Business Divisions Organized by Category Americas Simple Meals and Beverages Global Biscuits and Snacks Packaged Fresh
29 New Business Divisions Organized by Category Mark Alexander President Americas Simple Meals and Beverages Luca Mignini President Global Biscuits and Snacks Jeff Dunn President Packaged Fresh Americas Simple Meals and Beverages Global Biscuits and Snacks Packaged Fresh
30 Unlock the potential of our assets Align spending with critical growth opportunities HOW WE DEPLOY OUR RESOURCES AND ASSETS
31 Clean sheet of paper Unlock funds for growth REEXAMINING OUR COSTS
32 UNLOCK THE POWER OF OUR HUMAN RESOURCES & ASSETS
33 CONNECT WITH CONSUMERS
34 GAME CHANGING DEVELOPMENTS FOR CAMPBELL
35 CAMPBELL IS ON THE CUSP OF SOME MAJOR TRANSITIONS
36 Anthony DiSilvestro Senior Vice President – Chief Financial Officer Campbell Soup Company 2015 CAGNY Presentation
37 • Fiscal 2015 guidance • Enabling our strategies – Three new divisions – Cost-reduction program • Priorities for uses of cash Agenda
38 Fiscal 2015 Guidance * See non-GAAP reconciliation 2014 Base* (52 weeks) Previous 2015 Growth Rates Revised 2015 Growth Rates Currency Headwinds Net Sales $8,139 0% to +2% -1% to +1% -2 pts Adjusted EBIT* $1,244 -1% to +2% -7% to -5% -2 pts Adjusted EPS* $2.45 -1% to +2% $2.42-$2.50 -5% to -3% $2.32-$2.38 -2 pts -$0.05 Continuing Operations (U.S. $ millions, except per share)
39 Three New Divisions 55%34% 11% F’14 Net Sales 70% 25% 5% F’14 Operating Earnings* *Excludes unallocated corporate expenses, items impacting comparability and based on historical expense allocations; see non-GAAP reconciliation Americas Simple Meals and Beverages Global Biscuits and Snacks Packaged Fresh
40 Americas Simple Meals & Beverages Global Biscuits & Snacks Packaged Fresh Leading Brands Across All Divisions
41 Americas Simple Meals & Beverages Global Biscuits & Snacks Packaged Fresh Three New Divisions – Portfolio Roles • Moderate growth, consistent with categories • Margin expansion • Accelerate sales growth • Expand into new categories • Invest to grow in existing markets • Expand internationally
42 Re-examining Our Cost Structure 6.9 4.6 2.3 Total Cost* Direct Product & Other** Addressable Spend • Analyzed $2.3 billion spend across P&L • Completed benchmarking versus “Best-in-Class” • Identified $200 million+ annual cost opportunity • Adopting “Zero-Based Budgeting” methodology *52-week sales base less adjusted EBIT base; see non-GAAP reconciliation **Primarily direct labor, ingredients, packaging and depreciation U.S. $ billions
43 Headcount Costs – Organization Redesign Strategy • Simplify organization structure • Implement integrated global services • Simplify and standardize end-to-end processes • Too many layers • Sub-optimal spans of control • Not leveraging common processes across business units Situation Assessment
44 Non-Headcount Cost Reduction Strategy • Target savings for each category • Adopt ZBB approach for fiscal 2016 budgeting process • Develop plans to address complex cost categories over time • Reviewed cost categories – Simple categories – Complex categories • Completed benchmarking and identified areas of opportunity Situation Assessment
45 Headcount Non-Headcount Total Adopting Zero-Based Budgeting Methodology • Organization redesign to deliver new strategy • Expense reduction across multiple categories • $200MM+ annual savings target over next 3 years – 2 - 3% of annual sales • Funding for growth and margin expansion Cost Savings Opportunity U.S. $ million
46 Strong Operating Cash Flows 0 250 500 750 1,000 1,250 FY10 FY11 FY12 FY13 FY14 FY15 est Cash from Operations Interest Coverage 13 times* Net Debt/EBITDA 2.4 times* Credit Ratings A3/BBB+ U.S. $ Millions *See non-GAAP reconciliation
47 Priorities for Uses of Cash 1 Capital Expenditures 2 Dividends 3 External Development 4 Share Repurchases
48 -400 0 400 800 1,200 1,600 2,000 2,400 2,800 FY10 FY11 FY12 FY13 FY14 FY15 est Cash Allocation History(U.S.$millions) Capital Expenditures Dividends FY10-FY14 Total: Ext Dev* Share Repurchases *FY14 external development activity includes proceeds from European divestiture
49 • Increased Capacity – Bolthouse beverage & salad dressing – Goldfish crackers – Indonesia biscuits – Aseptic broth • Cost Savings – Soup common platform – Australia automation project Investing Capital for Capacity and Productivity
50 Maintaining a Competitive Dividend $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 Dividends Paid Payout Ratio ~ 50%
51 > $1 Billion in Annual Sales +1 point of Organic Sales Growth External Development Accelerating Growth
52 • Guided by our “Dual Mandate” • Understand the trends and dynamics in the food industry • New enterprise structure to align our businesses with our growth strategies • Adopting zero-based budgeting methodology to capture $200+ million annual savings opportunity • Our goal is to improve our growth profile and create value for our shareholders Wrap-up
53 Forward-looking Statements This presentation contains “forward-looking statements.” Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “believes,” “estimates,” “expects” and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements we make on guidance for 2015, on our cost-saving initiatives, on our new enterprise and management structure, on our ability to execute our new business strategies successfully, and on our expectations that we can accelerate innovation across our portfolio, integrate acquisitions and expand our international footprint. Forward-looking statements are based on our current expectations and assumptions regarding our business, our industry and other future conditions. Forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements due to factors such as our ability to manage organizational change effectively; our ability to realize projected benefits and cost savings from the new structure and our cost-saving initiatives; the impact of strong competitive responses to our marketing strategies; risks associated with trade and consumer acceptance of our new and improved products; the effectiveness of our promotional programs; the impact of portfolio changes, and the other factors described in “Risk Factors” in the company’s most recent Form 10-K and in subsequent SEC filings. We undertake no obligation to update these statements to reflect new information or future events.
54 Non-GAAP Measures This presentation includes certain “non-GAAP” measures as defined by SEC rules. We have provided a reconciliation of those measures to the most directly comparable GAAP measures, which is posted on our investor Web site, which can be found at investor.campbellsoupcompany.com.
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56 Appendix
57 Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share) Fiscal Year Diluted Net Sales EBIT EPS* 2014 - As Reported 8,268$ 1,192$ 2.33$ Add: Restructuring charges and related costs - 58 0.11 Add: Pension settlement charges - 22 0.04 Add: Loss on foreign exchange forward contracts - 9 0.02 Add: Tax expense associated with sale of business - - 0.02 2014 - Adjusted 8,268$ 1,281$ 2.53$ Deduct: Impact of 53rd week (129) (37) (0.08) Adjusted 2014 base 8,139$ 1,244$ 2.45$ *May not add due to rounding Continuing Operations
58 Reconciliation of GAAP and Non-GAAP Financial Measures Fiscal Year Operating Earnings 2014 EBIT - As Reported 1,192$ Add: Unallocated corporate expenses 149 Add: Restructuring Charges 55 Operating Earnings 1,396$ ($ millions) Continuing Operations
59 Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Continuing Operations Total Cost Adjusted 2014 52-week base Adjusted Net Sales base 8,139$ Deduct: Adjusted EBIT base (1,244) Total Cost 6,895$
60 Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Fiscal Year Ended Adjusted Interest Coverage August 3, 2014 Adjusted EBIT 1,281$ As Reported Depreciation and Amoritization 305 Adjusted EBITDA 1,586$ Interest, Net 119$ Adjusted Interest Coverage 13 Continuing Operations
61 ($ millions) Reconciliation of GAAP and Non-GAAP Financial Measures Net Debt to Adjusted EBITDA August 3, 2014 Short-Term Borrowings 1,771$ Long-Term Debt 2,244 Total Debt 4,015$ Less: Cash and Cash Equivalents (232) Net Debt 3,783$ Adjusted EBITDA 1,586$ Net Debt to Adjusted EBITDA 2.4