PepsiCo 2009 Annual Report

The financial measures listed below are not measures defined by generally accepted accounting principles. However, we believe investors should consider these measures as they are more indicative of our ongoing performance and with how management evaluates our operational results and trends. Specifically, investors should consider the following:

• Our 2009 net revenue growth on a constant currency basis;
• Our 2009 and 2008 division operating profit and total operating profit excluding the impact of restructuring and impairment charges and costs associated with our mergers with PBG and PAS, and with respect to our total operating profit, also excluding the mark-to-market net impact of commodity hedges; our 2009 division operating profit growth excluding the impact of the aforementioned items, as well as on a constant currency basis; and our 2009 total operating profit growth excluding the impact of the aforementioned items;
• Our 2009 net income attributable to PepsiCo and diluted EPS excluding the impact of mark-to-market net gains on commodity hedges, restructuring and impairment charges and costs associated with our mergers with PBG and PAS; our 2008 net income attributable to PepsiCo and diluted EPS excluding the impact of mark-to-market net losses on commodity hedges, restructuring and impairment charges and our share of PBG's restructuring and impairment charges; our 2009 growth in net income attributable to PepsiCo excluding the aforementioned items; our 2009 diluted EPS growth excluding the impact of the aforementioned items, as well as on a constant currency basis; and our 2007 diluted EPS excluding the impact of mark-to-market net gains on commodity hedges, restructuring and impairment charges and certain tax benefits;
• Our 2009 return on invested capital (ROIC) excluding the mark-to-market net impact of commodity hedges, restructuring and impairment charges, our share of PBG's restructuring and impairment charges and costs associated with our mergers with PBG and PAS; and
• Our 2009 management operating cash flow growth, excluding the impact of a discretionary pension contribution, cash payments for PBG and PAS merger costs and restructuring-related cash payments.

 

Net Revenue Growth Reconciliation

Operating Profit Reconciliation

Net Income Attributable to PepsiCo Reconciliation

Diluted EPS Reconciliation

ROIC Reconciliation*

Net Cash Provided by Operating Activities Reconciliation (in billions)