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Geared for Growth

CAGNY February 21, 2013

Hugh Johnston
Chief Financial Officer

Safe Harbor Statement of Terms & Non-GAAP Information


Safe Harbor Statement
Statements in this communication that are "forward-looking statements, including our 2013 guidance, are based on currently available information, operating plans and projections about future events and trends. Terminology such as believe, expect, intend, estimate, project, anticipate, will or similar statements or variations of such terms are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in such forward-looking statements. Such risks and uncertainties include, but are not limited to: changes in demand for PepsiCos products, as a result of changes in consumer preferences and tastes or otherwise; changes in the legal and regulatory environment; PepsiCos ability to compete effectively; PepsiCos ability to grow its business in emerging and developing markets or unstable political conditions, civil unrest or other developments and risks in the countries where PepsiCo operates; unfavorable economic conditions in the countries in which PepsiCo operates; increased costs, disruption of supply or shortages of raw materials and other supplies; failure to realize anticipated benefits from our productivity plan or global operating model; disruption of PepsiCos supply chain; damage to PepsiCos reputation; failure to successfully complete or integrate acquisitions and joint ventures into PepsiCos existing operations; PepsiCos ability to hire or retain key employees or a highly skilled and diverse workforce; trade consolidation or the loss of any key customer; any downgrade of our credit ratings; PepsiCos ability to build and sustain proper information technology infrastructure, successfully implement its ongoing business transformation initiative or outsource certain functions effectively; fluctuations in foreign exchange rates; climate change, or legal, regulatory or market measures to address climate change; failure to successfully renew collective bargaining agreements or strikes or work stoppages; any infringement of or challenge to PepsiCos intellectual property rights; and potential liabilities and costs from litigation or legal proceedings. For additional information on these and other factors that could cause PepsiCos actual results to materially differ from those set forth herein, please see PepsiCos filings with the SEC, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. PepsiCo undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Information
Please refer to the Investors section of PepsiCos web site at www.pepsico.com under the heading Investor Presentations to find disclosure and a reconciliation of any non-GAAP financial measures contained herein.

Glossary
Beginning in the second quarter of 2012, organic results exclude the impact of foreign exchange translation. In addition, 2012 fourth quarter and full year organic results exclude the extra reporting week in 2011. Please refer to the Glossary and attachments to our February 14, 2013 earnings release, available at www.pepsico.com under the heading Investor Presentations, for the definitions of core, constant currency, organic and certain other terms used herein.

PepsiCo Today
Revenue Organic Revenue Growth Operating Margin Net ROIC Dividend Yield

$65B
5% 15%

15% 3%
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Certain of the above items are reflected on a core basis and represent Non-GAAP financial measures that exclude certain items. Please refer to the Reconciliation of GAAP and Non-GAAP Information attachment posted on February 21, 2013 under the "Investors - Investor Presentations section on PepsiCos website at www.pepsico.com to find disclosure and a reconciliation of the above non -GAAP financial measures.

Positioned in Attractive Categories


Projected 5% category growth for snacks and beverages Beverages
Snacks

51%

49%

Highly complementary
PepsiCo #1 globally in salty snacks

Global Nutrition

PepsiCo strong #2 globally in beverages with leadership in many important markets


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Note: Snacks/Beverage/Nutrition data is based on 2012 net revenue

With a Broad Product Portfolio


Products Have Broad Appeal

DAYPARTS COHORTS
NEEDSTATES OCCASIONS
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Powerful Brands 22 $1Bn Brands

Powerful Brands Over 40 $250M-$1Bn Brands

PepsiCo Has 9 of the Top 40 Trademarks at Retail


1 2 15 16 29 30

3
4 5 6 7

17
18 19 20 21

31
32 33 34 35

8
9 10 11 12

22
23 24 25 26

36
37 38 39 40

13
14

27
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52 Weeks Ending Dec 30, 2012, SymphonyIRI Group - Total Store Advantage, Total US MultiOutletC

Balanced Geographic Footprint


Products / Territories
We Have Products in More than 200 Countries and Territories

Emerging & Developing Markets


Significant Developing and Emerging Markets Exposure

Emerging & Developing

35%
Developed

65%

Both

Snacks Only

Beverages Only

No Presence

Note: Developed and Emerging & Developing data is based on 2012 net revenue

Consumption Highly Correlated to GDP/Capita


Emerging Per Capita Consumption Developed

10K

20K

GDP / Capita
Source: Euromonitor

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Lots of Growth Runway


Salty Snack Per Capita Consumption
(Index to Mexico)

Mexico Brazil Russia China India 6 11 28 39

100

Source: Euromonitor

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Recent Actions Have Strengthened Our Business


Increased Brand Investment

Stepped Up Innovation

Strengthened Execution

Productivity to Fund Margin Expansion & Future Investment

Cash Flow Productivity & Returns


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Increased Brand Investment: Focus on Mega Brands

2012 A&M Up 50bps to 5.7% of Sales

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Crash the Superbowl

HUGE CONSUMER

ENGAGEMENT

22,000
OVER 7 YEAR HISTORY

ADS SUBMITTED

OF TOP 10

SUPERBOWL SPOTS
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Do Us a Flavor

19 GLOBALLY
MILLION SUBMISSIONS

LIFT & SHIFT FROM THE

UK TO 17 MARKETS
INCLUDING POLAND, EGYPT & INDIA

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PepsiCo Sports Properties


Leagues

Pro Teams

Colleges

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Stepped Up Innovation Innovation Across the Portfolio

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Doritos Locos Tacos

325 SOLD
MILLION UNITS

MOST SUCCESSFUL

NEW PRODUCT IN

HISTORY
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TACO BELL

Quaker Real Medleys

DELICIOUS PREMIUM
WITH REAL FRUIT AND NUTS

2012 BREAKFAST

PRODUCT OATMEAL OF THE YEAR

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Pepsi Next

60%

LESS CALORIES

REAL

COLA
TASTE

$150 RETAIL
MILLION AT
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Starbucks Refreshers

60

CALORIE

SPARKLING BEVERAGE

DELICIOUS
BOOST OF ENERGY
FROM GREEN COFFEE EXTRACT
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Trop 50

50%

LESS CALORIES

LAUNCHED IN THE UK
FOLLOWING SUCCESS IN

US & CANADA
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Gatorade Energy Chews

CARB ENERGY
TO FUEL ATHLETES

PERFORMANCE

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Strengthened Execution
Frito Share of Salty Purchases with a CSD 2011
+2pts 60% 62%

PEP CSD Share of CSD Purchases with Salty 2011


+2pts

2012
+4pts 59% 63%

2012
+3pts

32%

34%

32%

35%

When CSD is:

Other

PEP

Other

PEP

When Salty is:

Other

PEP

Other

PEP

Source: IRI Household panel, 2012 is rolling 12 months ending December 16, 2012

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Delivered Productivity of $1B in 2012


Procurement Sustainability
Fleet Portfolio

Automation & Technology

GTM Strategy

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Cash Returns
Strong 2012 Performance
Delivered $7.4 billion Management Operating Cash Flow (MOCF) ex-items Cash conversion cycle improved by 9 days Cap ex managed to 4% of net revenue Returned $6.5 billion to shareholders

MOCF Ex-Items per Share 5 Year CAGR of 11%


$30 Billion Cash Returned to Shareholders in Last Five Years
Note - Certain of the above items represent NonGAAP financial measures that exclude certain items. Please refer to the Reconciliation of GAAP and NonGAAP Information attachment posted on February 21, 2013 under the "Investors Investor Presentations section on PepsiCos website at www.pepsico.com to find disclosure and a reconciliation of the above nonGAAP financial measures.

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Balanced Profile
Products Geographies
Significant Emerging and Developing Markets Exposure

Beverages
Snacks

51%

49%

Emerging & Developing

35%
Global Nutrition

Developed

65%

Note: Data is based on 2012 net revenue

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Portfolio Delivers Balanced Growth, ROIC and Margins


Emerging
Growth Driver Penetration

Developing
Frequency

Developed
Expansion

Role in Portfolio
Growth Absolute Margin/ROIC Margin Improvement ROIC Improvement Key Markets China, India Russia, Mexico, Brazil U.S., U.K., Canada
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How Revenue Growth Model Works


Category
Growth Rate
LSD-MSD

Geography
% of Growth Growth Rate
LSD-MSD

% of Revenue

% of Revenue

% of Growth

49%

~1/3 65% ~2/3


HSD-LDD
Developed Emerging & Developing

~1/3

MSD
Beverages Snacks

51%

~2/3 35%

Mid-Single Digit Revenue Growth


Assumes: 3-5 year timeframe, currency neutral, no structural change

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Long-Term Goals

Top Tier TSR


Revenue Growth MSD,
mostly Organic

EPS HSD
Operating Margin
+30-50 bps / year

Core MOCF growth


= Net Income growth

Balanced offerings between


FFY, BFY, GFY

Strong returns to shareholders


(dividends and share repurchases)

Increased Emerging &


Developing Market Footprint

ROIC 50+ bps / year

Supporting Fundamentals:

World-Class Brand Building and Innovation


Excellence in Execution Optimal Cost Structure and Capital Allocation Best Place to Work

Note - Certain of the above items represent NonGAAP financial measures that exclude certain items. Please refer to the Reconciliation of GAAP and NonGAAP Information attachment posted on February 21, 2013 under the "Investors Investor Presentations section on PepsiCos website at www.pepsico.com to find disclosure and a reconciliation of the above nonGAAP financial measures.

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2013: Outlook
Core Constant Currency EPS Growth Organic Revenue Growth 2013 Productivity Savings +7%1 +Mid-Single Digits ~$900M

Commodity Inflation
A&M Core Tax Rate MOCF (excluding certain items) Net Capital Expenditures Share Repurchases Dividends

+Low-Single Digits
At Least 5.7% of Net Revenue ~27% More than $7B ~$3B (<5% of Net Revenue) ~$3.0B ~$3.4B (+5.6% Increase in Div/Share)
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1. From PepsiCos fiscal 2012 core EPS of $4.10 Note Certain of the above items represent Non-GAAP financial measures that exclude certain items. Please refer to the Reconciliation of GAAP and NonGAAP Information attachment posted on February 21, 2013 under the "Investors Investor Presentations section on PepsiCos website at www.pepsico.com to find disclosure and a reconciliation of the above nonGAAP financial measures.

PEP Virtuous Circle

Mid-Single-Digit Revenue Growth, Mostly Organic

Scale Leverage Aggressive Productivity Program

Brand Building Innovation Go-to-Market Capability


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