Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - AVON PRODUCTS INC | d8k.htm |
Exhibit 99.1
AVON PRODUCTS, INC.
PRO-FORMA FINANCIAL INFORMATION
(Unaudited)
(In millions, except per share data)
| Three Months Ended March 31 |
Three Months Ended June 30 |
Three Months Ended September 30 |
Nine Months Ended September 30 |
|||||||||||||
| 2010 | 2010 | 2010 | 2010 | |||||||||||||
| Net sales |
$ | 2,416.5 | $ | 2,596.9 | $ | 2,580.1 | $ | 7,593.5 | ||||||||
| Other revenue |
29.8 | 31.6 | 32.3 | 93.7 | ||||||||||||
| Total revenue |
2,446.3 | 2,628.5 | 2,612.4 | 7,687.2 | ||||||||||||
| Cost of sales |
934.7 | 962.1 | 933.0 | 2,829.8 | ||||||||||||
| Selling, general and administrative expenses |
1,320.1 | 1,400.0 | 1,420.1 | 4,140.2 | ||||||||||||
| Operating profit |
191.5 | 266.4 | 259.3 | 717.2 | ||||||||||||
| Interest expense |
21.8 | 20.3 | 21.2 | 63.3 | ||||||||||||
| Interest income |
(4.9 | ) | (3.4 | ) | (1.7 | ) | (10.0 | ) | ||||||||
| Other expense, net |
48.3 | .4 | 3.7 | 52.4 | ||||||||||||
| Total other expenses |
65.2 | 17.3 | 23.2 | 105.7 | ||||||||||||
| Income from continuing operations, before tax |
126.3 | 249.1 | 236.1 | 611.5 | ||||||||||||
| Income taxes |
(83.6 | ) | (84.1 | ) | (68.9 | ) | (236.6 | ) | ||||||||
| Income from continuing operations, net of tax |
42.7 | 165.0 | 167.2 | 374.9 | ||||||||||||
| Discontinued operations, net of tax |
.6 | 4.2 | .3 | 5.1 | ||||||||||||
| Net Income |
43.3 | 169.2 | 167.5 | 380.0 | ||||||||||||
| Net income attributable to noncontrolling interest |
(.8 | ) | (1.6 | ) | (.8 | ) | (3.2 | ) | ||||||||
| Net income attributable to Avon |
$ | 42.5 | $ | 167.6 | $ | 166.7 | $ | 376.8 | ||||||||
| Earnings per share: |
||||||||||||||||
| Basic * |
||||||||||||||||
| Basic EPS from continuing operations |
$ | .10 | $ | .38 | $ | .38 | $ | .86 | ||||||||
| Basic EPS from discontinued operations |
$ | — | $ | .01 | $ | — | $ | .01 | ||||||||
| Basic EPS attributable to Avon |
$ | .10 | $ | .39 | $ | .39 | $ | .87 | ||||||||
| Diluted * |
||||||||||||||||
| Diluted EPS from continuing operations |
$ | .10 | $ | .38 | $ | .38 | $ | .86 | ||||||||
| Diluted EPS from discontinued operations |
$ | — | $ | .01 | $ | — | $ | .01 | ||||||||
| Diluted EPS attributable to Avon |
$ | .10 | $ | .39 | $ | .38 | $ | .87 | ||||||||
| * | Items may not add due to rounding |
AVON PRODUCTS, INC.
PRO-FORMA FINANCIAL INFORMATION
(Unaudited)
(In millions, except per share data)
| Three Months Ended March 31 |
Three Months Ended June 30 |
Three Months Ended September 30 |
Three Months Ended December 31 |
Twelve Months Ended December 31 |
||||||||||||||||
| 2009 | 2009 | 2009 | 2009 | 2009 | ||||||||||||||||
| Net sales |
$ | 2,110.2 | $ | 2,396.0 | $ | 2,477.5 | $ | 3,101.1 | $ | 10,084.8 | ||||||||||
| Other revenue |
27.1 | 30.5 | 29.9 | 32.9 | 120.4 | |||||||||||||||
| Total revenue |
2,137.3 | 2,426.5 | 2,507.4 | 3,134.0 | 10,205.2 | |||||||||||||||
| Cost of sales |
795.9 | 919.5 | 939.9 | 1,170.2 | 3,825.5 | |||||||||||||||
| Selling, general and administrative expenses |
1,174.7 | 1,329.2 | 1,313.6 | 1,556.6 | 5,374.1 | |||||||||||||||
| Operating profit |
166.7 | 177.8 | 253.9 | 407.2 | 1,005.6 | |||||||||||||||
| Interest expense |
24.8 | 27.9 | 26.1 | 26.0 | 104.8 | |||||||||||||||
| Interest income |
(7.3 | ) | (4.8 | ) | (3.2 | ) | (4.9 | ) | (20.2 | ) | ||||||||||
| Other expense (income), net |
4.1 | (.1 | ) | 4.0 | (.7 | ) | 7.3 | |||||||||||||
| Total other expenses |
21.6 | 23.0 | 26.9 | 20.4 | 91.9 | |||||||||||||||
| Income from continuing operations, before tax |
145.1 | 154.8 | 227.0 | 386.8 | 913.7 | |||||||||||||||
| Income taxes |
(28.3 | ) | (74.6 | ) | (73.1 | ) | (118.5 | ) | (294.5 | ) | ||||||||||
| Income from continuing operations, net of tax |
116.8 | 80.2 | 153.9 | 268.3 | 619.2 | |||||||||||||||
| Discontinued operations, net of tax |
.7 | 4.4 | 3.7 | .2 | 9.0 | |||||||||||||||
| Net Income |
117.5 | 84.6 | 157.6 | 268.5 | 628.2 | |||||||||||||||
| Net income attributable to noncontrolling interest |
(.2 | ) | (1.7 | ) | (1.4 | ) | .9 | (2.4 | ) | |||||||||||
| Net income attributable to Avon |
$ | 117.3 | $ | 82.9 | $ | 156.2 | $ | 269.4 | $ | 625.8 | ||||||||||
| Earnings per share: |
||||||||||||||||||||
| Basic * |
||||||||||||||||||||
| Basic EPS from continuing operations |
$ | .27 | $ | .18 | $ | .35 | $ | .62 | $ | 1.43 | ||||||||||
| Basic EPS from discontinued operations |
$ | — | $ | .01 | $ | .01 | $ | — | $ | .02 | ||||||||||
| Basic EPS attributable to Avon |
$ | .27 | $ | .19 | $ | .36 | $ | .63 | $ | 1.45 | ||||||||||
| Diluted * |
||||||||||||||||||||
| Diluted EPS from continuing operations |
$ | .27 | $ | .18 | $ | .35 | $ | .62 | $ | 1.43 | ||||||||||
| Diluted EPS from discontinued operations |
$ | — | $ | .01 | $ | .01 | $ | — | $ | .02 | ||||||||||
| Diluted EPS attributable to Avon |
$ | .27 | $ | .19 | $ | .36 | $ | .62 | $ | 1.45 | ||||||||||
| * | Items may not add due to rounding |
AVON PRODUCTS, INC.
PRO-FORMA FINANCIAL INFORMATION
(Unaudited)
(In millions, except per share data)
| Twelve Months Ended December 31 |
||||
| 2008 | ||||
| Net sales | $ | 10,385.1 | ||
| Other revenue |
122.4 | |||
| Total revenue |
10,507.5 | |||
| Cost of sales |
3,883.9 | |||
| Selling, general and administrative expenses |
5,299.1 | |||
| Operating profit |
1,324.5 | |||
| Interest expense |
100.4 | |||
| Interest income |
(37.1 | ) | ||
| Other expense, net |
38.2 | |||
| Total other expenses |
101.5 | |||
| Income from continuing operations, before tax | 1,223.0 | |||
| Income taxes |
(340.5 | ) | ||
| Income from continuing operations, net of tax | 882.5 | |||
| Discontinued operations, net of tax |
(6.9 | ) | ||
| Net Income | 875.6 | |||
| Net income attributable to noncontrolling interest |
(.3 | ) | ||
| Net income attributable to Avon |
$ | 875.3 | ||
| Earnings per share: | ||||
| Basic * | ||||
| Basic EPS from continuing operations |
$ | 2.04 | ||
| Basic EPS from discontinued operations |
$ | (.02 | ) | |
| Basic EPS attributable to Avon |
$ | 2.04 | ||
| Diluted * | ||||
| Diluted EPS from continuing operations |
$ | 2.03 | ||
| Diluted EPS from discontinued operations |
$ | (.02 | ) | |
| Diluted EPS attributable to Avon |
$ | 2.03 | ||
| * | Items may not add due to rounding |
AVON PRODUCTS, INC.
SUPPLEMENTAL SCHEDULE
(Unaudited)
Asia Pacific Excluding Japan
(Dollars in Millions)
| Three Months Ended March 31, |
| |||||||||||||||
| %/Point Change | ||||||||||||||||
| 2010 | 2009 | US$ | Constant $ | |||||||||||||
| Total Revenue |
176.3 | 150.0 | 18 | % | 7 | % | ||||||||||
| Operating Profit |
25.1 | 13.5 | 86 | % | 63 | % | ||||||||||
| Operating Margin |
14.2 | % | 9.0 | % | 5.2 | 4.8 | ||||||||||
| Japan Costs to Implement 2005 and 2009 Restructuring Programs (“CTI”) |
— | — | ||||||||||||||
| Three Months Ended June 30, |
| |||||||||||||||
| %/Point Change | ||||||||||||||||
| 2010 | 2009 | US$ | Constant $ | |||||||||||||
| Total Revenue |
176.4 | 157.0 | 12 | % | 3 | % | ||||||||||
| Operating Profit |
20.4 | 6.4 | 219 | % | 155 | % | ||||||||||
| Operating Margin |
11.6 | % | 4.1 | % | 7.5 | 6.8 | ||||||||||
| Japan CTI |
.2 | — | ||||||||||||||
| Three Months Ended September 30, |
| |||||||||||||||
| %/Point Change | ||||||||||||||||
| 2010 | 2009 | US$ | Constant $ | |||||||||||||
| Total Revenue |
184.5 | 171.0 | 8 | % | 1 | % | ||||||||||
| Operating Profit |
20.6 | 18.6 | 11 | % | (3 | )% | ||||||||||
| Operating Margin |
11.2 | % | 10.9 | % | .3 | (.4 | ) | |||||||||
| Japan CTI |
.3 | .2 | ||||||||||||||
| Nine Months Ended September 30, |
| |||||||||||||||
| %/Point Change | ||||||||||||||||
| 2010 | 2009 | US$ | Constant $ | |||||||||||||
| Total Revenue |
537.2 | 478.0 | 12 | % | 4 | % | ||||||||||
| Operating Profit |
66.1 | 38.5 | 72 | % | 49 | % | ||||||||||
| Operating Margin |
12.3 | % | 8.1 | % | 4.2 | 3.6 | ||||||||||
| Japan CTI |
.5 | .2 | ||||||||||||||
| Twelve Months Ended December 31, |
| |||||||||||||||
| %/Point Change | ||||||||||||||||
| 2009 | 2008 | US$ | Constant $ | |||||||||||||
| Total Revenue |
677.3 | 679.3 | — | 6 | % | |||||||||||
| Operating Profit |
61.6 | 87.6 | (30 | )% | (24 | )% | ||||||||||
| Operating Margin |
9.1 | % | 12.9 | % | (3.8 | ) | (3.8 | ) | ||||||||
| Japan CTI |
.4 | 1.3 | ||||||||||||||