Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Kraft Foods Group, Inc. | d945263d8k.htm |
Exhibit 99.1
Kraft Adjusted EBITDA reconciliation
| $ millions | ||||||||||||||||||||||||
| FY 2012 | FY 2013 | FY 2014 | Q1 2014 | Q1 2015 | LTM (ending Q1 2015) |
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| Net earnings |
$ | 1,642 | $ | 2,715 | $ | 1,043 | $ | 513 | $ | 429 | $ | 959 | ||||||||||||
| Interest expense, net |
238 | 475 | 475 | 119 | 118 | 474 | ||||||||||||||||||
| Provision for income tax |
811 | 1,375 | 363 | 275 | 204 | 292 | ||||||||||||||||||
| Depreciation, including accelerated depreciation for restructuring |
428 | 393 | 384 | 96 | 102 | 390 | ||||||||||||||||||
| Amortization |
— | — | 1 | — | — | 1 | ||||||||||||||||||
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| EBITDA |
$ | 3,119 | $ | 4,958 | $ | 2,266 | $ | 1,003 | $ | 853 | $ | 2,116 | ||||||||||||
| Merger related costs |
— | — | — | — | 17 | 17 | ||||||||||||||||||
| Restructuring & related charges, excluding accelerated depreciation (a) |
233 | 261 | 71 | 14 | 21 | 78 | ||||||||||||||||||
| Mark to market accounting impacts |
176 | (1,660 | ) | 1,180 | (58 | ) | 68 | 1,306 | ||||||||||||||||
| Other (income)/expense, net (b) |
(16 | ) | 12 | (19 | ) | (38 | ) | 14 | 33 | |||||||||||||||
| Stock based compensation (c) |
54 | 65 | 95 | 29 | 16 | 82 | ||||||||||||||||||
| Mondelēz royalty income |
(41 | ) | — | — | — | — | — | |||||||||||||||||
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| Adjusted EBITDA |
$ | 3,525 | $ | 3,636 | $ | 3,593 | $ | 950 | $ | 989 | $ | 3,632 | ||||||||||||
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| (a) | This includes costs related to reorganization activities including severance, asset disposals and other activities |
| (b) | In all periods, primarily comprised of bank fees and gains/losses on economic commodity hedges |
| (c) | Stock based compensation expense related to grants of stock options, restricted shares and restricted share units |
Note: Other (income)/expense, net is comprised of gains (losses) from economic hedges (reclassified from Kraft’s historical Cost of Sales and Selling, General & Administrative Expense for purposes of conforming with Heinz’s presentation), and certain other gains (charges) (reclassified from Kraft’s historical Interest and Other Expense, Net for purposes of conforming with Heinz’s presentation).