Mondelez International reported its fourth quarter and full year 2015 results. For the full year, net revenues were $29.6 billion.
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This is down 13.5 percent, including a negative 12.6 percentage point impact from currency and a negative 5.4 percentage point impact from the coffee business transactions.
Operating income was $8.9 billion, up 174.4 percent, including a $6.8 billion pre-tax gain from the coffee transaction and a $778 million one-time charge for a change in accounting for the Venezuela operations.
Diluted EPS was $4.44, up $3.16, including a positive impact of $4.05 from the coffee transaction gain and a negative $0.48 impact related to the Venezuela accounting charge.
On a reported basis for the fourth quarter, net revenues were $7.4 billion, down 16.6 percent, including a negative 11.4 percentage point impact from the coffee business transactions and a negative 11.0 percentage point impact from currency.
The company posted an operating loss of $557 million, down 194.6 percent, including the Venezuela accounting charge and a $313 million decrease to the coffee transaction pre-tax gain recorded in the third quarter.
Diluted EPS was a negative $0.46, down $0.75, including a negative $0.48 impact related to the Venezuela charge, a negative $0.19 impact from the adjustment to the coffee transaction gain and a negative $0.09 impact from currency.
Full year commentary
Organic Net Revenue increased 3.7 percent, as the company raised prices to recover currency-driven input cost inflation. Power Brands2 grew 5.4 percent. Organic Net Revenue from emerging markets3 was up 10.6 percent, while developed markets4 decreased 0.7 percent.
Fourth quarter commentary
Organic Net Revenue increased 4.7 percent, as the company raised prices to recover currency-driven inflation in emerging markets. Power Brands grew 5.5 percent.
Organic Net Revenue from emerging markets was up 12.4 percent, and developed markets were essentially flat versus the prior year quarter. ■