Summary
This 8-K filing from Kraft Foods Inc. (the predecessor to Mondelez International) on June 17, 2009, primarily discloses information regarding the anticipated participation of its CEO, Irene B. Rosenfeld, in the CIES World Food Business Summit. The key takeaway for investors is the expected disclosure of Kraft Foods' organic revenue growth rate. While the specific date of the summit is not provided, the report indicates that Ms. Rosenfeld would discuss an organic revenue growth rate of 3.4% for the period of 2005 to 2006. Furthermore, the filing clarifies Kraft Foods' use of 'organic net revenues' as a key performance indicator. This non-GAAP measure excludes the impact of acquisitions, divestitures, and currency fluctuations, which management believes provides a more comparable and relevant view of the company's ongoing operational performance. Investors should note that this information was provided in connection with a future event and is intended for informational purposes, not as a formal financial statement update.
Key Highlights
- 1Kraft Foods CEO Irene B. Rosenfeld to participate in the CIES World Food Business Summit.
- 2Expected disclosure of Kraft Foods' organic revenue growth rate of 3.4% for the 2005-2006 period.
- 3The company utilizes 'organic net revenues' as a key non-GAAP financial measure.
- 4Organic net revenues exclude the impact of acquisitions, divestitures, and currency fluctuations.
- 5Management believes organic net revenues offer improved comparability and a better reflection of ongoing performance.
- 6A GAAP to Non-GAAP reconciliation for net revenues is provided as Exhibit 99.1.
- 7The information is being disclosed under Regulation FD and is not considered 'filed' for certain liability purposes.