kelloggs_2010_ar - Kellogg Company 2010 annual report what...

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KELLOGG COMPANY 2010 ANNUAL REPORT what people love… ®
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“YUMMY.” — DESOTO, MO Pop Tarts CONTENTS 2 Letter to Shareowners 8 Financial Highlights 10 Innovations, People, Brands 13 Leadership Financials/Form 10-K Brands and Trademarks 1 Selected Financial Data 12 Management’s Discussion & Analysis 13 Financial Statements 27 Notes to Financial Statements 31 Shareowner Information inspires us. The Keebler elves drizzle over 80,000 miles of delicious fudge on our classic Fudge Stripes and Mini Fudge Stripes cookies every year—enough to circle the world three times! 80 K MILES of cheese is used each year to make Cheez-Its. 28,265,317 LBS Kellogg was one of the first companies to print nutrition messages, recipes and product information on the back and side panel of cereal packages. 1 ST “Like Tony sez… ±Ther’re Gr-r-reat ’ ” — LAFAy²³³², G´ Frosted Flakes
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— LEMON GROVE, CA healthy.” “Delicious & Kashi People around the world love our foods, and we love delighting them with time-honored favorites and new, great-tasting, nutritious foods. Pop-Tarts are eaten by of families with kids. We bake waffles a day. 15.8 MM We make more than 1.7 billion pounds of food in our Morning Foods manufacturing facilities. 1.7 BILLION LBS
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2 KELLOGG COMPANY 2010 ANNUAL REPORT DEAR SHAREOWNERS, We feel extremely fortunate to be a part of Kellogg Company. For more than one hundred years, the Company has remained true to Mr. Kellogg’s belief in building brands that deliver great taste, nutrition and value to our consumers. And, today, our brands are recognized and loved throughout the world. Thanks to the hard work and passion of our 31,000 employees around the globe, our brands continue to be as relevant to consumers today as they were one hundred years ago. JIM JENNESS Chairman of the Board JOHN A. BRYANT President and Chief Executive Officer
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3 2010 ANNUAL REPORT  KELLOGG COMPANY After eight continuous years of robust growth, 2010 was a challenging year for our company against the backdrop of a tough operating environment. That said, we have a clear understanding of the issues that impacted our performance, and we are taking the necessary steps to position us well for the future. We are confident that we can regain momentum in 2011 and are excited by our long-term growth potential. 2010 Recap In 2010, internal net sales were down 1 percent, our internal operating profit was flat, and currency- neutral EPS rose 6 percent. Over the past 10 years, our reported EPS compounded annual growth rate was 9 percent. We also delivered cash flow in 2010 of approximately $1 billion before a $467 million net-of-tax pension contribution. Through our current $2.5 billion share repurchase authorization and dividends, we maintained our commitment to return cash to our shareowners. In 2010, we purchased just slightly over $1 billion in shares and increased our annual dividend by 9 percent.
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This note was uploaded on 07/27/2011 for the course ACCT 351A taught by Professor Robertwong during the Spring '11 term at University of San Francisco.

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kelloggs_2010_ar - Kellogg Company 2010 annual report what...

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