REPORTING FOURTH QUARTER AND FY 2022 EARNINGS

Strong Delivery In 2022, Well Positioned For 2023 & Beyond

+15.4%

Q4 Organic Net Revenue Growth

Tuesday, January 31, 2023

On January 31, 2023, we reported our fourth quarter and FY 2022 results.

"Our 2022 results demonstrate the strength and diversification of our portfolio as we delivered broad-based growth in terms of regions, categories, and brands. We delivered strong gross profit dollar growth, driven by double-digit top-line growth supported by both pricing and volume, enabling robust cash flow generation and significant return of capital to shareholders. These results were underscored by continued strength in emerging and developed markets as well as solid contributions from our recently acquired businesses," said Dirk van de Put, Chairman and Chief Executive Officer. “We made significant progress against our strategy of accelerating growth and focusing our portfolio in the attractive, resilient categories of chocolate, biscuits and baked snacks, while continuing to invest in our brands and capabilities. We also continued to deliver strong marketplace execution amid challenging operating conditions and continued macroeconomic volatility."

Full Year Highlights

  • Net revenues for the full year increased +9.7% driven by Organic Net Revenue1 growth of +12.3% with underlying Volume/Mix of +2.7%. For the fourth quarter, Net revenues increased +13.5% driven by Organic Net Revenue1 growth of +15.4% with underlying Volume/Mix of +1.6%
  • Diluted EPS was $1.96, down 35.5%; Adjusted EPS1 was $2.95, up +11.9% on a constant currency basis
  • Cash provided by operating activities was $3.9 billion, a decrease of $0.2 billion versus prior year; Free Cash Flow1 was $3.0 billion, down $0.2 billion versus prior year
  • Return of capital to shareholders was $4.0 billion; increased dividend per share by 10%
  • Announced agreement with Perfetti Van Melle to acquire our developed markets gum business in the U.S., Canada and Europe. Deal expected to close in Q4 2023
Strong delivery in 2022, well positioned for 2023 and beyond

For more information, see our press release here.

  1. Organic Net Revenue, Adjusted Gross Profit (and Adjusted Gross Profit margin), Adjusted Operating Income (and Adjusted Operating Income margin), Adjusted EPS, Free Cash Flow and presentation of amounts in constant currency are non-GAAP financial measures. Please see discussion of non-GAAP financial measures at the end of the press release for more information.