These indicators include market share, volume, net revenue, operating profit, management operating cash flow, earnings per share and return on invested capital. Our investment objective is to ensure that funds are available to meet the plans benefit obligations when they become due. These percentages include concentrate sales to our independent bottlers which were used in finished goods sold by them to these retailers. Therefore, the divisions realize the economic effects of the derivative without experiencing any resulting mark-to-market volatility, which remains in corporate unallocated expenses. He was formerly PepsiCos Executive Vice President, Operations, a position he held from October 2006 until November 2007. In particular, increasing regulation of fuel emissions could substantially increase the distribution and supply chain costs associated with our products. These commodity derivatives include metals, energy and agricultural products.
A ratings downgrade, bankruptcy, receivership, default or similar event involving a major financial institution may limit the availability of credit or willingness of financial institutions to extend credit on terms commercially acceptable to us or at all or, with respect to financial institutions who are parties to our financing arrangements, leave us with reduced borrowing capacity or unhedged against certain currencies or price risk associated with forecasted purchases of raw materials which could have an adverse impact on our business results or financial condition. During 2011, the economic environment in Europe deteriorated and certain countries experienced debt and credit issues as well as currency fluctuations. Any of these changes may reduce consumers willingness to purchase our products. Adjustments resulting from translating net assets are reported as a separate component of accumulated other comprehensive loss within shareholders equity under the caption currency translation adjustment. To enable the student to extend the understanding of analyzing and interpreting financial statements of all types of business entities. These forward-looking statements are based on currently available information, operating plans and projections about future events and trends.
Based on our review of the forecasts at each interim period, any changes in estimates and the related allocation of sales incentives are recognized in the interim period as they are identified. Since net capital spending is essential to our product innovation initiatives and maintaining our operational capabilities, we believe that it is a recurring and necessary use of cash. Favorable foreign currency contributed nearly 1 percentage point to the net revenue performance. PepsiCo has since expanded from just the Pepsi product to a broader range of food and beverage brands, the largest of which include an acquisition of Tropicana in 1998 and a merger with Quaker Oats in 2001, which also added the Gatorade brand to its portfolio as well. If we were required to add warning labels to any of our products or place warnings in certain locations where our products are sold, sales of those products could suffer not only in those locations but elsewhere. The raw materials and energy which we use for the production of our products are largely commodities that are subject to price volatility and fluctuations in availability caused by changes in global supply and demand, weather conditions, agricultural uncertainty or governmental controls.
Deferred tax liabilities generally represent tax expense recognized in our financial statements for which payment has been deferred, or expense for which we have already taken a deduction in our tax return but have not yet recognized as expense in our financial statements. The brand development costs are expensed as incurred. Unfavorable foreign currency reduced net revenue growth by over 1 percentage point. Certain of these derivatives that do not qualify for hedge accounting treatment can result in increased volatility in our net earnings in any given period due to changes in the spot prices of the underlying commodities. Our hedging strategies include the use of derivatives. Words: 1788 - Pages: 8.
Financial Analysis of Apple Inc: Financial Analysis of Apple Inc Subject: Financial Management Group Members : Ms. Our most significant corporate properties include our corporate headquarters building in Purchase, New York and our data center in Plano, Texas, both of which are owned. Market Risks We are exposed to market risks arising from adverse changes in: commodity prices, affecting the cost of our raw materials and energy; foreign exchange rates; and interest rates. December 13th, 2004 In what reportable segments or industries does your company operate? Our fiscal year ends on the last Saturday of each December, resulting in an additional week of results every five or six years. Two years later Loft Candy merged with its Pepsi subsidiary and became The Pepsi-Cola Company.
Fuel and natural gas are also important commodities due to their use in our plants and facilities and in the trucks delivering our products. See also Market Risks contained in Item 7. In 2011 and 2010, our operations in Venezuela comprised 8% and 4% of our cash and cash equivalents balance, respectively, and generated less than 1% of our net revenue. He has spent 29 years at PepsiCo in various Sales, Marketing, Operations and General Management assignments. In addition, both the launch and ongoing success of new products and advertising campaigns are inherently uncertain, especially as to their appeal to consumers. PepsiCo manufactures or use contract manufacturers for their products.
If we fail to obtain or adequately protect our ingredient formulas, trademarks, copyrights, patents, business processes and other trade secrets, or if there is a change in law that limits or removes the current legal protections of our intellectual property, the value of our products and brands could be reduced and there could be an adverse impact on our business, financial condition and results of operations. New product support includes targeted consumer and retailer incentives and direct marketplace support, such as point-of-purchase materials, product placement fees, media and advertising. Unfavorable foreign currency reduced operating profit growth slightly, as an 8-percentage-point unfavorable impact from Venezuela was offset by favorable foreign currency in other markets. These measures are not, and should not be viewed as, a substitute for U. In addition, we license the use of our trademarks on promotional items for the primary purpose of enhancing brand awareness. In the United States, we are required to comply with a variety of laws and regulations, including: the Food, Drug and Cosmetic Act; the Occupational Safety and Health Act; the Clean Air Act; the Clean Water Act; the Resource Conservation and Recovery Act; the Federal Motor Carrier Safety Act; various federal and state laws and regulations governing equal employment opportunity and our employment relationships, including the Equal Employment Opportunity Act and the National Labor Relations Act; customs and foreign trade laws and regulations; and laws regulating the sale of certain of our products in schools. , Our financial performance could suffer if we are unable to compete effectively.
Our information systems could also be penetrated by outside parties intent on extracting confidential information, corrupting information or disrupting business processes. We and our subsidiaries are party to a variety of legal, administrative, regulatory and government proceedings, claims and inquiries arising in the normal course of business. While neither the results of these proceedings nor any indemnification obligations or other liabilities of our subsidiaries in connection therewith can be predicted with certainty, environmental compliance costs have not had, and are not expected to have, a material impact on our capital expenditures, earnings or competitive position. Our fifth imperative is to ensure prudent and responsible financial management. Customer Warehouse Some of our products are delivered from our manufacturing plants and warehouses to customer warehouses and retail stores.
In 2011, sales to Wal-Mart Stores, Inc. Prior to that, he served as Chief Marketing Officer of Frito-Lays North American Salty Snacks Division from August 2001 until March 2003. The function of all three analyses is to evaluate the significance of financial statements data. Apple is classified as a personal computer. In addition, we have begun to implement a multi-year productivity program that we believe will further strengthen our complementary food and beverage businesses.
Europe Europes most significant properties are its snack manufacturing and processing plant located in Leicester, United Kingdom which is leased, and its snack research and development facility in Leicester, United Kingdom, its beverage plant in Lebedyan, Russia and its dairy plant in Moscow, Russia, all of which are owned. The restaurant began showcasing Chicago style deep dish pizza with a unique California flair. Dividends Dividends are usually declared in late January or early to mid-February, May, July and November and paid at the end of March, June and September and the beginning of January. The State of California continues to evaluate various components and, consequently, food and beverage producers who sell products in California, including PepsiCo, may be required to provide warning labels on their products. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.