Thursday, January 27, 2022

On January 27, 2022, we reported our fourth quarter and full year 2021 results.

"2021 marked another year of strong top and bottom-line results despite a challenging macro environment," said Dirk Van de Put, Chairman and Chief Executive Officer. "We continued to execute well against our strategic growth initiatives with volume-led topline growth, strong profitability, increased investments in brands and capabilities, and strong free cash flow generation. We further strengthened our portfolio with the addition of several growth accretive acquisitions, which increase our exposure to broader snacking categories and expanding profit pools. I am proud of the way our colleagues continue to respond to challenging operating conditions by maintaining focus on delivering great products for our consumers and customers, while advancing against our ESG goals. We are confident that our brands, strategy and focus on execution position us well to successfully navigate near-term volatility; to profitably deliver against a clear set of sizable growth opportunities; and to achieve our long-term financial targets in 2022 and beyond."

Full year highlights:

• Net revenues increased +8.0% driven by Organic Net Revenue¹ growth of +5.2%, favorable currency and acquisitions
• Diluted EPS was $3.04, up +23.1%; Adjusted EPS¹ was $2.87, up +9.0% on a constant-currency basis
• Cash provided by operating activities was $4.1 billion, an increase of +$0.2 billion versus prior year; Free Cash Flow¹ was $3.2 billion, an increase of +$0.1 billion
• Return of capital to shareholders was $3.9 billion

Fourth quarter highlights:

• Net revenues increased +4.9% primarily driven by Organic Net Revenue growth of +5.4%
• Diluted EPS was $0.71, down -11.3%; Adjusted EPS was $0.71, up +9.1% on a constant-currency basis
• Return of capital to shareholders was $0.8 billion

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.