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Conagra Foods Annual Report 2016

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Conagra Foods Annual Report 2016 ConAgra Foods, Inc., Annual Report ConAgra Foods Annual Report 2016 2016 222 W Merchandise Mart Plaza Suite 1300 Chicago, IL 60654 ©ConAgra Foods, Inc. All rights reserved. Fellow Shareholders Leadership Fiscal 2016 was a year of transformation and positive results Our Consumer Foods team was focused on three imperatives for ConAgra Foods. We are building a higher-margin, more in fiscal 2016: expanding margins, improving brand health and contemporary and higher-performing company for the long-term, delivering more consistent performance. The team aggressively W. G. Jurgensen Sean Connolly Columbus, Ohio President and chief and doing so has required us to make fundamental changes to executed against these imperatives during the year, and delivered Former chief executive officer of executive officer the way we operate. The ConAgra Foods team took aggressive margin expansion and profit growth. The team’s success was Nationwide Financial Insurance Services, steps to implement changes in fiscal 2016 that are enabling us to enabled by smarter resource allocation, driven by portfolio Inc. (insurance company). become a more focused food company, with the discipline and segmentation and a focus on building a higher quality investment- Colleen Batcheler Director since 2002. Executive vice president, performance orientation we need to succeed. We have much grade volume base, as well as favorable commodity input costs. general counsel and more to do to fully optimize our business, and we are hard at work This focus meant walking away from less profitable volume during corporate secretary to unlock shareholder value. I’m pleased to share some of the the year, and accepting an overall segment sales decline. However, Richard H. Lenny Chicago, Ill. highlights from the last twelve months. this was both expected and planned. Former chairman and chief executive Dave Biegger officer of The Hershey Company Executive vice president We made bold changes to our portfolio, including the sale of the Importantly, the work completed in fiscal 2016 has strengthened (confectionary and snack products). and chief supply chain officer private label business to TreeHouse Foods and agreements to divest the health of our business. Our volume base is improved and we Director since 2009. two smaller, non-core businesses, Spicetec Flavors & Seasonings have begun strategically supporting those brands that are ready for and JM Swank. We also announced our plans to separate ConAgra increased advertising and promotion activity. In addition, our supply Charisse Brock Executive vice president Foods into two publicly traded, pure-play companies, one chain efficiency has grown, and we have become more effective in Ruth Ann Marshall Fisher Island, Fla. and chief human resources officer comprising our robust consumer portfolio of diverse and leading pricing, mix management and trade promotion productivity. Retired president of MasterCard brands and the other comprising our market–leading foodservice International’s Americas division portfolio of innovative frozen potato products. The collective We made tremendous progress in reigniting our operating Derek De La Mater (payments industry). Executive vice president impact of these transactions will be sharpened focus, the ability to performance during fiscal 2016. For the full fiscal year, comparable Director since 2007. and president, sales better concentrate our resources, and greater flexibility for these operating margin1 for Consumer Foods grew to just under businesses to capitalize on their unique growth opportunities. 17%, almost a 200 basis point improvement over last year, and comparable operating profit grew1 7% to $1.2 billion. Overall, this Timothy R. McLevish John Gehring Naples, Fla. Executive vice president We are implementing a major cost-reduction program designed was a very strong performance by the team. Former executive vice president and and chief financial officer to realize at least $300 million of efficiency benefits by the end of chief financial officer of Walgreens Co. fiscal 2018. This will be done through a combination of reductions Every business in our Commercial Foods segment performed for (drugstore chain). in SG&A and enhancements to trade spend processes and tools. shareholders in fiscal 2016. Overall net sales in the segment were Jon Harris Director since 2015. Senior vice president approximately $4.4 billion, up slightly from the prior year, and the and chief communications officer In addition, we launched our new Growth Center of Excellence, segment’s operating profit was approximately $630 million, up which encompasses our insights, research and development, and nearly 12%. Andrew J. Schindler Winston-Salem, N.C. marketing teams. Our new innovation processes are taking hold Tom McGough Retired chairman of Reynolds American President, Consumer Foods and we are continuing to build a pipeline of exciting new offerings. The largest component of the segment, Lamb Weston, had a Inc. (tobacco products company). Recently, we launched many on-trend products, including a terrific year. We continue to see significant opportunities to drive Former chairman and CEO of R.J. range of Healthy Choice® Café Steamers organic entrees, three growth across the Lamb Weston business, supported by food- Darren Serrao Reynolds Tobacco Holdings Inc. (tobacco Executive vice president new USDA-certified organic tomato offerings from the Hunt’s® away-from home trends in the U.S. and growing demand for frozen products company). and chief growth officer brand, and Peter Pan® Simply Ground™. We also announced that potato products in emerging markets. As a result, we announced Director since 2007. all currently in-market offerings in our Alexia® branded line of an important investment in our Richland, Washington potato products will be non-GMO by the end of 2016. processing facility, expanding our production capacity available for Tom Werner President, Commercial Foods both domestic and export markets. We also announced an exciting We’ve also taken bold steps to transform our culture this past year, investment in Russia by our Lamb Weston Meijer joint venture. including moving into our new headquarters in Chicago’s iconic I’m confident that these investments will enhance our ability to Rob Wise Senior vice president and Merchandise Mart. Our new space was selected specifically to enable capitalize on the increasing consumer demand for value-added corporate controller greater collaboration across our teams while enhancing our ability to frozen potato products domestically and abroad. attract and retain top talent. Some things, however, have remained constant. ConAgra Foods has continued our commitment to corporate In close, I want to acknowledge the dedication and passion of citizenship. During fiscal 2016, we were named to the prestigious Dow our talented team as we work to transform ConAgra Foods into Jones Sustainability Index for the fifth consecutive year. a stronger, more consistent company. I’m proud of the way our people have embraced the changes needed to drive value and But with all of the change underway at ConAgra Foods during fiscal serve our customers and shareholders. 2016, we never lost sight of our financial commitments to shareholders. Thank you for your continued support of ConAgra Foods. Financial Highlights: • Diluted comparable EPS1 for fiscal 2016 was $2.08, compared Sincerely, to $1.93 in fiscal 2015, which included an extra week. On a GAAP basis, diluted EPS from continuing operations was $1.09, The paper for this publication is FSC® compared with $1.73 in the prior year. certified and meets the strict standards • We generated more than $1 billion in cash flows from operations. of the Forest Stewardship Council®, which • Total operating profit for our segments was $1.7 billion this year Sean M. Connolly promotes environmentally appropriate, versus last year’s $1.6 billion, a 5.3% increase. President and Chief Executive Officer socially beneficial and economically viable management of the world’s forests. • We repaid approximately $2.5 billion of debt. Paper from 1 Reflects diluted earnings per share from continuing operations, Consumer segment operating profit and Consumer segment operating margin, each as adjusted for items impacting comparability. These responsible sources non-GAAP (Generally Accepted Accounting Principles) financial measures are reconciled to the most directly comparable measures, as reported in accordance with GAAP on page 107 of this annual report and should be viewed in addition to, and not in place of, the company’s financial measures, as calculated in accordance with GAAP. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended May 29, 2016 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-7275 _________________________________________________ CONAGRA FOODS, INC. (Exact name of registrant as specified in its charter) __________________________________________________ Delaware 47-0248710 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 222 W. Merchandise Mart Plaza, Suite 1300 Chicago, Illinois 60654 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code (312) 549-5000 ___________________________________________________ Securities
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