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Conagra Brands Annual Report 2020

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Conagra Brands Annual Report 2020 Conagra Brands Annual Report 2020 Conagra Brands, Inc., Annual Report 2020 Conagra Brands, Inc., 222 Merchandise Mart Plaza Suite 1300 Chicago, IL 60654 ©Conagra Brands, Inc. All rights reserved. DEAR FELLOW SHAREHOLDERS BOARD OF DIRECTORS LEADERSHIP On behalf of Conagra Brands, I want to express my hopes As we enter fiscal 2021, we are optimistic. The degree to Anil Arora Richard H. Lenny Sean Connolly that you and your families are healthy and safe in these which consumer demand will return to historical norms is San Francisco, CA Chicago, IL Chief Executive Officer unprecedented times. While no one could have predicted uncertain, as is the timing of any changes in consumer Director and Former Vice Chairman of Former Chairman and Chief Executive and President how fiscal 2020 would develop, today I can say I am demand. And, in the immediate future, our Foodservice Envestnet, Inc.; Former Chief Executive Officer of The Hershey Company inspired by and thankful for our team’s response to the business will remain challenged. However, we believe our of Envestnet | Yodlee Director since 2009 and Non-Executive Colleen Batcheler COVID-19 pandemic. As an essential business during this portfolio is optimally positioned to succeed. Consumers Director since 2018 Chairman since 2018 Executive Vice President, time of great challenge, the Conagra team’s dedication are discovering and re-discovering the pleasures, General Counsel and to supporting our customers, consumers, communities conveniences and tremendous value proposition of dining Thomas K. Brown Melissa Lora Corporate Secretary and each other has been—and continues to be—a true at home. The work we have done in recent years to invest Dearborn, MI Newport Beach, CA reflection of the Conagra Way in action. in our portfolio breadth and food quality is paying off. Retired Group Vice President of Global Retired President of Taco Bell Dave Biegger Purchasing at Ford Motor Company International, a part of YUM! Executive Vice President, For five years you have heard me discuss the Conagra We are also optimistic about our financial strength. Director since 2013 Brands, Inc. Chief Supply Chain Officer Way, which is how we deliver long-term, profitable growth. We remain committed to achieving our net leverage Director since 2019 We perpetually reshape our portfolio for better growth and ratio target of 3.5x to 3.6x by the end of fiscal 2021 and Stephen G. Butler Charisse Brock margins, we invest in differentiated capabilities, we stay remain committed to maintaining a solid investment grade Leawood, KS Ruth Ann Marshall Executive Vice President, focused on the consumer and we work to build the most credit rating. Retired Chairman and Fisher Island, FL Chief Human Resources Officer energized culture in food. Our transformation, rooted in the Chief Executive Officer of KPMG LLP Retired President of MasterCard Conagra Way, continued during fiscal 2020 and prepared Fiscal 2021 also brings opportunity to further our corporate Director since 2003 International’s Americas division Derek De La Mater us to effectively respond to the COVID-19 crisis. social responsibility (CSR) agenda. Our citizenship report, Director since 2007 Executive Vice President, published on ConagraBrands.com, details our four CSR Sean M. Connolly Chief Customer Officer As we entered the fourth quarter of our fiscal 2020, we focus areas: Good Food, Better Planet, Responsible Chicago, IL Craig P. Omtvedt were met with extraordinary circumstances. Restaurants Sourcing and Stronger Communities. In the report, you President and Chief Executive Officer Palm Beach, FL Jon Harris closed, schools shifted to virtual learning, people sheltered can read inspiring stories of employees across Conagra of Conagra Brands, Inc. Retired Senior Vice President Senior Vice President, in place, consumers increasingly cooked and ate at home contributing to our water conservation, zero waste, and since 2015 and Chief Financial Officer of Chief Communications Officer and demand for our products reached an all-time high. packaging initiatives. Director since 2015 Fortune Brands, Inc. Staple brands like Chef Boyardee® and Hunt’s,® frozen Director since 2016 David Marberger leaders such as Bird’s Eye,® Healthy Choice® and As fiscal 2021 progresses, you will hear more from us Joie A. Gregor Executive Vice President, Marie Callender’s,® snack brands like Slim Jim® and with respect to our Stronger Communities pillar. Like Scottsdale, AZ Scott Ostfeld Chief Financial Officer Duncan Hines® and emerging brands, including Gardein,™ you, we have been deeply saddened by recent events Retired Managing Director New York, NY Frontera® and Angie’s BOOMCHICKAPOP,® all took on in the U.S. It’s heartbreaking and unacceptable that for Leadership Development Partner of JANA Partners LLC Tom McGough new importance to consumers. racism and prejudice persist, but we can be a part of the at Warburg Pincus, LLC and Co-Portfolio Manager of JANA Executive Vice President, solution. Building stronger communities embodies how we Director since 2009 Strategic Investments Co-Chief Operating Officer I’m proud to report that our broad portfolio, strengthened view our culture. With recent calls for racial justice across Director since 2019 by the fiscal 2019 acquisition of Pinnacle Foods, our agile America changing how people view their roles in advancing Rajive Johri Darren Serrao culture and our dedicated workforce enabled us to deliver equality, we know that we can play a part. Our first step Greenwich, CT Executive Vice President, for consumers and deliver strong financial results: has been to work with an external diversity and inclusion Former President and Director Co-Chief Operating Officer (D&I) consultancy to help us consolidate a comprehensive of First National Bank of Omaha • Our organic net sales1 increased 5.6% during fiscal understanding of our foundational D&I efforts and identify Director since 2009 Mindy Simon 2020, with strong growth across our portfolio. specific opportunities that can make Conagra stronger. We Senior Vice President, look forward to continuing to share updates of our progress Chief Information Officer • We delivered a 13.4% increase in adjusted diluted along the way. earnings per share (EPS) from continuing operations Robert Wise versus a year ago. Here at Conagra, we talk about infusing a “refuse to lose” Senior Vice President, attitude in all that we do, and I think this year has shown Corporate Controller • We exceeded our free cash flow guidance for the the value of that refrain. I would therefore like to close year, generating more than $1.4 billion in fiscal 2020. by recognizing our manufacturing employees across This allowed us to accelerate our progress on reducing North America. Never have we seen a team make such debt; we have reduced our total gross debt by more extraordinary efforts. On behalf of all Conagra employees THIS IS A GREENER than $1.8 billion from the closing of the Pinnacle and stakeholders, thank you. ANNUAL REPORT acquisition through the end of fiscal 2020. Thank you for your ongoing investment in Conagra Brands. The paper for this publication is • We paid nearly $414 million in cash dividends during FSC® certified and meets the strict the year. Sincerely, standards of the Forest Stewardship Council,® which promotes environmentally appropriate, socially beneficial and economically viable Sean M. Connolly, President and Chief Executive Officer management of the world’s forests. 1 Organic net sales excludes the impact of foreign exchange and divested businesses, as well as acquisitions (until the anniversary date of the acquisitions). Organic net sales growth excludes the impact of fiscal 2020’s 53rd week, which was calculated as one-sixth of our last month’s net sales (which included a total of six weeks). 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 31, 2020 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 BRANDS, 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 registered pursuant to section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $5.00 par value CAG New York Stock Exchange Securities registered pursuant to section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
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