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2018 Annual Report 1020141Pe Cover.Indd 1 3/15/19 12:57 PM Annual Report “ We are introducing a new vision: PepsiCo 2018 Annual Report Annual PepsiCo2018 Be the global leader in convenient foods and beverages by Winning with Purpose. To advance this vision, we will focus on becoming Faster, Stronger, and Better in everything we do.” 1020141pe_cover.indd 1 3/15/19 12:57 PM Annual Report “ We are introducing a new vision: PepsiCo Annual 2018 Report Be the global leader in convenient foods and beverages by Winning with Purpose. To advance this vision, we will focus on becoming Faster, Stronger, and Better in everything we do.” 1020141pe_cover.indd 1 3/15/19 12:57 PM 2018 PepsiCo Annual Report Dear Fellow Ramon Laguarta PepsiCo Chairman of the Board of Directors Shareholders, and Chief Executive Officer s I start my first full year as Chairman and These traits have enabled PepsiCo to consistently CEO, I’m excited to lead PepsiCo into the perform well over the years – both financially and A next chapter of our company’s successful in the marketplace. story, and I feel very fortunate to assume my new role at such a well-positioned company: In 2018, we met or exceeded each of the financial • We compete in attractive and growing categories targets we outlined at the beginning of the year. with leading brands and a broad product portfolio; 2018 Financial Results include:1 • We have a global footprint with strong positions Organic revenue grew 3.7 percent in our largest markets; Core constant currency EPS grew 9 percent • We have many capabilities, from brand-building to Generated $7.6 billion of free cash flow excluding route-to-market to research and development that certain items have been built and strengthened over decades; Returned approximately $7 billion to shareholders • Our associates are passionate about our through dividends and share repurchases business; and Increased the dividend for the 46th • We have a winning culture and strong sense consecutive year of purpose. 1 2018 full-year reported net revenue increased 1.8%. 2018 full-year reported EPS increased 160%. 2018 full-year net cash provided by operating activities was $9.4 billion. Organic revenue, core constant currency EPS and free cash flow, excluding certain items, are non-GAAP financial measures. Please refer to “Reconciliation of GAAP and Non-GAAP Information” beginning on page 146 of this Annual Report for definitions and more information about these results, including a reconciliation to the most directly comparable financial measure in accordance with GAAP. 1020141pe_Letter.indd 1 3/7/19 10:09 PM 2018 PepsiCo Annual Report Since I became CEO in October, my leadership We also united around a new vision that captures team and I have been focused on how we can our competitive spirit, intense focus, and shared build on this extremely strong foundation to take values: to Be the Global Leader in Convenient PepsiCo to even greater heights. We looked for Foods and Beverages by Winning with Purpose. places to improve our strategies and strengthen our capabilities. We asked how we can be better We’re energized by both this mission and this vision organized and work together to drive more because we see a very good organization that can effective execution. And we explored how we can be great. In particular, we believe we can: elevate our sense of purpose to be an even greater source of inspiration to our associates and all our • Accelerate our topline growth in a sustainable way; other stakeholders. • Compete more effectively to win in more of We emerged from this process filled with our markets; optimism, united behind a new mission: to Create More Smiles with Every Sip and Every Bite. It’s • And more rapidly evolve our capabilities to widen our call to action to run our business in a way that our advantages versus the competition. simultaneously satisfies and advances the interests of our consumers, customers, associates and To achieve these aims, we are committing to communities, planet, and shareholders. becoming Faster, Stronger, and Better. We’ll become Faster by being more consumer- Mission centric and accelerating investment for topline growth and winning in the marketplace. Create More Smiles with Becoming faster means: Every Sip and Every Bite • Broadening our product portfolio and packaging We bring smiles to our consumers – currently formats to win locally; more than 1 billion a day – creating joyful moments through our delicious, nourishing products and • Fortifying our North American business unique brand experiences by investing in Frito-Lay North America We bring smiles to our customers by being and North America Beverages; and the best possible partner, driving game-changing innovation, and delivering a level of growth • Accelerating our international expansion with unmatched in our industry a disciplined focus on “right-to-win” markets. We bring smiles to our associates and communities by creating meaningful opportunities We’ll become Stronger by transforming our to work, gain new skills and build successful capabilities and culture. Becoming stronger means: careers, and a diverse and inclusive workplace where people are committed to ethically delivering • Driving savings through holistic cost management top-tier performance to reinvest in the marketplace; We bring smiles to people around the world by conserving nature’s precious resources and • Developing and scaling the core capabilities fostering a more sustainable planet for our children necessary to better understand and meet and grandchildren new consumer needs, strengthen our brands, We bring smiles to our shareholders by and improve customer service; and delivering top-tier TSR and embracing best-in-class corporate governance • Building a differentiated organization, talent base, and culture. 1020141pe_Letter.indd 2 3/7/19 10:09 PM 2018 PepsiCo Annual Report We’re getting started on this right away. In 2019, Winning with Purpose acknowledges PepsiCo’s we plan to invest to make our business stronger leadership in integrating sustainability with strategy in five key areas. We are adding manufacturing for more than a decade, and conveys our belief and selling capacity to meet growing consumer that sustainability can be an even greater contributor demand; advancing the digitalization of our to our success in the marketplace. Winning with processes to become more efficient; increasing Purpose aims to build a more sustainable food system supply-chain speed and flexibility to better serve by intensifying our efforts on four critical initiatives: our customers’ evolving business models; focusing our sustainability agenda for greater impact; and • Advancing farming practices to optimize strengthening our brands to make our products crop yields, protect human rights, improve more desirable to our consumers. farmer livelihoods, and secure supply; And, we’ll become Better by continuing to • Replenishing more water than we use in integrate our purpose agenda into our business water-stressed areas, so we can assure strategy and doing even more for the planet and business continuity, while positively our people. Under my predecessor Indra Nooyi’s contributing to our communities; leadership, Performance with Purpose became a cornerstone of PepsiCo, guiding our strategy • Creating a circular economy for plastics that and serving as a point of true differentiation. We will fundamentally change the way the world are proud of the progress we have made and interacts with our products; and equally excited about the continued evolution of our purpose agenda. With this in mind, we are • Increasing the appeal of our portfolio by committing to Winning with Purpose, which will reducing added sugars, sodium, and saturated elevate our sustainability agenda. fats, and adding more positive ingredients. Faster. Stronger. Better. Our priorities are clear and your company, from the Board of Directors to Leadership Behaviors the frontline, is fully committed to achieving them. We’re moving forward with urgency and a fierce Be consumer-centric competitive drive, and we look forward to updating you on our progress as we write this exciting new Act as owners chapter. Focus and get things done Thank you for the confidence you have placed in Voice opinions fearlessly us with your investment. Raise the bar on talent and diversity Celebrate success Act with integrity Ramon Laguarta PepsiCo Chairman of the Board of Directors and Chief Executive Officer 1020141pe_Letter.indd 3 3/7/19 10:09 PM PepsiCo’s portfolio includes 22 brands that each generated 2018 Financial Highlights PepsiCo Board of Directors $1 billion or more in estimated annual retail sales in 2018. Mix of Net Revenue Net Revenues Shona L. Brown Ian Cook Michelle Gass Ramon Laguarta Daniel Vasella, MD Independent Advisor; Chairman and Chief Executive Officer, Chairman of the Former Chairman and Former Senior Advisor, Chief Executive Officer, Kohl’s Corporation Board of Directors and Chief Executive Officer, North America Beverages 33% Google Inc. Colgate-Palmolive Elected 2019 Chief Executive Officer, Novartis AG Latin America 11% Elected 2009 Company PepsiCo Elected 2002 Elected 2008 Elected 2018 ® Food 54% Asia, Middle East and North Africa 9% William R. Johnson ® George W. Buckley 1 Operating Partner, Darren Walker Beverage 46% Quaker Foods North America 4% Former Chairman, Dina Dublon Global Retail and David C. Page, MD President, Europe Sub-Saharan Africa 18% President and Chief Former Executive Vice Consumer, Advent Director and President, Ford Foundation ® ® Executive Officer, President and Chief International Corporation;
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