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Kraft Foods Six-Month Update

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Kraft Foods Six-Month Update September 5, 2007 KRAFTKRAFT FOODSFOODS SixSix--MonthMonth UpdateUpdate Forward-Looking Statements This presentation contains forward-looking statements regarding our four strategies to get Kraft growing, specifically that redesigning our organizational structure will be completed by early 2008, that exploiting our sales capabilities will be completed by mmiid-2008, that it will drive down costs and that targeted markets are ahead of revenue growth expectations; our expected use of cash; our 2007 priority investments, specifically that we're driving organic growth in every region and changing EU growth trajectory from declining to growing; that market share is turning positive for Macaroni and Cheese; that Pizza will have stronger growth in H2 and that higher margin new products like Ultimate will grow pizza margins over time; that Biscuits investments will raise organic net revenue growth from 4% in H1 and improve biscuit share trends exiting 2007; that LiveActive cottage cheese is driving 4%+ category growth; that Kraft snacking cheese will surpass $500 million by 2010; that the total Cheese revenue growth rate will double in H2 from 3% in H1; our confidence that we can improve profit margins in 2008; that the Maxwell House relaunch will drive improved coffee trends in Q4 and will gain market share; our expectation to double Tassimo revenues to over $300 million in the next 3 years; our intent to change the EU's growth trajectory for Coffee and Chocolate; that we will maintain momentum in Developing Markets; our organic net revenue growth equation; our organic net revenue growth expectations by geography; and our 2007 guidance, specifically, organic net revenue growth, reported EPS and EPS excluding one-time items. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those predicted in any such forward-looking statements. Such factors, include, but are not limited to, unexpected safety or manufacturing issues, FDA or other regulatory actions or delays, increased competition, pricing, difficulty in obtaining materials from suppliers, higher input costs, inventory levels, our ability to protect our proprietary rights, our ability to realize the expected cost savings from our planned restructuring program, our ability to remain focused on the business and our strategic initiatives, unanticipated expenses such as litigation, legal settlement and other expenses, increased costs of sales, our indebtedness and our ability to pay our indebtedness, the shift in product mix to lower margin offerings, our ability to differentiate our products from private label products and risks from operating internationally. We caution that the foregoing list of important factors is not exclusive. For additional information on these and other factors that could affect our forward-looking statements, see our filings with the SEC, including our most recent Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. Any forward-looking statements in this presentation are made as of the date hereof. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this presentation. 2 ProgressProgress ReportReport •• StrategicStrategic planplan updateupdate •• 20072007 prioritypriority investmentsinvestments •• FinancialFinancial reviewreview 3 FourFour StrategiesStrategies toto GetGet KraftKraft GrowingGrowing 1.1. RewireRewire organizationorganization forfor growthgrowth 2.2. ReframeReframe categoriescategories 3.3. ExploitExploit salessales capabilitiescapabilities 4.4. DriveDrive downdown costscosts withoutwithout compromisingcompromising qualityquality 4 1.1. RewireRewire OrganizationOrganization forfor GrowthGrowth •• BuiltBuilt aa newnew managementmanagement teamteam −− ~50%~50% ofof seniorsenior leadersleaders newnew toto KraftKraft oror positionposition •• ChangedChanged incentiveincentive systemssystems −− AnnualAnnual bonusesbonuses tiedtied toto businessbusiness segmentsegment performanceperformance −− LongLong--termterm incentiveincentive planplan alignedaligned withwith keykey driversdrivers ofof valuevalue creationcreation 5 OrganizingOrganizing forfor GrowthGrowth •• ImplementingImplementing newnew organizationalorganizational structurestructure •• BuiltBuilt aroundaround threethree elementselements 1.1. SelfSelf--containedcontained businessbusiness unitsunits withwith fullfull P&LP&L responsibilityresponsibility 2.2. ScaleScale--drivendriven sharedshared servicesservices 3.3. StreamlinedStreamlined corporatecorporate staffstaff •• RolloutRollout completedcompleted byby earlyearly 20082008 6 2.2. ReframeReframe CategoriesCategories • In-depth assessment of each category, by country − Evaluated growth potential, relative market share and profitability − Prioritized where to invest • Established a framework to leverage consumer trends − Defined how we will invest Quick Meals Health & Wellness Premium Snacking 7 2.2. ReframeReframe CategoriesCategories • In-depth assessment of each category, by country − Evaluated growth potential, relative market share and profitability − Prioritized where to invest • Established a framework to leverage consumer trends − Defined how we will invest Quick Meals H & W Premium Snacking • Now making bulk of initial investments 8 3.3. ExploitExploit SalesSales CapabilitiesCapabilities • Increase frequency of store visits WallWall--toto--WallWall − Reduce out-of-stocks − New items on shelves quicker − Increase display activity • Initial results − Currently rolled out to ~30% ACV − 0.3% incremental revenue growth in roll-out markets − Generating biscuit growth • 0.5% incremental growth target − Retooling training − 35% ACV in Q3 − Mid-2008 completion 9 3.3. ExploitExploit SalesSales CapabilitiesCapabilities TraditionalTraditional TradeTrade •• KraftKraft historicallyhistorically focusedfocused onon ExpansionExpansion modernmodern tradetrade •• MostMost developingdeveloping marketmarket consumersconsumers shopshop traditionaltraditional tradetrade •• InvestingInvesting inin selectselect marketsmarkets − Russia − Ukraine − Mexico − Brazil 10 4.4. DriveDrive DownDown CostsCosts WithoutWithout CompromisingCompromising QualityQuality •• DoubledDoubled numbernumber ofof productsproducts consumersconsumers considerconsider ““SuperiorSuperior”” inin pastpast 1818 monthsmonths •• TakingTaking significantsignificant actionsactions toto reducereduce costscosts −− $1$1 billionbillion Restructuring*Restructuring* savingssavings onon tracktrack −− 20072007 savingssavings comingcoming inin faster;faster; costscosts lowerlower −− FurtherFurther overheadoverhead opportunitiesopportunities * Our restructuring program includes asset impairment, implementation, and exit costs. 11 4.4. DriveDrive DownDown CostsCosts WithoutWithout CompromisingCompromising QualityQuality •• CannotCannot savesave ourour wayway toto growth;growth; mustmust alsoalso …… −− DifferentiateDifferentiate productsproducts −− ImproveImprove advertisingadvertising −− HigherHigher shareshare ofof voicevoice inin corecore categoriescategories 12 ProgressProgress ReportReport •• StrategicStrategic planplan updateupdate •• 20072007 prioritypriority investmentsinvestments •• FinancialFinancial reviewreview 13 20072007 PriorityPriority InvestmentsInvestments •• IncrementalIncremental $300$300--$400$400 millionmillion toto supportsupport moremore robustrobust pipelinepipeline ofof newnew ideasideas −− ExpectExpect toto spendspend atat highhigh endend ofof rangerange •• ~85%~85% ofof spendingspending onon quality,quality, marketingmarketing andand newnew productsproducts •• ¾¾ ofof spendingspending inin thethe backback halfhalf ofof thethe yearyear 14 20072007 PriorityPriority InvestmentsInvestments •• PrioritizingPrioritizing investmentsinvestments onon biggestbiggest opportunitiesopportunities − Accelerate revenue growth − Improve market share performance − Set the stage for enhanced profit margins in 2008 •• DrivingDriving organicorganic* growthgrowth inin everyevery geographygeography − Step-up growth in North America − Change EU growth trajectory … declining to growing − Maintain momentum in Developing Markets * Organic net revenue is defined as net revenue excluding the impacts of acquisitions, divestitures and currency 15 StepStep--UpUp GrowthGrowth inin NorthNorth AmericaAmerica •• MajorityMajority ofof spendingspending focusedfocused onon fivefive corecore categoriescategories −− MacaroniMacaroni andand CheeseCheese −− PizzaPizza −− BiscuitsBiscuits −− CheeseCheese −− CoffeeCoffee •• TimingTiming ofof investmentsinvestments predicatedpredicated onon speedspeed ofof development,development, qualityquality ofof ideasideas 16 Quick Meals MacaroniMacaroni andand CheeseCheese Premium Snacking •• ReformulatedReformulated BlueBlue Box,Box, Deluxe,Deluxe, andand VelveetaVelveeta •• NewNew EZEZ MacMac CupsCups enterenter snacksnack arenaarena •• New,New, premiumpremium BistroBistro DeluxeDeluxe targetstargets 50+,50+, smallersmaller familyfamily householdshouseholds •• DoubleDouble--digitdigit marketingmarketing increaseincrease 17 Quick Meals MacaroniMacaroni andand CheeseCheese Premium Snacking •• 7%7% H1H1 revenuerevenue growthgrowth afterafter 33 yearsyears ofof nono growthgrowth •• MarketMarket shareshare trendtrend turningturning positivepositive inin Q3Q3 18 Quick Meals PizzaPizza Premium •• NewNew DiGiornoDiGiorno UltimateUltimate accountsaccounts forfor 1/31/3 ofof allall newnew productproduct salessales inin categorycategory •• HigherHigher
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