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View Annual Report WHY WE ARE, WHO WE ARE... OUR CULTURE A culture of dotting the i’s and crossing the t’s… Of doing the right things and doing things right… A culture of growth – individual and as a company. It’s who we are. It’s because of who we are. It’s a result of living our Basic Beliefs… Our Commitment to Each Other. To our consumers and to our customers. As we look to the future of unlimited possibilities, we recognize the principles that are instrumental to our success… A culture deeply rooted in our Basic Beliefs… Guideposts for decisions at every level… Why we are who we are. A culture that encourages commitment to each other… Clear communication and collaboration… Vision…A culture of appreciation. A family-sense of sharing in a job well done… Where every person makes a difference. OUR BRANDS For more than 115 years, The J. M. Smucker Company has been committed to offering consumers quality products that help bring families together to share memorable meals and moments. Knott’s Buff Black PMS 871 OUR PURPOSE Helping to bring families together to share memorable meals and moments. CONTENTS U.S. Retail Coffee 6 | U.S. Retail Consumer Foods 10 | International, Foodservice, and Natural Foods 14 | Sustainability at Smucker 18 | Financial Review 21 Management’s Discussion and Analysis 24 | Consolidated Financial Statements 41 Notes to Consolidated Financial Statements 46 OUR FAMILY OF BRANDS We are honored to own and market trusted iconic food brands and greatly appreciate consumers including our portfolio of products as part of their family meals. 2 The J. M. Smucker Company DEAR SHAREHOLDERS AND FRIENDS, We are privileged to be a part of the vitally important These innovative offerings include our Folgers Gourmet food industry. Our family of nearly 5,000 employees Selections ® and Millstone® K-Cup® pack product lines, recognizes we can have a positive and meaningful which generated sales of nearly $290 million in fiscal FINANCIAL HIGHLIGHTS impact on society through our continued focus on 2013. In addition, Folgers® Fresh Breaks®, a premium, Year Ended April 30, Our Purpose of helping to bring families together to single-serve instant coffee with a more roast-and-ground (Dollars in millions, except per share data) 2013 2012 share memorable meals and moments. taste; Jif ® Hazelnut, our first specialty nut spread offering; Net sales $ 5,897.7 $ 5,525.8 new Pillsbury ® seasonal baking products; new Dunkin’ Net income and net income per common share: ® ® Net income $ 544.2 $ 459.7 We are honored that consumers choose our iconic Donuts seasonal coffee flavors; and a line of Smucker’s Net income per common share – assuming dilution $ 5.00 $ 4.06 brands and portfolio of trusted products as part of their Natural fruit spreads were introduced. Income and income per common share excluding special project costs:(1) everyday meals, snacks shared with friends, and family Income $ 584.8 $ 535.6 celebrations. It is through these times that we connect We also have a robust innovation lineup heading into Income per common share – assuming dilution $ 5.37 $ 4.73 with each other, nurture relationships, build meaningful fiscal 2014. We look forward to introducing the Dunkin’ Common shares outstanding at year end 106,486,935 110,284,715 traditions, and create lasting bonds with those most Donuts ® Bakery Series™ of flavored coffees, the 100 percent Number of employees 4,875 4,850 special to us. UTZ Certified premium coffee line under the Life is good® (1) Refer to “Non-GAAP Measures” located on page 32 in the “Management’s Discussion and Analysis” section for a reconciliation to the comparable GAAP financial measure. brand, and expanding our presence in the peanut butter At Smucker, we have always believed that how we do and specialty nut butter segment through Jif Whips and things is as important as what we do, and by seeking to Jif Almond and Jif Cashew butters. fulfill Our Purpose, sales and earnings will follow. Our Acquisitions have also been proven strategic growth Our achievements demonstrate that our commitment shared Purpose, combined with the implementation of The success of our product innovations is the result of a drivers that have contributed to sustained growth in to “doing the right things and doing things right” as we our clear Strategy, enables us to best serve our constituents strong commitment to quality and innovative marketing recent years. We spent much of fiscal 2013 integrating seek to fulfill Our Purpose benefits all our constituents — and has ensured that we continue to deliver strong results, programs. Our marketing initiatives strive to connect with the Sara Lee foodservice coffee and hot beverage consumers, customers, employees, suppliers, communities, as we delivered record sales, earnings, and cash flow in consumers at the right time and where they are, which is business — that was acquired in January 2012. and shareholders. fiscal 2013. increasingly online. Digital efforts make up approximately 15 percent of our total U.S. Retail marketing spending. The Sara Lee foodservice coffee and hot beverage The confidence to grow our business and deliver Among the highlights of our record fiscal year: acquisition has provided the scale necessary for our shareholder value is based on our unique culture, guided Traditional marketing vehicles, such as television Foodservice business to generate additional opportunities. by our Basic Beliefs — Quality, People, Ethics, Growth, • Net sales were up 7 percent to $5.9 billion. advertising, consumer promotions, and sponsorships, One of these is a multiyear licensing and distribution and Independence. Our Basic Beliefs help us preserve • Non-GAAP earnings per share rose 14 percent to $5.37. remain a strong focus as well. Twenty-five new television agreement with Cumberland Packing Corp. for its line a culture where collaboration is valued, meaningful • Cash generated from operations increased 17 percent commercials were developed in fiscal 2013. An exciting of tabletop sweeteners including Sweet’N Low ® and relationships are built, and the ability to implement to $856 million, with free cash flow increasing to almost new marketing initiative is the sponsorship of the 2014 Sugar In The Raw ®. These products will complement with excellence is expected and recognized. $650 million. Winter and 2016 Summer U.S. Olympic and Paralympic our Foodservice beverage business in the U.S. and • We repurchased nearly 4 percent of our shares, teams. We are honored to be associated with, and help Canada, while also expanding our tabletop presence. We especially want to thank our dedicated employees, utilizing nearly $360 million in cash. support, the dreams of U.S. athletes. Related initiatives The addition of these brands also adds to our retail whose unwavering commitment is an essential element • The annual dividend paid per share increased will span TV advertising, retailer and consumer promo- presence in Canada. to our success. Additionally, we greatly appreciate the approximately 9 percent. tions, product packaging, and digital support behind loyalty of our consumers, customers, suppliers, and our participating brands – Folgers, Jif, Smucker’s, and Moving Forward communities, and are thankful for the continued These results were achieved while introducing a number Smucker’s ® Uncrustables ®. Looking ahead, we expect to continue to invest in our support from you, our shareholders. of innovative new products, successfully capitalizing business to build our iconic brands. We will also continue on new businesses, and making significant investments Investing in Our Future to look for acquisitions that fit our Strategy and contribute Sincerely, toward our future growth. Our record financial results were achieved while also to long-term growth. These initiatives should enable us Innovating for Consumers making significant investments toward future growth at to continue returning value to our shareholders. our manufacturing facilities and within our supply chain. Our commitment to innovation allows us to continue Restructuring of coffee and fruit spreads operations was In addition to continuing our steady history of dividend to meet the ever-changing needs of consumers. New largely completed in fiscal 2013, with a goal of making growth, we also repurchased approximately 12 percent Tim Smucker Richard Smucker products introduced in the past three years delivered us as efficient and agile as possible. This restructuring of our shares outstanding during the past three years. net sales of $530 million in fiscal 2013. This includes is expected to yield $60 million in run-rate savings in In total, more than $2 billion has been returned to our June 19, 2013 more than 60 new products launched in fiscal 2012 fiscal 2014 and is on track to achieve the full $70 million shareholders since fiscal 2008. and 70 new products in fiscal 2013. in fiscal 2015. 4 The J. M. Smucker Company 2013 Annual Report 5 U.S. RETAIL COFFEE As the market leader in the U.S. at-home coffee category, Smucker competes in all key segments of retail coffee. With a diverse portfolio of brands, product types, packaging forms, and price points, we are able to meet the evolving needs of coffee consumers and to capitalize on growth opportunities. The at-home category has grown into an $8 billion market recognizing significant growth from the single-serve coffee segment. OUR BRANDS 6 The J. M. Smucker Company 2013 Annual Report 7 Offering Consumers Variety and Convenience As the U.S. retail coffee market continues to evolve Smucker participates in the premium roast and and expand, the depth and breadth of our coffee ground coffee category with our Dunkin’ Donuts, portfolio provides consumers with choices to meet Folgers Gourmet Selections, and Millstone brands. every taste and need. In fiscal 2013, our U.S. Retail Volume for the Dunkin’ Donuts brand grew 11 Coffee segment net sales were comparable to the percent during the year, driven by lower pricing, prior year at $2.3 billion, while segment profit grew brand building, and the introduction of new 12 percent to $608 million.
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