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Del Monte Foods 2007 Annual Report

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Del Monte Foods 2007 Annual Report DEL MONTE FOODS 2007 ANNUAL REPORT WE ARE READY. WITH A FOCUSED PORTFOLIO of products that Meet the Needs of people AND THEIR PETS, WITH A proVEN capaBility FOR INNOVatioN, AND with BraNds that are stroNGer thaN EVer. 1 CONSUMER PRODUCTS APPROXIMATELY 60% OF OUR MORE THAN $3.4 BILLION IN SALES COME FROM FOOD FOR PEOPLE — OUR PRODUCT LINE INCLUDES A BROAD ARRAY OF FRUIT, VEGETABLE AND TOMATO PRODUCTS ALONG WITH BROTH AND TUNA. OUR GREAT-TASTING, WHOLESOME AND NUTRITIOUS PRODUCTS MAKE IT EASY FOR PEOPLE TO EAT WELL AT HOME, AT WORK, AT SCHOOL AND ON THE GO. 2 PET PRODUCTS THE OTHER 40% OF OUR SALES COME FROM PET FOODS AND SNACKS, WHICH IS UP SIGNIFICANTLY FROM 25% JUST A YEAR AGO. THE PET PRODUCTS MARKET IS PARTICULARLY ATTRACTIVE BECAUSE OF ITS POTENTIAL FOR SALES AND PROFITABLE GROWTH. TODAY, DEL MONTE FOODS HAS A PORTFOLIO OF DIFFERENTIATED AND EXTENDABLE BRANDS FOCUSED ON THE MOST PROFITABLE SEGMENTS IN THE PET CATEGORY. 3 HEALTHY PRODUCTS 4 ACTIVE LIFESTYLES CONSUMERS ARE FOCUseD ON leaDING MORE active lifestyles, AND THey ARE TRYING TO eat MORE VEGetaBLES, FRUITS AND LEAN SOURCES OF PROTEIN. OUR PRODUcts REPReseNT HealtHY, NUTRitiOUS — AND DeliciOUS — Ways TO IMPROve THeiR Diets AND THeiR lives. AND FOR MORE AND MORE faMilies, Pets ARE A vital PART OF A HealtHIER LIFESTYLE. OUR PORTFOLIO OF PET FOODS AND SNACKS OffeRS A COMPREHENsive RANGE OF CHOices FOR eveRY faMily’S DOGS AND cats. 5 INNOVATIVE PRODUCTS 6 CONVENIENT SOLUTIONS DEL MONTE HAS PROVEN ITS ABILITY TO CREATE INNOVATIVE PRODUCTS THAT MAKE IT EASIER THAN EVER FOR PEOPLE AND THEIR PETS TO EAT WELL. FOR EXAMPLE, DEL MONTE ® FRUIT NATURALS® AND DEL MONTE ® NO SUGAR ADDED FRUIT PROVIDE A CONVENIENT WAY TO ENJOY NUTRITIOUS FRUIT AT ANY TIME. INNOVATIVE PRODUCTS LIKE KIBBLES ’N BITS® BRUSHING BITES™ MAKE IT EASY TO CLEAN A DOG’S TEETH AND FRESHEN BREATH WHILE PROVIDING GREAT TASTE AND 100% COMPLETE AND BALANCED NUTRITION. 7 TRUSTED BRANDS 8 CONSUMER LOYALTY MANY OF THE BRANDS OF DEL MONTE FOODS HAVE LONG, RICH HISTORIES — DATING BACK FOR GENERATIONS. THEY STAND FOR QUALITY AND TASTE AND ARE TRUSTED BY CONSUMERS. THIS CONSUMER LOYALTY SUPPORTS A STRONG PLATFORM FOR INTRODUCING NEW AND INNOVATIVE PRODUCTS THAT MEET CONSUMER NEEDS. 9 WE HAVE WORKED HARD TO GET TO WHERE WE ARE TODAY, AND WE ARE READY. NOW MORE THAN EVER, WE ARE DELIVERING ON THE VISION OF DEL MONTE FOODS. NOURISHING FAMILIES. ENRICHING LIVES. EVERY DAY. 11 MORE THAN 20 GREAT BRANDS. MORE THAN 2,500 GREAT PRODUCTS. 14 A LEADING BRANDED PORTFOLIO TO MEET THE NEEDS OF PEOPLE AND THEIR PETS. OUR GOAL GOING FORWARD IS TO BUILD ON THE POWER AND POTENTIAL OF OUR PORTFOLIO: BY BRINGING NEW INNOVATIONS TO MARKET; BY LEVERAGING OUR BRANDS; BY DEEPENING OUR RELATIONSHIPS WITH CUSTOMERS AND CONSUMERS; AND BY PURSUING MULTIPLE OPPORTUNITIES TO IMPROVE EFFICIENCY AND EFFECTIVENESS. 15 DEAR FELLOW STOCKHOLDERS: DURING THE LAST FEW YEARS, WE HAVE WORKED STEADILY TO ACCOMPLISH A FAR-REACHING TRANSFORMATION OF DEL MONTE FOODS. WE HAVE UPGRADED AND REALIGNED OUR PORTFOLIO BY ACQUIRING BRANDED BUSINESSES AND DIVESTING LESS STRATEGIC ONES. THE RESULT IS A SIMPLIFIED AND STREAMLINED PORTFOLIO OF BRANDED PRODUCTS WITH A GREATER FOCUS ON HIGHER-MARGIN, HIGHER-GROWTH OPPORTUNITIES. 16 We have enhanced our innovation capabilities — leveraging our brands to bring new products to our consumers, vitality to our markets and growth to our Company. And importantly, to drive costs out, we have made efficiency improvements across the Company, significantly improving our overall competitiveness. In fiscal 2007, our progress against our transformation goals was significant. We are well positioned to become a top-tier consumer packaged foods company and to generate value for our stockholders. A BRANDED BUSINESS TO MEET THE NEEDS OF PEOPLE AND THEIR PETS With the acquisition of two leading pet brands, Meow Mix® and Milk-Bone,® and the divestiture of our private label soup and infant feeding businesses, Del Monte Foods has built a portfolio of brands with distinctive equities that resonate across the marketplace. The combination of our realigned portfolio, the expanded scale of our branded offerings and our brand-focused, go-to-market platform improves our ability to meet the needs of our customers and, more importantly, the needs of the family — everyone in the family, including pets. Our popular consumer products include our healthy and delicious lines of fruit, vegetable and tomato products as well as broth and seafood. Our enhanced pet food and snack offerings enable us to better serve the more than 50% of U.S. households with a dog or cat. All told, our products can be found in nine out of ten U.S. households. In fiscal 2007, approximately 60% of our more than $3.4 billion in sales came from consumer products; the remaining 40% came from pet products, a substantial increase over 2006. Our realigned product portfolio shares the same branded marketing and sales disciplines as well as our go-to-market and supply chain platforms, generating efficiency and scale across our business. Approximately 90% of our sales come from branded products — 80% of which are branded #1 or #2 — and our focus going forward is on building brands and leveraging their strength in order to grow our businesses and improve our profitability. The divestitures made our portfolio more streamlined and efficient, and the acquisitions made our branded platform broader and stronger. Today, thanks in part to the strategic enhancements to our portfolio, Del Monte Foods is ready to grow. FISCAL 2007 BY THE NUMBERS The $3.4 billion in sales in fiscal 2007 represents growth of nearly 14% over 2006. Top-line growth was driven primarily by our pet food and snack acquisitions, Meow Mix® and Milk-Bone.® Reported income for the year was impacted by a continued inflationary cost environment and an underperforming seafood business. Reported income was also negatively impacted by 17 now completed acquisition-related integration costs as well as transformation-related expenses. We believe our transformation plan investments will significantly improve our cost-effectiveness and overall competitiveness in the years ahead. We were able to offset the majority of the negative impact associated with inflationary pressures and our seafood business through pricing actions, cost reductions and synergies associated with acquisitions. In fact, our program to cut costs exceeded our budgeted cost-reduction plan by $10 million in fiscal 2007, delivering a total of $110 million in cost savings during the past two years, a full year ahead of schedule. Del Monte Foods continued to generate strong cash flow, as demonstrated by cash from operations in excess of $200 million in fiscal 2007. A SOLID FOUNDATION FOR OUR FUTURE I believe 2007 was a year of real accomplishment for Del Monte Foods, and we are looking forward to 2008 and beyond. We are well positioned for growth, and we head into the future with a rock-solid foundation built on four key components: A leading, branded portfolio: Our most powerful asset is our strong portfolio of branded products for people and their pets. Two core consumer trends drive demand for our products and resonate with our brands: the need for a healthier diet and lifestyle as well as the increasing level of pet ownership. Del Monte Foods should benefit from the growing desire for healthy, nutritious foods and snacks and the growing importance of pets to the family. Our energies and our resources are dedicated to building brands and strengthening our relationships with retailers throughout the country. Our expanded, branded center-store presence also provides important merchandising strengths that drive our customers’ business and, in turn, drive Del Monte’s business. Improved ability to innovate: In fiscal 2007, we also improved our innovation process. We have enhanced our ability to take creative concepts and turn them into successful products that capitalize on our branded portfolio and reflect the marketplace trends we have identified. Another component of our innovation capabilities is our ability to leverage our strengths in the marketplace. The awareness and equity of our brands generate trust with consumers and encourage them to try new product offerings, such as Del Monte® Fruit Chillers™ — a shelf- stable product that consumers can freeze to create a rich and smooth sorbet with a 3/4 serving of fruit per cup — and Kibbles ’n Bits® Brushing Bites™ — which makes it easy to clean a dog’s teeth and freshen breath while providing great taste and 100% complete and balanced nutrition. 18 A commitment to improvement: The third component of our foundation for the future is our commitment to improving the way we execute at every level of Del Monte Foods: streamlining processes, reducing costs, capturing synergies and improving efficiency. Looking for ways to improve how we work is part of the mandate for every employee of Del Monte Foods. An increasingly talented team: The final — and most vital — component of our foundation is the people who work at Del Monte Foods. We have top-notch managerial talent providing leadership across the Company; I believe this is the best team we have ever fielded. In order to make our team even more effective, we removed a layer from our organizational structure in early fiscal 2007, shortening the lines of communication and streamlining decision-making throughout the Company. We believe that making a strong team even stronger will continue to generate benefits for Del Monte Foods in the years ahead. In closing, I want to thank the people of Del Monte Foods for all their hard work in 2007. They are responsible for what I believe was a year of real progress and accomplishment, and I fully expect them to rise to the challenge of the years ahead.
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