Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Operating Profit Margin since 2012
- Return on Equity (ROE) since 2012
- Total Asset Turnover since 2012
- Price to Book Value (P/BV) since 2012
- Analysis of Debt
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Kraft Foods Group Inc., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2014-12-27), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29).
Over the analyzed period, several noteworthy trends can be observed in the financial performance and cash flows.
- Net Earnings
- Net earnings increased significantly from 1,642 million US dollars in 2012 to 2,715 million in 2013, followed by a steep decline to 1,043 million in 2014, indicating notable volatility in profitability.
- Depreciation and Amortization
- This expense decreased slightly over the period from 428 million US dollars in 2012 to 385 million in 2014, suggesting stable or slightly improved asset utilization or aging.
- Stock-Based Compensation Expense
- There was a consistent upward trend in stock-based compensation, rising from 54 million US dollars in 2012 to 95 million in 2014, possibly reflecting increased employee incentives or equity-based pay plans.
- Deferred Income Tax Provision
- This item showed significant fluctuations, rising from 470 million US dollars in 2012 to 708 million in 2013, then reversing to a negative 361 million in 2014, indicating tax strategy changes or adjustments impacting income tax expense.
- Market-Based Impacts to Postemployment Benefit Plans
- There was a large negative value of -1,561 million US dollars in 2013, contrasting with positive values of 223 million in 2012 and a substantial positive 1,341 million in 2014, reflecting considerable volatility in benefit plan valuations likely influenced by market conditions.
- Other Non-Cash Expenses
- These expenses consistently decreased from 159 million US dollars in 2012 to 67 million in 2014, signaling fewer non-cash adjustments over time or improved operational efficiency.
- Receivables, Net
- This asset showed a sharp decline from 220 million US dollars in 2012 to negative 22 million in 2014, which may indicate changes in credit policies, collections improvements, or write-offs.
- Inventories
- Inventories fluctuated markedly, rising from 21 million US dollars in 2012 to 235 million in 2013, then dropping to a negative 53 million in 2014, signaling potential inventory management challenges or changes in demand forecast accuracy.
- Accounts Payable
- Values moved from a negative 241 million US dollars in 2012 to positive 45 million in 2013 and remained stable in 2014, indicating a shift in payment timing or supplier terms.
- Other Current Assets and Liabilities
- Other current assets showed a narrowing negative trend, from -61 million US dollars in 2012 to -41 million in 2014, while other current liabilities shifted from positive 205 million to negative 164 million over the same period, reflecting changes in working capital components.
- Changes in Assets and Liabilities
- The net change fluctuated with positive 144 million US dollars in 2012 and 89 million in 2013, turning negative to -235 million in 2014, indicating variability in operational working capital management.
- Change in Pension and Postretirement Assets and Liabilities, Net
- These changes were consistently negative, with values of -113 million US dollars in 2012, -532 million in 2013, and -315 million in 2014, suggesting continuing obligations or unfavorable adjustments.
- Adjustments to Reconcile Net Earnings to Operating Cash Flows
- These adjustments showed volatility, with a positive 1,393 million US dollars in 2012, a sharp swing to negative 672 million in 2013, and recovery to positive 977 million in 2014, highlighting fluctuations in non-cash items or working capital impacts.
- Net Cash Provided by Operating Activities
- Operating cash flow decreased from 3,035 million US dollars in 2012 to 2,043 million in 2013 and remained nearly stable at 2,020 million in 2014, signaling a decline in operating liquidity generation but maintaining positive cash inflow.
- Capital Expenditures
- Capital spending increased from -440 million US dollars in 2012 to -557 million in 2013, slightly declining to -535 million in 2014, reflecting continued investment in fixed assets.
- Proceeds from Sale of Property, Plant and Equipment
- These proceeds markedly increased in 2013 to 131 million US dollars from 18 million in 2012, then decreased sharply to 2 million in 2014, indicating fluctuating asset divestment activity.
- Net Cash Used in Investing Activities
- Investing cash outflows were relatively stable, with amounts around -422 to -535 million US dollars, consistent with steady capital investments and limited divestments.
- Dividends Paid
- Dividend payments commenced in 2013 at -1,207 million US dollars and increased to -1,266 million in 2014, suggesting establishment and growth of shareholder returns through dividends during this period.
- Repurchase of Common Stock
- Stock repurchases appeared only in 2014 with -740 million US dollars spent, indicating a new or renewed share buyback program implemented that year.
- Proceeds from Stock Option Exercises
- Proceeds increased steadily from 14 million US dollars in 2012 to 115 million in 2014, reflecting growing employee stock option exercises contributing to financing activities.
- Long-Term Debt Proceeds
- Significant long-term debt proceeds of 5,963 million US dollars were recorded in 2012, with no comparable activity in subsequent years, suggesting a major financing event in that year.
- Net Transfers to Mondelēz International
- A substantial negative amount of -7,210 million US dollars occurred in 2012, likely related to corporate restructuring or divestiture transactions, with no further amounts recorded thereafter.
- Other Financing Activities
- Other financing cash flows ranged from negative 125 million US dollars in 2012 to a positive 25 million in 2014, showing variable impacts from ancillary financing operations.
- Net Cash Used in Financing Activities
- Net cash used in financing activities remained negative across all years, with amounts from -1,358 million US dollars in 2012 to -1,866 million in 2014, reflecting ongoing cash outflows from dividends, repurchases, and other financing payments.
- Effect of Exchange Rate Changes on Cash
- Minor cash decreases from exchange rate effects were noted in 2013 and 2014, at -15 million and -12 million US dollars respectively, indicating currency exchange rate movements slightly reducing cash position.
- Cash and Cash Equivalents
- Cash balances increased by 1,255 million US dollars in 2012 and by a smaller 431 million in 2013, followed by a decrease of 393 million in 2014, resulting in ending cash balances of 1,686 million in 2013 and 1,293 million in 2014, demonstrating overall liquidity fluctuations with a modest contraction in the final year.