Common-Size Income Statement
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Mondelēz International Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Cost of Sales and Gross Profit Trends
- The cost of sales as a percentage of net revenues exhibited fluctuations over the analyzed periods, peaking at 64.08% in 2022 before decreasing to 60.88% in 2024. Correspondingly, gross profit margin declined to a low of 35.92% in 2022 from levels around 39%, then rebounded to 39.12% by the end of 2024. This indicates a temporary compression in profitability due to increased costs of sales, followed by a recovery.
- Selling, General and Administrative Expenses
- Selling, general and administrative expenses showed a general downward trend as a percentage of net revenues, dropping from 22.94% in 2020 to 20.41% in 2024. This reduction contributed positively to overall profitability by improving the operating expense efficiency.
- Other Operating Expenses and Gains
- Asset impairment and exit costs remained relatively stable, with minor fluctuations around 0.6% to 1.13% of net revenues. Gains on acquisitions and divestitures were sporadic, showing noticeable spikes in 2021 and 2023 but negligible impact in other years. The amortization of intangible assets decreased slightly and then stabilized at 0.42%. These trends suggest manageable levels of non-core operating impacts with occasional benefits from transactions.
- Operating Income Development
- Operating income as a percentage of net revenues varied considerably, declining significantly in 2022 to 11.22% from a prior high of 16.2% in 2021. However, it recovered strongly thereafter, reaching 17.41% by 2024. This pattern aligns with the fluctuation in gross profit margins and improved control of selling and administrative expenses.
- Net Interest and Other Expenses
- Interest expense related to debt remained relatively stable, fluctuating modestly between -1.59% and -1.27% of net revenues. Losses on debt extinguishment and related expenses showed a declining trend, approaching negligible levels by 2023. Additionally, interest and other net expenses improved significantly, falling from -2.29% in 2020 to -0.49% in 2024, enhancing bottom-line results. Increased other income net also contributed positively over the period.
- Earnings Before Taxes and Tax Provisions
- Earnings before income taxes reflected a pattern similar to operating income with a decline in 2022 to 10.25%, then rising to a peak of 17.18% by 2024. Income tax provisions decreased notably in 2022 to 2.75% but returned close to prior levels around 4% subsequently, impacting net earnings accordingly.
- Equity Method Investment Performance
- Gains from equity method investment transactions fluctuated significantly, including negative outcomes in 2022 and 2024, offsetting some earnings gains. Equity method investment net earnings declined steadily from 1.58% in 2020 to about 0.46% in 2024, indicating reduced contribution from such investments over time.
- Net Earnings and Attributable Earnings
- Net earnings as a percentage of net revenues exhibited volatility, with a substantial dip to 8.66% in 2022 before recovering to 12.69% in 2024. Similarly, net earnings attributable to the company followed this pattern, decreasing sharply in 2022 and then improving, though not fully returning to the peak levels observed in earlier years. These variations reflect the combined effects of cost structure changes, operational performance, and non-operating items.
- Noncontrolling Interests
- Noncontrolling interest earnings were consistently minimal and stable, exerting negligible influence on the overall net earnings attributable to shareholders throughout the periods analyzed.