Analysis of Geographic Areas
Kellanova operates in 4 regions: United States; Nigeria; Poland; and All other countries.
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- Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Area Asset Turnover
Kellanova, asset turnover by geographic area
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| United States | |||||
| Nigeria | |||||
| Poland | |||||
| All other countries |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
The annual geographic asset turnover ratios reveal distinct trends across different regions.
- United States
- The asset turnover ratio in the United States shows a declining trend from 3.95 in 2019 to 2.95 in 2021, indicating a reduction in efficiency in asset utilization during this period. However, the ratio partially recovers in subsequent years, rising to 3.24 in 2022 and 3.4 in 2023, suggesting some improvement though not reaching the initial 2019 level.
- Nigeria
- Data for Nigeria starts in 2021 with a ratio of 6.22, which then increases significantly to 8.64 in 2022 and further to 13.25 in 2023. This sharp upward trajectory indicates a rapidly improving efficiency of asset utilization in this market over the most recent three years.
- Poland
- Poland's asset turnover ratios, available from 2021 onward, remain very low but demonstrate gradual growth from 0.05 in 2021 to 0.07 in 2022 and 0.11 in 2023. While the figures are relatively minor, this growth suggests a slow but positive development in asset efficiency.
- All other countries
- For all other countries combined, the asset turnover ratio remains relatively stable over the entire period, fluctuating slightly between 3.52 and 3.87. The ratio peaks at 3.87 in 2022 before settling slightly lower at 3.67 in 2023, indicating consistent asset utilization efficiency with minor variations.
Overall, the data indicates a strong and improving asset turnover performance in emerging markets such as Nigeria, modest growth in Poland, a dip followed by partial recovery in the United States, and stable performance in the aggregated other countries category.
Area Asset Turnover: United States
Kellanova; United States; area asset turnover calculation
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales from continuing operations | |||||
| Long-lived assets from continuing operations | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
1 2023 Calculation
Area asset turnover = Net sales from continuing operations ÷ Long-lived assets from continuing operations
= ÷ =
- Net Sales from Continuing Operations
- The net sales exhibited a decline from 2019 through 2021, dropping from 7,885 million US dollars in 2019 to 5,512 million US dollars in 2021, representing a significant decrease. Following this period, there was a recovery trend with sales increasing to 6,061 million US dollars in 2022 and further to 6,279 million US dollars in 2023. Despite the recovery, the sales figures for 2022 and 2023 remained below the 2019 and 2020 levels.
- Long-lived Assets from Continuing Operations
- The value of long-lived assets demonstrated relative stability with minor fluctuations over the five-year period. It showed a slight increase from 1,996 million US dollars in 2019 to 2,048 million US dollars in 2020, followed by a steady decline through subsequent years, reaching 1,847 million US dollars in 2023. This trend suggests a modest reduction in the asset base over time.
- Area Asset Turnover
- The area asset turnover ratio decreased notably from 3.95 in 2019 to a low of 2.95 in 2021, indicating a reduced efficiency in asset utilization during that period. However, this ratio improved in the following years, increasing to 3.24 in 2022 and 3.40 in 2023. The improvement suggests a gradual enhancement in operational efficiency and asset management after 2021.
- Overall Insights
- The data reveals a period of declining sales and asset turnover efficiency through 2021, likely indicative of challenging market or operational conditions. The recovery in sales and improvement in asset turnover in 2022 and 2023 demonstrates a positive trend towards regaining operational momentum. The reduction in long-lived assets, albeit slight, may reflect asset disposals or a shift in capital allocation strategy. The improvements in asset turnover in 2022 and 2023 could suggest better utilization of the asset base despite its reduction.
Area Asset Turnover: Nigeria
Kellanova; Nigeria; area asset turnover calculation
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales from continuing operations | |||||
| Long-lived assets from continuing operations | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
1 2023 Calculation
Area asset turnover = Net sales from continuing operations ÷ Long-lived assets from continuing operations
= ÷ =
- Net Sales from Continuing Operations
- The net sales figures exhibit a rising trend from 1039 million US dollars at the end of 2021 to a peak of 1322 million US dollars in 2022, followed by a decrease to 1113 million US dollars in 2023. This pattern suggests a significant growth period from 2021 to 2022, succeeded by a notable contraction in the subsequent year.
- Long-lived Assets from Continuing Operations
- The long-lived assets show a continuous downward trend over the reported periods, decreasing from 167 million US dollars at the end of 2021 to 153 million in 2022 and further down to 84 million in 2023. This decline may indicate asset disposals, impairments, or reduced capital investments in this geographic area.
- Area Asset Turnover
- The area asset turnover ratio increases markedly over the three reported years, from 6.22 in 2021 to 8.64 in 2022 and reaching 13.25 in 2023. This rising ratio reflects a more efficient use of assets to generate sales, which could be a result of asset reduction combined with still relatively high sales levels.
Area Asset Turnover: Poland
Kellanova; Poland; area asset turnover calculation
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales from continuing operations | |||||
| Long-lived assets from continuing operations | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
1 2023 Calculation
Area asset turnover = Net sales from continuing operations ÷ Long-lived assets from continuing operations
= ÷ =
- Net sales from continuing operations
- The net sales figure shows a clear upward trend beginning from 2021, with sales increasing from 15 million US dollars to 23 million in 2022, and further rising to 41 million in 2023. This represents a significant growth trajectory over the three-year period.
- Long-lived assets from continuing operations
- Long-lived assets have exhibited a steady increase starting in 2021, rising from 316 million US dollars to 320 million in 2022, followed by a more pronounced increase to 390 million in 2023. This growth in assets suggests ongoing investment and potential capacity expansion in the geographical area.
- Area asset turnover
- The area asset turnover ratio has improved steadily over the same period. Beginning at a low point of 0.05 in 2021, it increased to 0.07 in 2022 and further to 0.11 in 2023. This indicates an improving efficiency in using long-lived assets to generate net sales, though the turnover ratio remains relatively low overall.
Area Asset Turnover: All other countries
Kellanova; All other countries; area asset turnover calculation
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales from continuing operations | |||||
| Long-lived assets from continuing operations | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
1 2023 Calculation
Area asset turnover = Net sales from continuing operations ÷ Long-lived assets from continuing operations
= ÷ =
- Net Sales from Continuing Operations
- The net sales experienced moderate fluctuations over the five-year period. Beginning at $5,693 million in 2019, sales increased slightly to $5,949 million in 2020. However, there was a noticeable decline in 2021 to $5,181 million, followed by a marginal recovery to $5,247 million in 2022. By 2023, net sales rose again to $5,689 million, almost reaching the initial 2019 level, illustrating a cyclical pattern with a dip in the middle years.
- Long-Lived Assets from Continuing Operations
- The value of long-lived assets showed a declining trend from 2019 to 2022, dropping from $1,616 million to a low point of $1,355 million. However, in 2023 there was a significant rebound to $1,552 million. This suggests a period of asset reduction or disposal from 2019 through 2022, followed by reinvestment or acquisition activity in 2023.
- Area Asset Turnover Ratio
- The area asset turnover ratio demonstrated an overall upward trend with some variability. It remained relatively stable around 3.5 in the initial years (2019–2021), followed by an increase to 3.87 in 2022, implying improved efficiency or better utilization of assets during that year. A slight decrease to 3.67 occurred in 2023, though it remained higher than the values recorded up to 2021, indicating a generally strengthened asset turnover performance in recent years.
- Overall Insights
- The analysis indicates a fluctuating sales performance with a mid-period downturn but signs of recovery by 2023. Asset levels were reduced progressively before rising again, aligning with changes in sales trends. The improved asset turnover ratio in the last two years suggests enhanced operational efficiency. These patterns imply responsive asset management in relation to market conditions, with efforts to optimize asset use sustaining the recovery in sales.
Net sales from continuing operations
Kellanova, net sales from continuing operations by geographic area
US$ in millions
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| United States | |||||
| Nigeria | |||||
| Poland | |||||
| All other countries | |||||
| Consolidated |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
The net sales data for various geographic areas over the specified periods reveals distinct patterns and shifts in sales distribution. The consolidated net sales figures show a general decline from 2019 through 2021, followed by a recovery in 2022 and 2023, though the 2023 level remains slightly below the peak values observed in 2020.
- United States
- Net sales in the United States started at $7,885 million in 2019 and slightly declined to $7,821 million in 2020. A more pronounced decrease occurred in 2021, dropping to $5,512 million. Modest recoveries were observed in 2022 and 2023, with sales reaching $6,061 million and $6,279 million respectively. Despite this recovery, the 2023 figure remains significantly below the 2019 and 2020 levels.
- Nigeria
- Sales data for Nigeria are not available prior to 2021. Starting at $1,039 million in 2021, net sales increased to $1,322 million in 2022, indicating growth in this region. However, 2023 saw a decline to $1,113 million, reflecting a decrease but maintaining a higher level than the initial 2021 figure.
- Poland
- Poland's recorded sales began at $15 million in 2021, increasing to $23 million in 2022, and further to $41 million in 2023. This trend signifies a consistent growth trajectory, albeit from a relatively small base compared to other regions.
- All other countries
- Net sales under the category “All other countries” demonstrated some fluctuations. Starting at $5,693 million in 2019, sales increased to $5,949 million in 2020, followed by a decline to $5,181 million in 2021. A slight recovery occurred in 2022 with sales at $5,247 million, and further growth in 2023, reaching $5,689 million. Despite the fluctuations, 2023 sales nearly returned to the 2019 level.
- Consolidated
- The consolidated net sales reflect the aggregated effect of these geographic trends. After peaking in 2020 at $13,770 million, consolidated sales contracted to $11,747 million in 2021. The subsequent years showed a recovery trend, with $12,653 million in 2022 and $13,122 million in 2023, indicating ongoing improvement but not fully reclaiming the 2020 peak.
Long-lived assets from continuing operations
Kellanova, long-lived assets from continuing operations by geographic area
US$ in millions
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| United States | |||||
| Nigeria | |||||
| Poland | |||||
| All other countries | |||||
| Consolidated |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
The analysis of long-lived assets from continuing operations across different geographic areas reveals several noteworthy trends over the five-year period.
- United States
- The value of long-lived assets shows a generally stable pattern, with a slight decrease over time. Beginning at 1,996 million US dollars in 2019, the figure increased modestly to 2,048 million in 2020 but then decreased to 1,867 million in 2021. From 2021 to 2023, the amount remained relatively consistent, ending at 1,847 million dollars in 2023, indicative of a plateau following the earlier decline.
- Nigeria
- Long-lived assets in Nigeria were not reported in 2019 and 2020 but recorded starting in 2021. The assets declined steadily over subsequent years, from 167 million dollars in 2021 to 153 million in 2022, followed by a sharper decrease to 84 million in 2023. This downward trend suggests de-investment or asset disposals in this region.
- Poland
- This region showed consistent growth in long-lived assets over the observed period. From an initial 316 million dollars in 2021, assets rose moderately to 320 million in 2022 and further increased to 390 million dollars in 2023. The upward trajectory indicates ongoing investments or acquisitions in Poland.
- All Other Countries
- Assets grouped under this category experienced a decline from 1,616 million dollars in 2019 to 1,355 million in 2022. However, there was a noticeable rebound in 2023, with assets increasing to 1,552 million dollars. This pattern suggests cyclical investment activity or asset adjustment in various other countries.
- Consolidated
- Total long-lived assets demonstrated a slight upward trend overall, moving from 3,612 million dollars in 2019 to 3,873 million dollars in 2023. Despite some fluctuations in individual regions, the consolidated figure reflects a net increase, indicating growth or reinvestment at the companywide level.
In summary, while the United States and Nigeria show declining long-lived asset values, Poland and the collective other countries indicate investment growth or recovery. The overall consolidated increase points to a strategic focus on asset management that offsets regional declines with gains elsewhere.