Kelloggs a Michigan Traded Company Essay

This essay has a total of 1371 words and 9 pages.

Kelloggs a Michigan Traded Company





Financial Statement Analysis

Executive Summary

Objective: Our goal in composing a financial statement is to construct the most
comprehensive, thorough document possible, in order to attract investors and to confirm
that we have taken the time to explore as many potential issues for your business as may
arise.


Summary of findings: Our level of cereal marketing investment early in 1998 was not
sufficient in the face of extremely competitive market conditions. This situation hurt our
volume performance for much of the year and, combined with other issues in markets around
the world, led to a decline in both sales and earnings. Nonetheless, we continue to have
the utmost confidence in the future of our grain-based businesses, and we are fully
committed to return to both top-line and bottom-line growth.


Appendix # 1- Market Research

Description of firm and its management: Kellogg's products are manufactured in 20
countries on 6 Continents and distributed in more than 160 countries. Mr. Langbo has been
employed by the Kellogg's Company since 1956. He was named President and Chief Operating
Officer in 1990 and became Chairman of the Board and Chief Executive Officer in 1992. In
June of 1998, Mr. Carlos M. Gutierrez was named President and Chief Operating Officer.


The competitive environment: The Company has experienced intense competition for sales of
all of its principal products in its major markets, both domestically and internationally.
The Company's products compete with advertised and branded products of a similar nature as
well as unadvertised and private label products, which are typically distributed at lower
prices, and generally with other food products with different characteristics. Principal
methods and factors for competition include new product introductions, product quality,
composition, and nutritional value, price, advertising and promotion.


Economic climate and outlook: Although our 1998 business results were below our
performance expectation, it was a year in which we put in place key elements of a stronger
foundation for future growth. This included investments in new product development and a
complete overhaul of our corporate headquarters and North American organizational
structure. Should suitable investment opportunities of working capital needs arise that
would require additional financing; management believes that the Company's strong credit
rating, balance sheet and earnings history provide a base for obtaining additional
financial resources at competitive rates and terms. Based on the expectation of cereal
volume growth, and strong results from product innovation and the continued global rollout
of convenience foods, management believes the Company is well positioned to deliver sales
and earnings growth for the full year of 2000.




Litigation: The Company is not a party to any pending legal proceedings, which, if decided
adversely, would be material to the Company on a consolidated basis, nor is any of the
Company's properties or subsidiaries subject to any such proceedings.


Appendix # 2-Financial Forecasts

Financial overview: Kellogg Company manufactures and markets ready-to-eat cereal and other
grain-based convenience food products, including toaster pastries, frozen waffles, cereal
bars, and bagels throughout the world. Principal markets for these products include the
United States and Great Britain. Operations are managed via four major geographic areas,
North America, Europe, Asia-Pacific and Latin America-which is the basis of the Company's
reportable operating segment information. The Company leads the global ready-to-eat cereal
category with an estimated 38% annualized share of worldwide volume. Additionally, the
Company is the North American market leader in the toaster pastry, cereal/granola bar,
frozen waffle and per-packaged bagel categories. During 1998, the Company realized
declines in earnings per share both with and without unusual items. The Company
experienced significant competitive pressure combined with category softness in its major
ready-to-eat cereal markets, to which it responded by accelerating investment in long-term
growth strategies, in clouding product development, technology and efficiency initiatives.


Short-term liquidity: Net cash provided by operating activities was $719.7 million during
1998, compared to $879.8 million in 1997, with the decrease due principally to lower
earnings and unfavorable working capital movements. The ratio of current assets to current
liabilities was .9 at December 31, 1998 and 1997.


Capital structure and long-term solvency: Long-term debt consists primarily of fixed rate
issuances of U.S. and Euro Dollar Notes, including $900 million due in 2001, $500 million
due in 2004, and $200 million due in 2005. The amount due in 2001 includes $400 million in
Notes, which provide an option to holders to extend the obligation. For an additional four
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