P&G Delivers Second Quarter Core EPS Growth +12%, $1.22 Per Share; Raises Sales and Earnings Outlook for Fiscal Year
P&G Delivers Second Quarter Core EPS Growth +12%, $1.22 Per Share; Raises
Sales and Earnings Outlook for Fiscal Year
Business Wire
CINCINNATI -- January 25, 2013
The Procter & Gamble Company (NYSE:PG) increased core earnings per share by 12
percent to $1.22 for the October – December quarter. Diluted net earnings per
share were $1.39, an increase of 144 percent. Non-core items include
restructuring charges of $0.05 per share and a $0.21 per share holding gain
resulting from P&G’s purchase of the balance of P&G’s Baby Care and Feminine
Care joint venture in Iberia, which was completed on October 22, 2012.
Organic sales grew three percent. Net sales were $22.2 billion, an increase of
two percent versus the prior year period including a negative one percent
impact from foreign exchange. The Company delivered broad-based organic sales
growth, with all business segments increasing organic sales by two percent or
more versus the prior year.
P&G held or grew market share in businesses representing nearly 50 percent of
sales in the October - December quarter, as measured on a constant currency
value basis. In the U.S. market, P&G held or grew value share in businesses
representing nearly 60 percent of sales.
“Our second quarter results were at the high end of our expectations on the
top-line and well ahead of forecast on operating profit, earnings per share
and cash flow,” said Chairman, President, and Chief Executive Officer, Bob
McDonald. “Global market share trends improved as we continued to implement
our growth strategy and made very good progress against our productivity and
cost savings goals. Our strong first half results have enabled us to raise our
sales, earnings and share repurchase outlook for the fiscal year, while we
strengthen investments in our innovation and marketing programs.”
Executive Summary
* Organic sales increased three percent for the quarter, at the top end of
the guidance range.
* Organic sales growth was broad-based, with all business segments
increasing by two percent or more versus the prior year.
* Core net earnings per share increased by 12 percent to $1.22.
* Core gross margin increased 110 basis points due to the impact of higher
pricing and manufacturing cost savings, partially offset by unfavorable
geographic and product mix. Reported gross margin, including non-core
restructuring charges, increased 80 basis points.
* Core and reported selling, general and administrative expenses (SG&A) as a
percentage of net sales was unchanged, as enrollment reductions and
productivity savings were offset by higher pension and employee benefit
costs. Non-core charges in SG&A were in line with the prior year level.
* Core operating profit increased seven percent. Reported operating profit,
including non-core charges, increased 68 percent.
* Operating cash flow was $3.8 billion for the quarter. The Company
repurchased $1.4 billion of shares during the quarter and returned $1.6
billion of cash to shareholders as dividends.
Fiscal Year 2013 Guidance
P&G increased its core earnings per share guidance for the year to $3.97 to
$4.07, up three percent to up six percent versus prior year core EPS of $3.85,
behind strong productivity improvement and resulting cost savings. P&G also
raised its all-in GAAP earnings per share guidance to a range of $4.04 to
$4.14, equating to growth of 10 percent to 13 percent versus prior year GAAP
EPS of $3.66. The increase reflects higher core earnings and an increase in
the non-core holding gain resulting from P&G’s purchase of the balance of our
Baby Care and Feminine Care joint venture in Iberia. The all-in EPS range also
includes non-core restructuring charges of $0.15.
The Company is increasing its organic sales growth guidance to a range of
three percent to four percent for the fiscal year from a previous range of two
percent to four percent. Foreign exchange is expected to reduce sales growth
by two percent, resulting in guidance for all-in net sales growth of up one
percent to two percent versus the prior year.
The Company also increased its outlook for share repurchase to $5 to $6
billion, up from a prior range of $4 to $6 billion.
January – March 2013 Quarter Guidance
P&G is estimating net and organic sales growth in the range of three percent
to four percent for the January – March quarter. Foreign exchange is expected
to be neutral to sales growth.
The Company expects March quarter core EPS in the range of $0.91 to $0.97,
down three percent to up three percent compared to prior year core EPS of
$0.94. On an all-in basis, P&G is forecasting earnings per share in the range
of $0.90 to $0.96, an increase of 10 percent to 17 percent versus prior year
diluted EPS of $0.82. Prior year all-in results included $0.13 of non-core
costs, primarily related to restructuring charges. Current year all-in EPS
guidance includes non-core restructuring charges of $0.01 per share.
Business Segment Discussion
Beauty Segment
Foreign Net Organic Organic BT AT
Volume Exchange Price Mix Other Sales Volume Sales Earnings Earnings
0% -1% 3% 0% -1% 1% 0% 3% 12% 9%
The majority of the businesses in the Beauty Segment increased net sales
versus the prior year driven by innovation and higher pricing. Net sales
decreased in skin care due to competitive activity. Net sales decreased in
Salon Professional due to the negative impact from foreign exchange and market
softness. Increased net earnings were driven by higher pricing and
productivity savings in cost of goods and overheads.
Grooming Segment
Foreign Net Organic Organic BT AT
Volume Exchange Price Mix Other Sales Volume Sales Earnings Earnings
-2% -3% 2% 0% -1% -4% 0% 2% 0% 0%
Blades and razors net sales increased versus the prior year due to higher
pricing and growth in the U.S. driven by strengthened marketing and in-store
plans and were partially offset by the negative impact from foreign exchange.
Organic sales in Appliances increased behind favorable product mix and price
increases. All-in sales for the segment decreased due to the divestiture of
the household appliances business and negative foreign exchange. Net earnings
were in-line with prior year as higher pricing and productivity savings were
offset by the decrease in net sales and higher commodity costs.
Health Care Segment
Foreign Net Organic Organic BT AT
Volume Exchange Price Mix Other Sales Volume Sales Earnings Earnings
3% -2% 2% -1% 1% 3% 3% 4% -7% -5%
Oral Care net sales grew behind new innovation, market expansion and higher
pricing, partially offset by negative foreign exchange. Feminine Care net
sales increased behind volume from initiatives on Always in Latin America and
Whisper in Asia. Net sales in Personal Health Care grew due to price increases
and positive mix. The decline in net earnings is primarily due to higher
marketing spending and supply chain investments.
Fabric Care and Home Care Segment
Foreign Net Organic Organic BT AT
Volume Exchange Price Mix Other Sales Volume Sales Earnings Earnings
2% 0% 1% 0% 0% 3% 2% 3% 15% 21%
Fabric Care net sales growth was driven by new product launches, positive
pricing, and product mix. Home Care delivered higher net sales primarily due
to volume growth from innovation and geographic expansion. Batteries net sales
were up driven by price increases and pantry loading from Hurricane Sandy,
partially offset by lower unit volume in Western Europe due to market
contraction. Higher earnings were due to the increase in net sales and cost
savings that were partially offset by increased commodity costs and higher
marketing spending.
Baby Care and Family Care Segment
Foreign Net Organic Organic BT AT
Volume Exchange Price Mix Other Sales Volume Sales Earnings Earnings
6% -1% 2% -3% 0% 4% 6% 5% 16% 18%
Baby Care net sales were up driven by market growth, innovation, and higher
pricing. Family Care net sales increased behind Charmin and Bounty innovation.
Earnings growth was driven by the increase in net sales, cost savings and
favorable commodity cost comparisons versus the prior year.
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Selected Financial Information
GAAP CORE (NON-GAAP)*
Three Months Ended December Three Months Ended
31 December 31
2012 2011 % 2012 2011 %
Change Change
COST OF 10,880 10,851 0% 10,826 10,841 0%
PRODUCTS SOLD
GROSS PROFIT 11,295 10,893 4% 11,349 10,903 4%
SELLING,
GENERAL & 6,803 6,659 2% 6,702 6,575 2%
ADMINISTRATIVE
EXPENSE
OPERATING 4,492 2,680 68% 4,647 4,328 7%
INCOME
DILUTED NET EPS
FROM CONTINUING $1.39 $0.56 148% $1.22 $1.09 12%
OPERATIONS
Basis Basis
Pt Pt
COMPARISONS AS
A % OF NET Chg Chg
SALES
GROSS MARGIN 50.9 % 50.1 % 80 51.2 % 50.1 % 110
SELLING,
GENERAL & 30.6 % 30.6 % - 30.2 % 30.2 % -
ADMINISTRATIVE
EXPENSE
OPERATING 20.3 % 12.3 % 800 21.0 % 19.9 % 110
MARGIN
CASH FLOW (SIX MONTHS ENDED `
DECEMBER 31) - SOURCE/(USE)
OPERATING CASH 6,619 5,495
FLOW
FREE CASH FLOW 5,090 3,715
DIVIDENDS (3,206 ) (3,013 )
SHARE (3,984 ) (1,764 )
REPURCHASE
*Core excludes incremental restructuring charges, gain on buyout of Iberian
JV, European legal matters, and impairment charges.
Forward-Looking Statements
Certain statements in this release or presentation, other than purely
historical information, including estimates, projections, statements relating
to our business plans, objectives, and expected operating results, and the
assumptions upon which those statements are based, are “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements generally
are identified by the words “believe,” “project,” “anticipate,” “estimate,”
“intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue”, “will likely results,” and
similar expressions. Forward-looking statements are based on current
expectation and assumptions that are subject to risks and uncertainties which
may cause results to differ materially from the forward-looking statements. We
undertake no obligation to update or revise publicly any forward-looking
statements, whether because of new information, future events or otherwise.
Risks and uncertainties to which our forward-looking statements are subject
include: (1) the ability to achieve business plans, including growing existing
sales and volume profitably and maintaining and improving margins and market
share, despite high levels of competitive activity, an increasingly volatile
economic environment, lower than expected market growth rates, especially with
respect to the product categories and geographical markets (including
developing markets) in which the Company has chosen to focus, and/or
increasing competition from mid- and lower tier value products in both
developed and developing markets; (2) the ability to successfully manage
ongoing acquisition, divestiture and joint venture activities to achieve the
cost and growth synergies in accordance with the stated goals of these
transactions without impacting the delivery of base business objectives; (3)
the ability to successfully manage ongoing organizational changes and achieve
productivity improvements designed to support our growth strategies, while
successfully identifying, developing and retaining particularly key employees,
especially in key growth markets where the availability of skilled employees
is limited; (4) the ability to manage and maintain key customer relationships;
(5) the ability to maintain key manufacturing and supply sources (including
sole supplier and plant manufacturing sources); (6) the ability to
successfully manage regulatory, tax and legal requirements and matters
(including product liability, patent, intellectual property, price controls,
import restrictions, environmental and tax policy), and to resolve pending
matters within current estimates; (7) the ability to resolve the pending
competition law inquiries in Europe within current estimates; (8) the ability
to successfully implement, achieve and sustain cost improvement plans and
efficiencies in manufacturing and overhead areas, including the Company's
outsourcing projects; (9) the ability to successfully manage volatility in
foreign exchange rates, as well as our debt and currency exposure (especially
in certain countries with currency exchange controls, such as Venezuela,
China, India and Argentina); (10) the ability to maintain our current credit
rating and to manage fluctuations in interest rate, increases in pension and
healthcare expense, and any significant credit or liquidity issues; (11) the
ability to manage continued global political and/or economic uncertainty and
disruptions, especially in the Company's significant geographical markets, due
to a wide variety of factors, including but not limited to, terrorist and
other hostile activities, natural disasters and/or disruptions to credit
markets, resulting from a global, regional or national credit crisis; (12) the
ability to successfully manage competitive factors, including prices,
promotional incentives and trade terms for products; (13) the ability to
obtain patents and respond to technological advances attained by competitors
and patents granted to competitors; (14) the ability to successfully manage
increases in the prices of commodities, raw materials and energy, including
the ability to offset these increases through pricing actions; (15) the
ability to develop effective sales, advertising and marketing programs; (16)
the ability to stay on the leading edge of innovation, maintain a positive
reputation on our brands and ensure trademark protection; and (17) the ability
to rely on and maintain key information technology systems and networks
(including Company and third-party systems and networks), the security over
such systems and networks, and the data contained therein. For additional
information concerning factors that could cause actual results to materially
differ from those projected herein, please refer to our most recent 10-K, 10-Q
and 8-K reports.
About Procter & Gamble
P&G serves approximately 4.6 billion people around the world with its brands.
The Company has one of the strongest portfolios of trusted, quality,
leadership brands, including Pampers®, Tide®, Ariel®, Always®, Whisper®,
Pantene®, Mach3®, Bounty®, Dawn®, Fairy®, Gain®, Charmin®, Downy®, Lenor®,
Iams®, Crest®, Oral-B®, Duracell®, Olay®, Head & Shoulders®, Wella®,
Gillette®, Braun®, Fusion®, Ace®, Febreze®, Ambi Pur®, SK-II®, and Vicks®. The
P&G community includes operations in approximately 75 countries worldwide.
Please visit http://www.pg.com for the latest news and in-depth information
about P&G and its brands.
The Procter & Gamble Company
Exhibit 1: Non-GAAP Measures
In accordance with the SEC’s Regulation G, the following provides definitions
of the non-GAAP measures used in the earnings release and the reconciliation
to the most closely related GAAP measure.
Organic Sales Growth: Organic sales growth is a non-GAAP measure of sales
growth excluding the impacts of acquisitions, divestitures and foreign
exchange from year-over-year comparisons. We believe this provides investors
with a more complete understanding of underlying sales trends by providing
sales growth on a consistent basis. Organic sales is also one of the measures
used to evaluate senior management and is a factor in determining their
at-risk compensation.
The reconciliation of reported sales growth to organic sales is as follows:
Net Foreign Acquisition/
Sales Exchange Divestiture Organic Sales
OND 2012 Growth Impact Impact* Growth
Beauty 1% 1% 1% 3%
Grooming -4% 3% 3% 2%
Health Care 3% 2% -1% 4%
Fabric Care and 3% 0% 0% 3%
Home Care
Baby Care and 4% 1% 0% 5%
Family Care
Total P&G 2% 1% 0% 3%
Net Foreign Acquisition/
Sales Exchange Divestiture Organic Sales
Total P&G Growth Impact Impact* Growth
JFM 2013 (Estimate) 3% to 4% 0% 0% 3% to 4%
FY 2013 (Estimate) 1% to 2% 2% 0% 3% to 4%
*Acquisition/Divestiture Impact includes rounding impacts necessary to
reconcile net sales to organic sales.
Core EPS: This is a measure of the Company’s diluted net earnings per share
from continuing operations excluding charges in both years for incremental
restructuring charges due to increased focus on productivity and cost savings,
charges in the prior year related to the European legal matters, the current
year holding gain on the buyout of our Iberian joint venture partner, and
prior year impairment charges for goodwill and indefinite lived intangible
assets. We do not view these items to be part of our sustainable results. We
believe the Core EPS measure provides an important perspective of underlying
business trends and results and provides a more comparable measure of
year-on-year earnings per share growth. Core EPS is also one of the measures
used to evaluate senior management and is a factor in determining their
at-risk compensation. The table below provides a reconciliation of diluted net
earnings per share to Core EPS:
OND 12 OND 11
Diluted Net Earnings Per Share $1.39 $0.57
Snacks results of operations – Discontinued $0.00 ($0.01)
Operations
Diluted Net Earnings Per Share-Continuing $1.39 $0.56
Operations
Impairment charges - $0.50
Charges for European legal matters - $0.02
Gain on buyout of Iberian JV ($0.21) -
Incremental restructuring $0.05 $0.01
Rounding impacts ($0.01) -
Core EPS $1.22 $1.09
Core EPS Growth 12%
JFM 13
(est.) JFM 12
Diluted Net Earnings Per Share $0.90 to $0.96 $0.82
Snacks results of operations – Discontinued - ($0.01)
Operations
Diluted Net Earnings Per Share-Continuing $0.90 to $0.96 $0.81
Operations
Impairment charges - $0.01
Incremental restructuring 0.01 $0.12
Core EPS $0.91 to $0.97 $0.94
Core EPS Growth -3% to +3%
FY 2013 FY
(est.) 2012
Diluted Net Earnings Per Share $4.04 to $4.14 $3.66
Gain from snacks divestiture - ($0.48)
Snacks results of operations – Discontinued - ($0.06)
Operations
Diluted Net EPS–Continuing Operations $4.04 to $4.14 $3.12
Impairment charges - $0.51
Incremental restructuring $0.15 $0.20
Charges for European legal matters - $0.03
Gain on buyout of Iberian JV ($0.21) -
Rounding/other impacts ($.01) ($0.01)
Core EPS $3.97 to $4.07 $3.85
Core EPS Growth 3% to 6%
Note – All reconciling items are presented net of tax. Tax effects are
calculated consistent with the nature of the underlying transaction.
Core Operating Profit Growth/Core Operating Profit Margin: This is a measure
of the Company’s operating profit growth and operating profit margin adjusted
for the current and prior year charges related to incremental restructuring
charges due to increased focus on productivity and cost savings, prior year
charges related to the European legal matters and prior year impairment
charges for goodwill and indefinite lived intangible assets:
OND 12
Operating Profit Growth 68%
Incremental restructuring 4%
Impairment Charges -61%
Charges for European legal matters -4%
Core Operating Profit Growth 7%
OND 12 OND 11
Operating Profit Margin 20.3% 12.3%
Impairment Charges - 7.1%
Charges for European legal matters - 0.3%
Incremental restructuring 0.7% 0.1%
Rounding impacts - 0.1%
Core Operating Profit Margin 21.0% 19.9%
Basis point change 110
Core Gross Margin: This is a measure of the Company’s Gross Margin adjusted
for the current year charges related to incremental restructuring due to
increased focus on productivity and cost savings:
OND 12 OND 11
Gross Margin 50.9% 50.1%
Incremental restructuring 0.3% -
Core Gross Margin 51.2% 50.1%
Basis point change 110
Core SG&A as a % of Net Sales: This is a measure of the Company’s SG&A as a %
of Net Sales adjusted for the current and prior year charges related to
incremental restructuring due to increased focus on productivity and cost
savings, and prior year charges related to the European legal matters:
OND 12 OND 11
Selling, General & Administrative 30.6% 30.6%
Expenses (SG&A) as a % Net Sales
Incremental restructuring -0.5% -0.1%
European legal matters - -0.3%
Rounding impacts 0.1% -
Core SG&A as a % Net Sales 30.2% 30.2%
Basis point change 0
Free Cash Flow: Free cash flow is defined as operating cash flow less capital
spending. We view free cash flow as an important measure because it is one
factor in determining the amount of cash available for dividends and
discretionary investment. Free cash flow is also one of the measures used to
evaluate senior management and is a factor in determining their at-risk
compensation. The reconciliation of free cash flow is provided below (amounts
in millions):
Operating Capital Free
Cash
Cash Flow Spending Flow
Jul-Dec $6,619 ($1,529) $5,090
‘12
Jul-Dec $5,495 ($1,780) $3,715
‘11
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
Three Months Ended Dec 31 Six Months Ended Dec 31
2012 2011 % CHG 2012 2011 % CHG
NET SALES $ 22,175 $ 21,744 2 % $ 42,914 $ 43,274 (1)%
COST OF PRODUCTS 10,880 10,851 0 % 21,230 21,658 (2)%
SOLD
GROSS PROFIT 11,295 10,893 4 % 21,684 21,616 0 %
SELLING, GENERAL
& ADMINISTRATIVE 6,803 6,659 2 % 13,241 13,132 1 %
EXPENSE
GOODWILL &
INTANGIBLES 0 1,554 (100)% 0 1,554 (100)%
IMPAIRMENT
CHARGES
OPERATING INCOME 4,492 2,680 68 % 8,443 6,930 22 %
INTEREST EXPENSE 169 201 (16)% 341 408 (16)%
OTHER
NON-OPERATING 895 170 426 % 942 171 451 %
INCOME/(EXPENSE),
NET
EARNINGS FROM
CONTINUING 5,218 2,649 97 % 9,044 6,693 35 %
OPERATIONS BEFORE
INCOME TAXES
INCOME TAXES 1,142 977 17 % 2,115 2,022 5 %
NET EARNINGS FROM
CONTINUING 4,076 1,672 144 % 6,929 4,671 48 %
OPERATIONS
DISCONTINUED
OPERATIONS:
INCOME FROM
DISCONTINUED - 59 (100)% - 143 (100)%
OPERATIONS BEFORE
INCOME TAX
INCOME TAXES ON
DISCONTINUED - 18 (100)% - 44 (100)%
OPERATIONS
NET EARNINGS FROM
DISCONTINUED - 41 (100)% - 99 (100)%
OPERATIONS
NET EARNINGS 4,076 1,713 138 % 6,929 4,770 45 %
LESS: NET
EARNINGS
ATTRIBUTABLE TO 19 23 (17)% 58 56 4 %
NONCONTROLLING
INTERESTS
NET EARNINGS
ATTRIBUTABLE TO 4,057 1,690 140 % 6,871 4,714 46 %
PROCTER & GAMBLE
EFFECTIVE TAX 21.9 % 36.9 % 23.4 % 30.2 %
RATE
PER COMMON SHARE:
BASIC NET
EARNINGS - $ 1.46 $ 0.58 152 % $ 2.46 $ 1.63 51 %
CONTINUING
OPERATIONS
BASIC NET
EARNINGS - $ - $ 0.01 (100)% $ - $ 0.04 (100)%
DISCONTINUED
OPERATIONS
BASIC NET $ 1.46 $ 0.59 147 % $ 2.46 $ 1.67 47 %
EARNINGS
DILUTED NET
EARNINGS - $ 1.39 $ 0.56 148 % $ 2.35 $ 1.57 50 %
CONTINUING
OPERATIONS
DILUTED NET
EARNINGS - $ - $ 0.01 (100)% $ - $ 0.03 (100)%
DISCONTINUED
OPERATIONS
DILUTED NET $ 1.39 $ 0.57 144 % $ 2.35 $ 1.60 47 %
EARNINGS
DIVIDENDS $ 0.562 $ 0.525 7 % $ 1.124 $ 1.050 7 %
AVERAGE DILUTED
SHARES 2,919.1 2,949.7 2,926.1 2,946.5
OUTSTANDING
COMPARISONS AS A Basis Basis
% OF NET SALES Pt Chg Pt Chg
GROSS MARGIN 50.9 % 50.1 % 80 50.5 % 50.0 % 50
SELLING, GENERAL
& ADMINISTRATIVE 30.6 % 30.6 % - 30.8 % 30.3 % 50
EXPENSE
GOODWILL &
INTANGIBLES 0.0 % 7.1 % (710) 0.0 % 3.6 % (360)
IMPAIRMENT
CHARGES
OPERATING MARGIN 20.3 % 12.3 % 800 19.7 % 16.0 % 370
EARNINGS BEFORE 23.5 % 12.2 % 1,130 21.1 % 15.5 % 560
INCOME TAXES
NET EARNINGS FROM
CONTINUING 18.4 % 7.7 % 1,070 16.1 % 10.8 % 530
OPERATIONS
NET EARNINGS
ATTRIBUTABLE TO 18.3 % 7.8 % 1,050 16.0 % 10.9 % 510
PROCTER & GAMBLE
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Cash Flows Information
Six Months Ended December 31
2012 2011
CASH AND CASH EQUIVALENTS, BEGINNING OF $ 4,436 $ 2,768
PERIOD
OPERATING ACTIVITIES
NET EARNINGS 6,929 4,770
DEPRECIATION AND AMORTIZATION 1,448 1,456
SHARE-BASED COMPENSATION EXPENSE 154 168
DEFERRED INCOME TAXES 18 32
GAIN ON PURCHASE/SALE OF BUSINESSES (902 ) (187 )
GOODWILL AND INDEFINITE LIVED INTANGIBLES 0 1,554
IMPAIRMENT CHARGES
CHANGES IN:
ACCOUNTS RECEIVABLE (914 ) (1,079 )
INVENTORIES (324 ) (497 )
ACCOUNTS PAYABLE, ACCRUED AND OTHER (288 ) (1,009 )
LIABILITIES
OTHER OPERATING ASSETS & LIABILITIES 556 230
OTHER (58 ) 57
TOTAL OPERATING ACTIVITIES 6,619 5,495
INVESTING ACTIVITIES
CAPITAL EXPENDITURES (1,529 ) (1,780 )
PROCEEDS FROM ASSET SALES 474 238
ACQUISITIONS, NET OF CASH ACQUIRED (1,123 ) 2
CHANGE IN INVESTMENTS (179 ) 71
TOTAL INVESTING ACTIVITIES (2,357 ) (1,469 )
FINANCING ACTIVITIES
DIVIDENDS TO SHAREHOLDERS (3,206 ) (3,013 )
CHANGE IN SHORT-TERM DEBT 4,972 2,416
ADDITIONS TO LONG-TERM DEBT 2,239 1,990
REDUCTIONS OF LONG-TERM DEBT (3,749 ) (2,514 )
TREASURY STOCK PURCHASES (3,984 ) (1,764 )
IMPACT OF STOCK OPTIONS AND OTHER 1,662 589
TOTAL FINANCING ACTIVITIES (2,066 ) (2,296 )
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND 11 (84 )
CASH EQUIVALENTS
CHANGE IN CASH AND CASH EQUIVALENTS 2,207 1,646
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 6,643 $ 4,414
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Balance Sheet Information
December 31, 2012 June 30, 2012
CASH AND CASH EQUIVALENTS $ 6,643 $ 4,436
ACCOUNTS RECEIVABLE 7,183 6,068
TOTAL INVENTORIES 7,219 6,721
OTHER 4,556 4,685
TOTAL CURRENT ASSETS 25,601 21,910
NET PROPERTY, PLANT AND EQUIPMENT 21,204 20,377
NET GOODWILL AND OTHER INTANGIBLE 87,834 84,761
ASSETS
OTHER NON-CURRENT ASSETS 5,264 5,196
TOTAL ASSETS $ 139,903 $ 132,244
ACCOUNTS PAYABLE $ 7,157 $ 7,920
ACCRUED AND OTHER LIABILITIES 9,254 8,289
DEBT DUE WITHIN ONE YEAR 9,819 8,698
TOTAL CURRENT LIABILITIES 26,230 24,907
LONG-TERM DEBT 23,607 21,080
OTHER 22,743 22,222
TOTAL LIABILITIES 72,580 68,209
TOTAL SHAREHOLDERS' EQUITY 67,323 64,035
TOTAL LIABILITIES & SHAREHOLDERS' $ 139,903 $ 132,244
EQUITY
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Earnings Information
Three Months Ended Dec 31, 2012
% Change Earnings % Net %
From Change Earnings Change
Versus Continuing Versus From Versus
Operations Continuing
Before Year Year
Net Sales Year Ago Income Ago Operations Ago
Taxes
Beauty $ 5,403 1% $ 1,138 12% $ 877 9%
Grooming 2,119 -4% 695 0% 518 0%
Health 3,267 3% 733 -7% 512 -5%
Care
Fabric
Care and 7,223 3% 1,380 15% 906 21%
Home Care
Baby Care
and 4,322 4% 945 16% 611 18%
Family
Care
Corporate (159) N/A 327 N/A 652 N/A
Total 22,175 2% 5,218 97% 4,076 144%
Company
Three Months Ended Dec 31, 2012
(Percent Change vs. Year Ago)*
Volume Volume
With Without
Acquisitions/ Acquisitions/ Foreign Net
Sales
Divestitures Divestitures Exchange Price Mix Other Growth
Beauty 0% 0% -1% 3% 0% -1% 1%
Grooming -2% 0% -3% 2% 0% -1% -4%
Health 3% 3% -2% 2% -1% 1% 3%
Care
Fabric
Care and 2% 2% 0% 1% 0% 0% 3%
Home Care
Baby Care
and 6% 6% -1% 2% -3% 0% 4%
Family
Care
Total 2% 2% -1% 2% -1% 0% 2%
Company
Six Months Ended Dec 31, 2012
% Change Earnings % Net %
From Change Earnings Change
Versus Continuing Versus From Versus
Operations Continuing
Before Year Year
Net Sales Year Ago Income Ago Operations Ago
Taxes
Beauty $ 10,343 -3% $ 1,990 2% $ 1,535 3%
Grooming 4,126 -6% 1,329 0% 984 -2%
Health 6,441 -1% 1,491 -6% 1,019 -6%
Care
Fabric
Care and 14,123 0% 2,749 11% 1,809 16%
Home Care
Baby Care
and 8,321 1% 1,754 9% 1,123 11%
Family
Care
Corporate (440) N/A (269) N/A 459 N/A
Total 42,914 -1% 9,044 35% 6,929 48%
Company
Six Months Ended Dec 31, 2012
(Percent Change vs. Year Ago)*
Volume Volume
With Without
Acquisitions/ Acquisitions/ Foreign Net
Sales
Divestitures Divestitures Exchange Price Mix Other Growth
Beauty -2% -2% -3% 3% 0% -1% -3%
Grooming -1% 0% -5% 2% 0% -2% -6%
Health 1% 1% -4% 2% 0% 0% -1%
Care
Fabric
Care and 1% 1% -3% 1% 1% 0% 0%
Home Care
Baby Care
and 4% 4% -3% 2% -2% 0% 1%
Family
Care
Total 1% 1% -3% 2% -1% 0% -1%
Company
* These sales percentage changes are approximations based on quantitative
formulas that are consistently applied.
Contact:
P&G Media Contacts:
Paul Fox, 513-983-3465
Jennifer Chelune, 513-983-2570
or
P&G Investor Relations Contact:
John Chevalier, 513-983-9974
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