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P&G Delivers Second Quarter Organic Sales up 3%, Core EPS of $1.21; Confirms Sales and Earnings Outlook for Fiscal Year

  P&G Delivers Second Quarter Organic Sales up 3%, Core EPS of $1.21; Confirms
  Sales and Earnings Outlook for Fiscal Year

Business Wire

CINCINNATI -- January 24, 2014

The Procter & Gamble Company (NYSE:PG) reported second quarter fiscal year
2014 net sales of $22.3 billion, unchanged versus the prior year period,
including a negative three percentage point impact from foreign exchange.
Organic sales grew three percent. Diluted net earnings per share were $1.18, a
decrease of 15 percent versus a base period that included a $0.21 per share
holding gain resulting from P&G’s purchase of the balance of its Baby Care and
Feminine Care joint venture in Iberia. Core earnings per share were $1.21, a
decrease of one percent versus the prior year. On a currency-neutral basis,
core earnings per share increased eight percent for the quarter.

“P&G’s second quarter results came in as we expected,” said Chairman,
President, and Chief Executive Officer A.G. Lafley. “We’re on-track to deliver
our objectives of 3-4% organic sales growth and 5-7% core EPS growth for the
fiscal year. We expect strong earnings growth in the second half of the fiscal
year driven by solid top-line growth, moderating headwinds from foreign
exchange, and productivity savings that build throughout the year.”

October – December Quarter Discussion

Net sales were unchanged versus the prior year at $22.3 billion in the October
– December quarter, including a negative three percentage point impact from
foreign exchange. Organic sales grew three percent. Organic sales were at or
ahead of prior year levels in each reporting segment. Volume grew three
percent. Pricing increased sales by one percent, and unfavorable geographic
and product mix decreased sales by one percent.

                  Foreign               Net           Organic  Organic
           Volume   Exchange   Price   Mix   Sales                 Volume    Sales
Beauty     1%       -2%        0%      -1%   -2%                   1%        0%
Grooming   2%       -3%        3%      -2%   0%                    2%        3%
Health     6%       -1%        2%      -3%   4%                    6%        5%
Care
Fabric
Care and   5%       -3%        0%      -1%   1%                    5%        4%
Home
Care
Baby,
Feminine
and        3%      -2%       0%     0%   1%            3%       3%
Family
Care
Total     3%      -3%       1%     -1%  0%            3%       3%
P&G

  *Beauty segment organic sales were unchanged. Gains from market growth and
    innovation in Prestige, Hair Care, Deodorants, and Personal Cleansing,
    were offset by geographic and product mix and a decrease in Skin Care
    sales.
  *Grooming segment organic sales increased three percent as higher pricing
    and innovation on Blades & Razors and Appliances were partially offset by
    market contraction in developed regions and geographic and product mix.
  *Health Care segment organic sales grew five percent due to increases in
    Oral Care and Personal Health Care from innovation which were partially
    offset by a decrease in Pet Care behind the continuing impacts from the
    product recalls in the previous fiscal year for Natura.
  *Fabric Care and Home Care segment organic sales increased four percent
    with growth in Fabric Care and Home Care due to innovation and market
    expansion in developing regions. Personal Power sales decreased due to
    shipments in the prior year which included the impact of Superstorm Sandy.
  *Baby, Feminine and Family Care segment organic sales increased three
    percent behind product innovation and Baby Care market growth in the
    developing regions.

Core earnings per share, which exclude non-core restructuring charges, were
$1.21, a decrease of one percent versus the prior year. Foreign exchange
reduced earnings by $0.11 per share. Core earnings per share were up eight
percent on a currency-neutral basis. Second quarter earnings per share growth
was also impacted by a gain of $0.07 per share, or six percent, in the base
period from the divestiture of the Italy bleach business. Diluted net earnings
per share were $1.18, a decrease of 15 percent versus the prior year.

Core operating profit margin decreased 10 basis points driven by a lower gross
margin, partially offset by a reduction in core selling, general and
administrative (SG&A) expense as a percentage of net sales. Gross margin
decreased 90 basis points due to 130 basis points of geographic and product
mix, 90 basis points from foreign exchange, and higher commodity costs, which
were partially offset by manufacturing savings of 130 basis points, volume
leverage and pricing. Core SG&A as a percentage of sales decreased 80 basis
points driven by 100 basis points from marketing and overhead productivity
savings. These benefits were partially offset by significant foreign exchange
impacts and targeted capability investments. Reported operating profit margin
increased 10 basis points, including lower year-on-year restructuring
investments.

Operating cash flow was $3.3 billion for the second quarter. The Company
repurchased $1.5 billion of common stock and returned $1.7 billion of cash to
shareholders as dividends.

Fiscal Year 2014 Guidance

P&G reiterated fiscal year 2014 guidance. The Company continues to expect
organic sales growth of three percent to four percent. All-in sales growth is
estimated in the range of one percent to two percent, including a negative
foreign exchange impact of approximately two percent. Core earnings per share
are expected to grow five percent to seven percent for the fiscal year, and
reported earnings per share are expected to grow in the range of seven percent
to nine percent.

The Company expects strong earnings growth in the second half of its fiscal
year driven by solid top-line growth, moderating headwinds from foreign
exchange, and productivity savings that build throughout the fiscal 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
                   2013        2012      %          2013      2012      %
                                         Change                         Change
COST OF PRODUCTS   $11,130     $10,880   2%         $11,077   $10,826   2%
SOLD
                                                                        
GROSS PROFIT       11,150      11,295    -1%        11,203    11,349    -1%
                                                                        
SELLING, GENERAL
& ADMINISTRATIVE   6,598       6,803     -3%        6,552     6,702     -2%
EXPENSE
                                                                        
OPERATING INCOME   4,552       4,492     1%         4,651     4,647     0%
                                                                        
DILUTED NET EPS
FROM CONTINUING    $1.18       $1.39     -15%       $1.21     $1.22     -1%
OPERATIONS
                                                                        
EFFECTIVE TAX      21.6 %      21.9 %    N/A        21.5 %    24.4 %    N/A
RATE
                                                                        
                                         Basis                          Basis
                                         Pt                             Pt
COMPARISONS AS A                         Chg                            Chg
% OF NET SALES
GROSS MARGIN       50.0 %      50.9 %    (90)       50.3 %    51.2 %    (90)
SELLING, GENERAL
& ADMINISTRATIVE   29.6 %      30.6 %    (100)      29.4 %    30.2 %    (80)
EXPENSE
OPERATING MARGIN   20.4 %      20.3 %    10         20.9 %    21.0 %    (10)
                                                                        
                                                                        
CASH FLOW (THREE MONTHS ENDED DECEMBER 31) - SOURCE/(USE)
OPERATING CASH     3,299
FLOW
FREE CASH FLOW     2,361
DIVIDENDS          (1,701)
SHARE REPURCHASE   (1,502)
                                                                        

*Core excludes incremental restructuring charges, European legal matters and
gain on buyout of Iberian joint venture.

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 result,” 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 or
experienced employees may be 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, but not limited to, 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,
import authorization or pricing controls, such as Venezuela, Argentina, China,
India and Egypt); (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 the positive reputation of 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 4.8billion people around the world with its brands.
The Company has one of the strongest portfolios of trusted, quality,
leadership brands, including Ace®, Always®, Ambi Pur®, Ariel®, Bounty®,
Charmin®, Crest®, Dawn®, Downy®, Duracell®, Fairy®, Febreze®, Fusion®, Gain®,
Gillette®, Head & Shoulders®, Iams®, Lenor®, Mach3®, Olay®, Oral-B®, Pampers®,
Pantene®, Prestobarba®, SK-II®, Tide®, Vicks®, Wella® and Whisper®.The P&G
community includes operations in approximately70countries worldwide. Please
visithttp://www.pg.comfor 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:

October – December (OND) 2013

                             Net       Foreign   Acquisition/  Organic
                                 Sales      Exchange   Divestiture    Sales
                                 Growth     Impact     Impact*        Growth
Beauty                           -2%        2%         0%             0%
Grooming                         0%         3%         0%             3%
Health Care                      4%         1%         0%             5%
Fabric Care and Home             1%         3%         0%             4%
Care
Baby, Feminine and           1%        2%        0%            3%
Family Care
Total P&G                    0%        3%        0%            3%
                                                                      
                                 Net        Foreign    Acquisition/   Organic
                                 Sales      Exchange   Divestiture    Sales
Total P&G                    Growth     Impact     Impact*        Growth
FY 2014 (Estimate)               1% to 2%   2%         0%             3% to 4%

*Acquisition/Divestiture Impact includes volume and mix impacts of acquired
and divested businesses, as well as 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
excluding charges in both years for incremental restructuring due to increased
focus on productivity and cost savings and the prior year gain on the buyout
of the Iberian joint venture. 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 13  OND 12
Diluted Net Earnings Per Share     $1.18    $1.39
Gain on buyout of Iberian JV       -        ($0.21)
Incremental restructuring          $0.03    $0.05
Rounding impacts                   -        ($0.01)
Core EPS                           $1.21    $1.22
Core EPS Growth                    -1%

Note – All reconciling items are presented net of tax. Tax effects are
calculated consistent with the nature of the underlying transaction.

Currency-neutral Core EPS: This is a measure of the Company’s Core EPS
excluding the impact of foreign exchange. We believe the currency-neutral Core
EPS measure provides a more comparable view of year-on-year earnings per share
growth.

                                                   OND 13
Diluted Net Earnings Per Share Decline               -15%
Gain on buyout of Iberian joint venture of $0.21     15%
Incremental restructuring of ($0.02)                 -1%
Core EPS Growth                                      -1%
Foreign exchange impact of $0.11                     9%
Currency-neutral Core EPS Growth                     8%

Note – All reconciling items are presented net of tax. Tax effects are
calculated consistent with the nature of the underlying transaction.

Core Operating Profit Margin: This is a measure of the Company’s Operating
Margin adjusted for the current and prior year charges related to incremental
restructuring due to increased focus on productivity and cost savings:

                               OND 13  OND 12
Operating Profit Margin          20.4%    20.3%
Incremental restructuring        0.4%     0.7%
Rounding impacts                 0.1%     -
Core Operating Profit Margin     20.9%    21.0%
Basis point change               -10

Core Selling, General and Administration Expense (SG&A) as a percentage of
sales: This is a measure of the Company’s SG&A as a percentage of sales
adjusted for the current and prior year charges related to incremental
restructuring due to increased focus on productivity and cost savings:

                                     OND 13  OND 12
SG&A as a percentage of sales          29.6%    30.6%
Incremental restructuring              (0.2%)   (0.5%)
Rounding impacts                       -        0.1%
Core SG&A as a percentage of sales     29.4%    30.2%
Basis point change                     -80

Core Effective Tax Rate: This is a measure of the Company’s effective tax rate
adjusted for current and prior year charges for incremental restructuring and
the prior year holding gain on the buyout of our Iberian joint venture
partner. The table below provides a reconciliation of the effective tax rate
to the Core effective tax rate:

                                             OND 13  OND 12
Effective Tax Rate                             21.6%    21.9%
Tax impact of incremental restructuring        (0.1%)   (0.3%)
Tax impact of gain on buyout of Iberian JV     -        2.8%
Core Effective Tax Rate                        21.5%    24.4%

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. The reconciliation of free cash flow is provided
below (amounts in millions):

              Operating                        Free Cash
             Cash Flow    Capital Spending    Flow
OND 2013      $3,299       ($938)              $2,361
                                                          

                                                                    
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
                                                                  
                  Three Months Ended December      Six Months Ended December 31
                  31
                  2013        2012        % CHG    2013        2012        % CHG
NET SALES         $ 22,280    $ 22,175    0 %      $ 43,485    $ 42,914    1 %
COST OF            11,130     10,880    2 %       21,940     21,230    3 %
PRODUCTS SOLD
GROSS PROFIT        11,150      11,295    (1)%       21,545      21,684    (1)%
SELLING,
GENERAL AND        6,598      6,803     (3)%      12,842     13,241    (3)%
ADMINISTRATIVE
EXPENSE
OPERATING           4,552       4,492     1 %        8,703       8,443     3 %
INCOME
INTEREST            187         169       11 %       352         341       3 %
EXPENSE
INTEREST            23          19        21 %       44          38        16 %
INCOME
OTHER
NON-OPERATING      43         876       (95)%     48         904       (95)%
INCOME, NET
EARNINGS
BEFORE INCOME       4,431       5,218     (15)%      8,443       9,044     (7)%
TAXES
INCOME TAXES       959        1,142     (16)%     1,914      2,115     (10)%
NET EARNINGS        3,472       4,076     (15)%      6,529       6,929     (6)%
LESS: NET
EARNINGS
ATTRIBUTABLE       44         19        132 %     74         58        28 %
TO
NONCONTROLLING
INTERESTS
NET EARNINGS
ATTRIBUTABLE      $ 3,428     $ 4,057     (16)%    $ 6,455     $ 6,871     (6)%
TO PROCTER &
GAMBLE
                                                                           
EFFECTIVE TAX       21.6 %      21.9 %               22.7 %      23.4 %
RATE
                                                                           
                                                                           
NET EARNINGS
PER COMMON
SHARE:
BASIC NET
EARNINGS PER      $ 1.24      $ 1.46      (15)%    $ 2.32      $ 2.46      (6)%
COMMON SHARE
DILUTED NET
EARNINGS PER      $ 1.18      $ 1.39      (15)%    $ 2.21      $ 2.35      (6)%
COMMON SHARE
                                                                           
DIVIDENDS PER     $ 0.602     $ 0.562     7 %      $ 1.203     $ 1.124     7 %
COMMON SHARE
DILUTED
WEIGHTED
AVERAGE COMMON      2,908.5     2,919.1              2,916.4     2,926.1
SHARES
OUTSTANDING
                                                                           
                                                                           
                                                                           
                                          Basis Pt                         Basis
                                                                           Pt
COMPARISONS AS A                          Chg                              Chg
% OF NET SALES
GROSS MARGIN        50.0 %      50.9 %    (90)       49.5 %      50.5 %    (100)
SELLING,
GENERAL AND         29.6 %      30.6 %    (100)      29.5 %      30.8 %    (130)
ADMINISTRATIVE
EXPENSE
OPERATING           20.4 %      20.3 %    10         20.0 %      19.7 %    30
MARGIN
EARNINGS
BEFORE INCOME       19.9 %      23.5 %    (360)      19.4 %      21.1 %    (170)
TAXES
NET EARNINGS        15.6 %      18.4 %    (280)      15.0 %      16.1 %    (110)
NET EARNINGS
ATTRIBUTABLE        15.4 %      18.3 %    (290)      14.8 %      16.0 %    (120)
TO PROCTER &
GAMBLE
                                                                           

                                                                          
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Earnings Information
                                                               
            Three Months Ended December 31, 2013
                           % Change                  %                   %
                                                     Change              Change
                           Versus         Earnings   Versus             Versus
                                          Before
            Net Sales     Year Ago      Income    Year    Net       Year
                                          Taxes      Ago      Earnings   Ago
Beauty      $ 5,284        -2%            $ 1,160    2%       $ 927      6%
Grooming    2,118          0%             730        5%       553        7%
Health      2,574          4%             536        7%       377        8%
Care
Fabric
Care and    6,851          1%             1,344      0%       877        0%
Home Care
Baby,
Feminine
and         5,603          1%             1,142      -6%      765        -4%
Family
Care
Corporate   (150)         N/A           (481)     N/A     (27)      N/A
Total       22,280         0%             4,431      -15%     3,472      -15%
Company
                                                                                  
                                                                      
            Net Sales Change Drivers 2013 vs. 2012 (Three Months Ended December 31)
            (Percent Change vs. Year Ago)*
                           Volume
            Volume with    excluding
            Acquisitions   Acquisitions                                           Net
            &              &                                                      Sales
            Divestitures  Divestitures  Foreign   Price   Mix       Other   Growth
                                          Exchange
Beauty      1%             1%             -2%        0%       -1%        0%       -2%
Grooming    2%             2%             -3%        3%       -2%        0%       0%
Health      6%             6%             -1%        2%       -3%        0%       4%
Care
Fabric
Care and    5%             5%             -3%        0%       -1%        0%       1%
Home Care
Baby,
Feminine
and         3%            3%            -2%       0%      0%        0%      1%
Family
Care
Total       3%            3%            -3%       1%      -1%       0%      0%
Company
                                                                                  
                                                               
            Six Months Ended December 31, 2013
                           % Change                  %                   %
                                                     Change              Change
                           Versus         Earnings   Versus             Versus
                                          Before
            Net Sales     Year Ago      Income    Year    Net       Year
                                          Taxes      Ago      Earnings   Ago
Beauty      $ 10,187       -2%            $ 2,069    4%       $ 1,617    5%
Grooming    4,074          -1%            1,331      0%       1,006      2%
Health      4,880          2%             934        -5%      644        -4%
Care
Fabric
Care and    13,551         2%             2,642      -1%      1,734      -1%
Home Care
Baby,
Feminine
and         11,106         3%             2,263      -3%      1,490      -2%
Family
Care
Corporate   (313)         N/A           (796)     N/A     38        N/A
Total       43,485         1%             8,443      -7%      6,529      -6%
Company
                                                                                  
                                                                      
            Net Sales Change Drivers 2013 vs. 2012 (Six Months Ended December 31)
            (Percent Change vs. Year Ago)*
                           Volume
            Volume with    excluding
            Acquisitions   Acquisitions                                           Net
            &              &                                                      Sales
            Divestitures  Divestitures  Foreign   Price   Mix       Other   Growth
                                          Exchange
Beauty      1%             2%             -2%        0%       -1%        0%       -2%
Grooming    1%             1%             -2%        2%       -1%        -1%      -1%
Health      2%             2%             -1%        2%       -1%        0%       2%
Care
Fabric
Care and    6%             6%             -3%        -1%      0%         0%       2%
Home Care
Baby,
Feminine
and         5%            5%            -2%       0%      0%        0%      3%
Family
Care
Total       4%            4%            -2%       0%      -1%       0%      1%
Company
                                                                                  

* Sales percentage changes are approximations based on quantitative formulas
that are consistently applied.


THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Statements of Cash Flows
                                                              
                                            Six Months Ended December 31
                                             2013                2012
                                                                 
CASH AND CASH EQUIVALENTS, BEGINNING OF      $5,947              $4,436
PERIOD
                                                                 
OPERATING ACTIVITIES
NET EARNINGS                                 6,529               6,929
DEPRECIATION AND AMORTIZATION                1,526               1,448
SHARE BASED COMPENSATION EXPENSE             153                 154
DEFERRED INCOME TAXES                        (126)               18
GAIN ON PURCHASE/SALE OF BUSINESSES          (5)                 (902)
CHANGES IN:
ACCOUNTS RECEIVABLE                          (376)               (914)
INVENTORIES                                  (446)               (324)
ACCOUNTS PAYABLE, ACCRUED AND OTHER          (1,191)             (288)
LIABILITIES
OTHER OPERATING ASSETS & LIABILITIES         (859)               556
OTHER                                        138                 (58)
TOTAL OPERATING ACTIVITIES                   5,343               6,619
                                                                 
INVESTING ACTIVITIES
CAPITAL EXPENDITURES                         (1,663)             (1,529)
PROCEEDS FROM ASSET SALES                    15                  474
ACQUISITIONS, NET OF CASH ACQUIRED           1                   (1,123)
CHANGE IN OTHER INVESTMENTS                  (149)               (179)
TOTAL INVESTING ACTIVITIES                   (1,796)             (2,357)
                                                                 
FINANCING ACTIVITIES
DIVIDENDS TO SHAREHOLDERS                    (3,409)             (3,206)
CHANGE IN SHORT-TERM DEBT                    (429)               4,972
ADDITIONS TO LONG-TERM DEBT                  4,271               2,239
REDUCTION OF LONG-TERM DEBT                  (3)                 (3,749)
TREASURY STOCK PURCHASES                     (4,004)             (3,984)
IMPACT OF STOCK OPTIONS AND OTHER            937                 1,662
TOTAL FINANCING ACTIVITIES                   (2,637)             (2,066)
                                                                 
EFFECT OF EXCHANGE RATE CHANGES ON CASH      72                  11
AND CASH EQUIVALENTS
                                                                 
CHANGE IN CASH AND CASH EQUIVALENTS          982                 2,207
                                                                 
CASH AND CASH EQUIVALENTS, END OF PERIOD     $6,929              $6,643
                                                                 
                                                                 
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Condensed Consolidated Balance Sheet
                                                                 
                                             December 31, 2013   June 30, 2013
                                                                 
CASH AND CASH EQUIVALENTS                    $6,929              $5,947
AVAILABLE-FOR-SALE INVESTMENT SECURITIES     1,574               -
ACCOUNTS RECEIVABLE                          6,911               6,508
TOTAL INVENTORIES                            7,379               6,909
OTHER                                        4,674               4,626
TOTAL CURRENT ASSETS                         27,467              23,990
                                                                 
PROPERTY, PLANT AND EQUIPMENT, NET           22,152              21,666
GOODWILL, TRADEMARKS AND OTHER INTANGIBLE    87,888              86,760
ASSETS, NET
OTHER NONCURRENT ASSETS                      5,420               6,847
                                                                 
TOTAL ASSETS                                 $142,927            $139,263
                                                                 
ACCOUNTS PAYABLE                             $7,156              $8,777
ACCRUED AND OTHER LIABILITIES                9,480               8,828
DEBT DUE WITHIN ONE YEAR                     14,091              12,432
TOTAL CURRENT LIABILITIES                    30,727              30,037
                                                                 
LONG-TERM DEBT                               21,517              19,111
OTHER                                        20,545              21,406
TOTAL LIABILITIES                            72,789              70,554
                                                                 
TOTAL SHAREHOLDERS' EQUITY                   70,138              68,709
                                                                
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY     $142,927            $139,263
                                                                 

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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