Chiquita Brands International, Inc. : Chiquita Reports Fourth Quarter and Full Year 2012 Results
(Thomson Reuters ONE) -
CHIQUITA REPORTS FOURTH QUARTER AND FULL YEAR 2012 RESULTS
CHARLOTTE - March 11, 2013 - Chiquita Brands International, Inc. (NYSE: CQB)
today released financial and operating results for the fourth quarter and full
year 2012. The company reported GAAP net loss of $408 million in 2012 compared
to GAAP net income of $57 million for the full year 2011. Results for 2012
include $182 million of impairment charges principally related to the goodwill
and trademarks of its salad operations, $130 million of valuation allowances
against U.S. deferred income tax assets, $35 million for restructuring and
relocation charges and $32 million of impairment charges related to its Danone
joint venture. The company also reported comparable operating income([1]) of $7
million for 2012 compared to comparable operating income of $78 million for
2011.
For the fourth quarter of 2012, Chiquita reported GAAP net loss of $335 million
compared to GAAP net loss of $16 million for the fourth quarter of 2011.
Results for the fourth quarter of 2012 include $180 million of impairment
charges related to the goodwill and trademarks of its salad operations, $130
million of valuation allowances against U.S. deferred income tax assets and $5
million for restructuring and relocation charges. The company reported a
comparable operating loss([1]) of $14 million in the fourth quarter of 2012
compared to a comparable operating loss of $2 million in the same period of
2011.
"Chiquita has made significant progress implementing its refocused strategic
direction in the second half of 2012, and is well positioned for future growth,"
said Ed Lonergan, Chiquita's president and chief executive officer.
"Nevertheless, after adjusting for non-comparable items, both the fourth quarter
and the full year reflect the challenges the company faced throughout the year
and present difficult comparisons to prior periods due to the impact of euro
exchange rates and lower retail salad results. However, we also have
experienced higher local banana pricing in Europe as a result of a relatively
balanced banana market and have benefited from savings associated with our value
chain and corporate restructurings."
Lonergan continued, "Chiquita has momentum as we start 2013. We remain focused
on our core businesses of bananas and salads, and recent successes in both areas
will add profitable volume in the coming year. In addition, our value chain and
overhead reduction initiatives are substantially complete and further
opportunities exist. We are already seeing tangible benefits and remain
confident in our ability to achieve our long-term target operating margins. As
well, the recent refinancing provides us with financial flexibility and
capability to focus fully on delivering against our refreshed strategic
choices."
[1]Comparable basis amounts exclude certain items described below under "Non-
GAAP Measurements and Items Affecting Comparability."
2012 FULL YEAR SUMMARY
The following table shows adjustments and reconciling items made to "Operating
income (loss)," a GAAP measure, to calculate "Comparable operating income" and
"Adjusted EBITDA." See "Non-GAAP Measurements and Items Affecting Comparability"
below for descriptions of items excluded on a comparable basis, including
descriptions of how these items affect the results of reportable segments.
---------------------------
Operating Income (loss)
---------------------------
(in millions) 2012 2011
------------- -----------
Operating income (loss) (U.S. GAAP) $ (254) $ 34
Goodwill and trademark impairments 182 -
Danone JV impairments 32 -
Headquarters relocation 20 6
Restructuring 16 -
Exit activities 7 2
Shipping reconfiguration 6 4
Reserve for (recovery of) grower receivables (2) 32
------------- -----------
Comparable operating income (Non-GAAP) 7 78
Depreciation and amortization 63 61
------------- -----------
Adjusted EBITDA (Non-GAAP) $ 70 $ 139
------------- -----------
Columns may not total due to rounding.
Bananas: Net sales were $2.0 billion in 2012, a decrease of 2 percent from the
prior year primarily because of the product supply surcharge imposed in North
America during the first six months of 2011 to recover higher sourcing costs.
Local currency pricing increased 4 percent in Europe; however, U.S. dollar
equivalent pricing was lower as a result of significantly lower average euro
exchange rates, which adversely affected sales by $63 million and operating
income by $45 million compared to 2011 levels. Sourcing and logistics costs
increased because of higher fuel costs, net of hedging, and other increased
industry costs. The increased costs were partially offset with savings from the
shipping reconfiguration that was implemented in the fourth quarter of 2011 and
the first quarter of 2012. Comparable operating income was $83 million in 2012
compared to $132 million in 2011, reflecting 4.2 percent and 6.5 percent
operating margins, respectively.
Salads and Healthy Snacks: Net sales remained consistent year-on-year at
approximately $953 million as foodservice and healthy snack sales offset lower
sales of retail value-added salads. Comparable operating loss was $4 million
for the full year of 2012, versus comparable operating income of $8 million in
2011, due primarily to volume losses related to the former brand-centric retail
value-added salad strategy and higher industry production costs.
Selling, general and administrative (SG&A): SG&A decreased to $276 million in
2012 from $301 million in 2011. The decrease in SG&A reflects the continued
focus throughout the year on reducing overhead costs, combined with the
restructuring initiatives announced in August 2012. The reduction in SG&A was
partially offset by $9 million in charges to reserve for doubtful receivables
from a customer in the Middle East.
Cash, Debt and Liquidity: Cash flow from operations was $33 million for the full
year 2012 compared to $39 million for 2011. Cash flow from operations in 2012
includes $26 million of cash paid for relocation and restructuring activities.
At December 31, 2012, cash and equivalents were $51 million, and the company had
$40 million outstanding under its revolving credit facility, although it
refinanced a significant portion of its debt, including its credit facility, in
February 2013 as described below. As of December 31, 2012, the company was in
compliance with the covenants of its then existing credit facility.
2012 FOURTH QUARTER SUMMARY
The following table shows adjustments and reconciling items made to "Operating
income (loss)," a GAAP measure, to calculate "Comparable operating income" and
"Adjusted EBITDA." See "Non-GAAP Measurements and Items Affecting Comparability"
below for descriptions of items excluded on a comparable basis, including
descriptions of how these items affect the results of reportable segments.
---------------------------
Operating Income (loss)
---------------------------
(in millions) 2012 2011
------------- -----------
Operating income (loss) (U.S. GAAP) $ (205) $ (12)
Goodwill and trademark impairments 180 -
Danone JV impairments 4 -
Headquarters relocation 3 6
Restructuring 2 -
Exit activities 3 -
Shipping reconfiguration - 4
Reserve for (recovery of) grower receivables (0) (0)
------------- -----------
Comparable operating income (Non-GAAP) (14) (2)
Depreciation and amortization 17 16
------------- -----------
Adjusted EBITDA (Non-GAAP) $ 3 $ 14
------------- -----------
Columns may not total due to rounding.
Bananas: Net sales increased 2 percent to $486 million. For the fourth quarter
of 2012, higher net sales were primarily the result of local currency pricing
increasing almost 11 percent in Europe and increased volume in North America,
partially offset by the impact of lower average euro exchange rates, which
adversely affected sales by almost $9 million and operating income by $7 million
compared to 2011 levels. Higher sourcing and logistics costs were partially
offset by the savings from shipping reconfiguration. As a result, comparable
operating income was $31 million for the fourth quarter of 2012, compared to
comparable operating income of $9 million for the same period of 2011.
Salads and Healthy Snacks: Net sales remained consistent year-on-year at
approximately $223 million as foodservice and healthy snack sales offset lower
volumes of retail value-added salads. Comparable operating loss was $18 million
for the fourth quarter of 2012, versus breakeven comparable operating income in
the same period of 2011, principally due to a pineapple ingredient inventory
reserve and other industry cost increases.
GOODWILL AND TRADEMARK IMPAIRMENT ANALYSIS
At September 30, 2012, the company had goodwill of $175 million and trademarks
of $61 million related to its salad operations, Fresh Express, which are subject
to an annual impairment review each fourth quarter. Impairment reviews compare
fair value to carrying value for both Fresh Express and its trademarks, and if
the carrying value is greater than the fair value, impairment is indicated. Fair
values fluctuate based on market conditions and assumptions regarding forecasted
cash flows, discount rates applied to cash flows and other factors. Based on the
fourth quarter impairment analysis, the company recorded a non-cash impairment
charge to goodwill of $157 million and a non-cash impairment charge to the Fresh
Express trademark of $23 million. These impairment charges are the result of
lower operating performance of its retail salad business, lower retail salad
volumes, lower perceived valuation multiples in the packaged salad industry and
continuing demand for private label versus branded products. During the third
quarter of 2012, the company also recorded a $2 million non-cash impairment
charge to goodwill related to a non-core business as a result of the change in
strategic focus announced with the restructuring plan.
VALUATION ALLOWANCE AGAINST DEFERRED INCOME TAX ASSETS
In the fourth quarter, the company recorded a $130 million non-cash charge to
income tax expense to establish a valuation allowance against all of its U.S.
federal and state deferred tax assets, which are primarily net operating
losses. Valuation allowances are required if it is more likely than not that
all or some portion of the asset will not be realized. Both positive and
negative evidence is considered when making this determination. Accounting
guidance considers the company's three-year cumulative loss position in its
North American businesses to be significant negative evidence, even though it
primarily resulted from restructuring and relocation activities, the trademark
impairment and the reserve for grower receivables. The company's primary
positive evidence related to forecasts of future taxable income which shows the
utilization of the net operating losses within the statutory tax carryforward
periods; however, accounting guidance restricts the amount of reliance that can
be placed on future taxable income because it is not objectively verifiable.
Recording a valuation allowance does not affect the company's liquidity,
borrowing ratios or the availability of other capital resources. The company
does not expect to pay cash for U.S. federal taxes until its net operating
losses are fully utilized. Additionally, a sustained period of profitability in
its North American businesses will be required before the company would change
its judgment regarding the need to reverse the full amount of the valuation
allowance. Until such time, income or loss in the U.S. will not result in income
tax expense or benefit because a corresponding valuation allowance will be
released or established for the same value. Income taxes are not allocated to
reportable segments.
REFINANCING
On February 5, 2013, Chiquita issued $425 million of 7.875% senior secured notes
due 2021 and entered into a 5-year asset-backed lending arrangement that could
provide a maximum borrowing capacity of $200 million, subject to a borrowing
base calculation based on specified percentages against the value of certain
assets that were provided as collateral. The net proceeds from these
transactions were used to retire the company's existing credit facility (term
loan and revolver) and to retire its 7.5% senior notes. This refinancing
significantly extends the company's debt maturities and reduces the cash
required for debt service over the next several years, while providing financial
flexibility in the form of reduced maintenance covenants and the ability to
reduce debt with excess cash flow during this period.
OUTLOOK
The company is already seeing tangible progress from its restructuring
initiatives and continues to reduce the volatility in its business. Important
developments that are expected to produce improved results in 2013 include:
* Banana contract wins that will drive US market share growth in 2013
* Signature private label salad win that commenced shipments in Q1 2013
* Banana supply trends out of Latin America that are expected to remain
balanced with demand through the first half of the year
* Monetizing additional identified value chain and overhead simplification
opportunities
* Consolidation of the Midwest salad facilities near Chicago will be completed
and will begin to drive operating cost savings towards the end of 2013
* Non-core, non-contributing business and product lines have been identified,
and exits have been substantially completed with others underway
The company continues to mitigate the commodity risks to which it is exposed.
Downside currency risk has been largely mitigated through mid-2014 with similar
structures to those instruments that the company has used for 2013. In
addition, exposure to fuel volatility risk is reduced through the company's
hedging program and customer contractual pricing mechanisms.
These expectations do not include any unforeseen weather, event risks or major
currency fluctuations.
Management's estimates of certain financial items are as follows:
+---------------------------------+---------+---+-----------+
| (in millions) | FY 2012 | | FY 2013 |
| | Actual | | Estimated |
+---------------------------------+---------+---+-----------+
| Capital Expenditures | $53 | | $50-60 |
+---------------------------------+---------+---+-----------+
| Depreciation & Amortization | 63 | | 60-65 |
+---------------------------------+---------+---+-----------+
| Gross Interest Expense [1] | 45 | | 50-55 |
+---------------------------------+---------+---+-----------+
| Cash Payments for Interest | 36 | | 40-45 |
+---------------------------------+---------+---+-----------+
( )
[1] Interest expense includes the impact of accounting standards that added
non-cash interest expense of $10 million for 2012 and is expected to add $3
million each quarter in 2013 for a total of $11 million for the full year 2013
related to the company's convertible notes.
CONFERENCE CALL
Chiquita will hold a conference call for investors to discuss its results at
4:30 p.m. EDT today. Access to a live audio webcast is available at
http://investors.chiquita.com. Toll-free telephone access will be available by
dialing 1-877-719-9788 in the United States and +1-719-325-4785 from
international locations and providing the conference code 2994874. To access
the telephone replay, dial 1-888-203-1112 from the United States and
+1-719-457-0820 from international locations and enter the confirmation
code 2994874.
CONTACTS:
Steve Himes, 980-636-5636, shimes(at)chiquita.com, (Investors and Analysts)
Tiffany Breaux, 980-636-5029, tbreaux(at)chiquita.com, (Media)
NON-GAAP MEASUREMENTS AND ITEMS AFFECTING COMPARABILITY
The company reports its financial results in accordance with generally accepted
accounting principles in the United States of America (U.S. GAAP). To provide
investors with additional information regarding the company's results, more
meaningful year-on-year comparisons of the company's core financial performance,
and measures that management uses to evaluate the company's performance against
internal budgets and targets, the company reports certain non-GAAP measures as
defined by the Securities and Exchange Commission. This press release uses non-
GAAP measures of comparable operating income, comparable operating margin and
adjusted EBITDA. Non-GAAP financial measures should be considered in addition
to, and not instead of, U.S. GAAP financial measures, and may differ from non-
GAAP measures that other companies use. The adjustments between the U.S. GAAP
and non-GAAP financial measures listed below are excluded from comparable income
because they are unusual and/or infrequent in nature and are consistent with the
company's internal reporting and measurement of financial performance.
* Goodwill and trademark impairments: Goodwill and indefinite-lived
intangible assets, such as trademarks, are subject to an annual impairment
review each fourth quarter. Based on the fourth quarter impairment analysis,
the company recorded a non-cash impairment charge to goodwill of $157
million and a non-cash impairment charge to the Fresh Express trademark of
$23 million. These impairment charges are the result of lower operating
performance of its retail salad business, lower retail salad volumes, lower
perceived valuation multiples in the packaged salad industry and continuing
demand for private label versus branded products. These goodwill and
trademark impairments are excluded from the comparable results of the Salads
and Healthy Snacks segment. During the third quarter of 2012, the company
also recorded $2 million non-cash impairment charge to goodwill related to a
non-core business as a result of the change in strategic focus announced
with the restructuring plan, which is excluded from comparable reporting of
Corporate costs.
* Danone JV investment impairment: In the third quarter of 2012, the company
recognized $28 million to fully impair its 49% equity-method investment and
related costs and to record probable funding obligations to the Danone JV,
which are excluded from comparable results of the Salads and Healthy Snacks
segment. In the fourth quarter of 2012, changes in the estimated funding
obligations resulted in the recognition of additional charges of $4 million.
The company's obligations to fund the Danone JV are limited to an aggregate
?14 million ($18 million) without unanimous consent of the owners.
* Headquarters relocation: In November 2011, the company announced its plan to
relocate its corporate headquarters to Charlotte, North Carolina. Of the $30
million of one-time costs expected to be incurred, the company recognized
costs of $3 million in the fourth quarter of 2012, and $20 million and $5
million of capital expenditures in the twelve months ended December
31, 2012 and $6 million of costs in the fourth quarter of 2011. The
relocation is substantially complete, and the company expects less than $1
million of remaining costs and capital expenditures to be recognized through
2013. Relocation costs are excluded from comparable reporting of Corporate
costs.
* Restructuring: In August 2012, the company announced a restructuring with
the goal of increasing profitability in its core businesses, which is
expected to result in at least $60 million of annual savings. The company
recognized $2 million and $16 million of restructuring expenses in the
fourth quarter and year ended December 31, 2012, respectively. Planned
restructuring activities are substantially complete, but cash payments
related to the restructuring plan are expected to continue through 2014,
primarily related to severance payments to the former Chief Executive
Officer. Restructuring costs are excluded from comparable reporting of
Corporate costs.
* Shipping reconfiguration: During the third quarter of 2011, the company
initiated a reconfiguration of its European shipping system which provided
more than $12 million of annualized cost savings, net of transition costs
that include expected losses on subleased vessels removed from service in
2011 and 2012. Comparable operating income of the Banana segment excludes a
charge of $6 million in the first quarter of 2012 and $4 million in the
fourth quarter of 2011 for net losses expected on certain ship sublease
contracts. These sublease losses will not recur in 2013 since primary
leases for vessels expiring in 2012 will not be renewed.
* Exit activities: In the fourth quarter of 2012, the company recognized $2
million of estimated lease exit expense, net of estimated future sublease
income, which is excluded from comparable results of Corporate costs and $1
million of estimated lease exit expense excluded from comparable results of
the Other Produce segment. The first nine months of 2012 comparable
operating results also exclude $3 million of expense from the Salads and
Healthy Snacks segment and $2 million from the Other Produce segment for
asset write-offs and severance, related to discontinued products and
activities. Severance costs to realign the company's salad overhead costs
and to embed its global innovation and marketing functions into its business
units in 2011 totaled $2 million and was allocated across segments, but is
excluded from comparable results.
* Reserve for (recovery of) grower advances: The second quarter of 2011
includes a $32 million reserve for the expected remaining carrying value of
advances made to a Chilean grower. The company recovered $0.2 million in
the fourth quarter of 2012, $1.6 million in the full year 2012 and $0.4
million in the fourth quarter of 2011 through the bankruptcy process and
continues to seek additional recoveries. The reserve and the recovery are
excluded from comparable income of the Other Produce segment.
ABOUT CHIQUITA BRANDS INTERNATIONAL, INC.
Chiquita Brands International, Inc. (NYSE: CQB) is a leading international
marketer and distributor of nutritious, high-quality fresh and value-added food
products - from energy-rich bananas, blends of convenient green salads, and
other fruits to healthy snacking products. The company markets its healthy,
fresh products under the Chiquita® and Fresh Express® premium brands and other
related trademarks. With annual revenues of more than $3 billion, Chiquita
employs approximately 20,000 people and has operations in nearly 70 countries
worldwide. For more information, please visit the corporate web site at
www.chiquita.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain statements, including in the "Outlook"
section, that are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are subject to a
number of assumptions, risks and uncertainties, many of which are beyond the
control of Chiquita, including: the customary risks experienced by global food
companies, such as prices for commodity and other inputs, currency exchange rate
fluctuations, industry and competitive conditions (all of which may be more
unpredictable in light of continuing uncertainty in the global economic
environment), government regulations, food safety issues and product recalls
affecting the company or the industry, labor relations, taxes, political
instability and terrorism; challenges in implementing the relocation of its
corporate headquarters and other North American corporate functions to
Charlotte, North Carolina; challenges in implementing restructuring and
leadership changes announced in August and October 2012 including its ability to
achieve the cost savings and other benefits anticipated from the restructuring;
unusual weather events, conditions or crop risks; continued ability to access
the capital and credit markets on commercially reasonable terms and comply with
the terms of its debt instruments; access to and cost of financing; and the
outcome of pending litigation and governmental investigations involving the
company, as well as the legal fees and other costs incurred in connection with
such items.
Any forward-looking statements made in this press release speak as of the date
made and are not guarantees of future performance. Actual results or
developments may differ materially from the expectations expressed or implied in
the forward-looking statements, and the company undertakes no obligation to
update any such statements. Additional information on factors that could
influence Chiquita's financial results is included in its SEC filings, including
its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K.
# # #
Exhibit A:
CHIQUITA BRANDS INTERNATIONAL, INC.
CONSOLIDATED INCOME STATEMENT
(Unaudited - in millions, except per share amounts)
-----------------------------------------
Quarter Ended Twelve Months
December 31, Ended
December 31,
-----------------------------------------
2012 2011 2012 2011
-----------------------------------------
Net sales $ 738 $ 722 $ 3,078 $ 3,139
Operating expenses:
Cost of sales 667 650 2,743 2,698
Selling, general and 72 62 276 301
administrative
Depreciation 14 14 54 52
Amortization 2 2 9 9
Equity in losses of investees 2 1 33 6
Reserve for (recovery of) grower (0) (0) (1) 33
advances
Relocation and restructuring 5 6 35 6
costs
Goodwill and trademark 180 - 182 -
impairments
-----------------------------------------
Operating income (loss) (205) (12) (254) 34
Interest income 1 1 3 4
Interest expense (12) (11) (45) (52)
Other expense (2) (1) (2) (12)
-----------------------------------------
Loss from continuing operations
before income taxes (218) (23) (298) (25)
Income tax (115) 6 (108) 82
-----------------------------------------
Income (loss) from continuing (333) (16) (406) 57
operations
-----------------------------------------
Loss from discontinued operations (2) - (2) -
-----------------------------------------
Net income (loss) $ (335) $ (16) $ (408) $ 57
-----------------------------------------
Basic earnings per share:
Continuing operations $ (7.20) $ (0.36) $ (8.81) $ 1.25
Discontinued operations (0.04) - (0.04) -
-----------------------------------------
$ (7.24) $ (0.36) $ (8.85) $ 1.25
-----------------------------------------
Diluted earnings per share
Continuing operations $ (7.20) $ (0.36) $ (8.81) $ 1.23
Discontinued operations (0.04) - (0.04) -
-----------------------------------------
$ (7.24) $ (0.36) $ (8.85) $ 1.23
-----------------------------------------
Shares used to calculate basic
earnings per share 46.3 45.8 46.1 45.5
Shares used to calculate diluted
earnings per share 46.3 45.8 46.1 46.3
Columns may not total due to rounding.
Exhibit B:
CHIQUITA BRANDS INTERNATIONAL, INC.
OPERATING STATISTICS
(Unaudited - in millions, except for percentages and exchange rates)
Twelve Months
Quarter Ended Percent Ended Percent
December 31, Change December 31, Change
2012 2011 vs. 2011 2012 2011 vs.
2011
------------------------------- ----------------------------
Net sales by segment
Bananas $486 $475 2.3% $1,985 $2,023 (1.9)%
Salads and Healthy Snacks 223 223 0.4% 953 953 (0.1)%
Other Produce 28 24 16.2% 140 163 (14.0)%
------------------------------- ----------------------------
$738 $722 2.2% $3,078 $3,139 (1.9)%
Comparable operating income (loss) [1]
Bananas $31 $9 NM $83 $132 (37.0)
%
Salads and Healthy Snacks (18) 0 NM (4) 8 NM
Other Produce (5) 1 NM (17) (5) NM
Corporate (22) (13) NM (56) (57) 2.6%
------------------------------- ----------------------------
$(14) $(2) NM $7 $78 (91.6)%
Comparable operating margin by segment
Bananas 6.4% 1.9% 4.5 pts 4.2% 6.5% (2.3)
pts
Salads and Healthy Snacks (7.9)% 0.2% (8.1) pts (0.4)% 0.8% (1.2)
pts
Other Produce (16.8)% 3.6% (20.4) (12.3)% (3.0)% (9.3)
pts pts
(0.6)
SG&A as a percent of sales 9.8% 8.5% 1.3 pts 9.0% 9.6% pts
Company banana sales volume
(40 lb. boxes)
North America 17.0 15.5 9.9% 65.8 64.3 2.3%
Core European markets[2] 8.9 9.9 (10.6)% 38.1 40.3 (5.4)%
Mediterranean & Middle East 4.6 5.6 (17.7)% 17.9 15.9 12.5%
Banana Pricing
North America (0.8)% (4.6)%
Core European markets[2]
U.S. Dollar 5.7% (3.7)%
Local 10.8% 4.0%
Mediterranean & Middle East 28.4% 9.8%
Retail value-added salads
Volume (12-count cases) 10.9 11.4 (4.4)% 46.7 49.2 (5.2)%
Pricing (1.3)% (1.9)%
Euro average exchange rate, spot $1.29 $1.36 (4.5)% $1.28 $1.39 (7.6)%
(dollars per euro)
Euro average exchange rate, hedged $1.27 $1.39 (9.1)% $1.29 $1.39 (7.5)%
(dollars per euro)
NM - Not meaningful
Columns may not total due to rounding.
[1] See description of reconciling items between GAAP and comparable basis
figures in this press release under "Non-GAAP Measurements and Items Affecting
Comparability."
[2] The company's core European markets include the 27 member states of the
European Union, Switzerland, Norway and Iceland.
Exhibit C:
EUROPEAN CURRENCY
YEAR-ON-YEAR CHANGE - FAVORABLE (UNFAVORABLE)
2012 vs. 2011
(Unaudited - in millions)
Currency Impact (Euro/Dollar) Q1 Q2 Q3 Q4 YTD
Revenue $(10) $(25) $(20) $(9) $(63)
Local costs 2 6 4 2 14
Hedging([1]) 6 1 (1) (7) -
Balance sheet translation([2]) - (8) 7 6 4
---------------------------------------
Net European currency impact $(2) $(26) $(10) $(7) $(45)
---------------------------------------
Columns may not total due to rounding.
[1] Fourth quarter hedging costs were $3 million in 2012 versus gains of $4
million recognized in the same period of 2011. Full year hedging benefits were
$1 million for both 2012 and 2011.
[2] Fourth quarter balance sheet translation was a loss of $1 million in
2012 versus a loss of $6 million in the same period of 2011. Full year balance
sheet translation was a loss of $5 million in 2012 compared to a loss of $8
million in 2011.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Chiquita Brands International, Inc via Thomson Reuters ONE
[HUG#1684394]
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Datum: 11.03.2013 - 21:19 Uhr
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