Study on financial performance and working capital of pepsico.


Submitted to:

Prof. Padmavathi

Submitted by:
Harsh jain Pgdm, Sec-µc¶ Sem-2nd, Roll- 5130


I sincerely thank to Mr.AshutoshAggarwal (account executive, PepsiCo), person of amiable personality, for assigning such a challenging project work which has enriched my work experience and getting me acclimatized in a fit and final working ambience in the premises of PEPSICO. I acknowledge my gratitude to Prof. Padmavathi (VishwaVishwani Institute of Systems and Management), for her extended guidance, encouragement, support, and reviews without whom this project would not have been a success. Last but not the least I would like to extend my thanks to all employees at PEPSICO and my friends for their cooperation, valuable information and feedback during my project.


The project on working capital management has been a very good experience. Every manufacturing company faces the problem of working capital management in their day to day process. An organization¶s cost can be reduced and the profit can be increased only if it is able to manage its working capital efficiently. At the same time the company can provide customer satisfaction and hence can improve their overall productivity and profitability.

This project is a sincere effort to study and analyse the working capital management of PEPSICO Bottling group. The project was focused on making a financial overview of the company by conducting a Working Capital analysis of PEPSICO Bottling group for the years 2006 to 2008 and Ratios & various components of working capital & for the year 2008 in a CMA (cash monitoring arrangement) format emphasizing on Working Capital. The experience that I gathered over the past three days has certainly provided the orientation, which I believe will help me in shouldering any responsibility in future.

The research done by, Gass D., ³How To Improve Working Capital Management´ (2006)"Cash is the lifeblood of business" is an often repeated maxim amongst financial managers. Working capital

management refers to the management of current or short term assets and short-term liabilities. Components of short-term assets include inventories, loans and advances, debtors, investments and cash and bank balances. Short term liabilities include creditors, trade advance s, borrowings and provisions. The major emphasis is, however, on short-term assets, since short-term liabilities arise in the context of short-term assets. It is important that companies minimize risk by prudent working capital management.The research done by, HardcastleJ., ³Working Capital Management,´ (2007) describes that Working capital, sometimes called gross working capital, simply refers to the firm's total current assets (the short-term ones), cash, marketable securities, accounts receivable, and inventory. While long-term financial analysis primarily concerns strategic planning, working capital

management deals with day-to-day operations. By making sure that production lines do not stop due to lack of raw materials, that inventories do not build up because production continues unchanged when sales dip, that customers pay on time and that enough cash is on hand to make payments when they are due. Obviously without good working capital management, no firm can be efficient and profitabl e.The research done by, Dubey R., ³Working Capital Management -an Effective Tool

forOrganisational Success´ (2008) describes that the working capital in a firm generally arises out of four basic factors like sales

volume,technological changes, seasonal , cyclical changes and policies of the firm.The strength of the firm is dependent on the working capital as

discussed earlier but this working capital is in itself dependent on the level of sales volume of the firm.The firm requires current assets to support and maintain operational or functional activities.By current assets we mean the assets which can be converted readily into cash say within a year such as receivables, inventories and liquid cash.If the level of sales is stable and towards growth the level of cash, receivables and stock will also be on the high. The research done by, ThachappillyG., ³Working Capital Management Manages Flow ofFunds´,(2009) describes that Working capital is the cash needed to carry on operations during the cash conversion cycle, i.e. the days from paying for raw materials to collecting cash from customers. Raw materials and operating supplies must be bought and stored to ensure uninterrupted production. Wages, salaries, utility charges and other incidentals must be paid for converting the materials into finished products. Customers must be allowed a credit period that is standard in the business. Only at the end of this cycle does cash flow in again.

PepsiCo is a world leader in convenient foods and beverages, with 2008 revenues of morethan $ 13796 Million and 168,000 employees. The company consists of Frito-Lay North America, PepsiCo Beverages North America, PepsiCo International and Quaker Foods North America. PepsiCo brands are available in nearly 200 countries and territories and generate sales at the ret ail level of about $92 billion. Some of PepsiCo's brand names are more than 100 -years-old, but the corporation is relatively

young. PepsiCo was founded in 1965 through the merger of Pepsi -Cola and Frito-Lay. Tropicana was acquired in 1998 and PepsiCo merged with the Quaker Oats Company, including Gatorade, in 2001. PEPSI is a soft drink produced and manufactured by PepsiCo. It is sold in many places such as retail stores, restaurants, schools, cinemas and from vending machines. The drink was first made in the 1890s by pharmacist Caleb Bradham in New Bern, North Carolina. The brand was trademarked on June 16, 1903. There have been many Pepsi variants produced over the years since 1898. In October 2008, Pepsi announced that it would be redesigning its logo and re-branding many of its products by early 2009. In 2009, Pepsi, Diet Pepsi and Pepsi Max began using all lower-case fonts for name brands, and Diet Pepsi Max was re-branded as Pepsi Max. The brand's blue and red globe trademark became a series of "smile s," with the central white band arcing at different angles depending on the product. As of July 2009, the 2003 Pepsi logo is still the current logo for Pepsi Wild Cherry and Pepsi ONE. Countries such as Australia and India continue to use the old design on all packaging. Diet Pepsi Wild Cherry, Pepsi throwback, Diet Pepsi Lime, and Diet Pepsi Vanilla received the redesign. It was first introduced in North Carolina in 1898 by Caleb Bradham, who made it at hispharmacy which sold the drink. Known back then as "Brad's Drink", it was later named Pepsi Cola possibly due the digestive enzyme pepsin and kola nuts used in the recipe. Bradhamsought to create a fountain drink that was delicious and would aid in digestion and boost energy. In 1903, Bradham moved the bottling of Pepsi-Cola from his drugstore into a rented warehouse. That year, Bradham sold 7,968 gallons of syrup. The next year, Pepsi was sold in Six-ounce bottles, and sales increased to 19,848 gallons. In 1926, Pepsi received its first logo redesign since the original design of 1905. In 1929, the logo was changed again. In 1929, automobile race pioneer Barney Oldfield endorsed Pepsi -Cola in

newspaper ads as "A bully drink...refreshing, invigorating, a fine bracer before a race. In 1931, the Pepsi-Cola Company went bankrupt during the Great Depression- in large part due to financial losses incurred by speculating on wildly fluctuating sugar prices as a result of World War I. Assets were sold and Roy C. Megargel bought the Pepsi trademark. Eight years later, the company went bankrupt again. Pepsi's assets were then purchased by Charles Guth,the President of Loft Inc. Loft was a candy manufacturer with retail stores that containedsoda fountains. He sought to replace CocaCola at his stores' fountains after Coke refused to give him a discount on syrup. Guth then had Loft's chemists reformulate the Pepsi-Cola syrup formula.

Our mission is to be the world¶s premier consumer products focused on convenient foods andbeverages. We seek to produce financial rewards to investors as we provide opportunities for growth and enrichment to our employee, our business partners and the com munities which we operate. And in everything we do, we strive for ho nestly, fairness and integrity.

³PepsiCo responsibility is to continually improve all aspects of the world in

which weoperate environment, social, economic ± creating a better tomorrow than today´. Our vision is put in to action through programs and a focus on environmental stewardship, activities to benefit society, and

a commitment to build shareholder value by making PepsiCo a truly sustainable company.

A managerial accounting strategy focusing on maintaining efficient levels of bothComponents of working capital, current assets and current liabilities, in respect to each other are referred to as working capital management. Working capital management ensures a company has sufficient cash flow in order to meet its short -term debt obligations and Operating expenses. Implementing an effective working capital

management system is an excellent way for many companies to improve their earnings. The two main aspects of working capital management are ratio analysis and management of individual components of working capital. Ratio analysis will lead management to identify areas of focus such as inventory management, cash management, accounts receivable and payable management. The study objectives in working capital management particular to this study are: 

To examine the impact of accounts receivables days, inventories days,
accountspayable Days and cash conversion cycle on return on total assets 

To analyse the trend in working capital needs of firms and to
examine the causes forany significant differences between the industries.

Working Capital Components
The term working capital refers to the amount of capital which is readily available to anOrganization. It is a measure of both a company's efficien cy and its short-term financial health. That is, working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commitments for which cash will soon be required (Current Liabilities). Current Assets are reso urces which are in cash or will soon be converted into cash in ³the ordinary course of business´. ³Current Liabilities are commitments which will soon require cash settlement in ³the ordinary course of business´. The working capital is calculated as: WORKING CAPITAL = CURRENT ASSETS-CURRENT LIABILITIES Current assets Current liabilities

Cash in hand/bank Bills receivables Sundry Debtors Short term loans Inventory stocks Temporary investment Accrued income prepaid expenses

Bills payables Sundry creditors Outstanding expenses Accrued expenses Bank overdraft

Positive working capital means that the company is able to pay off its short-term liabilities.Negative working capital means that a company currently is unable to meet its short-term liabilities with its current assets (cash, accounts receivable, inventory). If a company's current assets do not

exceed its current liabilities, then it may run int o trouble paying back creditors in the short term. The worst-case scenario is bankruptcy. A declining working capital ratio over a longer time period could also be a red flag that warrants further analysis. Working capital also gives investors an idea of the company's underlying operational efficiency. Money that is tied up in inventory or money that customers still owe to the company cannot be used to pay off any of the company's obligations. So, even if accompany is not operating in the most efficient manner (slow collection), it will show up as an increase in the working capital. This can be seen by comparing the working capital from one period to another; slow collection may signal an underlying problem in the company's operations.

Working capital analysis
The major components of gross working capital include stocks (raw materials, work-in-progressand finished goods), debtors, cash and bank balances. The composition of working capital depends on a multiple of factors, such as operating level, level of operational efficiency, inventory policies, book debt policies, technology u sed and nature of the industry. While inter- industry variation is expected to be high, the degree of variation is expected to be low for firms within the industry.

Nature and importance of working capital analysis
The working capital meets the short-term financial requirements of a business enterprise. It isa trading capital, not retained in the business in a particular form for longer than a year. The money invested in it changes form and substance during the normal course of business operations. If it becomes weak, the business can hardly prosper and survive. The success of

a firm depends ultimately, on its ability to generate cash receipts in excess of disbursements.On the one hand, working capital is always significant.

This is especially true from the lenders or creditors perspective, where the main concern is defensiveness: can the company meet its short-term obligations, such as paying vendor bills? But from the perspective of equity valuation and the company's growth prospects, working capital is more critical to some businesses than to others. At the risk of oversimplifying, we could say that the models of these businesses are asset or capital intensive rather than service or people intensive.

Approaches of working capital management
The objective of working capital management is to maintain the optimum balance of each ofthe working capital components. This includes making sure that funds are held as cash in bank deposits for as long as and in the largest amounts possible, thereby maximizing the interest earned. However, such cash may more appropriately be ³invested´ in other assets or in reducing other liabilities.

Working capital management takes place on two levels: Ratio analysis can be used to monitor overall trends in working capital and to identify areas requiring closer management. The individual components of working capital can be effectively managed by using various techniques and strategies. When considering these techniques and strategies, departments need to recognize that each department has a unique mix of working capital components. The emphasis that needs to be placed on each component varies according to department. For example, some

departments have significant inventory levels; other s have little if any

inventory. Furthermore, working capital management is not an end in itself. It is an integral part of thedepartment¶s overall management.

The needs of efficient working capital management must be considered in relation to other aspects of the departmen t¶s financial and non-financial performance.

Working capital cycle
Working capital cycle, also known as the asset conversion cycle, operating cycle, cashconversion cycle or just cash cycle, is used in the financial analysis of a business. The higher the number, the longer a firm's money is tied up in business operations and unavailable for other activities such as investing. The cash conversion cycle is the number of days between paying for raw materials and receiving cash from selling goods made from that raw material. 

Cash Conversion Cycle = Average Stockho lding Period (in days) +
Average Receivables. 

Processing Period (in days) - Average Payables Processing Period (in
days) with. 

Average Stockholding Period (in days) = Closing Stock / Average
Daily Purchases. 

Average Receivables Processing Period (in days) = Accounts
Receivable / AverageDaily Credit Sales. 

Average Payable Processing Period (in days) = Accounts Payable /
Average DailyCredit Purchases.

Schedule of changes in working capital
Working capital for 2006 to 2008 2006
Current assets (us$ million) cash equivalents Accounts receivable Inventory Other assets



629 1332 533

647 1520 577 342 3086

966 1371 528 276 3141

current 255

Total assets

current 2749

Current liability Accounts payable Short term debt Accrued liability

1677 374 0

1968 247 0 2215

1675 1408 0 3083

Total liability

current 2051

Net capital

working 698



Assessment of working capital requirement:
1.Total current assets 2.Current liabilities (other than bank borrowings) 3.Working capital gap 4.Min. stipulated net working capital (25% of total c.a.) 5.Projected net working capital 6.Item 3 minus item 4 7.Item 3 minus item 5 8.Maximum permissible bank finance
2006 2749 2007 3086 2008 3141




2120 687.25

2439 771.5

2175 785.25

698 1432.75 1422 1422

871 1667.5 1568 1568

58 1389.75 2117 1389.75

Working capital management ensures a company has sufficient cash flow in order to meet itsshort-term debt obligations and operating expenses. In 2006 the company have Rs.691mill$. Its shows good financial position of the company. In 2007 it increases to 871 million $. In this year company have taken less short term debt from previous year. This year company uses his own funds. Its shows the efficient working capital management by

Pepsi. In 2008 the company have only 58 mill $ working capital because in this year company have takes much more short termloans for its expansion and pay for his day to day expenses. Its shows the company have notutilise efficiently the fixed assets. In this year world economy faces downturns. Recessi on has also affected on Pepsi. this year. For this company has taken $1408 mill. Short term loans.Its increases the current liability of the company. Company pay its quickly in his payable time. Its shows the good liquidity position of the company in 2008. This year company have more cash & bank balance in hand from the previous year. Its 50% more than from the previous year. This year company have $1675 million. Accounts payable it is less from the previous year. It is good for the company.

Objective of the study 
To observe the systems, process, interactions in the organization.  To study and analyse the working capital management of PepsiCo.  To study that how they use working capital to solve day to day

To study about their Operating Cycle, cash conversion cycle,
processing period.

Research methodology
The term research refers to the systematic method consisting of enunciating the problem ,formulating a hypothesis collecting the data , analysing the facts and reaching the certain conclusions either in the form of solution towards the concern problem or in certain generalization for some theoretical formulation . Research Methodology is a way to systematically solve the research problem .It may be understood as a science of studying how research is done scientifically. For completing the project work, data inputs were collected from the following sources:

Primary data:
· Collected data through discussion with the Finance manager in Pepsi. · Collected data during working in Pepsi.

Secondary Data:
· Collected data from personnel manual of Pepsi. · Collected data from different magazines, journals, Newspapers and Internet.

For this project I¶ve used the secondary data in the form of Annual report 2006, Annualreport 2007, and Annual report 2008.

Analysis of various components of working capital
Inventory analysis:
Inventory is total amount of goods and materials content in a store of factory at any giventime. Inventory means stock of three things: 1. Raw materials 2. Semi-finished goods. 3. Finished goods.

Position of inventory in PepsiCo:

Inventories Raw materials Finished goods Total

2006 175 358 533

2007 195 382 577

2008 185 343 528

All are in Rs. in million $. Interpretation:

By analysing the 3 years data we see that the inventories are increased in year 2007 by 577.We are looking approximate same pattern in inventories. We can see that inventories are grown by 4.1% and 4.1% in 06 and 07 respectively from previous year. By this growth we can say that the company is growing very smoothly in soft drink sector. A company uses inventory when they have demand in market and Pepsi is having a great demand in beverages sector. From other point of view we can say that the

liquidity of firm is blocked in inventories but to stock is very good due to uncertainty of availability of raw material in time.

Sundry debtor analysis:
Debtors or an account receivable is an important component of working capital and fall undercurrent assets. Debtors will arise only when credit sales are made.

Position of sundry debtor in PepsiCo:
All are in Rs. m million $

Debtor(net) Trade


2007 1319

2008 1208

account 1026

receivable Allowances for 52 doubtful accounts Accounts receivable Other receivable Total












In the table we see that there is rise in the debtors in PepsiCo Limited in the successive years. A simple logic is that debtors increase only when sales

increase and if salesincreases it is good sign for growth. We can say that it is a good sign as well as negative also.

Company policy of debtors is very good but a risk of bad debts is always present in high debtors. When sales are increasing with agreat speed the profit also increases. If company decreases the Debtors they can use the money in many investment plans.

Cash and bank balances analysis:
Cash is called the most liquid asset and vital current assets. It is an important component ofworking capital. In a narrow sense, cash includes notes, bank draft, cheque etc. while in a broader sense it includes near cash assets such as marketable securities and time deposits with bank.

Position of cash and bank balance in PepsiCo:
Year Cash and balance equivalent
All are in Rs. million $. 2006 2007 647 2008 966

bank 629

If we analyse the above table we find that it follows an increasing trend. In the year2006 it had maintained a 629 mill $ amount of cash and ban k balance which has increase in the year 2007 up to 647 mill $ but there is huge increase between the year 2007 and 2008. Although company¶s cash is increasing this is very good sign for company. Holding more cash is not good it means company not using the cash for better projects. The analysis

shows that the fix deposits of company are rapidly increase in las t year as 49% respectively from previous year. Company is utilizing the fixed cash for exploding the projects that is good for growth.

Position of current liabilities in PepsiCo:
Current liabilities
2006 2007 1968 2008 1675

Account payable 1677 and other current liabilities Short liabilities current maturities

term 374



7 2215

1305 3083

Total 2051 All are in Rs. million $.

Weanalyse the above table then we can see that it follow an uneven trend. The importantcomponent of current liabilities is sundry creditors and other liabilities. In 06-07 it increased by 17% and in 07-08 it increased by 16.9%. In 07-08 it was increased because of growth in short term debt by 39%.This is liability for company so this should be less. When company have minimum liabilities it creates a better goodwill in market. High current liabilities indicate that company is using credit facility.

Provision analysis:
Year Deferred taxes

2006 61

2007 42

2008 47

Proposed dividend Income tax Total




159 310

177 332

112 294

From the above table we can see that provision shows an approximate same trend and thehuge amount is being kept in these provisions. Though the profits of the company are increased income tax is also increased which is good that company is creating goodwill in market by paying income tax in time. Other provisions are also for the benefit of employeesand public. This is good sign for Company growth.

Working capital ratios:
Position of receivable ratio in PepsiCo:
Receivable ratio= debtors / sales*365



2007 9.5

2008 9.5

Receivable ratio 10.1

Generally a low debtor¶s turnover ratio implies that it considered congenial for the businessas it implies better cash flow. The ratio indicates the time at which the debts are collected on an average during the year. Needless to say that a high Debtors Turnover Ratio implies a shorter collection period which indicates prompt payment made by the customer.Now if we analyse

the three year data we can say that it holds a good position whilereceiving its money from its debtors. The ratios are same in last two year, which implies that recovery position is good and company should maintain these positions.

Position of payable ratio in PepsiCo:
Payable ratio= creditors/cost of sales*365

Year days


2007 90.3

2008 87.6

Payable ratio in 87.4

Actually this ratio reveals the ability of the firm to avail the credit facility from the suppliersthroughout the year. Generally a low creditor¶s turnover ratio implies favourable since the firm enjoys lengthy credit period. Now if we analyse the three years data we find that in these year the ratio was approximately same high which means that its position of creditors is good, but in the 2007 it increases to 90 days. In next year it is seen that it has followed a decreasing trend which is very good sign for the company. So we can say it enjoys a very good cr edit facility from the from the suppliers.

Position of inventory ratio in PepsiCo:

Inventory turnover ratio= average stock/cost of goods sold*365

Year Inventory ratio

2006 13.7

2007 13.3

2008 13.7

This ratio tells the story by which stock is converted into sales. A high stock turnover ratioreveals the liquidity of the inventory i.e., how many times on an average, inventory is turned over or sold during the year. If a firm maintains a minimum stock level in order to maximize sales by quick rotation of inventory and the holding cost of inventory will be minimum. A low stock turnover ratio reveals undesirable accumulation of obsolete stock. By analysing the three year data it seen that it follows an approximately same trend. We see that from the year 2006 to 2008 it is more or less double which has been rectified in the year 2008. But it is needless to say that ratio the company maintai ns is very high and the company is required to take measures to lower down this ratio as it affects the working capital cycle of company and the flow of cash in the company.

Position of current ratio in PepsiCo:

Current ratio= total current asset/total cur rent liabilities

Year Current ratio

2006 1.34

2007 1.39

2008 1.02

This ratio reflects the financial stability of the enterprise. The standard of the normal ratio is2:1 but in most of companies¶ standard is taken

according to Tendon Committee which is taken as 1.33:1. Now if we analyse the three years data it can be predicted that it holds a stable position allthroughout period but it is seen that it holds a low position than the standard one and thecompany is required to improve its position.

Position of quick ratio in PepsiCo:
Quick ratio= total liquid assets/total liquid liabilities


2006 1.08

2007 1.13

2008 0.84

Quick ratio

It is the ratio between quick liquid assets and quick liabilities. The normal value for suchratio is taken to be 1:1. It is used as an assessment tool for testing the liquidity position of the firm. It indicates the relationship between strictly liquid assets whose realizable value is almost certain on one hand and strictly liquid liabilities on the other hand. Liquid assets comprise all current assets minus stock.By analysing the three years data it can be said that its position was good in the year 2006and 2007 but its decrease in the next year. But it is to be said that it is higher than the standard in the year 2006 & 2007. Its shows the higher liquidity position of the company.

Working capital turnover ratio:
Working capital ratio= cost of sale/net working capital

Year Working ratio


2007 8.46

2008 130.79

capital 9.88

This ratio indicates whether the investments in current assets or net current assets (i.e.,working capital) have been properly utilized. In order words it shows the relationship between sales and working capital. Higher the ratio lower is the investment in working capital and higher is the profitability. But too high ratio indicates over trading. This ratio is an important indicator about the working capital position. Now if we analyse the three years data, we find that it follows an increas ing trend which means that its investment in working capital is lower and the company is utilizing more of its profit. But we find that in2008 the ratio was increasing up to 130. In this year company takes much more short term loans for its short time requirement which is not a good sign for the company and the company is required to look into these matters closely.

Profitability ratio:
Particulars Net sale

2006 12730

2007 13591 7370

2008 13796 7586

Cost of goods 6900 sold Opening profit 5830 before interest opening profit 5830





after interest Profit/loss before tax Profit/loss after 522 tax Dividend payout/ drawings









Income statement of PepsiCo 2004 to 2008:
Year Sales

2004 10906

2005 11885 1023

2006 12730 1017

2007 13591 1071

2008 13796 649


13404 617

Operating 976 income Income tax Net income













Analysing the last five year data we say that sales have increasing trend. Its shows thegrowth of the company. The profits are increasing year by year but in 2008 the profits are very low from previous year. In this year company takes huge amount of short term loans in this way they give more interest on this. This is the main reason the company profits are very low. Now in 2009 the profits of the company is 223 mill $ its shows amazing growth rate of the company In two quarters of 2009 company sales are equal to last year. This year company cover all the loses of previous year.

Pepsi bottling group has once again, demonstrated the power of our operatingcapabilities and unique assets in 2008. 

Comparable diluted earnings per share growth of 3% to $2.27  worldwide revenue growth of 2%  Comparable operating income growth of 2%  Returned $624 million in cash to shareholder  This year company takes $1400million short term loans because of
macroeconomics downturns in economy. 

In 2008 company gives .65$ dividend to his shareholder.  This year company have 2% growth in EPS this is very low from
theprevious year because company has paid many interest on short term loans.

Pepsi bottling group has once again, demonstrated the power of our operating capabilitiesand unique assets in 2008. While facing

unprecedented macroeconomics challenges throughout the world, PBG showed flexibility and discipline to advance our business priorities and become a stronger, more focused organisation. The overall performance of PepsiCo is getting on a good track. The total turnover of the company has registered a growth of 205 Million whereas the operating profits for the year were lower by 422 million mainly on the accounts of increase in the volume or sales, higher realization and effective cost control measures taken by the company. The profit before tax is 709 million at against 681 millions in the previous year. The cash earning of the company improved substantially to 1437 million as against 1228 million in the last financial year. With the increase in capacity on acco unt of expansion projects being undertaken by the company, it is expected that the co mpany would be in a position to maintain the growth in future years. Company has parked its surplus fund in the various debt schemes of mutual fund. There is an Investment in non-controlled affiliates of 619 million in current year. Company is cash rich but as there are expansion and diversification plans under the pipeline, company is not utilizing these funds. For meeting the working capital needs and capacity expansion needs it has borrowed from banks. During the year company has embarked upon expansion projects which would effectively enhance the capacity of the company. W ith the

capacitive power plants already in operation and expansion projects under implementation, it is expected that the beverages division of the company will do well in the foreseeable future. They achieved these results by adapting quickly to the economic environmentand by focusing on several business drivers to grow our top line, improve cost and productivity, and strengthen our people and culture.

Bibliography Country=USA&Symbol=PBG

Sign up to vote on this title
UsefulNot useful