See discussions, stats, and author profiles for this publication at: https://www.researchgate.

net/publication/363728037

FINANCIAL STATEMENT ANALYSIS (Case study of Mondelez And Nestle)

Technical Report · September 2022

DOI: 10.13140/RG.2.2.20144.94723

CITATIONS READS
0 4,901

1 author:

Fowokemi Ogedengbe
Universiti Utara Malaysia
8 PUBLICATIONS 13 CITATIONS

SEE PROFILE

All content following this page was uploaded by Fowokemi Ogedengbe on 21 September 2022.

The user has requested enhancement of the downloaded file.

OGEDENGBE FOWOKEMI ALABA
FINACIAL STATEMENT ANALYSIS
(Case study of Mondelez And Nestle)
 TABLE OF CONTENTS
1. INTRODUCTION ...............................................................................................................4
1.1 Background to the Study ...............................................................................................4
1.2 Background of Nestlé ........................................................................................................5
Vision ..................................................................................................................................5
1.2.1 Internationalization......................................................................................................6
1.2.2 Expansion and Diversifications ...................................................................................6
1.2.3 Nestlé in Malaysia .......................................................................................................7
1.2.4 Products ......................................................................................................................8
1.3 History of Mondeléz ..........................................................................................................8
1.3.1 Mondeléz strategy .......................................................................................................9
1.3.2 Mondeléz Products .................................................................................................... 10
1.3.3 Internationalization.................................................................................................... 11
1.3.4 Sustainability activities .............................................................................................. 11
1.3.5 Mondeléz Malaysia ................................................................................................... 11
2. FOUR YEAR FINANCIAL STATEMENTS SUMMARY OF THE COMPANIES (2014 –
2017) ........................................................................................................................................ 13
2.1. Financial Summary for Mondeléz International Inc. ........................................................ 13
2.1.1 Income Statement for 2014 - 2017 ............................................................................. 13
2.1.2 Mondeléz Balance Sheet 2014 - 2017 Review (Amount is in '000) ............................ 14
2.1.3 Mondeléz Cash flow for 2014 – 2017 ........................................................................ 15
2.2.1 Nestlé Income Statement for 2014 - 2017 (in $ '000,000)........................................... 16
2.2.2 Nestlé Financial position for 2014 - 2017 (in $ '000,000 ............................................ 16
2.2.3 Nestlé Cash flow Statement for 2014 - 2017 (in $ '000,000) ...................................... 17
2.2.4. Nestlé Data per Share for 2014 - 2017 (in $ '000,000)............................................... 17
2.2.5 Nestlé other data for 2014 - 2017 (in $ '000,000) ....................................................... 17
3. FIRM RISK MANAGEMENT........................................................................................... 18
3.1 Credit Risk....................................................................................................................... 18
3.2 Liquidity Risk: ................................................................................................................. 19
3.3 Market Risk ..................................................................................................................... 20
3.4 Price risk.......................................................................................................................... 21
3.4.1 Commodity price risk: ............................................................................................... 21
3.4.2 Equity Price Risk:...................................................................................................... 22
3.5 Capital Risk Management ................................................................................................ 22
 3.6 Managing the Risk Exposures .......................................................................................... 22
4. LONG TERM INVESTMENt ............................................................................................ 23
5.0 CORPORATE GOVERNANCE ......................................................................................... 24
5.1. Nestlé S.A....................................................................................................................... 24
5.2 Mondeléz International Inc. ............................................................................................. 26
6.0 NET INCOME AND DIVIDEND POLICY ........................................................................ 28
6.1 Nestlé S.A Net Income and Dividend .............................................................................. 28
6.2 Mondeléz Net income and Dividend policy...................................................................... 29
7.0 CONCLUSION ................................................................................................................... 30
REFERENCES ......................................................................................................................... 31
 1. INTRODUCTION
1.1 Background to the Study
This study examined two multinational companies which are in the same nature of risk as they
both are global competitors. The companies examined for this study is Nestlé S.A and Mondeléz
International Inc. the financial reports for these company between the 2014 and 2017 financial
periods were examined. Aside this, the corporate report of these companies were equally
examined.
This study summarized the financial statement for the four year under review for Nestlé S.A and
Mondeléz International Inc. the firm risk management regarding the liquidity, financial and
operating risks were examined. Both companies face similar risk because they are both
multinational companies, they are both exposed to fluctuations in the currency market, they are
both exposed to commodity price risks, they are both subjected to the laws, rules and regulations
of the counties they are operating in. both of them also use derivatives in mitigating against
financial risk, these include, futures, options and forwards.
Also, the corporate governance which include the board of director’s composition for both
companies over the last four years was shown. For Nestlé S.A, there is a clear distinction between
the personality and responsibility of the Chairman and the Chief executive officer (CEO), while
for Mondeléz International Inc., one person performs the dual role of the chairman and the CEO.
Aside this, the audit committee practices was examined. Moreover, the nomination system for the
board was examined. Fir the nomination, for Nestlé S.A, the nomination committee suggest the
members of the board after a long term nomination process and the tenure period for each board
members is twelve years, while for Mondeléz International Inc., the directors on the board were
voted in annually by the shareholders and the maximum tenure for each member is five years,
aside this, any member who is deemed to perform sub optimally can be removed and replaced in
the next annual general meetings.
Moreover, both Nestlé S.A and Mondeléz International Inc. engages in long term investment.
Nestlé is large shareholder of L’Oréal and there are many portfolios both diversified their
investments in. Aside this, the profit of both companies for the four years under review was
examined and are reflected in this study. Also, the share price of their stock and the dividend paid
to the shareholders between the years 2014 and 2017 and examined in this study.
Nestlé is a food and drink company with headquarter in Vesey, Vaud, Switzerland. Nestlé's
products include baby food, medical food, bottled water, breakfast cereals, coffee and tea,
confectionery, dairy products, ice cream, frozen food, pet foods, and snacks.
In 2011, Nestlé was listed No. 1 in the Fortune Global 500 as the world's most profitable
corporation. It is the largest food company in the world, measured by revenues and other metrics,
for 2014, 2015, and 2016. With a market capitalization of US$239.6 billion, Nestlé It ranked No.
72 on the Fortune Global 500 in 2014 and No. 33 on the 2016 edition of the Forbes Global 2000
list of largest public companies.
Nestlé has 447 factories, operates in 194 countries, and employs around 339,000 people. It is one
of the main shareholders of L’Oréal, the world's largest cosmetics company.
It was the first company to work with Fair Labor association to help reduce child labor in the
production of cocoa and also the first company to apply the World Health Organization code on
breast milk substitute across its operations.

1.2 Background of Nestlé

Henri Nestlé of Switzerland started the company in 1866 under the name “Farine Lactée Henri
Nestlé” with the main goal of providing healthy infant food to reduce children mortality rate. Henri
Nestlé was a pharmacist, he was one pf the pioneer creators of condensed milk. He started with
the production of infant cereals which saved the lives of children at the time. In 1905, the advent
of railways, steamships and growth in cities spurred international trade and people outside the
jurisdiction where the cereal is being produced were patronizing the product, this led to merging
with another company “Anglo-Swiss condensed milk”, together, the company expanding into
twenty production factories and another sales center in London.

Vision
Nestlé's vision is "to be a leading, competitive, nutrition, health and wellness company delivering
improved shareholder value by being a preferred corporate citizen, preferred employer, and
preferred supplier selling preferred products."
1.2.1 Internationalization
Nestlé began internationalizing majorly during the First World War. At this period, expansion was
at its peak, between 1914 and 1918, as demands for the products went higher, there was the need
for supply of raw materials, and because of the limit on cross border trade, the company needed to
meet the customer’s demand and started its operations in the United States. It acquired facilities in
US and Australia, and by the end of the war, it has over 40 factories. After the war, request for the
products declined and the company in order to compete fairly in the market focused on research
and development and started launching other products aside milk and chocolates. Nestlé Company
has expanded through merger, acquisition, opening of branches in countries in the world and it has
become internationalized to becoming a Multinational Company, factories, operations and
products are seen in 191 countries in the globe which all shared the same goal, belief and objective
of Nutrition, health and Wellness.
Below is the percentage of Nestlé S.A operations among the various countries

1.2.2 Expansion and Diversifications

Between 1920 and 1929, the Nestlé coffee was launched which began the era for Nescafe. Malted
chocolate drinks was launched in Australia and the popular Maggi products was launched in 1947
under the name Nestlé Alimentana.
In 1948, Nestlé infant cereal was rebranded under a new name “Cerelac”.
Maggi was launched as powder with easy to use packaging. In 1957, which spanned the beginning
of Nestlé introduction of canned products with the success of the canned ravioli, under Maggi
brand. In the 1960s, through acquisitions, Nestlé was able to penetrate the frozen food market and
expansion was increased. During this period. Nestlé extended to the ice cream market through
acquisition of the German company Jopa and French manufacture Heudebert-Gervais which made
it include the Swiss brand Frisco in 1962.
Other companies acquired around this period include the Findus frozen food, a Swiss company
which was one pf the pioneer frozen food companies in Europe, Chambourcy, a France company
was acquired in 1968 and French waters brand Vittel was acquired in 1969,which was the advent
of Nestlé entering the mineral waters packaging industry.
In 1973, the company, in a bid to expand its frozen food market took over the US Company
Stouffer Corporation and also acquired the canned food company Libby, McNeill & Libby in 1972.
Furthermore, in the 1970s, the company diversified and penetrated the pharmaceuticals and
cosmetic market by becoming a Minority Shareholder in L’Oréal and its acquisition of US
pharmaceutical and ophthalmic manufacturer Alcon laboratories.
In the early 2000s, the company kept expanding the products, brands, developments by focusing
more on sustainable development, this led to the creation of the Nestlé Cocoa and Coffee plan,
establishment of research and development centers by establishing Nestlé Health Sciences and the
Nestlé Institute of Health Sciences.
In 2012, Nestlé acquired the giant Pfizer Nutrition for USD 11.9 billion, acquired the US Pamlab
food company in 2013, created the Nestlé skin health and took over the activities of Galderma
venture it entered with L’Oréal in 1981.
Nestlé celebrated its 150 years of existence as a company in 2016. Nestlé has expanded from
producing only infant’s cereals to being the largest company in the world producing food and
beverage, also, the scope and market target has expanded from infants to youths and adults.
1.2.3 Nestlé in Malaysia
Nestlé’s operations in Malaysia dates back to more than 100 years ago, specifically, in the year
1912, as the Anglo-Swiss Condensed Milk company located in Penang, due to expansion and
growth, the company relocated to Kuala-Lumpur, the Capital city of Malaysia. The first Nestlé
factory in Malaysia was opened in 1962 in Petaling jaya. The company was first listed on the KL
Stock exchange which is now known as the Bursa Malaysia Berhad in December 1989. It has
expanded into opening and operating seven factories in Malaysia with the Head office in Mutiara
Damansara. The company workforce is made up of 5000 employees and the company can boost
of more than 300 Halal products in Malaysia under the Nestlé Brand names.
1.2.4 Products
Nestlé Malaysia has wide variety of product segments under the Nestlé’s brand names. These
products include:
● Infant meals: Cereals, milk and formulas for children
● Dairy Products: Milo, Nestlé Omega plus Adult Milk, Nestlé Just Milk, Nestlé Every day,
Nestum and Nespray.
● Coffee: this is under the Nescafe brand, there are varieties of coffee products including the
Coffee mate which is a powdered creamer made specifically for the coffee.
● Food: Nestlé food is basically under Maggi brand name. This include the popular Maggi
noodles, culinary sauces, seasonings and Maggi stocks. Nestlé also have the breakfast cereals
which have many products.
● Beverages: Ready to drink canned Nestlé products, Tea Solutions which have varieties of
products
● Ice Creams, chilled Diaries and Yogurts
● Confectionary: this include the chocolate products like Kit-Kat, wafer crunch and Nuggets.

Figure 1: Image showing some of Nestlé’s products

1.3 History of Mondeléz

.Mondeléz International INC is an American multinational company specializing in the
manufacturing of confectionaries, food and beverages .Mondeléz International was formerly
known as Kraft foods and was incorporated in 2012 after it acquired Cadbury. Many others called
it Cadbury. Cadbury was purchased by Kraft foods on 19th of January, 2010 and the company was
rebranded under a new company name Mondeléz. Monde means world and Delez means delicious.
It purchased the Cadbury company in 2010.Cadbury was started by John Cadbury in 1824 as a
grocery shop located at 93 Bull Street, Birmingham. Chiefly among the groceries for sale is cocoa
and cholate drink which was prepared by him by using mortar and pestle. This attracted many
customers because, teas, coffee, cocoa and cholates were seen as better and healthier drinks in
comparison with alcohol which I seen as not too healthy for the society. In the year 1831, the John
Cadbury started producing at commercial scale and the Cadbury Company was born in a
warehouse close to Crooked Lane. By 1947, John Cadbury was already supplying 16 different
varieties of these drinks with 11 different mix of cocoa. Also, he started preparing the chocolates
and cocoa in pressed cake forms and powder forms
The company’s global net revenue in 2017 was $25.9 billion and net earnings was $2.9billions
(Mondeléz, 2017). The company have operations in around 160 countries around the globe. The
company’s business is in different portfolios. These include Cadbury, Nabisco, Milka, Toblerone,
tang powdered beverages among many others. Mondeléz international is a member of and trades
on NASDAQ global select market with “MDLZ” as the trading symbol. The company is also
incorporated in the commonwealth of Virginia in the year 2002. Moreover, the company is a
member of the Standard and Poor 500 and Dow jones sustainability index.
The company supplies its product to wholesalers, retailer’s supermarkets gas stations, club stores
and other retail food stores. Besides, it has its own satellite warehouses, distribution and other
facilities for supplying its numerous customers. As at 2016, Mondeléz operates by selling their
products in around 165 countries globally. It has 150 manufacturing centers in 54 countries. Also,
it has 130 distribution centers and depots globally.
1.3.1 Mondeléz strategy
The company strategy is leveraging on its core strength in order to grow people, the business and
the company’s impact. This is achieved by leveraging on its core strengths like the advantaged
global footprint, market leadership position, innovation strategies that has been established and its
diverse portfolios of its iconic brands. Example of the brands is Oreo, belVita buscuits, Cadbury
dairy milk among others.
1.3.2 Mondeléz Products

Figure 2: Some of the iconic products of Mondelez

In comparison with its competitors, such as Kellogg’s and Hershey, Nestlé S.A and PepsiCo.
According to CIS (https://csimarket.com/stocks/competitionSEG2.php?code=MDLZ), the market
share of Mondelez according to its various portfolios are summarized below in table 1
Table 1: the market share of some of Mondeléz’s product
Cheese and Grocery 7.61
Biscuits 37.95
Beverages 4.11
1.3.3 Internationalization
The 160 countries of business operations are scattered around Latin America, Asia Middle East
Africa, (AMEA) Europe and North America. The company manages its business on regional basis
by establishing regional management teams which are responsible for the operations in the region,
product categories and financial results in these regions.
The net revenue from these regions for the past four financial period is summarized below:
2017 2016 2015 2014
Net revenue (in millions)
Latin America $3,566 $3,392 $4,988 $5,153
AMEA 5,739 5,816 6,002 6,367
Europe 9,794 9,755 11,672 15,788
North America 6,797 6,960 6,974 6,936
$25,896 $25,923 $29,636 $34,244

1.3.4 Sustainability activities

Moreover, the company has been involved in various sustainability activities, under the key
strategy of “Grow our impact”. This is the reason the company is in the list of Dow sustainability
index. A key sustainability activity is the cocoa life program which is worth $400million for the
purpose of a sustainable cocoa supply. Also, another program known as “harmony program is
embarked on by Mondelez International, by partnering with farmers in North America and Europe
in building a sustainable wheat supply. Moreover, the company is aiming in carbon reduction,
fighting against climate change, encouraging afforestation in the production of its products using
the key raw material and reduction of wastes in manufacturing. Based on an extensive review of
its annual reports, the company is classified by Dow Jones sustainability index (DJSI) as part of
the top DJSI 20% in North America and 10% globally.
1.3.5 Mondeléz Malaysia
Mondeléz Malaysia is part of Mondeléz International. It is formerly known as Kraft Foods
Malaysia. The company is one of the country’s popular snack company that have produced many
snacks loved by the Malaysians, in the way that it is acceptable for the people to consume by
putting into consideration the belief system of the people, in producing foods targeted for the
Malaysians. Example of a products include Oreo, Cadbury Dairy milk, tiger biscuit, Jacobs,
twistiness, chismore and choclairsa. The company have three manufacturing centers in Malaysia,
these plants are located in Johor Bahru, Shah Alam and Prai. The total employees are more than
6100 workers. Presently, the Mondelez Malaysia is now known by the name “Mondeléz
International (my.Mondeléz international.com).
 2. FOUR YEAR FINANCIAL STATEMENTS SUMMARY OF THE COMPANIES
(2014 – 2017)

2.1. Financial Summary for Mondeléz International Inc.

2.1.1 Income Statement for 2014 - 2017

Mondeléz Income Statement for 2014 - 2017 (Amount is in '000)

Period Ending: 12/31/2017 12/31/2016 12/31/2015 12/31/2014

Total Revenue $25,896,000 $25,923,000 $29,636,000 $34,244,000

Cost of Revenue $15,831,000 $15,795,000 $18,124,000 $21,647,000

Gross Profit $10,065,000 $10,128,000 $11,512,000 $12,597,000

Operating Expenses
Research and Development $0 $0 $0 $0

Sales, General and Admin. $5,911,000 $6,540,000 $7,577,000 $8,457,000

Non-Recurring Items $656,000 $852,000 $901,000 $692,000

Other Operating Items $178,000 $176,000 $181,000 $206,000

Operating Income $3,506,000 $2,569,000 $8,897,000 $3,242,000

Add'l income/expense items $186,000 $9,000 $6,044,000 $0

Earnings Before Interest and $3,506,000 $2,569,000 $8,897,000 $3,242,000

Tax

Interest Expense $382,000 $1,115,000 $1,013,000 $688,000

Earnings Before Tax $3,124,000 $1,454,000 $7,884,000 $2,554,000

Income Tax $688,000 $129,000 $593,000 $353,000

Minority Interest ($14,000) ($10,000) ($24,000) ($17,000)

Equity Earnings/Loss $500,000 $344,000 $0 $0

Unconsolidated Subsidiary
Net Income-Cont. $2,922,000 $1,659,000 $7,267,000 $2,184,000
Operations
Net Income $2,922,000 $1,659,000 $7,267,000 $2,184,000

Net Income Applicable to $2,922,000 $1,659,000 $7,267,000 $2,184,000

Common Shareholders
2.1.2 Mondeléz Balance Sheet 2014 - 2017 Review (Amount is in '000)

Period Ending: 12/31/2017 12/31/2016 12/31/2015 12/31/2014

Current Assets

Cash and Cash Equivalents $761,000 $1,741,000 $1,870,000 $1,631,000

Short-Term Investments $0 $0 $0 $0

Net Receivables $3,526,000 $3,470,000 $3,846,000 $5,231,000

Inventory $2,557,000 $2,469,000 $2,609,000 $3,480,000

Other Current Assets $676,000 $800,000 $633,000 $1,408,000

Current Ratio 48% 59% 82% 84%
Quick Ratio 31% 42% 58% 59%
Cash Ratio 5% 12% 17% 12%

Total Current Assets $7,520,000 $8,480,000 $8,958,000 $11,750,000

Long-Term Assets

Long-Term Investments $6,345,000 $5,585,000 $5,387,000 $662,000

Fixed Assets $8,677,000 $8,229,000 $8,362,000 $9,827,000

Goodwill $21,085,000 $20,276,000 $20,664,000 $23,389,000

Intangible Assets $18,639,000 $18,101,000 $18,768,000 $20,335,000

Other Assets $524,000 $509,000 $427,000 $808,000

Deferred Asset Charges $319,000 $358,000 $277,000 $0

Total Assets $63,109,000 $61,538,000 $62,843,000 $66,771,000

Current Liabilities

Accounts Payable $8,154,000 $7,799,000 $7,368,000 $8,292,000

Short-Term Debt / Current
Portion of Long-Term Debt $4,680,000 $3,982,000 $841,000 $2,835,000

Other Current Liabilities $2,959,000 $2,636,000 $2,713,000 $2,880,000

Total Current Liabilities $15,793,000 $14,417,000 $10,922,000 $14,007,000
Long-Term Debt $12,972,000 $13,217,000 $14,557,000 $13,821,000
Other Liabilities $4,777,000 $3,968,000 $4,514,000 $5,578,000
Deferred Liability Charges $3,376,000 $4,721,000 $4,750,000 $5,512,000
Misc. Stocks $0 $0 $0 $0
Minority Interest $80,000 $54,000 $88,000 $103,000
Total Liabilities $36,998,000 $36,377,000 $34,831,000 $39,021,000
Stock Holders’ Equity

Common Stocks $0 $0 $0 $0
Capital Surplus $31,915,000 $31,847,000 $31,760,000 $31,651,000
Retained Earnings $22,749,000 $21,149,000 $20,700,000 $14,529,000
Treasury Stock ($18,555,000) ($16,713,000) ($14,462,000) ($11,112,000)
Other Equity ($9,998,000) ($11,122,000) ($9,986,000) ($7,318,000)
Gross Margin 39% 39% 39% 37%
Operating Margin 14% 10% 30% 9%
Pre-Tax Margin 12% 6% 27% 7%
Profit Margin 11% 6% 25% 6%
Pre-Tax ROE 12% 6% 28% 9%
After Tax ROE 11% 7% 26% 8%

Total Equity $26,111,000 $25,161,000 $28,012,000 $27,750,000

Total Liabilities & Equity $63,109,000 $61,538,000 $62,843,000 $66,771,000

2.1.3 Mondeléz Cash flow for 2014 – 2017

Period Ending: 12/31/2017 12/31/2016 12/31/2015 12/31/2014

Net Income $2,922,000 $1,659,000 $7,267,000 $2,184,000

Cash Flows-Operating Activities

Depreciation $816,000 $823,000 $894,000 $1,059,000
Net Income ($166,000) $552,000 ($5,080,000) ($124,000)
Adjustments
Changes in Operating Activities
Accounts Receivable ($24,000) $31,000 $44,000 $184,000
Changes in ($18,000) $62,000 ($49,000) ($188,000)
Inventories
Other Operating $14,000 ($176,000) $28,000 ($86,000)
Activities
Liabilities ($965,000) ($123,000) $600,000 $516,000
Net Cash Flow- $2,593,000 $2,838,000 $3,728,000 $3,562,000
Operating
Cash Flows-Investing Activities
Capital Expenditures ($1,014,000) ($1,224,000) ($1,514,000) ($1,642,000)
Investments $0 $0 ($544,000) $0

Other Investing $713,000 $195,000 $4,707,000 $0

Activities
Net Cash Flows- ($301,000) ($1,029,000) $2,649,000 ($1,642,000)
Investing
Cash Flows-Financing Activities
Sale and Purchase of ($2,174,000) ($2,601,000) ($3,622,000) ($1,700,000)
Stock
Net Borrowings ($196,000) $1,704,000 ($1,379,000) ($218,000)
Other Financing $207,000 $129,000 $126,000 $194,000
Activities
Net Cash Flows- ($3,361,000) ($1,862,000) ($5,883,000) ($2,688,000)
Financing
Effect of Exchange $89,000 ($76,000) ($255,000) ($223,000)
Rate
Net Cash Flow ($980,000) ($129,000) $239,000 ($991,000)

2.2 Nestlé Financial Statement Summary for 2014 - 2017 (in $ '000,000)

2.2.1 Nestlé Income Statement for 2014 - 2017 (in $ '000,000)

2017 2016 2015 2014
Results
Sales 89 791 89 469 88 785 91 612
Underlying Trading operating profit * 14 729 14 307 14 032 14 816
as % of sales 16.4% 16.0% 15.8% 16.2%
Trading operating profit * 13 233 13 693 13 382 14 019
as % of sales 14.7% 15.3% 15.1% 15.3%
Taxes 2 779 4 413 3 305 3 367
Profit for the year attributable to
7 183 8 531 9 066 14 456
shareholders of the parent (Net profit)
as % of sales 8.0% 9.5% 10.2% 15.8%
(b)
Total amount of dividend 7 216 7 126 6 937 6 950
Depreciation of property, plant and
2 853 2 795 2 861 2 782
equipment

2.2.2 Nestlé Financial position for 2014 - 2017 (in $ '000,000

2017 2016 2015 2014
Balance sheet statement
Current assets 32 190 32 042 29 434 33 961
Non-current assets 98 190 99 859 94 558 99 489
Total assets 130 380 131 901 123 992 133 450
Current liabilities 36 054 37 517 33 321 32 895
Non-current liabilities 31 549 28 403 26 685 28 671
Equity attributable to shareholders of the
61 504 64 590 62 338 70 130
parent
Non-controlling interests 1 273 1 391 1 648 1 754
Net financial debt * 17 875 13 913 15 425 12 325
Ratio of net financial debt to equity (gearing) 29.1% 21.5% 24.7% 17.6%
Current Assets Ratio 25% 24% 25% 24%
2.2.3 Nestlé Cash flow Statement for 2014 - 2017 (in $ '000,000)
2017 2016 2015 2014
Operating cash flow 13 486 15 582 14 302 14 700
as % of net financial debt 75.4% 112.0% 92.7% 119.3%
Free cash flow * 8 509 10 108 9 945 14 137
Capital expenditure 3 934 4 010 3 872 3 914
as % of sales 4.4% 4.5% 4.4% 4.3%

2.2.4. Nestlé Data per Share for 2014 - 2017 (in $ '000,000)
2017 2016 2015 2014
Data per share
Weighted average number of shares
3 092 3 091 3 129 3 188
outstanding (in millions of units)
Basic earnings per share 2.32 2.76 2.90 4.54
Underlying earnings per share * 3.55 3.40 3.31 3.44
(b)
Dividend 2.35 2.30 2.25 2.20
Pay-out ratio based on basic earnings per (b)
101.3% 83.3% 77.6% 48.5%
share
Stock prices (high) 86.40 80.05 77.00 73.30
Stock prices (low) 71.45 67.00 64.55 63.85
Yield (a) 2.7/3.3 (b)
2.9/3.4 2.9/3.5 3.0/3.4

2.2.5 Nestlé other data for 2014 - 2017 (in $ '000,000)

2017 2016 2015 2014
Market capitalization 256 223 226 310 229 947 231 136

Number of employees (in thousands) 323 328 335 339

 3. FIRM RISK MANAGEMENT

In the course of the business transactions, both Mondeléz and Nestlé are exposed to financial risk,
liquidity risks and operational task. From the statements of account, the risks Nestlé is exposed to
include: credit risk, market risk (including foreign currency risk and interest rate risk, commodity
price risk and equity price risk). Managing these risks is explained to be the duty of the Board of
Directors, who make decisions on the control measures s well s the process for risks management.
It is the specific duty of the chief executive officer to manage and monitors all the financial,
liquidity and operational risks. Moreover, there is a body that was established to ensure
implementation of the strategies decided upon by the board, designed for risk management. This
body is known as the Asset and Liability Management Committee (ALMC). The guidelines is
prepared known as treasury management guidelines, which this committee follows in defining,
classifying, approval, execution and monitoring of risks.
Mondelez Group is also exposed to market risk which include commodity price risk, interest rate
market risk and currency exchange risk. The Group manages the risk through the establishment of
risk management program that focus on the unpredictable financial markets in order to reduce the
negative effect that the volatility of the financial market has on the business operations.
3.1 Credit Risk
According to the definition given in the financial Statement (Nestlé Consolidated Financial;
statement, 2017), credit risk is the risk that a counterparty will default on its contractual obligations
resulting in financial loss to the group. credit risk arises on financial assets (liquid, non-current and
derivatives) and on trade and other receivables.
Most of the financial figures given are for Nestlé, as the company was cleared in the disclosure of
its risk in the figures, while Mondelez disclosed, but, not as detailed as Nestlé ’s. Nestlé Group
manages Credit risk through the application of risk management policies. The aim is to spread the
risks into different portfolios without concentrating them on one sector. Trade receivables are
items in the financial statement that is subject to credit risk, due to the large geographical base of
the company, the risk on trade receivables is able to be managed by reduction in the material
concentration of the credit risk on receivables. From the financial statements, the credit rating of
the financial assets (liquid assets, non-current financial assets and derivative assets is summarized
below:
 (In Millions) 2017 2016 2015 2014
10552 10845 7719 11895
2047 2366 2053 1432
987 1128 445 273
1261 1226 1344 1174
Total 14827 15565 11561 14774
2014 as 100.359 105.35% 78.25% 100.00%
benchmark
%change 5.35% -21.75% -
0.359% 0.00%

3.2 Liquidity Risk:

Liquidity risk is the risk that a company may encounter difficulties in meeting its obligations
associated with financial liabilities that are settled by delivering cash or other financial assets
(Nestlé, 2016). The financial risk may be as a result of inadequate market depth, disruptions or
refinancing problems. The motive of the Nestlé group is therefore to reduce the liquidity risk by
reduce the exposure in financial instruments that are susceptible to liquidity problems and creating
a backup facilities.
Mondelez uses the commercial paper by issuing it as a way of managing its short and long term
liquidity
In 2014, the group completed a EUR 6.0 billion 12-onth revolving credit facility which replaced
an older facility of EUR 5.0 billion. Moreover, the initial EUR 5.0 billion facility was extended
from maturing in 2018 to 2019.
In 2015, a new USD 4.9 billion and EUR 2.2 billion revolving credit facility with maturity date
October, 2016, was created. This can be converted to one year term loan. Also, a USD 4.3 billion
and EUR 1.8 billion revolving credit facility with a new maturity date if October, 2020. These
facilities are to serve as backup for short term debt of the company.
In 2016, a new USD 4.1 Billion and EUR 2.3 billion revolving credit facilities with initial maturity
date of October 2017 was created. They company can convert this facility to short term loan.
Moreover, the company set up a USD 3.0 billion and EUR 1.8 billion revolving credit facility and
new maturity date of October 2021. This is to act as a backup for short term debts.
In 2017, a new USD 4.7 and Euro 2.5 billion revolving credit facility with an initial maturity date
of October, 2018. This facility can be converted to a one year term loan. Also, a USD 3.0 billion
and EUR 1.8 billion credit facility with a new maturity date of October, 2022. These facilities are
created to act as backup for the Group’s short term loans and other short term debts.
EUR (Billions) 2017 2016 2015 2014
Prior facility 4.8 6.4 6.1 5.0
Current facility 7.2 4.8 7.1 6.0
Total credit facility 12 11.2 13.2 11.0
%change (2014 as 9% 2% 20% 0
benchmark)

3.3 Market Risk

Market risks are risks arising from foreign currency exchange rates, interest rates and market prices
that affect assets, liabilities and future transactions.
Foreign currency risk is the risk that arises as a result of translational and transactional exposures.
Transactional exposures arises as a result of transactions in foreign currency. These risks are
managed by Nestlé with a systematic hedging policy in line with the specific needs of the company
at large through the use of currency futures, forwards, swaps and options. For Mondeléz, the
fluctuations in exchange rate of the different currencies being used for its operations makes it
volatile to currency exchange rate risk. The Group therefore, hedge some of these anticipated
forecasted foreign transactions as well as the net assets of the group in other country’s currencies.
Below summarizes the exchange difference that the Nestlé Group was exposed during the 4 – year
period
Year 2017 2016 2015 2014
Loss in millions 99 147 156 47

Translations exposure is a result of consolidation of the various financial statement of each

country’s operation to the Mother country currency (Swiss Franc). These are the foreign operations
that are not hedged. The company measures this risk based on 250 operation days in year and 95%
confidence level. From the financial statements for each of the 4 year period between 2014 and
2017, the company have less than 10million loss as a result of the translations risk.
Interest rate risks are risk that arise as a result of fluctuation in interest rate of different operational
currencies. For Nestlé, interest rate risk is exposed to USD and EUR. The interest rate risk is as a
result of financial debts incurred by the company/ these are managed based on duration for each
debt and based on interest management targets and procedure set by the ALMC through the use of
fixed rate debt and interest rate swaps. The proportion of the total debt exposed to interest rate risk
for the 4 financial years are summarized below:

Debt exposed to interest rate risk 2017 2016 2015 2014

In % 59% 45% 50% 54%
Increase in 100 basis point could cause 29 49 57 39
additional expense in financing cost (In
mill)

3.4 Price risk

3.4.1 Commodity price risk:
This arises from transaction on the world commodity market for securing suppliers. For Nestlé s,
the commodity supplies include green coffee, cocoa beans, and other raw materials needed for the
manufacturing of Nestlé’s products. Also, for Mondeléz, the commodities used for its operations
are monitored in order to reduce commodity risk that may arise as a result of weather conditions
government policy, country’s regulations and other unpredictable conditions. Mondeléz therefore,
uses forward purchase agreement a d other financial derivatives to manage the commodity price
risks. Moreover, the Group takes pricing actions when needed, maximizes productivity and uses
cost saving measures in mitigating the commodity price risks. The commodity that Mondeléz uses
for its operations include wheat, dairy, coffee, cocoa, corn, soybean, sugar, vegetable oil, nuts and
sweeteners.
For Nestlé, the objective of the company is to minimize the commodity risk by minimizing the
impact of commodity price fluctuations by hedging according to the Group’s policy on commodity
price risk management. The sector responsible for this is the regional commodity purchasing
competency centers, on the direction of internal directives and centrally determined limits, through
the use of derivatives (futures and options) and executive contracts. Moreover, the supplies are
demanded based on short term period, because the product life cycle of the group is short, the
future commodities transactions are therefore, expected to occur, maximum, the next year.
3.4.2 Equity Price Risk:
The Nestlé Group is exposed to equity price risk on investments. The equity price risk is
minimized by diversification of investment to different portfolios according to the guidelines of
the company, which is set by the board of directors.

3.5 Capital Risk Management

This is the risk incurred on the level of total capital employed by the group. In order to manage
this risk. Nestlé ’s policy is to maintain a sound capital base to support the continued development
of its business. The responsibilities of capita risk management lies with the Board of Directors
who seek to maintain a prudent balance between the different capital structures of the Group, and
the ALMC, who monitors the capital structure and the net financial debt by currency. Net financial
debt refers to the total financial liabilities less cash, cash equivalents and short term investments.
The ability of the company to repay its debts is what is referred to as the operating cash flow to
net financial debt ratio. The net financial ratio for the four financial year is shown below:
Period 2017 2016 2015 2014
Net Financial Debt 75.4% 112.0% 92.7% 111.3%
Ratio

Moreover, regarding Mondeléz management of capital risk, the group evaluates the variable and
fixed rate debt in addition to the current and the expected interest rate in the market where the
capital is raised. The specific capital risk the company is exposed to include the treasury rate,
corporate credit spreads, London interbank offered rate, commercial paper rates and Euro
interbank offered rate. The risks is managed using the forward interest rate contract, retirement of
long term debt and issuance of new agreement debts.
3.6 Managing the Risk Exposures
The use of derivatives: Nestlé s uses derivatives in managing the exposures to foreign exchange,
interest rate and commodity price risk. These derivatives are currency forwards, futures, options
and swaps. Also, Mondeléz uses derivatives, especially, forward interest rate contract as the
principal instrument for combatting and reducing the anticipated risk as a result of fluctuations in
the currency exchange rate, the commodity prices and interest rate exposures
Hedge Accounting: this is the use of some financial assets, financial liabilities and derivatives as
hedge instrument against changes in fair value of recognized assets and liabilities. Fair value
hedges are used to mitigate interest rate risks and foreign currency risks. Cash flow hedges are
used by matching a particular risk with a recognized assets or liability. This is used to hedge
specific transactions like anticipated export sales, purchase of commodities, expected payment and
receipts.
Undesignated derivatives: This are derivatives acquired without using it for hedging. These
derivatives are acquired for possible risk management although it is not tied to nay hedging. Nestlé
uses this also in managing the group’s risk

4. LONG TERM INVESTMENT

Mondeléz spend a lot of money and resources on long term investment.
2017 2016 2015 2014
Long term investment $6,345,00 $5,585,0
0 00 $5,387,000 $662,000
Short term investment $0 $0 $0 $0
Changes in
investment 858% 744% 714% -

Nestlé invested in various portfolio. These include powdered and liquid beverage, water milk
product and ice cream, nutrition and health science, prepared dishes and cooking aids,
confectionery, and pet care. The amount invested for the four year period is shown in the table
below:
2017 2016 2015 2014
Long term investment 29426 28740 32284 33327
(millions)
 5.0 CORPORATE GOVERNANCE
5.1. Nestlé S.A
For Nestlé Group, being a multinational company with autonomous branches in countries in the
world, the consolidated financial statement is prepared according to the guidelines set by the
International Financial Reporting Standards as prepared by the International Accounting Standard
Board (IASB) and the Swiss laws and regulations.
The share capital of Nestlé Group comprise of registered shares only. Registered shares refer to
shares that confers voting right ton the holder and the shareholders have right to dividends.
Moreover, there is no share certificates the share capital of the group was reduced two times during
the four year period under review for this study (2014 – 2017). This was as a result of the share
buy-back program of 8 million CHF embarked on by the group in 2014. The resulted in the
cancellations of shares.
The board of Director consist of 14 members including the chairman. The chairman is the only
member that was engaged previously in the management of the company, otherwise, the other
members on the board have no prior management engagement with Nestlé, and they also have no
serious business engagement with the Group that may limit their independency. Due to the
business operations of the Nestlé Group, board of director s highly structured and the members
have different diversities, in the age, nationality, educational qualification, professional
qualification skills classification and sector expertise. With the exception of the chairman, all the
other members are non-executive members. The chairman of the board is responsible for directing
and controlling the Nestlé group including the Nestlé Science, Nestlé’s Skin and Nestlé s
engagement with L’Oréal. The nomination and succession of Board member is a responsibility of
the Boards Nomination and Sustainability Committee and external consultants when their view is
needed. Moreover, the board members are subject to age limit of 72 years and 12 year term limit,
in order for long term succession planning. The nomination committee consist of a non-executive
board member whose independency is not compromised, the chairman of the board, and two other
non-executive and independent board members. In 2017 Annual general Meeting, there was a
transition to a new chairman and a New CEO of the group. Paul Bulcke is the current Chairman
of the board and Ulf Mark Schneider is the CEO. The table below shows he changes made to the
board for the four financial years in view (2014 – 2017).
 2017 2016 2015 2014
Chairman Paul Bulcke Peter Brabeck- Peter Brabeck- Peter Brabeck-
Letmathe Letmathe Letmathe
CEO Ulf Mark Schneider Paul Bulcke Paul Bulcke Paul Bulcke
1st Vice Chairman Andreas Koopman Andreas Koopman Andreas Koopman Andreas Koopman
nd
2 Vice Chairman Henri de Castries - Rolf Hanggi
others 10 members: 10 members: 11 members: 9 members:
Beat w Hess Beat Hess Beat Hess Beat Hess
Renato Fassbing Renato Fassbing Renato Fassbing Daniel Borel
Steven G. Hoch Steven G. Hoch Daniel Borel Steven G. Hoch
Naina Lal Kidwai Naina Lal Kidwai Steven G. Hoch Naina Lal Kidwai
Jean-Pierre Roth Jean-Pierre Roth Naina Lal Kidwai Titia de lange
Ann M. Veneman Ann M. Veneman Jean-Pierre Roth Jean-Pierre Roth
Eva Cheng Henri de Castries Ann M. Veneman Ann M. Veneman
Ruth K. Oniang’o Eva Cheng Henri de Castries Henri de Castries
Patric Aebischer Ruth K. Oniang’o Eva Cheng Eva Cheng
Ursula M. Nurns Patric Aebischer Ruth K. Oniang’o
Patric Aebischer
The tenure for most of Board members is 12 financial year. Those that have complete their 12 year
period were replaced while those that were yet to complete the membership period were retained
The remuneration of the board and other committees is the responsibility of the Compensation
Committee. The compensation committee consist of the vice chairman and at least two of the other
non-executive directors. The committee proposes the remuneration of the chairman, the CEO and
each of the other board members. The members of the compensation committee are independent.
The committee present proposal of the remuneration to the board at the annual general meeting.
The audit committee is responsible for overseeing the internal and external audit, the financial
reporting, and the compliance and risk management.
The audit committee consist of an n independent and non-executive board member as its
chairperson, and a minimum of two other non-executive members excluding the CEO or any
former member of the board. One of the members must have financial expertise, the others must
have knowledge in auditing and accounting practices
5.2 Mondeléz International Inc.
Board of Director
Post Name
Period 2016 2017 2015 2014
Irene B. Irene B. Irene B. Irene B.
Chairman and Chief Executive Officer Rosenfeld Rosenfeld Rosenfeld Rosenfeld
Executive Vice President and Chief Brian T. Brian T. Brian T.
Financial Officer Brian T. Gladden Gladden Gladden Gladden
Executive Vice President and President, Maurizio Maurizio
Asia, Middle East and Africa Brusadelli Brusadelli
Executive Vice President and President, Lawrence Lawrence
EEMEA MacDougall MacDougall
Executive Vice President and President, Asia Maurizio Timothy P.
Pacific Brusadelli Cofer
Timothy P. Mark A.
Timothy P. Cofer Timothy P. Cofer Clouse
Executive Vice President and Chief Growth Officer Cofer Officer Officer
Roberto de Roberto de Roberto de Mark A.
Executive Vice President and President, Oliveira Oliveira Oliveira Clouse
North America Marques Marques Marques
Executive Vice President, Research, Robin S. Robin S. Robin S. Jean E.
Development and Quality Hargrove Hargrove Hargrove Spence
Executive Vice President and President, Alejandro R. Alejandro R. Gustavo H. Gustavo H.
Latin America Lorenzo Lorenzo Abelenda Abelenda
Karen J. Karen J.
Executive Vice President, Human Resources Karen J. May Karen J. May May May
Executive Vice President, Integrated Supply Daniel P. Daniel P.
Chain Daniel P. Myers Daniel P. Myers Myers Myers
Executive Vice President and General Gerhard W. Gerhard W. Gerhard W. Gerhard W.
Counsel Pleuhs Pleuhs Pleuhs Pleuhs
Executive Vice President and President, Hubert Hubert
Europe Hubert Weber Hubert Weber Weber Weber

The Corporate governance of Mondeléz did not really change since 2014. The only changes are
one or two executive vice presidents who were being replaced annually. Overall, the same faces
that have been there since 2014. Also, there some changes in the categorization of countries, we
have are the ones there in AMEA referring to Africa, Middle East and Asia. There also is EEMEA
referring to East Europe, Middle East and Africa. This term was used in 2014 and 2015 while
AMEA was used in 2016 and 2017. Also, there are some sectors like the Strategic initiative which
was held by David Brearton, the executive vice president for strategic initiatives in 2014, but these
was no longer in place as at 2015. Another sector is the strategy sector. Tracey Belcourt was the
executive vice president of strategy in 2014, but, the sector was no longer there in the board as at
2017.
The corporate governance of Mondelez is well organized and effective. The board consist of the
chairman/CEO and independent directors. Independent here means, they were not previous
employees of the company. The aim of the board is for the governance, organizations of procedures
and other activities that the company is to embark on. The rules and regulations guiding the
corporate governance of Mondeléz can be found in the article of incorporation, By-laws, code of
business conduct and ethics for non-employee directors and corporate governance guidelines.
keeping to these regulations is the role of the governance committee who evaluates directors and
present any changes that needs to be activated to the board.is the chairman perform dual role as a
chairman of the board and also as the CEO of the company and he happens to be the only employee
who is on the board is the Chairman/CEO. The code of conduct that is being adopted by Mondeléz
is the code of ethics item 406 of regulation s-k.’ the members of the board are independent
directors. A minimum of nine directors are expected to be on the board aside the chairman/CEO.
The directors are elected annually by the shareholders during the annual general meetings. The
majority vote wins. The directors are expected to strengthen the board and the overall company.
Although there is annual assessment to provide check and balance for any elected director, which
mean, if he fails to carry out his duties to the company, he can be replaced before the tenure ends,
the average tenure for each elected director is five years.
The audit committee of Mondeléz is saddled with the responsibility of overseeing the company’s
accounting and financial reporting processes, the internal and external audits a d the financial
statements. The audit committee is composed of at least three non-employee directors. Each of
these directors must meet the necessary independence criterial spelt by the NASDAQ stock market
and the other relevant laws. Each of the directors must be able to read, understand and interpret
financial statements. At least, one of the committee members must be an audit committee financial
experts as defined by the security and exchange commission (SEC). Moreover, the audit
committee is to assist the board in its oversight of the integrity of the financial statements, the
processes and control over the financial and accounting reporting practices, ensuring the
compliance with the legal practices and regulatory requirements of the company as well as the host
country, where the company is carrying out operations. Another role of the audit committee is to
ensure the guidelines and policies guiding risk management and risk assessment are complied with.
For the past four years, that is the period under review for this study, the company has complied
with the rules and regulation regarding the audit committee.

The numeration committee for Mondeléz is known as the Finance Committee of the Board of
Directors g. For the four financial period under review for this study, the finance committee has
followed the same pattern as described by the charter guiding it. The finance committee compose
of the not less than three non-employee directors (all the directors are non-employee except the
chairman/CEO). The finance committees is to be appointed by the board and the member designate
a chairman among themselves. The committee will make suggestion regarding company’s
financial expenditure, including remuneration after thorough analysis and present their report to
the board for approval.

6.0 NET INCOME AND DIVIDEND POLICY

6.1 Nestlé S.A Net Income and Dividend

For Nestlé , the shareholders return is mainly dividends.

Share capital by investor type
 period Dividend/share Earnings per share Compensation for
Board members
2017 2.35 2.32 41461764
2016 2.3 2.76 49978662
2015 2.25 2.9 52444235
2014 2.20 4.54 48691659

Nestlé Net Income:

Period Pretax profit ((in $ '000,000) Pretax Profit (in $ '000,000)
2017 13 233 7183
2016 13 693 8531
2015 13 382 9066
2016 14 019 14456

6.2 Mondeléz Net income and Dividend policy

Presently, the market price of Mondeléz international on the NASDAQ stock market is $42.83.
2017 2016 2015 2014
Dividend per 0.82 0.72 0.64 0.58
share ($)
Market value of 42 44 44 36
share ($)
Net Income $2,922,000 $1,659,000 $7,267,000 $2,184,000
 7.0 CONCLUSION
This study relates to the trend of financial and non-financial activities of two multinational
companies that have market share in Malaysia, Nestlé S.A and Mondeléz International Inc. Both
companies have operating and manufacturing centers in Malaysia. This study attempt to
understand the trend of changes in the business risks, the composition of its corporate governance,
the revenue generated, the dividend given to shareholders amongst others between the financial
period of 2014 and 2014. Nestlé is a Switzerland originated company while Mondeléz in an
American company that started as Cadbury from the United Kingdom.

They are differences in their operating styles as well as the way they prepare their Group financial
statement. Mondeléz, being an American company uses the generally accepted Accounting
Principles in line with the American laws, rules and regulations, for fairness and true view of the
financial statements while Nestlé s uses the International Financial Reporting standards in its
preparing of its financial statements. Both uses internal and external auditors and both uses the
dividend policy as shareholders remuneration.
REFERENCES

Corporate Governance Report 2017. (2016), (April 2016). Retrieved from

https://www.nestle.com/asset-
library/documents/library/documents/corporate_governance/corp-governance-report-2017-
en.pdf

Food, G., & Life, G. (2017). Good Food, Good Life Corporate Governance Report 2017
Compensation Report 2017 Financial Statements 2017 Contents.

https://my.mondelezinternational.com/

https://www.cadbury.co.uk/our-story

https://www.mondelezinternational.com/

https://www.nasdaq.scom/symbol/mdlz/financials?query=ratios

https://www.nestle.com.my

https://www.nestle.com/

Life Healthcare Group. (2016). Annual Financial Statements 2016. Retrieved from
http://www.lifehealthcare.co.za/IR/Financial_Information.aspx

Mondelez International Incorporation Annual Report. (2014). United States Securities And
Exchange Commission Form 10-k annual report pursuant to section 13 or 15 ( d ) of the
securities exchange act of 1934 transition report pursuant to section 13 or 15 ( d ) of the
securities exchange act of 1934, 12(d), 1–105.

Mondelez International Incorporation Annual Report. (2015). United States Securities And
Exchange Commission Form 10-k annual report pursuant to section 13 or 15 ( d ) of the
securities exchange act of 1934 transition report pursuant to section 13 or 15 ( d ) of the
securities exchange act of 1934, 12(d), 1–105.

Mondelez International Incorporation Annual Report. (2016). United States Securities And
Exchange Commission Form 10-k annual report pursuant to section 13 or 15 ( d ) of the
securities exchange act of 1934 transition report pursuant to section 13 or 15 ( d ) of the
securities exchange act of 1934, 12(d), 1–105.

Mondelez International Incorporation Annual Report. (2017). United States Securities And
Exchange Commission Form 10-k annual report pursuant to section 13 or 15 ( d ) of the
securities exchange act of 1934 transition report pursuant to section 13 or 15 ( d ) of the
securities exchange act of 1934, 12(d), 1–105.

Nestle S.A (2017) Annual Financial Report

 Nestlé S.A. (2014). Annual financial statements 2014

Nestlé S.A. (2015). Annual financial statements 2015, 122.

Nestlé S.A. (2016). Corporate Governance Report 2015, (April). Retrieved from
http://www.nestle.com/asset-
library/documents/library/documents/corporate_governance/corp_governance_report_2015
_en.pdf

View publication stats