金宝汤公司Campbell Soup Company (CPB) 2018年年度报告「NYSE」.pdf

1、20182018CAMPBELL SOUP COMPANYANNUAL REPORT F O C U S E DDear Fellow Campbell Shareholders,Looking back at fiscal 2018,there is no question that Campbell had a difficult year.The results we delivered,along with our outlook for fiscal 2019,reinforce the rationale for the Board of Directors undertaking

2、 the strategy and portfolio review that we announced on our third-quarter earnings call in May.At that time,I was appointed interim President and CEO,after having served as a member of the Board of Directors since 2016.Recognizing the need for significant change,we announced three critical actions i

3、n August that we are now implementing to return the company to long-term organic net sales and earnings growth:1.Become a more focused company in our core North American market;2.Divest certain non-core businesses and use the proceeds to significantly pay down debt and strengthen our balance sheet;a

4、nd,3.Reduce costs and increase our asset efficiency,to reflect the leaner,more focused and agile enterprise we are building.At this time,these actions are the appropriate decisions to maximize value for all our shareholders.We are committed to deleveraging the balance sheet,retaining our investment-

5、grade credit rating and maintaining our dividend.The Board also remains committed to evaluating all strategic options in the future if those options can demonstrably enhance value.While Campbell benefits from iconic brands and strong market positions,during my time as CEO,it has become abundantly cl

6、ear that the company was in need of greater rigor in its execution,discipline and accountability.We must execute againstand hold ourselves accountable toa much tougher set of operating and financial standards.FISCAL 2018 RESULTSThe results we delivered in fiscal 2018 reflect the need for the signifi