Q3 2020 | OCTOBER 29 | A NEW MODEL | ||||||
EARNINGS CALL | 2020 | FOR GROWTH | ||||||
FORWARD LOOKING | ||
STATEMENTS | Q3 2020 EARNINGS CALL | 2 |
This presentation contains a number of forward-looking statements. Words such as "plan," "believe," "anticipate," "reflect," "invest," "make," "expect," "drive," "improve," "intend," "assess," "evaluate," "establish," "focus," "build," "turn," "expand," "leverage," "grow," "will," and variations of such words and similar future or conditional expressions are intended to identify
forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding the Company's plans, impacts of accounting standards and guidance, costs and cost savings, legal matters, taxes, impairments, dividends, expectations, investments, innovations, opportunities, capabilities, execution, initiatives, pipeline, and growth. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond the Company's control.
Important factors that may affect the Company's business and operations and that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact of COVID-19; operating in a highly competitive industry; the Company's ability to correctly predict, identify, and interpret changes in consumer preferences and demand, to offer new products to meet those changes, and to respond to competitive innovation; changes in the retail landscape or the loss of key retail customers; changes in the Company's relationships with significant customers, suppliers and other business relationships; the
Company's ability to maintain, extend, and expand its reputation and brand image; the Company's ability to leverage its brand value to compete against private label products; the Company's ability to drive revenue growth in its key product categories, increase its market share, or add products that are in faster-growing and more profitable categories; product recalls or product liability claims; unanticipated business disruptions; the Company's ability to identify, complete or realize the benefits from strategic acquisitions, alliances, divestitures, joint ventures or other investments; the Company's ability to realize the anticipated benefits from prior or future streamlining
actions to reduce fixed costs, simplify or improve processes, and improve its
competitiveness; the Company's ability to successfully execute its strategic initiatives; the impacts of the Company's international operations; economic and political conditions in the United States and in various other nations where the Company does business; changes in the Company's management team or other key personnel and the Company's ability to hire
or retain key personnel or a highly skilled and diverse global workforce; risks associated with information technology and systems, including service interruptions, misappropriation of data or breaches of security; impacts of natural events in the locations in which we or the Company's customers, suppliers, distributors, or regulators operate; the Company's ownership structure; the Company's indebtedness and ability to pay such indebtedness, as well as the Company's ability to comply with covenants under its debt instruments; the Company's liquidity, capital resources and capital expenditures, as well as its ability to raise capital; additional impairments of the carrying amounts of goodwill or other indefinite-lived intangible assets; foreign exchange rate fluctuations; volatility in commodity, energy, and other input costs; volatility in the market value of all or a portion of the commodity derivatives we use; increased pension, labor and people-related expenses; compliance with laws, regulations, and related interpretations and related legal claims or other regulatory enforcement actions, including additional risks and uncertainties related to any potential actions resulting from the Securities and Exchange Commission's ("SEC") ongoing investigation, as well as potential additional subpoenas, litigation, and regulatory proceedings; potential future material
weaknesses in the Company's internal control over financial reporting or other deficiencies or the Company's failure to maintain an effective system of internal controls; the Company's failure to prepare and timely file its periodic reports; the Company's ability to protect intellectual property rights; tax law changes or interpretations; the impact of future sales of the Company's common stock in the public markets; the Company's ability to continue to pay a regular dividend and the amounts of any such dividends; volatility of capital markets and other macroeconomic factors; a downgrade
in the Company's credit rating; and other factors. For additional information
on these and other factors that could affect the Company's forward-looking statements, see the Company's risk factors, as they may be amended from time to time, set forth in its filings with the SEC. The Company disclaims and does not undertake any obligation to update, revise or withdraw any forward-looking statement in this presentation except as required by applicable law or regulation.
Non-GAAP Financial Measures
This presentation contains certain non-GAAP financial measures, including Organic Net Sales, Adjusted EBITDA, Constant Currency Adjusted EBITDA, Adjusted EPS, and Free Cash Flow. These non-GAAP financial measures may differ from similarly titled non-GAAP financial measured presented by other companies. These measures are not substitutes for their comparable financial measures prepared in accordance with accounting principles
generally accepted in the United States of America ("GAAP") and should be
viewed in addition to, and not as an alternative for, the GAAP results in this presentation.
These non-GAAP financial measures assist management in comparing the Company's performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company's underlying operations.
Please see discussion of non-GAAP financial measures and the reconciliations at the end of this presentation for more information.
TODAY'S | ||
AGENDA | Q3 2020 EARNINGS CALL | 3 |
01 | 02 | 03 | 04 |
BUSINESS | US ZONE | FINANCIAL | Q&A |
UPDATE | REVIEW | PERFORMANCE & | |
OUTLOOK | |||
Miguel Patricio | Carlos Abrams-Rivera | Paulo Basilio | |
Chief Executive Officer | US Zone President | Chief Financial Officer |
Q3 2020 EARNINGS CALL | 4 | |
MIGUEL
PATRICIO
CHIEF EXECUTIVE OFFICER
BUSINESS UPDATE | Q3 2020 EARNINGS CALL | 5 | ||
PERFORMANCE TO | ||||
→ Results reflect greater agility | ||||
DATE IS MAKING US | → Consumer priorities remain favorable | |||
CONFIDENTLY | ||||
→ Strategy from planning to action | ||||
OPTIMISTIC | ||||
- 2020, 2021 ahead of Strategic Plan
BUSINESS UPDATE | Q3 2020 EARNINGS CALL | 6 |
United States
Q1 Q2 Q3
Retail | +1.5pp | ||
15% | 12% | ||
Organic Net Sales1 | |||
8% | |||
Growth | |||
Foodservice | |||
(3%) | |||
Organic Net Sales1 | (25%) | ||
Growth | (46%) | ||
Business Exit
Canada
Q1 Q2 Q3
+5.9pp
+5.6pp 13% +5.9pp
5%3%
(12%)
(21%)
(53%)
Business Exit
International
Q1 Q2 Q3
16%
8%9%
(5%)(16%)
(45%)
1| Non-GAAP financial measure. See Appendix to this presentation for more information, including GAAP to non-GAAP reconciliations.
BUSINESS UPDATE | Q3 2020 EARNINGS CALL | 7 | |||
Improved | Organic Net Sales1 | Constant Currency Adjusted | |||
Growth | EBITDA1 Growth | ||||
agility is | H1 | Q3 | H1 | Q3 | |
sustaining | |||||
+0.3pp | |||||
momentum | |||||
+1.2pp | |||||
as we reset | +7.2pp | ||||
our base | 6.9% | ||||
6.3% | +5.7pp | ||||
13.6% | |||||
7.1% | |||||
pp impact | Business Exit | Divestiture | Business Exit | Incentive | |
from … | Compensation | ||||
1| Non-GAAP financial measure. See Appendix to this presentation for more information, including GAAP to non-GAAP reconciliations.
BUSINESS UPDATE | Q3 2020 EARNINGS CALL | 8 |
Growth is tracking with our strategy
YTD Net Sales Growth
by Portfolio Role
7% | 8% | |
2% | ||
↑ Grow | ☀︎ Energize | ⌅ Stabilize |
Emerging Market
Organic Net Sales1 Growth
9% | |
7% | |
YTD | Q3 |
% of 2020 | Net Sales Growth | |||
Platform | Role | Net Sales | Q3 vs. PY | YTD vs PY |
Taste Elevation | ↑ | 28% | +6% | +5% |
Taste Elevation (ex-foodservice) | 22% | +20% | +19% | |
Easy Meals Made Better | ↑ / ☀︎ | 19% | +10% | +17% |
Real Food Snacking | ↑ | 9% | +4% | +3% |
1| Non-GAAP financial measure. See Appendix to this presentation for more information, including GAAP to non-GAAP reconciliations.
BUSINESS UPDATE | Q3 2020 EARNINGS CALL | 9 |
Evolving consumer preferences indicate elevated demand will remain
In-Home Occasions and Commerce
Affordability
Availability and Velocity
Purpose as a Source of Change
- (Re)discovering cooking at home
- Redefining meal experiences
- Reassessing the shopping trip, baskets and bundles
- Value for money
- Pack-size
- Good-Better-Besttrading up/down
- Reassessing "assortment"
- (Re)focus on big brands
- Brand embodiment of values, causes
- Community, local sourcing
BUSINESS UPDATE | Q3 2020 EARNINGS CALL | 10 |
Actions to date position Kraft Heinz to
sustain gains
PEOPLE WITH
PURPOSE
New training &
development
Flexible working
arrangements
CONSUMER OPS PLATFORMS CENTER
Adapting | Simplifying |
innovation | portfolio & SKU |
pipeline | range |
Prioritization, | Eliminating |
waste & driving | |
flexible budgets | |
productivity | |
PARTNER
PROGRAM
Flexible
merchandising
Joint Business
Planning
FUEL OUR GROWTH
Reinvesting in
brands, capacity,
& e-commerce
Applying Agile
Portfolio
Management
We remain excited for the future of Kraft Heinz
Q3 2020 EARNINGS CALL | 11 | |
CARLOS
ABRAMS-
RIVERA
US ZONE PRESIDENT
U.S. ZONE REVIEW | Q3 2020 EARNINGS CALL | 12 | |||
Agility is | Organic Net Sales1 | Constant Currency Adjusted | |||
Growth | EBITDA1 Growth | ||||
driving | H1 | Q3 | H1 | Q3 | |
sustained | |||||
+1.3pp | |||||
momentum | +6.4pp | ||||
+2.6pp | |||||
7.5% | 7.4% | ||||
17.5% | |||||
12.2% | |||||
pp impact | Business Exit | Divestiture | Business Exit | Incentive | |
from … | Compensation | ||||
1| Non-GAAP financial measure. See Appendix to this presentation for more information, including GAAP to non-GAAP reconciliations.
U.S. ZONE REVIEW | Q3 2020 EARNINGS CALL | 13 |
We are turning the corner from restructuring to execution
PEOPLE WITH
PURPOSE
New structure
fully operational,
fully staffed
Leveraging digital
as an enabler
CONSUMER OPS PARTNER PLATFORMS CENTER PROGRAM
Focus through | Delivering COGS | Accelerated |
planning, | ||
platform lens | efficiency | |
strategic agenda | ||
Distorting | Supply | Innovation, |
resources by | constraints | creativity driving |
portfolio role | easing | Foodservice |
FUEL OUR GROWTH
Reinvesting in
brands
Ramping up
capacity
investment
Unlocking agility to leverage our scale
U.S. ZONE REVIEW | Q3 2020 EARNINGS CALL | 14 | ||||
We have | Market Share Progression | % of Business Growing Share | ||||
market share | As of September 26, 2020 | |||||
L52 | L26 | L4 | H1 | Q3 | Sep. | |
momentum | ||||||
+38pp | ||||||
to build upon | ||||||
(0.1pp) | 58% | |||||
(0.4pp) | 41% | |||||
(0.5pp) | 20% | |||||
36% | 40% | 49% | ||||
% of Categories | ||||||
Gaining Share |
Source: Nielsen xAOC Data for U.S. Zone
U.S. ZONE REVIEW | Q3 2020 EARNINGS CALL | 15 |
We are now
Rate of New Buyers
Marketing Investment
ramping up brand support to retain and inspire new consumers
Source: Nielsen xAOC Data for U.S. Zone
Repurchasing 2+ Times
+40% | +70% |
35%
18%
24 Weeks Ending | 24 Weeks Ending | H2 2019 | H1 2020 | H2 2020 | |||
Aug 17, 2019 | Aug 15, 2020 | ||||||
Non-Working | Working | ||||||
Q3 2020 EARNINGS CALL | 16 | |
PAULO
BASILIO
CHIEF FINANCIAL OFFICER
FINANCIAL PERFORMANCE & OUTLOOK:
UNITED STATES | Q3 2020 EARNINGS CALL | 17 |
Organic Net Sales1
Price: | 2.9pp | Price: | 4.0pp |
Vol/Mix: | 4.6pp | Vol/Mix: | 3.4pp |
7.5% | 7.4% | ||
YTD 2020 | Q3 2020 |
Adjusted EBITDA1
17.5% | |
13.9% | |
YTD 2020 | Q3 2020 |
HIGHLIGHTS
- Volume/mix benefited from strong growth across retail, e-commerce, and club channels
- Higher price reflects reduction in certain promotional activities to safeguard customer service, select planned pricing actions, and commodity-driven pricing, particularly in dairy
- Adjusted EBITDA growth continued to reflect strong combination of pricing, volume, mix, and procurement savings
- Gains more than offset incentive compensation normalization, key commodity2 inflation, stepped up marketing, and incremental COVID-19-related costs
1| Non-GAAP financial measure. See Appendix to this presentation for more information, including GAAP to non-GAAP reconciliations. 2| The Company's key commodities in the United States and Canada are dairy, meat, coffee and nuts.
FINANCIAL PERFORMANCE & OUTLOOK:
INTERNATIONAL | Q3 2020 EARNINGS CALL | 18 |
Organic Net Sales1
Price: 2.2pp Price: 2.1pp
Vol/Mix: 3.5pp Vol/Mix: 2.5pp
5.7% | 4.6% |
YTD 2020 | Q3 2020 |
Constant Currency
Adjusted EBITDA1
7.7% | 6.8% |
YTD 2020 | Q3 2020 |
HIGHLIGHTS
- Balanced growth continued, led by Taste Elevation
- Developed Markets: +1.6% Q3, +5.0% YTD
- Emerging Markets: +9.1% Q3, +6.7% YTD
- Constant Currency Adjusted EBITDA gains continue to reflect Organic Net Sales growth more than offsetting higher operational costs, including COVID-19-related expenses, and normalized incentive compensation expense
1| Non-GAAP financial measure. See Appendix to this presentation for more information, including GAAP to non-GAAP reconciliations.
FINANCIAL PERFORMANCE & OUTLOOK:
CANADA | Q3 2020 EARNINGS CALL | 19 |
Organic Net Sales1
Price: 0.1pp Price: 4.6pp
Vol/Mix: | 0.9pp | Vol/Mix: (5.6)pp |
1.0%
(1.0%)
YTD 2020 | Q3 2020 |
Constant Currency
Adjusted EBITDA1
(3.0%) | |
(25.9%) | |
YTD 2020 | Q3 2020 |
HIGHLIGHTS
- Strong retail growth in Easy Meals Made Better and Taste Elevation more than offset by the impact of McCafé exit and lower foodservice sales
- Pricing gains driven by a combination of higher list price in select categories and reduced promotional intensity versus the comparable prior year period
- Constant Currency Adjusted EBITDA performance improving but still negatively impacted by supply chain cost inflation, the McCafé exit, and higher incentive compensation versus the year-ago period
1| Non-GAAP financial measure. See Appendix to this presentation for more information, including GAAP to non-GAAP reconciliations.
FINANCIAL PERFORMANCE & OUTLOOK:
CONSOLIDATED SUMMARY | Q3 2020 EARNINGS CALL | 20 |
Net Sales | → Strong vol/mix and |
Adjusted EPS1
→ Q3 2020 included |
$6,441 | |
$6,076 | → |
3Q 2019 | 3Q 2020 |
favorable pricing offset business exit
Pricing tailwind to fade from Q4
$0.69 $0.13 $0.70
3Q 2019 | 3Q 2020 |
$(0.12) impact |
below EBITDA |
→ Continue to |
expect ~$(0.38) |
impact below
$0.70
Adjusted EBITDA in 2020
Adjusted EBITDA1 | → Organic growth, |
Free Cash Flow1 | → Strong FCF |
$1,667 | |
$199 | |
$1,469 | |
3Q 2019 | 3Q 2020 |
COGS containment offsetting business
exit and normalizing
$1,667
incentive compensation
conversion aided
$2,929 | by working capital | |
and capex timing | ||
$1,409 | → Expect working | |
capital rebuild, | ||
accelerating | ||
YTD 2019 | YTD 2020 | capex to hold |
back Q4 FCF | ||
1| Non-GAAP financial measure. See Appendix to this presentation for more information, including GAAP to non-GAAP reconciliations.
FINANCIAL PERFORMANCE & OUTLOOK:
2020 EXPECTATIONS | Q3 2020 EARNINGS CALL | 21 |
RAISING 2020 OUTLOOK
Organic Net Sales1 | Adjusted EBITDA1 | Free Cash Flow1 |
Q4 2020 | Q4 2020 high-single-digit | Expect ~100% Free Cash |
mid-single-digit growth | Constant Currency growth | Flow conversion |
FY 2020 | FY 2020 high-single-digit | ~4x net leverage |
mid-single-digit growth | Constant Currency growth | by year-end |
1| Non-GAAP financial measure. See Appendix to this presentation for more information, including GAAP to non-GAAP reconciliations.
FINANCIAL PERFORMANCE & OUTLOOK:
2021 EXPECTATIONS | Q3 2020 EARNINGS CALL | 22 |
2021 OBJECTIVES
Organic Net Sales1 | Adjusted EBITDA1 | Free Cash Flow1 |
Retain DM Household Gains | Accelerate Growth | Maintain Strong Return of |
& Accelerate EM Growth | Investments | Cash to Shareholders |
Improve Trajectory from | Deliver Adjusted EBITDA1 | Continue to Reduce Gross |
Agile Portfolio Management | above Strategic Plan | Debt Outstanding |
1| Non-GAAP financial measure. See Appendix to this presentation for more information, including GAAP to non-GAAP reconciliations.
Q3 2020 EARNINGS CALL | |
Q&A | MIGUEL PATRICIO |
CHIEF EXECUTIVE OFFICER | |
PAULO BASILIO | |
CHIEF FINANCIAL OFFICER | |
CARLOS ABRAMS-RIVERA | |
US ZONE PRESIDENT | |
Q3 2020 EARNINGS CALL
APPENDIX
Appendix | Q3 2020 EARNINGS CALL | 25 |
Non-GAAP Financial Measures
The non-GAAP financial measures provided should be viewed in addition to, and not as an alternative for, results prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") that are presented in this press release.
To supplement the financial information provided, the Company has presented Organic Net Sales, Adjusted EBITDA, Constant Currency Adjusted EBITDA, Adjusted EPS, and Free Cash Flow which are considered non-GAAP financial measures. The non-GAAP financial measures presented may differ from similarly titled non-GAAP financial measures presented by other companies, and other companies may not define these non-GAAP financial measures in the same way. These measures are not substitutes for their comparable GAAP financial measures, such as net sales, net income/(loss), diluted earnings per share, or other measures prescribed by GAAP, and there are limitations to using non-GAAP financial measures.
Management uses these non-GAAP financial measures to assist in comparing the Company's performance on a consistent basis for purposes of business decision making by removing the impact of certain items that management believes do not directly reflect the Company's underlying operations. Management believes that presenting the Company's non-GAAP financial measures (i.e., Organic Net Sales, Adjusted EBITDA, Constant Currency Adjusted EBITDA, Adjusted EPS, and Free Cash Flow) is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items, (ii) permits investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating the Company's results. The Company believes that the presentation of these non-GAAP financial measures, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provides investors with additional understanding of the factors and trends affecting the Company's business than could be obtained absent these disclosures.
Organic Net Sales is defined as net sales excluding, when they occur, the impact of currency, acquisitions and divestitures, and a 53rd week of shipments. The Company calculates the impact of currency on net sales by holding exchange rates constant at the previous year's exchange rate, with the exception of highly inflationary subsidiaries, for which the Company calculates the previous year's results using the current year's exchange rate. Organic Net Sales is a tool that can assist management and investors in comparing the Company's performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect the Company's underlying operations.
Adjusted EBITDA is defined as net income/(loss) from continuing operations before interest expense, other expense/(income), provision for/(benefit from) income taxes, and depreciation and amortization (excluding integration and restructuring expenses); in addition to these adjustments, the Company excludes, when they occur, the impacts of integration and restructuring expenses, deal costs, unrealized losses/(gains) on commodity hedges, impairment losses, and equity award compensation expense (excluding integration and restructuring expenses). The Company also presents Adjusted EBITDA on a constant currency basis. The Company calculates the impact of currency on Adjusted EBITDA by holding exchange rates constant at the previous year's exchange rate, with the exception of highly inflationary subsidiaries, for which it calculates the previous year's results using the current year's exchange rate. Adjusted EBITDA and Constant Currency Adjusted EBITDA are tools that can assist management and investors in comparing the Company's performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect the Company's underlying operations.
Adjusted EPS is defined as diluted earnings per share excluding, when they occur, the impacts of integration and restructuring expenses, deal costs, unrealized losses/(gains) on commodity hedges, impairment losses, losses/(gains) on the sale of a business, other losses/(gains) related to acquisitions and divestitures (e.g., tax and hedging impacts), nonmonetary currency devaluation (e.g., remeasurement gains and losses), debt prepayment and extinguishment costs, and U.S. Tax Reform discrete income tax expense/(benefit), and including when they occur, adjustments to reflect preferred stock dividend payments on an accrual basis. The Company believes Adjusted EPS provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a consistent basis.
Free Cash Flow is defined as net cash provided by/(used for) operating activities less capital expenditures. The Company believes Free Cash Flow provides a measure of the Company's core operating performance, the cash-generating capabilities of the Company's business operations, and is one factor used in determining the amount of cash available for debt repayments, dividends, acquisitions, share repurchases, and other corporate purposes. The use of this non-GAAP measure does not imply or represent the residual cash flow for discretionary expenditures since the Company has certain non-discretionary obligations such as debt service that are not deducted from the measure.
Fourth quarter and 2020 full year guidance for Organic Net Sales, Adjusted EBITDA, Constant Currency Adjusted EBITDA, Adjusted EPS, and Free Cash Flow are provided on a non-GAAP basis only because certain information necessary to calculate the most comparable GAAP measure is unavailable due to the uncertainty and inherent difficulty of predicting the occurrence and the future financial statement impact of such items impacting comparability, including, but not limited to, the impact of currency, acquisitions and divestitures, integration and restructuring expenses, deal costs, unrealized losses/(gains) on commodity hedges, impairment losses, equity award compensation expense, cash flows from operating activities, and capital expenditures, among other items. Therefore, as a result of the uncertainty and variability of the nature and amount of future adjustments, which could be significant, the Company is unable to provide a reconciliation of these measures without unreasonable effort.
See the attached schedules for supplemental financial data, which includes the financial information, the non-GAAP financial measures and corresponding reconciliations to the comparable GAAP financial measures for the relevant periods.
Appendix | Q3 2020 EARNINGS CALL | 26 | ||||||
% of 2020 | Net Sales Growth | |||||||
Platform | Zone | Role | Net Sales1 | Q3 vs. PY | YTD vs PY | |||
Taste Elevation | ↑ | 28% | +6% | +5% | ||||
Taste Elevation (ex-foodservice) | 22% | +20% | +19% | |||||
Easy Meals Made Better | ↑ / ☀︎ | 19% | +10% | +17% | ||||
Real Food Snacking | / | ↑ | 9% | +4% | +3% | |||
Fast Fresh Meals | / | ☀︎ | 24% | +8% | +8% | |||
Easy Indulgent Desserts | / | ⌅ | 4% | +11% | +12% | |||
Flavorful Hydration | / | ⌅ | 7% | +10% | +8% | |||
All Other | 10% | (7)% | (6)% |
Key
↑ Growth Energize ⌅ Stabilize
1| May not foot due to rounding
Appendix | Q3 2020 EARNINGS CALL | 27 |
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The Kraft Heinz Company published this content on 29 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2020 13:54:07 UTC