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  "documentTitle": "PepsiCo (PEP)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2014-02-19 00:00:00",
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  "notes": "Includes pro-forma adjustments for acquisitions (PBG, PAS, WBD) and tax effects.",
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      "text": "Had advertising as a percentage of sales been held constant at 2006 levels (adjusting for the mix impact from acquisitions), EPS would have grown only 39% from 2006-2013 – 700 bps lower than reported EPS growth",
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      "kind": "disclaimer",
      "text": "Source: Company filings. Note: The estimates, projections, pro-forma information and potential impact of Trian's ideas set forth herein are based on assumptions that Trian believes to be reasonable...",
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      "text": "Advertising fell from 7.7% of sales in 2006 (8.7% in 2005) to 6.5% in 2009. It fell by an additional 34 bps from 2009-2011, even adjusting for the acquisition of the Pepsi Bottling Group (PBG), PepsiAmericas (PAS) and Wimm-Bill-Dann (WBD)",
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      "text": "Had advertising as a percentage of sales been held constant at 2006 levels (adjusting for the mix impact from acquisitions), EPS would have grown only 39% from 2006-2013 - 700 bps lower than reported EPS growth",
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      "text": "Appendix E: Advertising & Marketing Decline Over Time and Impact on EPS",
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