{
  "docId": "019dd923-622b-71dc-a6db-5b8745c248b4",
  "docSlug": "61f9ed76fe8f",
  "documentTitle": "The Procter & Gamble Company (PG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-06 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 51,
  "pageCount": 94,
  "prevPage": 50,
  "nextPage": 52,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 14,
  "notes": "Uses a process-flow style to contrast management claims with actual financial outcomes.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "process_diagram",
    "pie_chart",
    "bar_chart_vertical",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-5b8745c248b4/51",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4#slide-51",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.25,
        "x": 0.06,
        "y": 0.76
      },
      "kind": "callout",
      "text": "If the $3bn of remaining productivity dropped to the bottom line, operating profit would have been ~20% higher in 2016",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7653b213-4285-4f03-92ad-fb0bd1035637",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.46,
        "y": 0.71
      },
      "kind": "chart",
      "text": "Operating Profit ($bn) 2011-2016",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0ac101af-ab05-43cf-8b04-a6098c1d6058",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.45,
        "x": 0.46,
        "y": 0.48
      },
      "kind": "chart",
      "text": "Volume Growth (%) 2012-2016",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd15c721-49c5-4300-b86a-2fa76328d581",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.2,
        "x": 0.53,
        "y": 0.28
      },
      "kind": "chart",
      "text": "Pie chart showing $3bn reinvested vs $7bn lost to FX",
      "attrs": null,
      "subkind": "pie",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4c6c437c-3a83-4f98-97f6-f5df5da1827f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Operating Profit: $14.0bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0934-771a-b79e-35f219348800",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.25,
        "x": 0.06,
        "y": 0.65
      },
      "kind": "paragraph",
      "text": "However, the remaining +$3bn of savings did not drive sales or profit",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aa7d60ed-7983-4abe-b666-b8cb28e1bd94",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.25,
        "x": 0.06,
        "y": 0.135
      },
      "kind": "paragraph",
      "text": "In 2012, P&G announced a $10bn productivity plan",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b4577be6-29f6-4569-9976-16552fb23cf4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.35,
        "x": 0.53,
        "y": 0.135
      },
      "kind": "paragraph",
      "text": "Today, P&G claims that they over-achieved against this target(1)",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "baf1b254-a944-42c4-96c4-22514fa75024",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.25,
        "x": 0.06,
        "y": 0.295
      },
      "kind": "paragraph",
      "text": "Of the $10bn, P&G claims that $7bn was offset by foreign exchange (FX)(2) and the rest was reinvested",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f076576d-1f21-4814-95ba-eb7f7f30a51a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.8,
        "x": 0.06,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: SEC filings, investor presentations, transcripts, Wall Street research. (1) Deutsche Bank Global Consumer Conference (June 15, 2017). (2) Deutsche Bank Global Consumer Conference (June 16, 2016).",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fe8d4e9b-0b61-4866-a221-c82582c9850c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.06,
        "y": 0.04
      },
      "kind": "title",
      "text": "The First Cost Program Did Not Create Value (2012-2016)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a40980b7-b84e-4a2f-b818-9eb99411fc8c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "causal-chain",
      "slug": null,
      "matchId": "56d87c9f-2ce6-43ea-8b7a-4d8fdd034830",
      "evidence": "The slide links the initial plan to the lack of financial results through a logical sequence.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}