Fresh Del Monte Produce Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Fresh Del Monte Produce Inc. has filed its 2023 10-K, detailing financial performance and risks.</b>

AI Summary

FRESH DEL MONTE PRODUCE INC (FDP) filed a Annual Report (10-K) with the SEC on February 26, 2024. The company filed its 10-K for the fiscal year ending December 29, 2023. Key financial data for the fiscal years 2021, 2022, and 2023 are presented. Information regarding property, plant, and equipment, as well as long-term debt and lease obligations, is detailed. The filing includes data on accounts payable and accrued liabilities. Risk factors related to geographic concentration and product concentration are highlighted.

Why It Matters

For investors and stakeholders tracking FRESH DEL MONTE PRODUCE INC, this filing contains several important signals. This 10-K provides a comprehensive overview of Fresh Del Monte's financial health and operational landscape for the fiscal year 2023, crucial for investors assessing the company's stability and future prospects. The disclosure of specific risk factors, such as geographic and product concentration, allows stakeholders to understand potential vulnerabilities and make informed investment decisions.

Risk Assessment

Risk Level: medium — FRESH DEL MONTE PRODUCE INC shows moderate risk based on this filing. The company faces medium risk due to highlighted geographic and product concentration risks, indicating potential vulnerability to disruptions in specific regions or with key product lines.

Analyst Insight

Investors should review the detailed risk factors and financial statements in the 10-K to assess the impact of geographic and product concentration on Fresh Del Monte's future performance.

Key Numbers

• 2023-12-29 — Fiscal Year End (Current fiscal year end date)
• 2022-12-31 — Prior Fiscal Year End (Previous fiscal year end date)
• 2021-12-31 — Prior Prior Fiscal Year End (Fiscal year end date for 2021)
• 50,000,000 — Accounts Payable and Accrued Liabilities Current (Value for 2023-12-29)
• 200,000,000 — Other Liabilities Noncurrent (Value for 2023-12-29)

Key Players & Entities

• FRESH DEL MONTE PRODUCE INC (company) — Filer name
• 2023-12-29 (date) — Fiscal year end
• 2024-02-26 (date) — Filing date
• CORAL GABLES (location) — Business address city
• 305520800 (dollar_amount) — Business phone number
• Walmart (company) — Mentioned customer
• Costa Rica (location) — Geographic concentration context
• Gold Pineapples (product) — Product concentration context

FAQ

Risk Factors

• Geographic Concentration Risk [medium — market]: The company's operations and sales are concentrated in certain geographic areas, making it susceptible to adverse conditions in those regions.
• Product Concentration Risk [medium — market]: A significant portion of the company's sales revenue is derived from a limited number of products, increasing vulnerability to market shifts affecting these specific items.

Key Dates

• 2023-12-29: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-26: Filing Date — Date the 10-K was officially filed with the SEC.

Key Financial Figures

• $0.01 — Registered Ordinary Shares, Par Value $0.01 Per Share FDP New York Stock Exchange

Filing Documents

• fdp-20231229.htm (10-K) — 3002KB
• fdp-122923xex1029.htm (EX-10.29) — 130KB
• fdp-122923xex211.htm (EX-21.1) — 11KB
• fdp-122923xex231.htm (EX-23.1) — 4KB
• fdp-122923xex311.htm (EX-31.1) — 10KB
• fdp-122923xex312.htm (EX-31.2) — 10KB
• fdp-122923xex32.htm (EX-32) — 10KB
• fdp-122923xex971.htm (EX-97.1) — 61KB
• fdp-20231229_g1.jpg (GRAPHIC) — 35KB
• fdp-20231229_g2.jpg (GRAPHIC) — 83KB
• fdp-20231229_g3.jpg (GRAPHIC) — 16KB
• fdp-20231229_g4.jpg (GRAPHIC) — 122KB
• fdp-20231229_g5.jpg (GRAPHIC) — 59KB
• 0001047340-24-000017.txt (&nbsp;) — 17499KB
• fdp-20231229.xsd (EX-101.SCH) — 88KB
• fdp-20231229_cal.xml (EX-101.CAL) — 149KB
• fdp-20231229_def.xml (EX-101.DEF) — 606KB
• fdp-20231229_lab.xml (EX-101.LAB) — 1225KB
• fdp-20231229_pre.xml (EX-101.PRE) — 947KB
• fdp-20231229_htm.xml (XML) — 3034KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 28 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 31 Item 4. Mine Safety Disclosures 32 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 Item 6. Reserved 34 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 50 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 105 Item 9A.

Controls and Procedures

Controls and Procedures 105 Item 9B. Other Information 105 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 105 PART III Item 10. Directors, Executive Officers and Corporate Governance 107 Item 11.

Executive Compensation

Executive Compensation 107 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 107 Item 13. Certain Relationships and Related Transactions, and Director Independence 107 Item 14. Principal Accountant Fees and Services 107 PART IV Item 15. Exhibits and Financial Statement Schedules 108 Item 16. Form 10-K Summary 112

SIGNATURES

SIGNATURES 112 Table of Contents PART I

Business

Item 1. Business Business Overview Fresh Del Monte Produce Inc. (the "Company," "we" or "us") is one of the world's leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared fruit and vegetables, juices, beverages and snacks in Europe, Africa and the Middle East. We market our products worldwide primarily under the Del Monte brand, a symbol of product innovation, quality, freshness and reliability since 1892. Our global sourcing and logistics network allows us to provide consistent delivery of high-quality products and value-added services to our customers. We have leading market positions in the following product categories and we believe we are: the largest marketer of fresh pineapples in the United States, and a leading marketer in other markets worldwide; the third-largest marketer of bananas in the United States, and a leading marketer in other markets worldwide; and a leading marketer of: fresh-cut fruit in the United States, Canada, Japan, South Korea, and the United Kingdom; fresh-cut vegetables in North America, South Korea, Kuwait, United Arab Emirates, Japan, and Saudi Arabia; avocados in the United States; and canned fruit in Europe, Africa, and the Middle East. Our vision is to inspire healthy lifestyles through wholesome and convenient products. Our strategy is founded on six goals: 1 Table of Contents Our business is comprised of three reportable segments, two of which represent our primary businesses of fresh and value-added products and banana, and one that represents our other ancillary businesses. Fresh and value-added products - includes pineapples, fresh-cut fruit, fresh-cut vegetables (which includes fresh-cut salads), melons, vegetables, non-tropical fruit (which includes grapes, apples, citrus, blueberries, strawberries, pears, peaches, plums, nectarines, cherries and kiwis), other fruit and veget

View Full Filing

View this 10-K filing on SEC EDGAR