Attached files
| file | filename |
|---|---|
| 8-K - H.J. HEINZ COMPANY 8-K - HEINZ H J CO | a50390209.htm |
| EX-99.1 - EXHIBIT 99.1 - HEINZ H J CO | a50390209ex99-1.htm |
Exhibit 99.2
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H.J. Heinz Company
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Reported Income Statement*
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Continuing Operations
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(In Millions, Except per Share Amounts)
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2009
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2010
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2011
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Q112 | Q212 | Q312 | Q412 | 2012 | Q113 | |||||||||||||||||||||||
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Category Sales:
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Ketchup and Sauces
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$ | 4,251.6 | $ | 4,446.9 | $ | 4,608.0 | $ | 1,310.5 | $ | 1,268.3 | $ | 1,261.6 | $ | 1,392.2 | $ | 5,232.6 | $ | 1,319.3 | ||||||||||||||
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Meals and Snacks
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4,127.6 | 4,193.2 | 4,207.8 | 991.5 | 1,090.5 | 1,188.7 | 1,135.7 | 4,406.3 | 970.7 | |||||||||||||||||||||||
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Infant/Nutrition
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1,105.3 | 1,158.0 | 1,175.4 | 322.1 | 301.5 | 280.3 | 328.3 | 1,232.2 | 296.7 | |||||||||||||||||||||||
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Other
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429.6 | 600.5 | 641.0 | 208.6 | 153.7 | 170.2 | 172.3 | 704.7 | 204.6 | |||||||||||||||||||||||
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Total Sales
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9,914.1 | 10,398.6 | 10,632.2 | 2,832.6 | 2,814.0 | 2,900.7 | 3,028.6 | 11,575.9 | 2,791.2 | |||||||||||||||||||||||
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Cost of products sold
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6,366.5 | 6,630.3 | 6,684.9 | 1,849.0 | 1,846.3 | 1,860.9 | 2,027.9 | 7,584.1 | 1,789.2 | |||||||||||||||||||||||
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Gross Profit
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3,547.5 | 3,768.2 | 3,947.3 | 983.6 | 967.7 | 1,039.8 | 1,000.7 | 3,991.8 | 1,002.0 | |||||||||||||||||||||||
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Gross Margin
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35.8 | % | 36.2 | % | 37.1 | % | 34.7 | % | 34.4 | % | 35.8 | % | 33.0 | % | 34.5 | % | 35.9 | % | ||||||||||||||
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Selling, general and adminstrative expenses
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2,052.8 | 2,223.1 | 2,291.6 | 613.1 | 609.5 | 615.4 | 699.2 | 2,537.1 | 591.7 | |||||||||||||||||||||||
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Operating Income
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1,494.7 | 1,545.2 | 1,655.7 | 370.5 | 358.1 | 424.5 | 301.6 | 1,454.7 | 410.3 | |||||||||||||||||||||||
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Net Interest Expense
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275.5 | 250.6 | 252.8 | 61.2 | 66.0 | 66.0 | 66.3 | 259.5 | 65.0 | |||||||||||||||||||||||
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Other Income/(Expense), net
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92.9 | (18.2 | ) | (21.2 | ) | (2.3 | ) | 1.2 | (2.7 | ) | (4.5 | ) | (8.2 | ) | 2.3 | |||||||||||||||||
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Income from Continuing Operations before income taxes
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1,312.1 | 1,276.4 | 1,381.7 | 307.1 | 293.4 | 355.8 | 230.7 | 1,187.0 | 347.6 | |||||||||||||||||||||||
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Provision for income taxes
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372.5 | 353.3 | 370.8 | 71.5 | 53.0 | 67.3 | 53.1 | 244.8 | 61.6 | |||||||||||||||||||||||
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Income from continuing operations
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939.6 | 923.1 | 1,010.9 | 235.6 | 240.4 | 288.5 | 177.7 | 942.1 | 286.0 | |||||||||||||||||||||||
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Loss from discontinued operations, net of tax
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(1.6 | ) | (40.7 | ) | (5.0 | ) | (0.6 | ) | (0.3 | ) | (1.3 | ) | (0.1 | ) | (2.2 | ) | (21.3 | ) | ||||||||||||||
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Net Income
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938.0 | 882.3 | 1,005.9 | 235.0 | 240.1 | 287.2 | 177.6 | 939.9 | 264.7 | |||||||||||||||||||||||
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Less: Net income attributable to the noncontrolling interest
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(14.9 | ) | (17.5 | ) | (16.4 | ) | (8.8 | ) | (3.1 | ) | (2.5 | ) | (2.2 | ) | (16.7 | ) | (6.7 | ) | ||||||||||||||
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Net income attributable to H.J. Heinz Company
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$ | 923.1 | $ | 864.9 | $ | 989.5 | $ | 226.1 | $ | 237.0 | $ | 284.7 | $ | 175.3 | $ | 923.2 | $ | 258.0 | ||||||||||||||
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Income/(loss) per common share - Diluted
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Continuing operations
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$ | 2.89 | $ | 2.84 | $ | 3.07 | $ | 0.70 | $ | 0.73 | $ | 0.88 | $ | 0.54 | $ | 2.86 | $ | 0.87 | ||||||||||||||
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Discontinued operations
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(0.01 | ) | (0.13 | ) | (0.02 | ) | - | - | - | - | (0.01 | ) | (0.07 | ) | ||||||||||||||||||
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Net Income
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$ | 2.89 | $ | 2.71 | $ | 3.06 | $ | 0.70 | $ | 0.73 | $ | 0.88 | $ | 0.54 | $ | 2.85 | $ | 0.80 | ||||||||||||||
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Average common shares outstanding - diluted
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318.1 | 318.1 | 323.0 | 324.2 | 323.6 | 322.7 | 322.6 | 323.3 | 322.8 | |||||||||||||||||||||||
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Income/(loss) per common share - Basic
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Continuing operations
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$ | 2.93 | $ | 2.86 | $ | 3.10 | $ | 0.70 | $ | 0.74 | $ | 0.89 | $ | 0.55 | $ | 2.88 | $ | 0.87 | ||||||||||||||
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Discontinued operations
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(0.01 | ) | (0.13 | ) | (0.02 | ) | - | - | - | - | (0.01 | ) | (0.07 | ) | ||||||||||||||||||
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Net Income
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$ | 2.93 | $ | 2.73 | $ | 3.09 | $ | 0.70 | $ | 0.74 | $ | 0.89 | $ | 0.55 | $ | 2.87 | $ | 0.81 | ||||||||||||||
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Average common shares outstanding - basic
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313.7 | 315.9 | 320.1 | 321.4 | 320.9 | 320.2 | 320.1 | 320.7 | 320.3 | |||||||||||||||||||||||
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* Amounts as reported in accordance with U.S. GAAP. Fiscal 2012 includes charges for productivity initiatives treated as special items.
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(Totals may not add due to rounding)
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H. J. Heinz Company
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Continuing Operations, Excluding Charges for Productivity Initiatives
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(In Millions, Except per Share Amounts)
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2009
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2010
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2011
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Q112 | Q212 | Q312 | Q412 | 2012 | Q113 | |||||||||||||||||||||||
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Reported results from continuing operations
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Net Sales
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$ | 9,914.1 | $ | 10,398.6 | $ | 10,632.2 | $ | 2,832.6 | $ | 2,814.0 | $ | 2,900.7 | $ | 3,028.6 | $ | 11,575.9 | $ | 2,791.2 | ||||||||||||||
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Gross Profit
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$ | 3,547.5 | $ | 3,768.2 | $ | 3,947.3 | $ | 983.6 | $ | 967.6 | $ | 1,039.8 | $ | 1,000.7 | $ | 3,991.8 | $ | 1,002.0 | ||||||||||||||
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Charges for productivity initiatives (a)
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- | - | - | 31.4 | 27.5 | 22.2 | 58.7 | 139.8 | - | |||||||||||||||||||||||
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Gross Profit excluding charges for productivity initiatives
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$ | 3,547.5 | $ | 3,768.2 | $ | 3,947.3 | $ | 1,015.0 | $ | 995.1 | $ | 1,062.1 | $ | 1,059.5 | $ | 4,131.6 | $ | 1,002.0 | ||||||||||||||
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Operating Income
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$ | 1,494.7 | $ | 1,545.2 | $ | 1,655.7 | $ | 370.5 | $ | 358.1 | $ | 424.5 | $ | 301.6 | $ | 1,454.7 | $ | 410.3 | ||||||||||||||
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Charges for productivity initiatives (a)
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- | - | - | 40.5 | 37.3 | 33.8 | 112.7 | 224.3 | - | |||||||||||||||||||||||
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Operating income excluding charges for productivity initiatives
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$ | 1,494.7 | $ | 1,545.2 | $ | 1,655.7 | $ | 411.0 | $ | 395.5 | $ | 458.3 | $ | 414.3 | $ | 1,679.0 | $ | 410.3 | ||||||||||||||
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Income from continuing operations attributable to H.J. Heinz Company
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$ | 924.7 | $ | 905.6 | $ | 994.5 | $ | 226.7 | $ | 237.3 | $ | 286.0 | $ | 175.4 | $ | 925.4 | $ | 279.4 | ||||||||||||||
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Charges for productivity initiatives (a)
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- | - | - | 28.4 | 25.5 | 22.8 | 86.1 | 162.9 | - | |||||||||||||||||||||||
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Income from continuing operations attributable to H.J. Heinz Company excluding charges for productivity initiatives
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$ | 924.7 | $ | 905.6 | $ | 994.5 | $ | 255.2 | $ | 262.8 | $ | 308.7 | $ | 261.6 | $ | 1,088.3 | $ | 279.4 | ||||||||||||||
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Diluted earnings per share from continuing operations attributable to H.J. Heinz Company
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$ | 2.89 | $ | 2.84 | $ | 3.07 | $ | 0.70 | $ | 0.73 | $ | 0.88 | $ | 0.54 | $ | 2.86 | $ | 0.87 | ||||||||||||||
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Charges for productivity initiatives (a)
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- | - | - | 0.09 | 0.08 | 0.07 | 0.27 | 0.50 | - | |||||||||||||||||||||||
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Diluted earnings per share from continuing operations attributable to H.J. Heinz Company excluding charges for productivity initiatives
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$ | 2.89 | $ | 2.84 | $ | 3.07 | $ | 0.79 | $ | 0.81 | $ | 0.95 | $ | 0.81 | $ | 3.36 | $ | 0.87 | ||||||||||||||
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(a) Includes charges related to global workforce reductions, factory exits and other implementation costs such as professional fees, contract termination and relocation
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costs for the establishment of the European supply chain hub in the Netherlands and to improve global manufacturing efficiencies.
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Fiscal year 2012 contains special items. Please refer to published financial statements for further information.
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(Totals may not add due to rounding)
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H. J. Heinz Company
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Sales Variance Analysis
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Continuing Operations
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(Dollars in Millions)
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2009
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2010
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2011
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Q112 | Q212 | Q312 | Q412** | 2012** | Q113 | |||||||||||||||||||||||
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Net external sales:
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North American Consumer Products
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$ | 3,136.0 | $ | 3,192.2 | $ | 3,265.9 | $ | 774.6 | $ | 794.3 | $ | 829.9 | $ | 842.8 | $ | 3,241.5 | $ | 758.9 | ||||||||||||||
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Europe
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3,329.0 | 3,332.6 | 3,236.8 | 837.8 | 844.2 | 854.7 | 904.6 | 3,441.3 | 777.9 | |||||||||||||||||||||||
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Asia / Pacific
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1,627.4 | 2,007.3 | 2,320.8 | 670.8 | 592.8 | 632.1 | 673.0 | 2,568.7 | 657.9 | |||||||||||||||||||||||
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U.S. Foodservice
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1,353.6 | 1,333.1 | 1,339.1 | 308.0 | 334.4 | 342.1 | 361.2 | 1,345.8 | 315.3 | |||||||||||||||||||||||
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Rest of World
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468.0 | 533.4 | 469.7 | 241.4 | 248.2 | 241.9 | 247.0 | 978.6 | 281.2 | |||||||||||||||||||||||
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Sales (Net Revenue)
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$ | 9,914.1 | $ | 10,398.6 | $ | 10,632.2 | $ | 2,832.6 | $ | 2,814.0 | $ | 2,900.7 | $ | 3,028.6 | $ | 11,575.9 | $ | 2,791.2 | ||||||||||||||
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Sales Variance by Segment:
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North American Consumer Products:
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Volume
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(0.4 | %) | (1.5 | %) | 2.0 | % | (3.1 | %) | (2.4 | %) | (2.0 | %) | (1.7 | %) | (2.3 | %) | (0.1 | %) | ||||||||||||||
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Price
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6.8 | % | 1.9 | % | (1.1 | %) | 3.1 | % | 2.7 | % | 3.3 | % | 2.1 | % | 2.8 | % | 1.0 | % | ||||||||||||||
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Acquisition
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0.0 | % | 0.2 | % | 0.2 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||
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Divestiture
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0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | (2.0 | %) | (2.1 | %) | (2.2 | %) | (1.6 | %) | (1.8 | %) | ||||||||||||||
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Exchange
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(2.3 | %) | 1.3 | % | 1.1 | % | 1.6 | % | 0.6 | % | (0.3 | %) | (0.4 | %) | 0.3 | % | (1.1 | %) | ||||||||||||||
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Total Change in Net Sales
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4.1 | % | 1.8 | % | 2.3 | % | 1.7 | % | (1.1 | %) | (1.1 | %) | (2.2 | %) | (0.7 | %) | (2.0 | %) | ||||||||||||||
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Total Organic Growth (a)
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6.4 | % | 0.4 | % | 0.9 | % | 0.0 | % | 0.3 | % | 1.3 | % | 0.4 | % | 0.5 | % | 0.9 | % | ||||||||||||||
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Europe:
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Volume
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(0.5 | %) | (0.9 | %) | (0.4 | %) | 2.2 | % | (2.1 | %) | 1.0 | % | 1.6 | % | 0.6 | % | (0.9 | %) | ||||||||||||||
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Price
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7.1 | % | 2.4 | % | 1.0 | % | 2.7 | % | 5.0 | % | 3.4 | % | 3.7 | % | 3.7 | % | 2.9 | % | ||||||||||||||
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Acquisition
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2.6 | % | 0.6 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||
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Divestiture
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0.0 | % | (0.1 | %) | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | (0.4 | %) | ||||||||||||||
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Exchange
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(11.8 | %) | (1.9 | %) | (3.5 | %) | 12.6 | % | 2.9 | % | (1.6 | %) | (4.1 | %) | 1.9 | % | (8.8 | %) | ||||||||||||||
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Total Change in Net Sales
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(2.6 | %) | 0.1 | % | (2.9 | %) | 17.5 | % | 5.8 | % | 2.7 | % | 1.2 | % | 6.3 | % | (7.2 | %) | ||||||||||||||
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Total Organic Growth (a)
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6.6 | % | 1.5 | % | 0.6 | % | 4.9 | % | 2.9 | % | 4.4 | % | 5.3 | % | 4.3 | % | 2.0 | % | ||||||||||||||
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Asia/Pacific:
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Volume
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(1.4 | %) | 1.0 | % | 4.8 | % | (0.7 | %) | (4.9 | %) | 2.5 | % | 1.1 | % | (0.3 | %) | 2.7 | % | ||||||||||||||
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Price
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6.1 | % | 2.0 | % | 0.2 | % | 1.7 | % | 2.3 | % | 4.1 | % | 2.0 | % | 2.5 | % | 1.4 | % | ||||||||||||||
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Acquisition
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6.8 | % | 12.6 | % | 2.9 | % | 6.0 | % | 7.2 | % | 0.0 | % | 0.0 | % | 3.1 | % | 0.0 | % | ||||||||||||||
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Divestiture
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0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||
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Exchange
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(9.8 | %) | 7.8 | % | 7.7 | % | 13.1 | % | 6.9 | % | 1.6 | % | 0.9 | % | 5.4 | % | (6.1 | %) | ||||||||||||||
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Total Change in Net Sales
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1.7 | % | 23.3 | % | 15.6 | % | 20.2 | % | 11.6 | % | 8.2 | % | 4.0 | % | 10.7 | % | (1.9 | %) | ||||||||||||||
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Total Organic Growth (a)
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4.7 | % | 3.0 | % | 5.0 | % | 1.0 | % | (2.6 | %) | 6.6 | % | 3.1 | % | 2.2 | % | 4.1 | % | ||||||||||||||
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U.S. Foodservice:
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Volume
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(5.7 | %) | (5.5 | %) | (2.0 | %) | (2.8 | %) | (5.1 | %) | (0.9 | %) | 1.2 | % | (1.8 | %) | (0.2 | %) | ||||||||||||||
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Price
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3.9 | % | 4.4 | % | 2.4 | % | 2.0 | % | 2.3 | % | 3.0 | % | 2.0 | % | 2.3 | % | 2.6 | % | ||||||||||||||
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Acquisition
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0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||
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Divestiture
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(1.0 | %) | (0.4 | %) | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||
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Exchange
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0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||
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Total Change in Net Sales
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(2.9 | %) | (1.5 | %) | 0.4 | % | (0.7 | %) | (2.8 | %) | 2.1 | % | 3.3 | % | 0.5 | % | 2.4 | % | ||||||||||||||
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Total Organic Growth (a)
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(1.8 | %) | (1.1 | %) | 0.4 | % | (0.7 | %) | (2.8 | %) | 2.1 | % | 3.3 | % | 0.5 | % | 2.4 | % | ||||||||||||||
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Rest of World:
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Volume
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4.6 | % | 2.3 | % | (4.5 | %) | 4.4 | % | 5.6 | % | 10.1 | % | 27.7 | % | 11.9 | % | 24.9 | % | ||||||||||||||
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Price
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27.6 | % | 23.1 | % | 17.2 | % | 27.9 | % | 26.1 | % | 20.1 | % | 11.8 | % | 21.5 | % | 6.8 | % | ||||||||||||||
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Acquisition
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0.2 | % | 0.8 | % | 0.0 | % | 68.1 | % | 76.6 | % | 86.6 | % | 75.5 | % | 76.6 | % | 0.0 | % | ||||||||||||||
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Divestiture
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0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||
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Exchange
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(5.2 | %) | (12.2 | %) | (24.6 | %) | 2.5 | % | (1.1 | %) | (4.4 | %) | (3.9 | %) | (1.7 | %) | (15.1 | %) | ||||||||||||||
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Total Change in Net Sales
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27.3 | % | 14.0 | % | (11.9 | %) | 102.9 | % | 107.2 | % | 112.4 | % | 111.1 | % | 108.3 | % | 16.5 | % | ||||||||||||||
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Total Organic Growth (a)
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32.2 | % | 25.4 | % | 12.7 | % | 32.3 | % | 31.7 | % | 30.2 | % | 39.5 | % | 33.4 | % | 31.7 | % | ||||||||||||||
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Total Heinz:
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Volume
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(1.2 | %) | (1.3 | %) | 1.0 | % | (0.6 | %) | (2.8 | %) | 0.5 | % | 1.5 | % | (0.3 | %) | 2.5 | % | ||||||||||||||
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Price
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7.2 | % | 3.4 | % | 1.2 | % | 3.7 | % | 4.4 | % | 4.2 | % | 3.0 | % | 3.8 | % | 2.3 | % | ||||||||||||||
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Acquisition
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2.0 | % | 2.4 | % | 0.6 | % | 4.7 | % | 5.0 | % | 3.7 | % | 3.1 | % | 4.1 | % | 0.0 | % | ||||||||||||||
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Divestiture
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(0.2 | %) | (0.1 | %) | 0.0 | % | 0.0 | % | (0.6 | %) | (0.7 | %) | (0.7 | %) | (0.5 | %) | (0.6 | %) | ||||||||||||||
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Exchange
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(6.6 | %) | 0.5 | % | (0.5 | %) | 7.2 | % | 2.4 | % | (0.4 | %) | (1.4 | %) | 1.8 | % | (5.6 | %) | ||||||||||||||
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Total Change in Net Sales
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1.3 | % | 4.9 | % | 2.2 | % | 15.0 | % | 8.4 | % | 7.3 | % | 5.5 | % | 8.9 | % | (1.5 | %) | ||||||||||||||
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Total Organic Growth (a)
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6.0 | % | 2.1 | % | 2.2 | % | 3.1 | % | 1.6 | % | 4.7 | % | 4.5 | % | 3.5 | % | 4.8 | % | ||||||||||||||
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(a) Organic sales growth is a non-GAAP measure that excludes the impact of foreign currency exchange rates and acquisitions/divestitures.
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** Fiscal 2012 had 2 extra business days compared to Fiscal 2011
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(Totals may not add due to rounding)
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H. J. Heinz Company
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Operating Income by Segment
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Continuing Operations
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(In Millions)
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2009
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2010
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2011
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Q112 | Q212 | Q312 | Q412 | 2012 | Q113 | |||||||||||||||||||||||
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Segment Operating Income/(Loss):
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North American Consumer Products
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$ | 724.8 | $ | 771.5 | $ | 832.7 | $ | 190.8 | $ | 201.9 | $ | 227.3 | $ | 192.1 | $ | 812.1 | $ | 183.4 | ||||||||||||||
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Europe
|
571.1 | 554.3 | 581.1 | 137.4 | 144.5 | 161.7 | 165.2 | 608.8 | 137.2 | |||||||||||||||||||||||
|
Asia / Pacific
|
182.5 | 195.3 | 221.6 | 61.2 | 40.0 | 54.0 | 51.1 | 206.3 | 72.8 | |||||||||||||||||||||||
|
U.S. Foodservice
|
121.5 | 136.5 | 183.4 | 32.5 | 34.9 | 50.3 | 52.1 | 169.8 | 36.7 | |||||||||||||||||||||||
|
Rest of World
|
52.3 | 69.2 | 53.4 | 32.3 | 32.1 | 18.4 | 22.3 | 105.1 | 31.0 | |||||||||||||||||||||||
|
Other:
|
||||||||||||||||||||||||||||||||
|
Non-operating
|
(157.6 | ) | (159.0 | ) | (216.6 | ) | (43.2 | ) | (57.9 | ) | (53.4 | ) | (68.6 | ) | (223.1 | ) | (50.8 | ) | ||||||||||||||
|
Productivity initiatives (a)
|
- | (37.7 | ) | - | (40.5 | ) | (37.3 | ) | (33.8 | ) | (112.7 | ) | (224.3 | ) | - | |||||||||||||||||
|
Gain on property disposal in The Netherlands
|
- | 15.0 | - | - | - | - | - | - | - | |||||||||||||||||||||||
|
Total Operating Income
|
$ | 1,494.7 | $ | 1,545.2 | $ | 1,655.7 | $ | 370.5 | $ | 358.1 | $ | 424.5 | $ | 301.6 | $ | 1,454.7 | $ | 410.3 | ||||||||||||||
|
(a) In Fiscal 2010, includes costs associated with targeted workforce reductions and asset write-offs that were part of a corporation-wide initiative to improve productivity.
|
||||||||||||||
|
The asset write-offs in Fiscal 2010 related to two factory closures and the exit of a formula business in the U.K. In Fiscal 2012, includes charges related to global
|
||||||||||||||
|
workforce reductions, factory exits and other implementation costs such as professional fees, contract termination and relocation costs for the establishment of the
|
||||||||||||||
|
European supply chain hub in the Netherlands and to improve global manufacturing efficiencies.
|
||||||||||||||
|
(Totals may not add due to rounding)
|
||||||||||||||
|
H. J. Heinz Company
|
||||||||||||||||||||
|
Consolidated Balance Sheets
|
||||||||||||||||||||
|
(In millions)
|
2009
|
2010
|
2011
|
2012
|
Q113 | |||||||||||||||
|
Current assets:
|
||||||||||||||||||||
|
Cash and cash equivalents
|
$ | 373.1 | $ | 483.3 | $ | 724.3 | $ | 1,330.4 | $ | 978.5 | ||||||||||
|
Trade receivables, net
|
881.2 | 794.8 | 1,039.1 | 815.6 | 848.7 | |||||||||||||||
|
Other receivables, net
|
290.6 | 250.5 | 226.0 | 177.9 | 187.3 | |||||||||||||||
|
Inventories
|
1,237.6 | 1,249.1 | 1,451.5 | 1,329.4 | 1,362.1 | |||||||||||||||
|
Prepaid expenses
|
125.8 | 130.8 | 159.5 | 174.8 | 205.5 | |||||||||||||||
|
Other current assets
|
36.7 | 142.6 | 153.1 | 54.1 | 76.6 | |||||||||||||||
|
Total current assets
|
2,945.0 | 3,051.1 | 3,753.5 | 3,882.2 | 3,658.7 | |||||||||||||||
|
Property, plant and equipment, net
|
1,978.3 | 2,091.8 | 2,505.1 | 2,484.1 | 2,405.5 | |||||||||||||||
|
Other non-current assets:
|
||||||||||||||||||||
|
Goodwill
|
2,687.8 | 2,770.9 | 3,298.4 | 3,185.5 | 3,092.4 | |||||||||||||||
|
Trademarks, net
|
889.8 | 895.1 | 1,156.2 | 1,090.9 | 1,047.0 | |||||||||||||||
|
Other intangibles, net
|
405.4 | 402.6 | 442.6 | 407.8 | 392.5 | |||||||||||||||
|
Long-term restricted cash
|
192.7 | - | - | 39.3 | 39.3 | |||||||||||||||
|
Other non-current assets
|
565.2 | 864.2 | 1,074.8 | 893.4 | 884.5 | |||||||||||||||
|
Total other non-current assets
|
4,740.9 | 4,932.8 | 5,972.0 | 5,616.9 | 5,455.7 | |||||||||||||||
|
Total assets
|
$ | 9,664.2 | $ | 10,075.7 | $ | 12,230.6 | $ | 11,983.3 | $ | 11,519.9 | ||||||||||
|
Current liabilities:
|
||||||||||||||||||||
|
Short-term debt
|
$ | 61.3 | $ | 43.9 | $ | 87.8 | $ | 46.5 | $ | 51.6 | ||||||||||
|
Portion of long-term debt due within one year
|
4.3 | 15.2 | 1,447.1 | 200.2 | 869.0 | |||||||||||||||
|
Trade payables
|
955.4 | 1,007.5 | 1,337.6 | 1,202.4 | 1,145.3 | |||||||||||||||
|
Other payables
|
157.9 | 122.0 | 162.0 | 146.4 | 138.9 | |||||||||||||||
|
Accrued marketing
|
233.3 | 288.6 | 313.4 | 303.1 | 294.2 | |||||||||||||||
|
Other accrued liabilities
|
576.7 | 667.7 | 715.1 | 647.8 | 548.1 | |||||||||||||||
|
Income taxes
|
73.9 | 30.6 | 98.3 | 101.5 | 96.7 | |||||||||||||||
|
Total current liabilities
|
2,062.8 | 2,175.4 | 4,161.5 | 2,648.0 | 3,143.8 | |||||||||||||||
|
Long-term liabilities:
|
||||||||||||||||||||
|
Long-term debt
|
5,076.2 | 4,559.2 | 3,078.1 | 4,780.0 | 4,111.0 | |||||||||||||||
|
Deferred income taxes
|
345.7 | 665.1 | 897.2 | 817.9 | 803.9 | |||||||||||||||
|
Other non-current liabilities
|
900.3 | 727.6 | 786.7 | 812.8 | 797.8 | |||||||||||||||
|
Total long-term liabilities
|
6,322.2 | 5,951.9 | 4,762.1 | 6,410.8 | 5,712.8 | |||||||||||||||
|
Redeemable non-controlling interest
|
- | - | 124.7 | 113.8 | 28.0 | |||||||||||||||
|
Equity:
|
||||||||||||||||||||
|
Preferred stock
|
0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||
|
Common stock
|
107.8 | 107.8 | 107.8 | 107.8 | 107.8 | |||||||||||||||
|
Additional capital
|
737.9 | 657.6 | 629.4 | 594.6 | 619.0 | |||||||||||||||
|
Retained earnings
|
6,525.7 | 6,856.0 | 7,264.7 | 7,567.3 | 7,651.5 | |||||||||||||||
|
Less:
|
||||||||||||||||||||
|
Treasury shares, at cost
|
4,881.8 | 4,750.5 | 4,593.4 | 4,666.4 | 4,668.6 | |||||||||||||||
|
Accumulated other comprehensive loss
|
1,269.7 | 979.6 | 299.6 | 844.7 | 1,129.4 | |||||||||||||||
|
Total H.J. Heinz Company shareholders'equity
|
1,219.9 | 1,891.3 | 3,109.0 | 2,758.6 | 2,580.4 | |||||||||||||||
|
Noncontrolling interest
|
59.2 | 57.2 | 73.5 | 52.2 | 54.9 | |||||||||||||||
|
Total equity
|
1,279.1 | 1,948.5 | 3,182.5 | 2,810.8 | 2,635.3 | |||||||||||||||
|
Total liabilities and equity
|
$ | 9,664.2 | $ | 10,075.7 | $ | 12,230.6 | $ | 11,983.3 | $ | 11,519.9 | ||||||||||
|
The following are acquisitions (A) and divestitures (D) that occurred during the respective years:
|
||||||||||||||||||||
|
Fiscal 2009: Benedicta (A- France), La Bonne Cuisine (A- New Zealand), Golden Circle (A- Australia) and Papillion (A- South Africa)
|
||||||||||||||||||||
|
Fiscal 2010: Kabobs (D- U.S.), U.K. private label frozen desserts (D- U.K.), Appetizers And (D- U.S.), Arthur's Fresh (A- Canada)
|
||||||||||||||||||||
|
Fiscal 2011: Foodstar (A-China) and Quero (A-Brazil)
|
||||||||||||||||||||
|
(Totals may not add due to rounding)
|
||||||||||||||||||||
|
H. J. Heinz Company
|
||||||||||||||||||||
|
Consolidated Statements of Cash Flows
|
||||||||||||||||||||
|
(In Millions)
|
2009 (a)(b)
|
2010 (a)(b)
|
2011(b)
|
2012(b)
|
Q113(b) | |||||||||||||||
|
Cash Flows from Operating Activities
|
||||||||||||||||||||
|
Net income
|
$ | 938.0 | $ | 882.3 | $ | 1,005.9 | $ | 939.9 | $ | 264.7 | ||||||||||
|
Adjustments to reconcile net income to cash provided by operating activities:
|
||||||||||||||||||||
|
Depreciation
|
241.3 | 254.5 | 255.2 | 295.7 | 72.6 | |||||||||||||||
|
Amortization
|
40.1 | 48.3 | 43.4 | 47.1 | 11.9 | |||||||||||||||
|
Deferred tax provision/(benefit)
|
109.0 | 220.5 | 153.7 | (94.8 | ) | (26.6 | ) | |||||||||||||
|
Other items, net
|
(225.2 | ) | (404.1 | ) | 75.8 | 110.6 | 6.2 | |||||||||||||
|
Changes in current assets and liabilities, excluding effects of acquisitions and divestitures:
|
||||||||||||||||||||
|
Receivables (including proceeds from securitization)
|
(10.9 | ) | 121.4 | (91.1 | ) | 171.8 | (87.4 | ) | ||||||||||||
|
Inventories
|
50.7 | 48.5 | (80.8 | ) | 60.9 | (71.7 | ) | |||||||||||||
|
Prepaid expenses and other current assets
|
1.0 | 2.1 | (1.7 | ) | (11.6 | ) | (29.0 | ) | ||||||||||||
|
Accounts payable
|
(62.9 | ) | (2.8 | ) | 233.3 | (72.4 | ) | (29.1 | ) | |||||||||||
|
Accrued liabilities
|
24.6 | 96.5 | (60.9 | ) | (20.0 | ) | (78.0 | ) | ||||||||||||
|
Income taxes
|
61.2 | (5.1 | ) | 50.7 | 65.8 | 15.4 | ||||||||||||||
|
Cash provided by operating activities
|
1,166.9 | 1,262.2 | 1,583.6 | 1,493.1 | 49.0 | |||||||||||||||
|
Investing activities:
|
||||||||||||||||||||
|
Capital expenditures
|
(292.1 | ) | (277.6 | ) | (335.6 | ) | (418.7 | ) | (84.2 | ) | ||||||||||
|
Proceeds from disposals of property, plant and equipment
|
5.4 | 96.5 | 13.2 | 9.8 | 10.5 | |||||||||||||||
|
Operating Free Cash Flow
|
880.2 | 1,081.0 | 1,261.2 | 1,084.2 | (24.6 | ) | ||||||||||||||
|
Acquisitions, net of cash acquired
|
(293.9 | ) | (11.4 | ) | (618.3 | ) | (3.3 | ) | - | |||||||||||
|
Proceeds from divestitures
|
13.4 | 18.6 | 1.9 | 3.8 | 5.7 | |||||||||||||||
|
Change in restricted cash
|
(192.7 | ) | 192.7 | (5.0 | ) | (39.1 | ) | - | ||||||||||||
|
Sale of short-term investments
|
- | - | - | 56.8 | - | |||||||||||||||
|
Other items, net
|
(1.2 | ) | (5.4 | ) | (5.8 | ) | (11.4 | ) | (5.4 | ) | ||||||||||
|
Cash (used for)/provided by investing activities
|
(761.2 | ) | 13.4 | (949.6 | ) | (402.0 | ) | (73.4 | ) | |||||||||||
|
Financing activities:
|
||||||||||||||||||||
|
Payments on long-term debt
|
(427.4 | ) | (630.4 | ) | (45.8 | ) | (1,441.0 | ) | (200.2 | ) | ||||||||||
|
Proceeds from long-term debt
|
853.1 | 447.1 | 229.9 | 1,912.5 | 192.3 | |||||||||||||||
|
(Payments)/proceeds from commercial paper and short-term debt, net
|
(483.7 | ) | (427.2 | ) | (193.2 | ) | (42.5 | ) | 6.2 | |||||||||||
|
Dividends
|
(525.3 | ) | (533.6 | ) | (579.6 | ) | (619.1 | ) | (165.6 | ) | ||||||||||
|
Purchase of treasury stock
|
(181.4 | ) | - | (70.0 | ) | (201.9 | ) | (18.0 | ) | |||||||||||
|
Exercise of stock options
|
264.9 | 67.4 | 154.8 | 82.7 | 12.5 | |||||||||||||||
|
Acquisition of subsidiary shares from noncontrolling interests
|
- | (62.1 | ) | (6.3 | ) | (54.8 | ) | (80.1 | ) | |||||||||||
|
Other items, net
|
(16.5 | ) | (9.1 | ) | 27.8 | 1.3 | 10.4 | |||||||||||||
|
Cash used for financing activities
|
(516.3 | ) | (1,147.9 | ) | (482.5 | ) | (362.8 | ) | (242.5 | ) | ||||||||||
|
Effect of exchange rate changes on cash and cash equivalents
|
(133.9 | ) | (17.6 | ) | 89.6 | (122.1 | ) | (85.0 | ) | |||||||||||
|
Net (decrease)/increase in cash and cash equivalents
|
(244.5 | ) | 110.1 | 241.1 | 606.1 | (351.9 | ) | |||||||||||||
|
Cash and cash equivalents at beginning of year
|
617.7 | 373.1 | 483.3 | 724.3 | 1,330.4 | |||||||||||||||
|
Cash and cash equivalents at end of year
|
$ | 373.1 | $ | 483.3 | $ | 724.3 | $ | 1,330.4 | $ | 978.5 | ||||||||||
|
(a) Includes amounts from the Kabobs business that was discontinued in the second quarter of Fiscal 2010 and the U.K. private label
|
||||||||||
|
frozen desserts and Appetizers And businesses which were discontinued in the third quarter of Fiscal 2010.
|
||||||||||
|
(b) Includes amounts from the U.S. Foodservice frozen desserts business that was discontinued in the first quarter of Fiscal 2013.
|
||||||||||
|
(Totals may not add due to rounding)
|
||||||||||