Note 18 — Supplemental Consolidating Financial Information

In connection with the 7.875% Notes, certain of our domestic subsidiaries (the "Guarantor Subsidiaries"), fully, unconditionally, jointly, and severally guaranteed the payment obligations under the notes. The following supplemental financial information sets forth, on a consolidating basis, the balance sheets, statements of income, statements of comprehensive income and statements of cash flows for Chiquita Brands International, Inc. ("CBII" or the "Parent Company"), for Chiquita Brands L.L.C. ("CBLLC" or the "Co-Issuer"), for the Guarantor Subsidiaries and for our other subsidiaries (the "Non-Guarantor Subsidiaries").

The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include disclosures included in annual financial statements. Investments in consolidated subsidiaries have been presented under the equity method of accounting. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenues and expenses. The condensed financial information may not necessarily be indicative of the results of operations or financial position had the guarantor or non-guarantor subsidiaries operated as independent entities.



Chiquita Brands International, Inc.
Condensed Consolidating Statement of Income (Unaudited)
Quarter Ended March 31, 2014
(in thousands)
	CBII			CBLLC			Guarantor			Non-Guarantor			Consolidating			Company
	(Co-issuer)			(Co-issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	209,044		$	293,273		$	502,259		$	(242,586	)	$	761,990
Cost of sales	—			202,000			262,872			462,579			(242,199		)	685,252
Selling, general and administrative	13,367			3,787			22,172			20,524			—			59,850
Depreciation	—			1,276			6,199			6,024			—			13,499
Amortization	—			—			2,335			6			—			2,341
Equity in losses (earnings) of investees and subsidiaries	95			(7,565		)	3,473			—			3,997			—
Restructuring and relocation costs	460			—			—			—			—			460
Operating income (loss)	(13,922		)	9,546			(3,778		)	13,126			(4,384		)	588
Interest income	—			2			33			629			—			664
Interest expense	(5,292		)	(9,231		)	(884		)	(61		)	—			(15,468		)
Loss on debt extinguishment	—			(521		)	—			—			—			(521		)
Other income (expense), net	583			109			(451		)	(4,522		)	387			(3,894		)
Income (loss) before income taxes	(18,631		)	(95		)	(5,080		)	9,172			(3,997		)	(18,631		)
Income tax expense	(5,972		)	(343		)	1,968			(914		)	(711		)	(5,972		)
Net income (loss)	$	(24,603	)	$	(438	)	$	(3,112	)	$	8,258		$	(4,708	)	$	(24,603	)



Chiquita Brands International, Inc.
Condensed Consolidating Statement of Comprehensive Income (Unaudited)
Quarter Ended March 31, 2014
(in thousands)
	CBII			CBLLC			Guarantor			Non-Guarantor			Consolidating			Company
	(Co-issuer)			(Co-issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(24,603	)	$	(438	)	$	(3,112	)	$	8,258		$	(4,708	)	$	(24,603	)
Unrealized foreign currency translation gains	—			—			—			16			—			16
Realized gains for foreign currency translation on business disposal reclassified into Other income (expense), net	—			—			—			252			—			252
Net other comprehensive income (loss) related to foreign currency translation	—			—			—			268			—			268

Change in fair value of available-for-sale investment	—			—			—			—			—			—
Realized gains of available-for-sale investment reclassified into Other income (expense), net	—			—			—			—			—			—
Net other comprehensive income (loss) related to available-for-sale investment	—			—			—			—			—			—

Unrealized gains (losses) on derivatives for the period	—			—			—			(1,046		)	—			(1,046		)
Derivative (gains) losses reclassified into Net sales	—			—			—			1,027			—			1,027
Derivative gains reclassified into Cost of sales	—			—			—			(175		)	—			(175		)
Net other comprehensive income (loss) related to derivatives	—			—			—			(194		)	—			(194		)

Actuarial gains (losses) for the period, net of tax	—			—			—			(342		)	—			(342		)
Amortization included in pension cost	—			104			—			196			—			300
Net other comprehensive income (loss) related to defined benefit pension and severance plans	—			104			—			(146		)	—			(42		)

Other comprehensive income (loss) of investments in subsidiaries	(220		)	(324		)	—			—			544			—

Comprehensive income (loss)	$	(24,823	)	$	(658	)	$	(3,112	)	$	8,186		$	(4,164	)	$	(24,571	)



Chiquita Brands International, Inc.
Condensed Consolidating Statement of Income (Unaudited)
Quarter Ended March 31, 2013
(in thousands)
	CBII			CBLLC			Guarantor			Non-Guarantor			Consolidating			Company
	(Co-issuer)			(Co-issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	185,042		$	307,726		$	511,993		$	(230,509	)	$	774,252
Cost of sales	96			179,813			270,771			458,963			(230,492		)	679,151
Selling, general and administrative	7,952			3,707			19,678			22,440			—			53,777
Depreciation	—			1,448			6,699			5,480			—			13,627
Amortization	—			—			2,336			6			—			2,342
Equity in losses (earnings) of investees and subsidiaries	(19,812		)	(33,719		)	(32		)	—			53,563			—
Restructuring and relocation costs	—			71			149			(3		)	—			217
Operating income (loss)	11,764			33,722			8,125			25,107			(53,580		)	25,138
Interest income	—			5			54			673			—			732
Interest expense	(6,372		)	(8,157		)	(15		)	(20		)	—			(14,564		)
Loss on debt extinguishment	(843		)	(5,432		)	—			—			—			(6,275		)
Other income (expense), net	1,037			(326		)	101			(275		)	18			555
Income (loss) before income taxes	5,586			19,812			8,265			25,485			(53,562		)	5,586
Income tax expense	(3,209		)	923			(3,274		)	(651		)	3,002			(3,209		)
Net income (loss)	$	2,377		$	20,735		$	4,991		$	24,834		$	(50,560	)	$	2,377



Chiquita Brands International, Inc.
Condensed Consolidating Statement of Comprehensive Income (Unaudited)
Quarter Ended March 31, 2013
(in thousands)
	CBII			CBLLC		Guarantor		Non-Guarantor			Consolidating			Company
	(Co-issuer)			(Co-issuer)		Subsidiaries		Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	2,377		$	20,735	$	4,991	$	24,834		$	(50,560	)	$	2,377
Unrealized foreign currency translation gains	—			—		—		389			—			389
Realized gains for foreign currency translation on business disposal reclassified into Other income (expense), net	—			—		—		—			—			—
Net other comprehensive income (loss) related to foreign currency translation	—			—		—		389			—			389

Change in fair value of available-for-sale investment	157			—		—		—			—			157
Realized gains of available-for-sale investment reclassified into Other income (expense), net	(561		)	—		—		—			—			(561		)
Net other comprehensive income (loss) related to available-for-sale investment	(404		)	—		—		—			—			(404		)

Unrealized gains (losses) on derivatives for the period	—			—		—		9,062			—			9,062
Derivative (gains) losses reclassified into Net sales	—			—		—		8,632			—			8,632
Derivative gains reclassified into Cost of sales	—			—		—		(2,839		)	—			(2,839		)
Net other comprehensive income (loss) related to derivatives	—			—		—		14,855			—			14,855

Actuarial gains (losses) for the period, net of tax	—			986		—		(2,407		)	—			(1,421		)
Amortization included in pension cost	—			124		—		214			—			338
Net other comprehensive income (loss) related to defined benefit pension and severance plans	—			1,110		—		(2,193		)	—			(1,083		)

Other comprehensive income (loss) of investments in subsidiaries	14,161			13,051		—		—			(27,212		)	—

Comprehensive income (loss)	$	16,134		$	34,896	$	4,991	$	37,885		$	(77,772	)	$	16,134



Chiquita Brands International, Inc.
Condensed Consolidating Balance Sheet (Unaudited)
March 31, 2014
(in thousands)
	CBII		CBLLC		Guarantor		Non-Guarantor		Consolidating			Company
	(Co-Issuer)		(Co-issuer)		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets:
Cash and equivalents	$	—	$	880	$	—	$	25,944	$	—		$	26,824
Trade receivables, less allowances	—		57,161		59,016		161,990		—			278,167
Other receivables, net	—		1,277		6,331		52,706		(1,018		)	59,296
Inventories	—		10,484		35,675		166,235		—			212,394
Prepaid expenses	1,276		1,167		9,781		33,870		—			46,094
Due from affiliates	53,086		2,103,203		1,342,820		525,705		(4,024,814		)	—
Other current assets	—		2,827		13,109		—		(9,214		)	6,722
Total current assets	54,362		2,176,999		1,466,732		966,450		(4,035,046		)	629,497
Property, plant and equipment, net	—		19,075		201,307		178,338		—			398,720
Investments and other assets, net	22,629		13,068		4,523		75,499		(6,351		)	109,368
Trademarks	—		208,085		38,500		179,500		—			426,085
Goodwill	—		—		18,095		—		—			18,095
Other intangible assets, net	—		—		84,517		54		—			84,571
Investments in and accounts with subsidiaries	1,402,092		1,085,194		2,313		—		(2,489,599		)	—
Total assets	$	1,479,083	$	3,502,421	$	1,815,987	$	1,399,841	$	(6,530,996	)	$	1,666,336

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt and capital lease obligations	$	—	$	1,500	$	1,181	$	1,488	$	—		$	4,169
Accounts payable	6,358		6,804		107,108		156,287		—			276,557
Accrued liabilities	30,737		19,660		56,917		54,400		(10,232		)	151,482
Due to affiliates	906,543		1,573,846		1,178,026		366,399		(4,024,814		)	—
Total current liabilities	943,638		1,601,810		1,343,232		578,574		(4,035,046		)	432,208
Long-term debt and capital lease obligations, net of current portion	167,006		421,749		41,159		5,190		—			635,104
Accrued pension and other employee benefits	14,724		2,663		—		61,115		—			78,502
Deferred gain - sale of shipping fleet	—		—		—		2,757		—			2,757
Deferred tax liabilities	235		66,150		45,943		—		(6,351		)	105,977
Other liabilities	1,983		7,957		8,831		41,520		—			60,291
Total liabilities	1,127,586		2,100,329		1,439,165		689,156		(4,041,397		)	1,314,839
Commitments and contingencies	—		—		—		—		—			—
Total shareholders' equity	351,497		1,402,092		376,822		710,685		(2,489,599		)	351,497
Total liabilities and shareholders' equity	$	1,479,083	$	3,502,421	$	1,815,987	$	1,399,841	$	(6,530,996	)	$	1,666,336



Chiquita Brands International, Inc.
Condensed Consolidating Balance Sheet
December 31, 2013
(in thousands)
	CBII		CBLLC		Guarantor		Non-Guarantor		Consolidating			Company
	(Co-Issuer)		(Co-issuer)		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets:
Cash and equivalents	$	—	$	15,851	$	—	$	38,166	$	—		$	54,017
Trade receivables, less allowances	—		49,325		51,189		151,554		—			252,068
Other receivables, net	1,061		402		5,140		49,670		—			56,273
Inventories	—		15,567		34,831		160,166		—			210,564
Prepaid expenses	1,024		3,661		11,040		34,008		—			49,733
Due from affiliates¹	71,604		2,060,284		1,270,479		490,208		(3,892,575		)	—
Other current assets	—		2,751		12,753		—		(8,964		)	6,540
Total current assets	73,689		2,147,841		1,385,432		923,772		(3,901,539		)	629,195
Property, plant and equipment, net	—		20,258		201,346		169,169		—			390,773
Investments and other assets, net¹	20,999		13,994		3,644		75,218		(5,778		)	108,077
Trademarks	—		208,085		38,500		179,500		—			426,085
Goodwill	—		—		18,095		—		—			18,095
Other intangible assets, net	—		—		86,853		60		—			86,913
Investments in and accounts with subsidiaries	1,402,089		1,073,711		3,186		—		(2,478,986		)	—
Total assets	$	1,496,777	$	3,463,889	$	1,737,056	$	1,347,719	$	(6,386,303	)	$	1,659,138

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt and capital lease obligations	$	—	$	1,500	$	726	$	45	$	—		$	2,271
Accounts payable	1,126		8,150		89,352		149,645		—			248,273
Accrued liabilities¹	36,511		27,420		57,984		45,083		(8,964		)	158,034
Due to affiliates¹	903,865		1,520,539		1,122,258		345,913		(3,892,575		)	—
Total current liabilities	941,502		1,557,609		1,270,320		540,686		(3,901,539		)	408,578
Long-term debt and capital lease obligations, net of current portion	164,050		427,049		38,147		107		—			629,353
Accrued pension and other employee benefits	15,223		2,818		—		59,025		—			77,066
Deferred gain - sale of shipping fleet	—		—		—		6,290		—			6,290
Deferred tax liabilities	115		66,142		42,539		661		(5,778		)	103,679
Other liabilities	1,449		8,182		8,885		41,218		—			59,734
Total liabilities	1,122,339		2,061,800		1,359,891		647,987		(3,907,317		)	1,284,700
Commitments and contingencies	—		—		—		—		—			—
Total shareholders' equity	374,438		1,402,089		377,165		699,732		(2,478,986		)	374,438
Total liabilities and shareholders' equity	$	1,496,777	$	3,463,889	$	1,737,056	$	1,347,719	$	(6,386,303	)	$	1,659,138


^1.	We revised the December 31, 2013 condensed consolidating balance sheet presented above to correct for items of classification between CBII and CBLLC, the Co-Issuers. These classification items affected the line items indicated in amounts representing less than 1% of both total assets and total liabilities of CBII and CBLLC.



Chiquita Brands International, Inc.
Condensed Consolidating Balance Sheet (Unaudited)
March 31, 2013
(in thousands)
	CBII		CBLLC		Guarantor		Non-Guarantor		Consolidating			Company
	(Co-Issuer)		(Co-issuer)		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets:
Cash and equivalents	$	—	$	12,372	$	—	$	39,276	$	—		$	51,648
Trade receivables, less allowances	—		48,974		68,322		190,449		—			307,745
Other receivables, net	—		575		5,711		59,252		—			65,538
Inventories	—		8,518		40,250		167,344		—			216,112
Prepaid expenses	1,602		828		10,681		34,187		—			47,298
Due from affiliates	72,704		1,729,018		1,066,307		443,771		(3,311,800		)	—
Other current assets	—		3,103		17,118		9,489		(9,843		)	19,867
Total current assets	74,306		1,803,388		1,208,389		943,768		(3,321,643		)	708,208
Property, plant and equipment, net	—		23,008		207,678		166,165		—			396,851
Investments and other assets, net	28,091		17,377		3,320		56,373		(13,260		)	91,901
Trademarks	—		208,085		38,500		179,500		—			426,085
Goodwill	—		—		18,095		—		—			18,095
Other intangible assets, net	—		—		93,859		78		—			93,937
Investments in and accounts with subsidiaries	1,352,508		1,019,691		3,194		—		(2,375,393		)	—
Total assets	$	1,454,905	$	3,071,549	$	1,573,035	$	1,345,884	$	(5,710,296	)	$	1,735,077

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt and capital lease obligations	$	—	$	1,500	$	210	$	45	$	—		$	1,755
Accounts payable	1,958		7,634		97,108		185,177		—			291,877
Accrued liabilities	21,685		18,508		53,087		42,524		(9,843		)	125,961
Due to affiliates	860,269		1,140,795		953,629		357,107		(3,311,800		)	—
Total current liabilities	883,912		1,168,437		1,104,034		584,853		(3,321,643		)	419,593
Long-term debt and capital lease obligations, net of current portion	155,701		455,542		435		—		—			611,678
Accrued pension and other employee benefits	13,336		7,220		10		56,830		—			77,396
Deferred gain - sale of shipping fleet	—		—		—		16,889		—			16,889
Deferred tax liabilities	115		80,868		39,687		5,256		(13,260		)	112,666
Other liabilities	13,681		6,974		47,087		40,953		—			108,695
Total liabilities	1,066,745		1,719,041		1,191,253		704,781		(3,334,903		)	1,346,917
Commitments and contingencies	—		—		—		—		—			—
Total shareholders' equity	388,160		1,352,508		381,782		641,103		(2,375,393		)	388,160
Total liabilities and shareholders' equity	$	1,454,905	$	3,071,549	$	1,573,035	$	1,345,884	$	(5,710,296	)	$	1,735,077



Chiquita Brands International, Inc.
Condensed Consolidating Statement of Cash Flows (Unaudited)
Quarter Ended March 31, 2014
(in thousands)
	CBII		CBLLC			Guarantor			Non-Guarantor			Consolidating			Company
	(Co-Issuer)		(Co-Issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash provided (used) by:
Operating cash flow	$	—	$	(2,459	)	$	(889	)	$	(4,670	)	$	—		$	(8,018	)

Capital expenditures	—		(1,067		)	(2,244		)	(7,374		)	—			(10,685		)
Investing activity with subsidiaries	—		(5,750		)	—			2,600			3,150			—
Other, net	—		—			44			(2,763		)	—			(2,719		)
Investing cash flow	—		(6,817		)	(2,200		)	(7,537		)	3,150			(13,404		)

Issuances of long-term debt	—		—			—			—			—			—
Repayments of long-term debt and capital lease obligations	—		(10,375		)	(61		)	(15		)	—			(10,451		)
Borrowings under the ABL Revolver	—		20,000			—			—			—			20,000
Repayments of the ABL Revolver	—		(15,000		)	—			—			—			(15,000		)
Repayments of the Credit Facility Revolver	—		—			—			—			—			—
Payments for debt modification and issuance costs	—		(20		)	—			—			—			(20		)
Payments of debt extinguishment costs	—		(300		)	—			—			—			(300		)
Financing activity with subsidiaries	—		—			3,150			—			(3,150		)	—
Financing cash flow	—		(5,695		)	3,089			(15		)	(3,150		)	(5,771		)
Increase (decrease) in cash and equivalents	—		(14,971		)	—			(12,222		)	—			(27,193		)
Cash and equivalents, beginning of period	—		15,851			—			38,166			—			54,017
Cash and equivalents, end of period	$	—	$	880		$	—		$	25,944		$	—		$	26,824



Chiquita Brands International, Inc.
Condensed Consolidating Statement of Cash Flows (Unaudited)
Quarter Ended March 31, 2013
(in thousands)
	CBII			CBLLC			Guarantor			Non-Guarantor			Consolidating			Company
	(Co-Issuer)			(Co-Issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash provided (used) by:
Operating cash flow	$	(4,420	)	$	10,991		$	2,467		$	5,878		$	—		$	14,916

Capital expenditures	—			(209		)	(7,033		)	(3,226		)	—			(10,468		)
Investing activity with subsidiaries	—			—			4,001			—			(4,001		)	—
Other, net	1,819			—			614			890			—			3,323
Investing cash flow	1,819			(209		)	(2,418		)	(2,336		)	(4,001		)	(7,145		)

Issuances of long-term debt	—			429,415			—			—			—			429,415
Repayments of long-term debt and capital lease obligations	—			(411,688		)	(49		)	(16		)	—			(411,753		)
Borrowings under the ABL Revolver	—			36,500			—			—			—			36,500
Repayments of the ABL Revolver	—			(9,000		)	—			—			—			(9,000		)
Repayments of the Credit Facility Revolver	—			(40,000		)	—			—			—			(40,000		)
Payments for debt modification and issuance costs	—			(12,311		)	—			—			—			(12,311		)
Payments of debt extinguishment costs	—			—			—			—			—			—
Financing activity with subsidiaries	—			(4,030		)	—			29			4,001			—
Financing cash flow	—			(11,114		)	(49		)	13			4,001			(7,149		)
Increase (decrease) in cash and equivalents	(2,601		)	(332		)	—			3,555			—			622
Cash and equivalents, beginning of period	2,601			12,704			—			35,721			—			51,026
Cash and equivalents, end of period	$	—		$	12,372		$	—		$	39,276		$	—		$	51,648