0001193125-12-295170.txt : 20120705 0001193125-12-295170.hdr.sgml : 20120704 20120705172302 ACCESSION NUMBER: 0001193125-12-295170 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20120628 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Material Modifications to Rights of Security Holders ITEM INFORMATION: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120705 DATE AS OF CHANGE: 20120705 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Hillshire Brands Co CENTRAL INDEX KEY: 0000023666 STANDARD INDUSTRIAL CLASSIFICATION: FOOD & KINDRED PRODUCTS [2000] IRS NUMBER: 362089049 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03344 FILM NUMBER: 12948941 BUSINESS ADDRESS: STREET 1: 3500 LACEY ROAD CITY: DOWNERS GROVE STATE: IL ZIP: 60515 BUSINESS PHONE: 6305986000 MAIL ADDRESS: STREET 1: 3500 LACEY ROAD CITY: DOWNERS GROVE STATE: IL ZIP: 60515 FORMER COMPANY: FORMER CONFORMED NAME: Sara Lee Corp DATE OF NAME CHANGE: 20061129 FORMER COMPANY: FORMER CONFORMED NAME: LEE SARA CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CONSOLIDATED FOODS CORP DATE OF NAME CHANGE: 19850402 8-K 1 d377100d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 28, 2012

 

 

The Hillshire Brands Company

(Exact name of registrant as specified in charter)

 

 

 

Maryland   1-3344   36-2089049

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification Number)

3500 Lacey Road, Downers Grove, Illinois 60515

(Address of principal executive offices)

Registrant’s telephone number, including area code: (630) 598-6000

Sara Lee Corporation

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

  Item 2.01 Completion of Acquisition or Disposition of Assets.

On June 28, 2012 (the “distribution date”), Sara Lee Corporation, renamed The Hillshire Brands Company (the “Company”), completed the previously disclosed separation of its international coffee and tea business from the Company. Immediately prior to the separation, the Company’s international coffee and tea business was held by the Company’s wholly owned subsidiary, DE US, Inc. (“CoffeeCo”). The separation was accomplished by a series of transactions, commencing with the distribution after the close of business on June 28, 2012, by the Company to the Company’s shareholders of record as of the close of business on June 14, 2012 (the “record date”) of 100% of the outstanding shares of common stock of CoffeeCo. One share of common stock of CoffeeCo was distributed for each outstanding share of common stock of the Company. Immediately after the distribution of the CoffeeCo common stock, CoffeeCo paid a $3.00 per share special dividend to CoffeeCo’s shareholders of record as of the time immediately after the distribution of the CoffeeCo common stock, which were the Sara Lee shareholders of record as of the close of business on the record date. After the distribution of the $3.00 special dividend, CoffeeCo merged with a subsidiary of D.E MASTER BLENDERS 1753 N.V. (“D.E MASTER BLENDERS 1753”), with CoffeeCo surviving the merger as a subsidiary of D.E MASTER BLENDERS 1753. The ordinary shares of D.E MASTER BLENDERS 1753 were exchanged for all of the shares of CoffeeCo common stock and all of the ordinary shares of D.E MASTER BLENDERS 1753 were distributed to the CoffeeCo shareholders, which were the Sara Lee shareholders of record as of the close of business on the record date.

D.E MASTER BLENDERS 1753 will not issue fractional shares of its ordinary shares in the distribution. Fractional ordinary shares that Sara Lee shareholders would otherwise have been entitled to receive will be aggregated and sold in the public market. The aggregate net cash proceeds of these sales will be distributed pro rata to those shareholders who would otherwise have been entitled to receive fractional ordinary shares.

D.E MASTER BLENDERS 1753 is now an independent public company trading under the symbol “DE” on NYSE Euronext in Amsterdam. The ordinary shares of D.E MASTER BLENDERS 1753 will continue trading on an “as-if-and-when-issued” basis until July 9, 2012, when the ordinary shares of D.E MASTER BLENDERS 1753 will begin trading “regular way.” Any trades of D.E MASTER BLENDERS 1753 ordinary shares made on an “as-if-and-when-issued” basis will not settle until July 9, 2012.

Immediately after the separation and prior to the market open on June 29, 2012, Sara Lee effected the previously disclosed 1-for-5 reverse stock split of Sara Lee common stock and changed its name to The Hillshire Brands Company. As a result, every five shares of Sara Lee common stock were converted into one share of Sara Lee common stock. Sara Lee will not issue fractional shares of its common stock in the distribution. Fractional shares that Sara Lee shareholders would otherwise have been entitled to receive will be aggregated and sold in the public market. The aggregate net cash proceeds of these sales will be distributed pro rata to those shareholders who would otherwise have been entitled to receive fractional shares.

A press release issued by the Company announcing the completion of the separation and merger is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

  Item 3.03 Material Modification to Rights of Security Holders.

The information set forth in Item 5.03 of this Current Report on Form 8-K is incorporated by reference into this Item 3.03.

 

  Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal year

On June 28, 2012, the Company filed Articles of Amendment to the Company’s Articles of Restatement (the “Articles of Amendment”) with the Secretary of State of the State of Maryland in order (i) to effect the previously announced 1-for-5 reverse stock split through a combination of every five shares of the Company’s issued and outstanding shares of common stock, par value $0.01 per share, into one share of common stock, par value $0.05 per share, and a subsequent decrease in the par value of the issued and outstanding common stock from $0.05 per share to $0.01 per share, and to reduce the authorized number of shares of common stock of the Company, par value $0.01 per share, from 1,200,000,000 shares to 240,000,000 shares and (ii) change the name of the Company from “Sara Lee Corporation” to “The Hillshire Brands Company”. The Articles of Amendment became effective at 5:00 p.m. and 5:01 p.m. Eastern Time on June 28, 2012.

Following the change of the Company’s name, the new CUSIP number for the Company’s common stock is 432589 109. The outstanding shares of Company common stock will continue to trade on the New York Stock Exchange, under the new symbol “HSH.”

 

  Item 8.01 Other Events

As previously disclosed, the Company entered into a Note Purchase Agreement by and among the Company and a group of institutional investors on May 15, 2012. The Note Purchase Agreement relates to the private placement of $650 million aggregate principal amount of indebtedness by the Company. The indebtedness is comprised of $232 million of 3.60% Series A Senior Notes due May 15, 2019, $120 million of 3.81% Series B Senior Notes due May 15, 2020, $124 million of 4.03% Series C Senior Notes due May 15, 2021 and $174 million of 4.20% Series D Senior Notes due May 15, 2022 (collectively, the “Notes”).

On June 28, 2012, upon completion of the separation, and pursuant to Note Purchase and Guarantee Deed, by and among the Company, CoffeeCo and D.E MASTER BLENDERS 1753, dated May 15, 2012, the Company satisfied its obligations under the Notes through a mandatory exchange of the Notes for debt securities of CoffeeCo, which have substantially the same terms as the Notes. The total indebtedness of the Company was reduced accordingly.

 

  Item 9.01 Financial Statements and Exhibits.

(b) Pro forma financial information

The unaudited pro forma consolidated income statements of the Company for the nine months ended March 31, 2012 and each of the three years ended July 2, 2011, July 3, 2010 and June 27, 2009 and unaudited pro forma condensed consolidated balance sheet of the Company dated as of March 31, 2012 are attached as Exhibit 99.2 to this Current Report on Form 8-K, which is incorporated herein by reference.

(d) Exhibits

 

  3.1 Reverse Stock Split Articles of Amendment, effective as of June 28, 2012, as filed with the Secretary of State of the State of Maryland.

 

  3.2 Name Change Articles of Amendment, effective as of June 28, 2012, as filed with the Secretary of State of the State of Maryland.

 

  99.1 Press release dated June 28, 2012.

 

  99.2 Unaudited pro forma consolidated financial statements.

SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 5, 2012

 

     THE HILLSHIRE BRANDS COMPANY
   
    By:      /s/ William J. Kelley Jr.
    Name: William J. Kelley Jr.
   

Title: Senior Vice President and Corporate Controller

(Chief Accounting Officer)

EXHIBIT INDEX

 

Exhibit No.

   

Description

3.1    Reverse Stock Split Articles of Amendment, effective as of June 28, 2012, as filed with the Secretary of State of the State of Maryland.
3.2    Name Change Articles of Amendment, effective as of June 28, 2012, as filed with the Secretary of State of the State of Maryland.
99.1    Press release dated June 28, 2012.
99.2    Unaudited pro forma consolidated financial statements.
 EX-3.1 2 d377100dex31.htm EX-3.1 EX-3.1

Exhibit 3.1

SARA LEE CORPORATION

ARTICLES OF AMENDMENT

THIS IS TO CERTIFY THAT:

FIRST: The charter of Sara Lee Corporation, a Maryland corporation (the “Corporation”), is hereby amended to provide that, immediately upon the Reverse Stock Split Effective Time (as defined below), every five shares of the common stock, $0.01 par value per share (the “SLE Common Stock”), of the Corporation that were issued and outstanding immediately before the Reverse Stock Split Effective Time shall be combined into one issued and outstanding share of SLE Common Stock, $0.05 par value per share. No fractional shares of SLE Common Stock of the Corporation shall be or remain issued upon such amendment and each stockholder otherwise entitled to a fractional share shall be entitled to receive in lieu thereof cash in an amount equal to the net cash proceeds attributable to the fair value sale of such fractional share interest following the aggregation and sale by the Corporation’s transfer agent of all such fractional share interests.

SECOND: The amendment to the charter of the Corporation as set forth in Article FIRST above has been duly approved by a majority of the entire Board of Directors of the Corporation as required by law. Pursuant to Section 2-309(e)(2) of the Maryland General Corporation Law (the “MGCL”), no stockholder approval was required.

THIRD: The charter of the Corporation is hereby amended, effective immediately after the Reverse Stock Split Effective Time, to decrease the par value of the shares of SLE Common Stock of the Corporation issued and outstanding immediately after the Reverse Stock Split from $0.05 per share to $0.01 per share.

FOURTH: The amendment to the charter of the Corporation as set forth in Article THIRD above has been duly approved by a majority of the entire Board of Directors of the Corporation as required by law. The amendment set forth in Article THIRD above is limited to a change expressly authorized by Section 2-605(a)(2) of the MGCL to be made without action by the stockholders of the Corporation.

FIFTH: These Articles of Amendment shall become effective at 5:00 p.m. EDT on June 28, 2012 (the “Reverse Stock Split Effective Time”), except that Article Third shall become effective immediately after the Reverse Stock Split Effective Time.

SIXTH: There has been no increase in the authorized stock of the Corporation effected by the amendments to the charter of the Corporation as set forth above.

SEVENTH: The undersigned officer acknowledges these Articles of Amendment to be the corporate act of the Corporation and as to all matters or facts required to be verified under oath, the undersigned officer acknowledges that to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

IN WITNESS WHEREOF, the Corporation has caused these Articles of Amendment to be executed in its name and on its behalf by its Chief Executive Officer and attested to by its Secretary on this 28th day of June, 2012.

 

ATTEST:     Sara Lee Corporation.
By:   /s/ Kent Magill     By:   /s/ Sean Connolly
Name: Kent Magill     Name: Sean Connolly

Title:   Secretary

     Title:   Chief Executive Officer

[Articles of Amendment for Reverse Stock Split]

EX-3.2 3 d377100dex32.htm EX-3.2 EX-3.2

Exhibit 3.2

SARA LEE CORPORATION

ARTICLES OF AMENDMENT

THIS IS TO CERTIFY THAT:

FIRST: Article SECOND of the charter of Sara Lee Corporation, a Maryland corporation (the “Corporation”), is hereby amended, to become effective at 5:01 p.m. EDT on June 28, 2012, to change the name of the Corporation to:

The Hillshire Brands Company

SECOND: The foregoing amendment to the charter of the Corporation was approved by a majority of the entire Board of Directors of the Corporation and was limited to a change expressly authorized by Section 2-605(a)(1) of the Maryland General Corporation Law without action by the stockholders.

THIRD: The undersigned officer of the Corporation acknowledges these Articles of Amendment to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned officer acknowledges that, to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

IN WITNESS WHEREOF, the Corporation has caused these Articles of Amendment to be executed in its name and on its behalf by its Chief Executive Officer and attested to by its Secretary on this 28th day of June, 2012.

 

ATTEST:     Sara Lee Corporation.
By:    /s/ Kent Magill     By:   /s/ Sean M. Connolly
Name: Kent Magill     Name: Sean M. Connolly

Title:   Secretary

     Title:   Chief Executive Officer
 EX-99.1 4 d377100dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

The Hillshire Brands Company

3500 Lacey Road

Downers Grove, IL 60515

News

 

Release Date:

 

    Contact:

   

FOR IMMEDIATE RELEASE

 

Media: Mike Cummins, +1.630.598.8412

Analysts: Melissa Napier, +1.630.598.8739

    LOGO

THE HILLSHIRE BRANDS COMPANY ANNOUNCES COMPLETION OF

SPIN-OFF AND PAYMENT OF SPECIAL CASH DIVIDEND

Downers Grove, Ill., June 28, 2012 — The Hillshire Brands Company (NYSE: HSH), formerly Sara Lee Corporation, today completed the previously announced separation of its international coffee & tea business. The separation was effected as follows:

 

  •  

A distribution of all of the common stock of the U.S. subsidiary that held Sara Lee’s international coffee and tea business (“CoffeeCo”) was made to an exchange agent on behalf of the Sara Lee shareholders of record as of the close of business on June 14, 2012 (the “record date”).

 

  •  

Immediately after the distribution of the CoffeeCo common stock, CoffeeCo paid a $3.00 per share special dividend. The dividend was paid to CoffeeCo’s shareholders of record as of the time immediately after the distribution of the CoffeeCo common stock, which were the Sara Lee shareholders of record as of the close of business on the record date.

 

  •  

After the payment of the $3.00 special dividend, CoffeeCo merged with a subsidiary of D.E MASTER BLENDERS 1753 N.V., with CoffeeCo surviving the merger as a subsidiary of D.E MASTER BLENDERS 1753, each share of CoffeeCo common stock was exchanged for one ordinary share of D.E MASTER BLENDERS 1753, and the exchange agent began the process of distributing all of the ordinary shares of D.E MASTER BLENDERS 1753 to the CoffeeCo shareholders, which were the Sara Lee shareholders of record as of the close of business on the record date. The D.E MASTER BLENDERS 1753 ordinary

shares are expected to be delivered in book entry form on or about July 9, 2012. Cash will be paid in lieu of any fractional ordinary shares of D.E MASTER BLENDERS 1753.

 

  •  

Immediately following the separation, Sara Lee completed a 1-for-5 reverse stock split of its shares of common stock and changed its name to The Hillshire Brands Company.

On June 29, 2012, Hillshire Brands common stock will begin “regular way” trading on the New York Stock Exchange under the ticker symbol “HSH.” D.E MASTER BLENDERS 1753 ordinary shares will continue to trade on NYSE Euronext Amsterdam on an “as-if-and-when-issued” basis until July 9, 2012 when the shares will begin “regular way” trading under the ticker symbol “DE.”

“The completion of the D.E MASTER BLENDERS 1753 spin-off is a significant milestone for shareholders and employees, as it creates two pure-play companies that will pursue success independently,” said Jan Bennink, former executive chairman of Sara Lee Corp. and chairman of the board, D.E MASTER BLENDERS 1753. “I want to thank our employees around the world for their efforts in reaching this momentous occasion.”

About The Hillshire Brands Company

The Hillshire Brands Company (NYSE: HSH) is the nation’s leader in meat-centric food solutions for the retail and foodservice markets. The company generates nearly $4 billion in annual sales and has approximately 8,500 employees. Hillshire Brands’ portfolio includes iconic brands such as Jimmy Dean, Ball Park, Hillshire Farm, State Fair, Sara Lee frozen bakery and Chef Pierre pies, as well as artisanal brands Aidells and Gallo Salame. The company, formerly known as Sara Lee Corporation, began trading under the “HSH” ticker symbol on June 29, 2012, following the successful spinoff of its international coffee and tea business. For more information on the company, please visit www.hillshirebrands.com.

Forward-Looking Information

This press release and other documents and statements of Hillshire Brands contain certain forward-looking statements, including with respect to the separation transactions. In addition, from time to time, in oral statements and written reports, Hillshire Brands discusses its expectations regarding its future performance by making forward-looking statements preceded by terms such as “expects,” “projects,” “anticipates” or “believes.” These forward-looking statements are based on currently available competitive, financial and economic data, as well as management’s views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those

 

2

expressed or implied in the forward-looking statements. Consequently, Hillshire Brands wishes to caution readers not to place undue reliance on any forward-looking statements. Among the factors that could cause Hillshire Brands’ actual results to differ from such forward-looking statements are those described in Sara Lee’s Annual Report on Form 10-K for the fiscal year ended July 2, 2011, as revised or supplemented in subsequent reports on Forms 10-Q and 8-K.

In addition, Hillshire Brands’ results may also be affected by general factors, such as economic conditions, political developments, interest and inflation rates, accounting standards, taxes and laws and regulations in markets where Hillshire Brands competes. Hillshire Brands undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

###

 

3

EX-99.2 5 d377100dex992.htm EX-99.2 EX-99.2

EXHIBIT 99.2

The Hillshire Brands Company

Introduction to the Unaudited Pro Forma Consolidated Financial Information

On June 28, 2012 (the “distribution date”), Sara Lee Corporation (“Company”), renamed The Hillshire Brands Company (“Hillshire Brands”), completed the previously disclosed separation of its international coffee and tea business from the Company (spin-off). Immediately prior to the separation, the Company’s international coffee and tea business was held by the Company’s wholly owned subsidiary, DE US, Inc. (“CoffeeCo”). The separation was accomplished by a series of transactions commencing with the Company’s distribution of 100% of the outstanding shares of common stock of CoffeeCo after the close of business on June 28, 2012 to the Company’s shareholders of record as of the close of business on June 14, 2012 (the “record date”). The following unaudited pro forma consolidated financial information of Hillshire Brands adjusts the historical financial information to give effect to the spin-off. The CoffeeCo financials include various designated items not historically included in the operating results of the Company’s International Coffee and Tea business segment, but which were defined by the Master Separation Agreement as filed on a Form 8-K dated June 15, 2012.

The historical financial information for Hillshire Brands set forth below has been derived from the historical audited and unaudited consolidated financial statements of Sara Lee Corporation included in the Annual Report on Form 10-K for the year ended July 2, 2011, the Quarterly Report on Form 10Q for the quarter ended March 31, 2012 and the Current Report on Form 8-K dated December 14, 2011, which disclosed changes in the reported financial results for fiscal 2011 and 2010 to reflect certain businesses as discontinued operations. The unaudited pro forma balance sheet as of March 31, 2012 was prepared as if the disposition occurred on that date and the adjustments give effect to events that are directly attributable to the transaction, regardless if they have a continuing impact or are nonrecurring. The unaudited pro forma consolidated statements of income were prepared as if the disposition occurred on June 28, 2008. The pro forma adjustments for the fiscal year ended July 2, 2011 and the nine months ended March 31, 2012 give effect to actions taken in conjunction with the spin-off and have a continuing impact on the results of operations of Hillshire Brands. The pro forma adjustments include: the elimination of interest expense associated with the repayment of $970 million of long-term debt and $95 million of commercial paper which was funded through the issuance of $650 million of private placement debt that was transferred to CoffeeCo as well as the use of CoffeeCo cash and other cash sources; an adjustment to accrued interest and interest rate swap related balances associated with the repayment of debt; the elimination of non-recurring charges related to the spin-off; the release of deferred tax liabilities related to the repatriation of foreign earnings; various deferred tax asset adjustments associated with the acceleration of stock based compensation and unrealized foreign currency gains; and the impact on earnings per share of a 1-for-5 reverse stock split. The pro forma adjustments are based on factually supportable available information and certain assumptions that management believes are reasonable. Income statements for the three most recently completed fiscal years are presented as a result of CoffeeCo having not yet been reflected as discontinued operations in the company’s historical information.

The pro forma statements do not purport to represent what the results of operations or financial position of Hillshire Brands would have been had the transaction occurred on the dates noted above, or to project the results of operations or the financial position of Hillshire Brands for any future periods. In the opinion of management, all adjustments necessary to present fairly the unaudited pro forma consolidated financial information have been made.

The unaudited pro forma consolidated financial statements should be read in conjunction with the historical financial statements of the Company included in its 2011 Annual Report on Form 10-K and its Quarterly Report on Form 10-Q for the quarter and nine months ended March 31, 2012.

In addition to the international coffee and tea business, the financial statements also report the following businesses as discontinued operations during all periods presented: the North American fresh bakery, foodservice beverage and refrigerated dough businesses and the international household and body care and European bakery businesses.

 

F - 1

The Hillshire Brands Company

Consolidated Statements of Income

(in millions, except per share data—unaudited)

 

     Nine Months ended March 31, 2012  
     As     Disposition of     Pro Forma        
     Reported (a)     CoffeeCo (b)     Adjustments(c)     Pro Forma  

Continuing operations

         

Net sales

    $ 5,923      $ (2,845 )    $ —        $ 3,078   
  

 

 

    

 

 

    

 

 

    

 

 

  

Cost of sales

      4,024        (1,803 )      —          2,221   

Selling, general and administrative expenses

      1,410        (741 )      (51 )      618   

Net charges for exit activities, asset and business dispositions

      179        (112 )      (66 )      1   

Impairment charges

      32        (18 )      —          14   
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

      278        (171 )      117        224   

Interest expense

      88        (21 )      (25 )      42   

Interest income

      (31 )      27        —          (4 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income from continuing operations before income taxes

      221        (177 )      142        186   

Income tax expense

      184        (188 )      41        37   
  

 

 

    

 

 

    

 

 

    

 

 

  

Income from continuing operations

    $ 37      $ 11      $ 101      $ 149   
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share of common stock (d):

         

Income from continuing operations:

         

Basic

    $ 0.06          $ 1.26   

Average shares outstanding

      592            118   

Diluted

    $ 0.06          $ 1.25   

Average shares outstanding

      595            119   

 

(a) Amounts as originally reported by Sara Lee in its fiscal 2012 third quarter report filed on form 10-Q. Businesses previously reported as discontinued operations are excluded from these results.
(b) Represents the CoffeeCo results of operations for the period.
(c) Represents pro forma adjustments which include the following:
  — Elimination of non-recurring charges related to the spin-off, which includes professional fees, contract termination

costs and severance charges to eliminate excess overhead costs

  — Repayment of $470 million of debt with a weighted average interest rate of 5.6%
  — Repayment of $500 million of debt with a weighted average interest rate of 1.4% including interest rate swaps
  — Repayment of $95 million of commercial paper borrowings with a weighted average interest rate of 0.35%
(d) The company effectuated a 1-for-5 reverse stock split. The pro forma earnings per share and average shares outstanding have been revised to reflect the impact of the reverse stock split.

The effective tax rate on the pro forma adjustments is less than the statutory rate due to the non-deductibility of certain spin-off related costs.

The statements of income do not include a pro forma adjustment to include the effect of a $40 million pretax loss on the extinguishment of debt referred to in footnote (c).

 

F - 2

The Hillshire Brands Company

Consolidated Statements of Income

(in millions, except per share data—unaudited)

 

     Fiscal Year ended July 2, 2011  
     As     Disposition of     Pro Forma        
     Reported (a)     CoffeeCo (b)     Adjustments (c)     Pro Forma  

Continuing operations

         

Net sales

    $ 7,552      $ (3,533 )    $ —        $ 4,019   
  

 

 

    

 

 

    

 

 

    

 

 

  

Cost of sales

      5,046        (2,224 )      —          2,822   

Selling, general and administrative expenses

      1,777        (860 )      (31 )      886   

Net charges for exit activities, asset and business dispositions

      76        (37 )      (28 )      11   

Impairment charges

      21        (6 )      —          15   
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

      632        (406 )      59        285   

Interest expense

      117        (25 )      (44 )      48   

Interest income

      (31 )      26        —          (5 ) 

Debt extinguishment costs

      55        —          —          55   
  

 

 

    

 

 

    

 

 

    

 

 

  

Income from continuing operations before income taxes

      491        (407 )      103        187   

Income tax expense

      140        (110 )      32        62   
  

 

 

    

 

 

    

 

 

    

 

 

  

Income from continuing operations

    $ 351      $ (297 )    $ 71      $ 125   
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share of common stock (d):

         

Income from continuing operations:

         

Basic

    $ 0.56          $ 1.01   

Average shares outstanding

      621            124   

Diluted

    $ 0.56          $ 1.00   

Average shares outstanding

      625            125   

 

(a) Amounts as originally reported by Sara Lee in a Current Report filed on form 8-K dated December 14, 2011. Businesses previously reported as discontinued operations are excluded from these results.
(b) Represents the CoffeeCo results of operations for the period.
(c) Represents pro forma adjustments which include the following:
  — Elimination of non-recurring charges related to the spin-off, which includes professional fees, contract termination

costs and severance charges to eliminate excess overhead costs

  — Repayment of $470 million of debt with a weighted average interest rate of 5.6%
  — Repayment of $500 million of debt with a weighted average interest rate of 3.5% including interest rate swaps
  — Repayment of $95 million of commercial paper borrowings with a weighted average interest rate of 0.35%
(d) The company effectuated a 1-for-5 reverse stock split. The pro forma earnings per share and average shares outstanding have been revised to reflect the impact of the reverse stock split.

The effective tax rate on the pro forma adjustments is less than the statutory rate due to the non-deductibility of certain spin-off related costs.

The statements of income do not include a pro forma adjustment to include the effect of a $40 million pretax loss on the extinguishment of debt referred to in footnote (c).

 

F - 3

The Hillshire Brands Company

Consolidated Statements of Income

(in millions, except per share data—unaudited)

 

     Fiscal Year ended July 3, 2010  
     As     Disposition of        
     Reported (a)     CoffeeCo (b)     Pro Forma  

Continuing operations

       

Net sales

    $ 7,177      $ (3,205 )    $ 3,972   
  

 

 

    

 

 

    

 

 

  

Cost of sales

      4,560        (1,838 )      2,722   

Selling, general and administrative expenses

      1,875        (835 )      1,040   

Net charges for exit activities, asset and business dispositions

      34        (13 )      21   

Impairment charges

      15        —          15   

Contingent sale proceeds

      (133 )      133        —     
  

 

 

    

 

 

    

 

 

  

Operating income

      826        (652 )      174   

Interest expense

      138        (18 )      120   

Interest income

      (23 )      19        (4 ) 
  

 

 

    

 

 

    

 

 

  

Income from continuing operations before income taxes

      711        (653 )      58   

Income tax expense

      122        (188 )      (66 ) 
  

 

 

    

 

 

    

 

 

  

Income from continuing operations

    $ 589      $ (465 )    $ 124   
  

 

 

    

 

 

    

 

 

  

Earnings per share of common stock (c ):

       

Income from continuing operations:

       

Basic

    $ 0.86        $ 0.90   

Average shares outstanding

      688          138   

Diluted

    $ 0.85        $ 0.89   

Average shares outstanding

      691          138   

 

(a) Amounts reported by Sara Lee in a Current Report filed on form 8-K dated December 14, 2011, as adjusted for a change in

discontinued operations. Businesses previously reported as discontinued operations are excluded from these results.

(b) Represents the CoffeeCo results of operations for the period.
(c) The company effectuated a 1-for-5 reverse stock split. The pro forma earnings per share and average shares outstanding have been revised to reflect the impact of the reverse stock split.

 

F - 4

The Hillshire Brands Company

Consolidated Statements of Income

(in millions, except per share data—unaudited)

 

     Fiscal Year ended June 27, 2009  
     As     Discontinued     Disposition of        
     Reported (a)     Operations (c)     CoffeeCo (b)     Pro Forma  

Continuing operations

         

Net sales

    $ 8,366      $ (1,201 )    $ (3,041 )    $ 4,124   
  

 

 

    

 

 

    

 

 

    

 

 

  

Cost of sales

      5,614        (827 )      (1,812 )      2,975   

Selling, general and administrative expenses

      2,072        (303 )      (738 )      1,031   

Net charges for exit activities, asset and business dispositions

      98        (36 )      (51 )      11   

Impairment charges

      314        (314 )      —          —     

Contingent sale proceeds

      (150 )      —          150        —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

      418        279        (590 )      107   

Interest expense

      161        —          (24 )      137   

Interest income

      (41 )      1        36        (4 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from continuing operations before income taxes

      298        278        (602 )      (26 ) 

Income tax expense

      114        13        (122 )      5   
  

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from continuing operations

    $ 184      $ 265      $ (480 )    $ (31 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share of common stock (d):

         

Income (loss) from continuing operations:

         

Basic

    $ 0.26          $ (0.22 ) 

Average shares outstanding

      701            140   

Diluted

    $ 0.26          $ (0.22 ) 

Average shares outstanding

      703            140   

 

(a) Amounts as originally reported by Sara Lee in its fiscal 2011 annual report filed on form 10-K.
(b) Represents the CoffeeCo results of operations for the period.
(c) Represents the results of North America foodservice beverage and the European bakery businesses that were first reported as discontinued operations beginning in fiscal 2012.
(d) The company effectuated a 1-for-5 reverse stock split. The pro forma earnings per share and average shares outstanding have been revised to reflect the impact of the reverse stock split.

 

F - 5

The Hillshire Brands Company

Condensed Consolidated Balance Sheet

(in millions—unaudited)

 

     March 31, 2012  
     As
Reported (a)		      Disposition of
CoffeeCo (b)		     Pro Forma
Adjustments (c)		     Pro Forma  

Assets

          

Cash and equivalents

    $ 2,655       $ (2,554 )    $ —        $ 101   

Trade accounts receivable, less allowances

      734         (488 )      —          246   

Inventories

      907         (613 )      —          294   

Current deferred income taxes

      35         (29 )      91        97   

Other current assets

      324         (194 )      (9 )      121   

Assets held for sale

      5         —          —          5   
  

 

 

     

 

 

    

 

 

    

 

 

  

Total current assets

      4,660         (3,878 )      82        864   

Property, net of accumulated depreciation

      1,300         (490 )      —          810   

Trademarks and other identifiable intangibles

      400         (263 )      —          137   

Goodwill

      599         (251 )      —          348   

Deferred income taxes

      139         (67 )      (64 )      8   

Pension asset

      427         (423 )      —          4   

Other noncurrent assets

      244         (169 )      —          75   

Noncurrent assets held for sale

      5         —          —          5   
  

 

 

     

 

 

    

 

 

    

 

 

  
   $ 7,774       $ (5,541 )    $ 18      $ 2,251   
  

 

 

     

 

 

    

 

 

    

 

 

  

Liabilities and Equity

          

Notes payable

    $ 187         (92 )      (95 )    $ —     

Accounts payable

      693         (292 )      —          401   

Income taxes payable and current deferred taxes

      615         (36 )      (579 )      —     

Other accrued liabilities

      1,061         (612 )      (4 )      445   

Current maturities of long-term debt

      985         (5 )      (975 )      5   
  

 

 

     

 

 

    

 

 

    

 

 

  

Total current liabilities

      3,541         (1,037 )      (1,653 )      851   
  

 

 

     

 

 

    

 

 

    

 

 

  

Long-term debt

      954         (18 )      —          936   

Pension obligation

      225         (85 )      —          140   

Deferred income taxes

      211         (211 )      —          —     

Other liabilities

      698         (387 )      —          311   

Common stockholders’ equity

      2,145         (3,803 )      1,671        13   
  

 

 

     

 

 

    

 

 

    

 

 

  
   $ 7,774       $ (5,541 )    $ 18      $ 2,251   
  

 

 

     

 

 

    

 

 

    

 

 

  

 

(a) Amounts as originally reported by Sara Lee in its fiscal 2012 third quarter report filed on form 10-Q.
(b) Represents the net assets of CoffeeCo at March 31, 2012.
(c) Represents pro forma adjustments which include the following:
  — Repayment of $975 million of debt ($1,008 million including tender offer premium and make whole payments), which includes $5 million related to interest rate swaps net of a debt discount associated with this debt, as well as adjustments to accrued interest and interest rate swap related balances
  — Repayment of $95 million of commercial paper borrowings
  — Debt repayments funded with cash and the issuance of $650 million of private placement debt that was transferred to CoffeeCo
  — The release of deferred tax liabilities related to the repatriation of foreign earnings and various deferred tax asset adjustments associated with the acceleration of stock based compensation and unrealized foreign currency gains

 

F - 6

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