EX-99.5 7 j9786401exv99w5.txt EXHIBIT 99.5 Exhibit 99.5 H. J. HEINZ COMPANY Unaudited Pro Forma Consolidated Statement of Income Fiscal Year Ended May 3, 2000
Adjustments for the Historical Transaction Pro Forma ---------- ----------- ---------- (in thousands) Sales $8,939,416 $(2,046,609)(a) $6,892,807 Cost of products sold 5,788,525 (1,428,560)(b) 4,359,965 ---------- ----------- ---------- Gross profit 3,150,891 (618,049) 2,532,842 Selling, general and administrative expenses 1,882,409 (374,172)(b) 1,508,237 Gain on sale of Weight Watchers 464,617 -- 464,617 ---------- ----------- ---------- Operating income 1,733,099 (243,877) 1,489,222 Interest income 25,330 (149)(c) 25,181 Interest expense 269,748 (62,752)(d) 206,996 Other expenses, net 25,005 (6,289)(e) 18,716 ---------- ----------- ---------- Income before income taxes 1,463,676 (174,985) 1,288,691 Provision for income taxes 573,123 (64,577)(f) 508,546 ---------- ----------- ---------- Net income from continuing operations $ 890,553 $ (110,408) $ 780,145 ========== =========== ========== Diluted income from continuing operations per share $ 2.47 $ 2.17 ========== ========== Average common shares outstanding -- diluted 360,095 360,095 ========== ========== Basic income from continuing operations per share $ 2.51 $ 2.20 ========== ========== Average common shares outstanding -- basic 355,273 355,273 ========== ==========
NOTE: For the year ended May 3, 2000, there was a ($72.9) million pretax benefit, however a $0.05 earnings per share after tax charge for special items in the historical results. A charge of $128.7 million pretax ($0.27 earnings per share) was related to SKF Foods and a benefit of ($201.6) million pretax ($(0.22) earnings per share) related to continuing operations. See Heinz's Annual report filed on Form 10-K for the year ended May 1, 2002 for further details. H. J. HEINZ COMPANY Unaudited Pro Forma Consolidated Statement of Income Fiscal Year Ended May 3, 2000 (a) Represents the revenues of Heinz's U.S. tuna, U.S. and Canadian pet food and pet snacks, U.S. private label soup and private label gravy, College Inn broth and U.S. infant feeding businesses, all of which were transferred to SKF Foods as a result of the transaction. (b) Represents costs directly attributable to the businesses described in (a) above that were transferred to SKF Foods as a result of the transaction. (c) Represents the interest income directly attributable to the businesses that were transferred to SKF Foods as a result of the transaction. (d) Represents the interest expense on approximately $1.1 billion of debt that was repaid as a result of the transaction. Based on the outstanding floating rate debt, a variation in interest rates of 1/8% would cause interest expense to fluctuate approximately $1.4 million annually. (e) Represents other miscellaneous expenses directly attributable to those businesses that were transferred to SKF Foods as a result of the transaction. (f) Represents the tax provision associated with the income before taxes that were transferred to SKF Foods as a result of the transaction.