EX-99.2 3 a6032903ex992.htm EXHIBIT 99.2

Exhibit 99.2

H.J. Heinz Company

Income Statement

(Unaudited)
             

(In Millions, Except
per Share Amounts)

  2006     2007     2008   Q109 Q209 Q309 Q409   2009   Q110
 
Category Sales:
Ketchup and Sauces $ 3,530.3 $ 3,682.1 $ 4,081.9 $ 1,098.6 $ 1,077.1 $ 1,000.4 $ 1,075.5 $ 4,251.6 $ 1,068.8
Meals and Snacks 3,876.7 4,026.2 4,521.7 1,058.2 1,174.3 1,071.2 1,058.2 4,361.9 950.4
Infant/Nutrition 863.9 929.1 1,089.5 309.5 268.0 252.8 275.1 1,105.3 292.0
Other   372.4     364.3     377.7     117.0     93.2     90.2     128.9     429.3     156.7  
Total Sales 8,643.4 9,001.6 10,070.8 2,583.2 2,612.5 2,414.6 2,537.8 10,148.1 2,467.9
Cost of products sold   5,550.4     5,608.7     6,390.1     1,649.1     1,691.8     1,560.1     1,663.4     6,564.4     1,593.8  
Gross Profit 3,093.1 3,392.9 3,680.7 934.1 920.7 854.5 874.3 3,583.6 874.1
Gross Margin 35.8 % 37.7 % 36.5 % 36.2 % 35.2 % 35.4 % 34.5 % 35.3 % 35.4 %
Selling, general and adminstrative expenses   1,979.5     1,946.2     2,111.7     541.9     534.4     472.7     541.1     2,090.0     508.2  
Operating Income 1,113.6 1,446.7 1,569.0 392.3 386.3 381.8 333.2 1,493.7 366.0
 
Net Interest Expense 283.1 291.4 323.3 63.2 73.1 70.2 69.0 275.5 54.3
Asset impairment charges for cost and equity investments 111.0 - - - - - - - -
Other (Expense)/Income, net   (20.3 )   (16.6 )   (16.3 )   (2.7 )   82.3     17.5     (4.2 )   92.9     (5.4 )
Income from Continuing Operations before income taxes 699.2 1,138.7 1,229.3 326.4 395.5 329.1 260.1 1,311.1 306.2
Provision for income taxes   250.7     332.8     372.9     92.1     113.1     85.3     82.6     373.1     87.1  
Income from continuing operations 448.5 805.9 856.5 234.3 282.5 243.8 177.4 938.0 219.1
Income/(loss) from discontinued operations, net of tax   202.8     (5.9 )   -     -     -     -     -     -     -  
Net Income 651.3 800.0 856.5 234.3 282.5 243.8 177.4 938.0 219.1
Less: Net income attributable to the noncontrolling interest   (5.7 )   (14.3 )   (11.6 )   (5.3 )   (5.7 )   (1.5 )   (2.3 )   (14.9 )   (6.5 )
Net income attributable to H.J. Heinz Company $ 645.6   $ 785.7   $ 844.9   $ 229.0   $ 276.7   $ 242.3   $ 175.1   $ 923.1   $ 212.6  
 
Income/(loss) per common share - Diluted
Continuing operations $ 1.29 $ 2.38 $ 2.61 $ 0.72 $ 0.87 $ 0.76 $ 0.55 $ 2.89 $ 0.67
Discontinued operations   0.59     (0.02 )   -     -     -     -     -     -     -  
Net Income $ 1.89   $ 2.36   $ 2.61   $ 0.72   $ 0.87   $ 0.76   $ 0.55   $ 2.89   $ 0.67  
 
Average common shares outstanding - diluted   342.1     332.5     321.7     316.8     318.4     318.7     318.3     318.1     317.2  
 
Income/(loss) per common share - Basic
Continuing operations $ 1.31 $ 2.40 $ 2.65 $ 0.73 $ 0.88 $ 0.77 $ 0.55 $ 2.93 $ 0.67
Discontinued operations   0.60     (0.02 )   -     -     -     -     -     -     -  
Net Income $ 1.90   $ 2.39   $ 2.65   $ 0.73   $ 0.88   $ 0.77   $ 0.55   $ 2.93   $ 0.67  
 
Average common shares outstanding - basic   339.1     328.6     317.0     312.0     313.7     314.5     314.8     313.7     315.1  
                               
Fiscal year 2006 contains special items. Please refer to published financial statements for further information.
Amounts and presentation has been restated pursuant with the Fiscal 2010 adoptions of FAS 160 and FSP EITF 03-6-1.
(Totals may not add due to rounding)

H. J. Heinz Company
Continuing Operations, Excluding Special Items
(Unaudited)
         

(In Millions, Except
per Share Amounts)

  2006     2007     2008   Q109 Q209 Q309 Q409   2009   Q110
 
Reported results from continuing operations
 
Net Sales $ 8,643.4   $ 9,001.6   $ 10,070.8   $ 2,583.2   $ 2,612.5   $ 2,414.6   $ 2,537.8   $ 10,148.1   $ 2,467.9  
 
Gross Profit $ 3,093.1 $ 3,392.9 $ 3,680.7 $ 934.1 $ 920.7 $ 854.5 $ 874.3 $ 3,583.6 $ 874.1
Separation, downsizing and integration 17.4 - - - - - - - -
Net loss on disposals & impairments   74.1     -     -     -     -     -     -     -     -  
Gross Profit excluding special items $ 3,184.6   $ 3,392.9   $ 3,680.7   $ 934.1   $ 920.7   $ 854.5   $ 874.3   $ 3,583.6   $ 874.1  
 
Operating Income $ 1,113.6 $ 1,446.7 $ 1,569.0 $ 392.3 $ 386.3 $ 381.8 $ 333.2 $ 1,493.7 $ 366.0
Separation, downsizing and integration 146.7 - - - - - - - -
Net loss on disposals & impairments   89.7     -     -     -     -     -     -     -     -  
Operating Income excluding special items $ 1,350.0   $ 1,446.7   $ 1,569.0   $ 392.3   $ 386.3   $ 381.8   $ 333.2   $ 1,493.7   $ 366.0  
 
Income from continuing operations attributable to H.J. Heinz Company $ 442.8 $ 791.6 $ 844.9 $ 229.0 $ 276.7 $ 242.3 $ 175.1 $ 923.1 $ 212.6
Separation, downsizing and integration 96.6 - - - - - - - -
Net loss on disposals & impairments 48.3 - - - - - - - -
Asset impairment charges for cost and equity investments 105.6 - - - - - - - -
American jobs creation act   24.4     -     -     -     -     -     -     -     -  
Income from continuing operations attributalbe to H.J. Heinz Company excluding special items $ 717.7   $ 791.6   $ 844.9   $ 229.0   $ 276.7   $ 242.3   $ 175.1   $ 923.1   $ 212.6  
 
Earnings per share from continuing operations attributable to H.J. Heinz Company $ 1.29 $ 2.38 $ 2.61 $ 0.72 $ 0.87 $ 0.76 $ 0.55 $ 2.89 $ 0.67
Separation, downsizing and integration 0.28 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net loss on disposals & impairments 0.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Asset impairment charges for cost and equity investments 0.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
American jobs creation act   0.07     0.00     0.00     0.00     0.00     0.00     0.00     0.00     0.00  
Earnings per share from continuing operations attributable to H.J. Heinz Company excluding special items $ 2.10   $ 2.38   $ 2.61   $ 0.72   $ 0.87   $ 0.76   $ 0.55   $ 2.89   $ 0.67  
 
 
Segment Operating Income/(Loss), excluding special items:
North American Consumer Products $ 590.0 $ 625.7 $ 678.4 $ 168.1 $ 191.5 $ 191.4 $ 173.7 $ 724.8 $ 184.2
Europe 526.4 566.4 636.9 156.7 134.8 133.3 136.4 561.3 125.6
Asia / Pacific 126.6 150.2 194.9 66.5 50.7 31.5 33.8 182.5 53.3
U.S. Foodservice 212.1 216.1 169.6 24.9 38.7 36.3 29.3 129.2 31.2
Rest of World 31.6 39.5 45.4 12.7 14.9 11.8 13.0 52.3 18.1
Other:
Non-operating (136.6 ) (151.1 ) (156.2 ) (36.7 ) (44.3 ) (22.5 ) (53.0 ) (156.4 ) (30.7 )
Streamling costs (a)   -     -     -     -     -     -     -     -     (15.7 )
Total Operating Income $ 1,350.0   $ 1,446.7   $ 1,569.0   $ 392.3   $ 386.3   $ 381.8   $ 333.2   $ 1,493.7   $ 366.0  
 
(a) First Quarter ended July 29, 2009- Includes costs associated with targeted workforce reductions and asset write-offs that were part of a corporation-wide initiative to improve productivity.
 
Fiscal year 2006 contains special items. Please refer to published financial statements for further information.
Amounts and presentation has been restated pursuant with the Fiscal 2010 adoptions of FAS 160 and FSP EITF 03-6-1.
(Totals may not add due to rounding)
H. J. Heinz Company
Sales Variance Analysis
(Unaudited)
         
(Dollars in Millions) 2006** 2007**   2008   Q109 Q209 Q309 Q409   2009   Q110
 
Net external sales:
North American Consumer Products $ 2,554.1 $ 2,739.5 $ 3,011.5 $ 741.2 $ 827.3 $ 761.6 $ 805.9 $ 3,136.0 $ 727.2
Europe 2,987.7 3,076.8 3,532.3 918.2 887.9 804.4 800.2 3,410.7 788.8
Asia / Pacific 1,221.1 1,319.2 1,599.9 457.8 386.2 354.4 429.0 1,627.4 469.2
U.S. Foodservice 1,569.8 1,556.3 1,559.4 353.4 391.0 380.3 381.2 1,506.0 346.5
Rest of World   310.7     309.8     367.7     112.6     120.1     113.8     121.4     468.0     136.1  
Sales (Net Revenue) $ 8,643.4   $ 9,001.6   $ 10,070.8   $ 2,583.2   $ 2,612.5   $ 2,414.6   $ 2,537.8   $ 10,148.1   $ 2,467.9  
 
Sales Variance by Segment:
 
North American Consumer Products:
Volume 7.7 % 2.6 % 3.5 % 4.7 % 2.9 % (7.6 %) (0.3 %) (0.4 %) (4.9 %)
Price 0.4 % 2.1 % 3.5 % 5.6 % 8.0 % 5.8 % 7.6 % 6.8 % 5.4 %
Acquisition 3.9 % 1.9 % 0.7 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 %
Divestiture (0.1 %) 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 %
Exchange   1.3 %   0.7 %   2.2 %   1.3 %   (1.5 %)   (3.8 %)   (4.3 %)   (2.3 %)   (2.4 %)
Total Change in Net Sales   13.2 %   7.3 %   9.9 %   11.5 %   9.4 %   (5.7 %)   2.9 %   4.1 %   (1.9 %)
Total Organic Growth   8.1 %   4.7 %   7.0 %   10.3 %   10.9 %   (1.8 %)   7.3 %   6.4 %   0.5 %
 
Europe:
Volume 1.2 % (2.4 %) 4.5 % 6.4 % (2.8 %) (4.8 %) (1.7 %) (1.0 %) (4.3 %)
Price (1.4 %) 1.7 % 3.3 % 4.3 % 7.2 % 9.7 % 6.6 % 7.1 % 5.1 %
Acquisition 9.1 % 1.9 % 0.1 % 1.3 % 3.5 % 3.2 % 2.1 % 2.5 % 2.2 %
Divestiture (1.8 %) (5.6 %) (1.5 %) (0.1 %) 0.0 % 0.0 % 0.0 % 0.0 % 0.0 %
Exchange   (4.3 %)   7.3 %   8.5 %   8.0 %   (6.0 %)   (20.9 %)   (24.5 %)   (12.0 %)   (17.1 %)
Total Change in Net Sales   2.7 %   3.0 %   14.8 %   19.9 %   1.8 %   (12.9 %)   (17.6 %)   (3.4 %)   (14.1 %)
Total Organic Growth   (0.2 %)   (0.7 %)   7.8 %   10.7 %   4.4 %   4.9 %   4.9 %   6.1 %   0.8 %
 
Asia/Pacific:
Volume 8.1 % 4.6 % 6.5 % 10.2 % (3.7 %) (7.6 %) (3.8 %) (1.4 %) (2.2 %)
Price 0.0 % 2.3 % 2.8 % 5.6 % 5.2 % 7.2 % 6.4 % 6.1 % 4.1 %
Acquisition 2.3 % 0.0 % 2.8 % 1.8 % (0.1 %) 8.9 % 15.4 % 6.8 % 12.7 %
Divestiture (1.3 %) (0.3 %) (1.2 %) 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 %
Exchange   (0.9 %)   1.5 %   10.4 %   5.8 %   (3.9 %)   (16.9 %)   (21.8 %)   (9.8 %)   (12.0 %)
Total Change in Net Sales   8.2 %   8.0 %   21.3 %   23.3 %   (2.4 %)   (8.3 %)   (3.8 %)   1.7 %   2.5 %
Total Organic Growth   8.1 %   6.9 %   9.3 %   15.8 %   1.5 %   (0.4 %)   2.6 %   4.7 %   1.9 %
 
U.S. Foodservice:
Volume 0.2 % (0.4 %) (1.1 %) (4.3 %) (5.1 %) (8.7 %) (5.8 %) (6.0 %) (6.0 %)
Price 0.3 % 1.7 % 1.7 % 1.5 % 2.6 % 4.6 % 5.1 % 3.5 % 5.6 %
Acquisition 3.9 % 1.6 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 %
Divestiture 0.0 % (3.7 %) (0.4 %) 0.0 % (1.3 %) (0.9 %) (1.2 %) (0.9 %) (1.6 %)
Exchange   0.0 %   0.0 %   0.0 %   0.0 %   0.0 %   0.0 %   0.0 %   0.0 %   0.0 %
Total Change in Net Sales   4.4 %   (0.9 %)   0.2 %   (2.8 %)   (3.8 %)   (5.1 %)   (1.9 %)   (3.4 %)   (2.0 %)
Total Organic Growth   0.5 %   1.2 %   0.6 %   (2.8 %)   (2.5 %)   (4.1 %)   (0.7 %)   (2.5 %)   (0.4 %)
 
Rest of World:
Volume 2.6 % 5.0 % 6.3 % 12.6 % 6.3 % 2.7 % (1.9 %) 4.6 % (3.3 %)
Price 6.4 % 8.9 % 13.6 % 24.6 % 27.2 % 29.5 % 28.8 % 27.6 % 26.2 %
Acquisition 4.9 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.8 % 0.2 % 1.0 %
Divestiture (8.3 %) (11.8 %) (1.7 %) 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 %
Exchange   (3.9 %)   (2.3 %)   0.6 %   (0.9 %)   (3.5 %)   (9.7 %)   (6.0 %)   (5.2 %)   (3.1 %)
Total Change in Net Sales   1.7 %   (0.3 %)   18.7 %   36.4 %   30.0 %   22.4 %   21.7 %   27.3 %   20.9 %
Total Organic Growth   8.9 %   13.8 %   19.9 %   37.2 %   33.5 %   32.2 %   26.9 %   32.2 %   22.9 %
 
Total Heinz:
Volume 3.8 % 0.7 % 3.6 % 5.0 % (1.3 %) (6.4 %) (2.3 %) (1.5 %) (4.3 %)
Price (0.1 %) 2.1 % 3.3 % 5.2 % 7.1 % 8.0 % 7.5 % 7.0 % 6.0 %
Acquisition 5.6 % 1.5 % 0.6 % 0.7 % 1.2 % 2.5 % 3.3 % 2.0 % 3.1 %
Divestiture (1.2 %) (3.1 %) (0.8 %) 0.0 % (0.2 %) (0.1 %) (0.2 %) (0.1 %) (0.2 %)
Exchange   (1.5 %)   2.9 %   5.1 %   4.0 %   (3.3 %)   (11.4 %)   (13.9 %)   (6.6 %)   (9.0 %)
Total Change in Net Sales   6.7 %   4.1 %   11.9 %   14.9 %   3.5 %   (7.5 %)   (5.6 %)   0.8 %   (4.5 %)
Total Organic Growth   3.7 %   2.8 %   6.9 %   10.2 %   5.8 %   1.6 %   5.2 %   5.5 %   1.7 %
 
                             
 
** Fiscal 2007 had one less week than Fiscal 2006
 
(Totals may not add due to rounding)

H. J. Heinz Company
Consolidated Balance Sheets
(Unaudited)
         
(In millions)   2006   2007   2008   2009 Q110
 
Current assets:
Cash and cash equivalents $ 445.4 $ 652.9 $ 617.7 $ 373.1 $ 550.7
Trade receivables, net 773.8 812.2 919.4 881.2 756.5
Other receivables, net 228.3 184.7 242.1 290.6 296.0
Inventories 1,073.7 1,198.0 1,378.2 1,237.6 1,333.5
Prepaid expenses 139.7 132.6 139.5 125.8 172.9
Short-term restricted cash - - - - 192.7
Other current assets   43.0   38.7   28.7   36.7   45.2
Total current assets 2,703.9 3,019.0 3,325.6 2,945.0 3,347.5
 
Property, plant and equipment, net 1,900.6 1,998.2 2,104.7 1,978.3 2,068.6
 
Other non-current assets:
Goodwill 2,822.6 2,834.6 2,997.5 2,687.8 2,817.3
Trademarks, net 776.9 892.7 957.1 889.8 934.5
Other intangibles, net 269.6 412.5 456.9 405.4 424.8
Long-term restricted cash - - - 192.7 -
Other non-current assets   1,264.3   876.0   723.2   565.2   556.4
Total other non-current assets   5,133.3   5,015.9   5,134.8   4,740.9   4,733.0
Total assets $ 9,737.8 $ 10,033.0 $ 10,565.0 $ 9,664.2 $ 10,149.0
 
Current liabilities:
Short-term debt $ 54.1 $ 165.1 $ 124.3 $ 61.3 $ 90.9
Portion of long-term debt due within one year 0.9 303.2 328.4 4.3 4.6
Trade payables 879.5 972.5 1,125.0 955.4 947.9
Other payables 155.6 208.6 122.5 157.9 136.5
Salaries and wages 84.8 85.8 92.6 91.3 88.1
Accrued marketing 216.3 262.2 298.3 233.3 247.8
Other accrued liabilities 476.7 414.1 487.7 485.4 394.4
Income taxes   150.4   93.6   91.3   73.9   124.4
Total current liabilities 2,018.2 2,505.1 2,670.1 2,062.8 2,034.7
 
Long-term debt and other liabilities:
Long-term debt 4,357.0 4,413.6 4,730.9 5,076.2 5,234.5
Deferred income taxes 518.7 463.7 409.2 345.7 350.5
Other liabilities   674.8   710.6   801.3   900.3   827.8
Total long-term debt and other liabilities 5,550.6 5,587.9 5,941.4 6,322.2 6,412.8
 
Shareholders' 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 502.2 580.6 617.8 737.9 725.2
Retained earnings 5,454.1 5,778.6 6,129.0 6,525.7 6,605.2
 
Less:
Treasury shares, at cost 3,852.2 4,406.1 4,905.8 4,881.8 4,866.6
Unearned compensation 32.8 - - - -
Accumulated other comprehensive loss   130.4   219.3   61.1   1,269.7   938.8
 
Total H.J. Heinz Company shareholders'equity 2,048.8 1,841.7 1,887.8 1,219.9 1,632.9
Noncontrolling interest   120.2   98.3   65.7   59.2   68.7
Total shareholders' equity   2,169.0   1,940.0   1,953.5   1,279.1   1,701.6
Total liabilities and shareholder's equity $ 9,737.8 $ 10,033.0 $ 10,565.0 $ 9,664.2 $ 10,149.0
                 
 
The following are acquisitions (A) and divestitures (D) that occurred during the respective years:
Fiscal 2006: HP Foods (A-U.K., U.S. and Canada), Petrosoyuz (A-Russia), Nancy's Specialty Foods, Inc. (A-U.S. and Canada), Kabobs, Inc. (A-U.S. Foodservice), European seafood (D),
Tegel® poultry (D- New Zealand), Hain equity investment (D-U.S.) and HAK® vegetable product line (D- Northern Europe).
Fiscal 2007: Renee's Gourmet Foods (A-Canada), non-core U.S. Foodservice product line (D), U.K. frozen and chilled product line (D) and Argentina pet food business (D).
Fiscal 2008: Cottee's® and Rose's® license (A-Australia and New Zealand), Wyko® brand and sauce business (A- Netherlands) and Portugal tomato paste business (D).
Fiscal 2009: Benedicta (A- France), La Bonne Cuisine (A- New Zealand), Golden Circle (A- Australia) and Papillion (A- South Africa)
 
Amounts and presentation has been restated pursuant with the Fiscal 2010 adoption of FAS 160.
 

(Totals may not add due to rounding)

H. J. Heinz Company
Consolidated Statements of Cash Flows
(Unaudited)
         
 
(In Millions) 2006*   2007     2008     2009   Q110
 
Cash Flows from Operating Activities
Net income $ 651.3 $ 800.0 $ 856.5 $ 938.0 $ 219.1
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation 227.5 233.4 250.8 241.3 61.3
Amortization 36.4 32.8 38.1 40.1 11.6
Deferred tax (benefit)/provision (57.7 ) 52.2 18.5 109.0 36.3
Other items, net 81.3 (4.6 ) (4.9 ) (225.2 ) (155.9 )
Changes in current assets and liabilities, excluding effects of acquisitions and divestitures:
Receivablse securitization facility - - - - 131.8
Receivables 115.6 11.0 (55.8 ) (10.9 ) 57.3
Inventories (47.4 ) (82.5 ) (133.6 ) 50.7 (29.7 )
Prepaid expenses and other current assets 13.6 14.2 5.7 1.0 (28.2 )
Accounts payable 56.5 56.5 89.2 (62.9 ) (73.7 )
Accrued liabilities 57.4 (4.5 ) 28.3 24.6 (102.7 )
Income taxes   (59.5 )   (46.3 )   95.6     61.2     41.7  
Cash provided by operating activities     1,075.0     1,062.3     1,188.3     1,166.9     168.9  
Investing activities:
Capital expenditures (230.6 ) (244.6 ) (301.6 ) (292.1 ) (48.7 )
Proceeds from disposals of property, plant and equipment   19.4     60.7     8.5     5.4     0.6  
 
Operating Free Cash Flow 863.8 878.4 895.2 880.2 120.8
 
Acquisitions, net of cash acquired (1,100.4 ) (89.0 ) (151.6 ) (293.9 ) -
Net proceeds/(payments) related to divestitures 856.7 (4.1 ) 63.5 13.4 1.7
Change in restricted cash - - - (192.7 ) -
Other items, net   3.1     (49.2 )   (173.0 )   (1.2 )   (0.2 )
Cash used for investing activities     (451.8 )   (326.2 )   (554.2 )   (761.2 )   (46.5 )
Financing activities:
Payments on long-term debt (727.8 ) (52.1 ) (368.2 ) (427.4 ) (27.4 )
Proceeds from long-term debt 230.8 - - 853.1 249.6
Proceeds/(payments) from commercial paper and short-term debt, net 298.5 384.1 483.7 (483.7 ) (67.2 )
Dividends (408.2 ) (461.2 ) (485.2 ) (525.3 ) (133.0 )
Purchase of treasury stock (823.4 ) (760.7 ) (580.7 ) (181.4 ) -
Exercise of stock options 142.0 259.8 78.6 264.9 2.0
Other items, net   18.5     9.2     113.7     (16.5 )   8.9  
Cash used for financing activities     (1,269.4 )   (620.9 )   (758.1 )   (516.3 )   32.9  
Cash provided by operating activities of discontinued operations spun-off to Del Monte 13.3 33.5 - - -
Effect of exchange rate changes on cash and cash equivalents   (5.4 )   58.8     88.8     (133.9 )   22.3  
Net (decrease)/increase in cash and cash equivalents (638.3 ) 207.5 (35.2 ) (244.5 ) 177.6
Cash and cash equivalents at beginning of year   1,083.7     445.4     652.9     617.7     373.1  
Cash and cash equivalents at end of year $ 445.4   $ 652.9   $ 617.7   $ 373.1   $ 550.7  
                   
* Includes amounts from the European seafood and Tegel® poultry businesses that were discontinued in Fiscal 2006.
 
Amounts and presentation has been restated pursuant with the Fiscal 2010 adoption of FAS 160.
 
(Totals may not add due to rounding)