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The Company could incur more debt, which could have an adverse impact on our business. The Company may incur additional indebtedness in the future to fund acquisitions, repurchase shares, or fund other activities for general business purposes, which could result in a downward change in credit rating. The Company’s ability to make payments on and refinance its indebtedness and fund planned capital expenditures depends upon its ability to generate cash in the future. The cost of incurring additional debt could increase in the event of possible downgrades in the Company’s credit rating. The failure to implement our growth plans could adversely affect the Company’s ability to increase net income and generate cash. The success of the Company could be impacted by its inability to continue to execute on its growth plans regarding product innovation, implementing cost-cutting measures, improving supply chain efficiency, enhancing processes and systems, including information technology systems, on a global basis, and growing market share and volume. The failure to fully implement the plans, in a timely manner or within our cost estimates, could materially and adversely affect the Company’s ability to increase net income. Additionally, the Company’s ability to pay cash dividends will depend upon its ability to generate cash and profits, which, to a certain extent, is subject to economic, financial, competitive, and other factors beyond the Company’s control. We are increasingly dependent on information technology, and expanding social media vehicles present new risks. We are increasingly dependent on information technology systems and any significant breakdown, invasion, destruction, or interruption of these systems could negatively impact operations. In addition, there is a risk of business interruption or reputational damage from leakage of confidential information. The inappropriate use of certain media vehicles could cause brand damage or information leakage. Negative posts or comments about us on any social networking web site could seriously damage our reputation. In addition, the disclosure of non-public company sensitive information through external media channels could lead to information loss. Identifying new points of entry as social media continues to expand presents new challenges. Any business interruptions or damage to the Company’s reputation could negatively impact the Company’s financial condition, results of operation, and the market price of the Company’s common stock. CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION Statements about future growth, profitability, costs, expectations, plans, or objectives included in this report, including in management’s discussion and analysis, and the financial statements and footnotes, are forward-looking statements based on management’s estimates, assumptions, and projections. These forward-looking statements are subject to risks, uncertainties, assumptions and other important factors, many of which may be beyond the Company’s control and could cause actual results to differ materially from those expressed or implied in this report and the financial statements and footnotes. Uncertainties contained in such statements include, but are not limited to: • sales, volume, earnings, or cash flow growth, • general economic, political, and industry conditions, including those that could impact consumer spending, • competitive conditions, which affect, among other things, customer preferences and the pricing of products, production, and energy costs, 9
• competition from lower-priced private label brands, • increases in the cost and restrictions on the availability of raw materials including agricultural commodities and packaging materials, the ability to increase product prices in response, and the impact on profitability, • the ability to identify and anticipate and respond through innovation to consumer trends, • the need for product recalls, • the ability to maintain favorable supplier and customer relationships, and the financial viability of those suppliers and customers, • currency valuations and devaluations and interest rate fluctuations, • changes in credit ratings, leverage, and economic conditions, and the impact of these factors on our cost of borrowing and access to capital markets, • our ability to effectuate our strategy, including our continued evaluation of potential opportunities, such as strategic acquisitions, joint ventures, divestitures, and other initiatives, our ability to identify, finance and complete these transactions and other initiatives, and our ability to realize anticipated benefits from them, • the ability to successfully complete cost reduction programs and increase productivity, • the ability to effectively integrate acquired businesses, • new products, packaging innovations, and product mix, • the effectiveness of advertising, marketing, and promotional programs, • supply chain efficiency, • cash flow initiatives, • risks inherent in litigation, including tax litigation, • the ability to further penetrate and grow and the risk of doing business in international markets, particularly our emerging markets; economic or political instability in those markets, strikes, nationalization, and the performance of business in hyperinflationary environments, in each case, such as Venezuela; and the uncertain global macroeconomic environment and sovereign debt issues, particularly in Europe, • changes in estimates in critical accounting judgments and changes in laws and regulations, including tax laws, • the success of tax planning strategies, • the possibility of increased pension expense and contributions and other people-related costs, • the potential adverse impact of natural disasters, such as flooding and crop failures, • the ability to implement new information systems and potential disruptions due to failures in information technology systems, • with regard to dividends, dividends must be declared by the Board of Directors and will be subject to certain legal requirements being met at the time of declaration, as well as our Board’s view of our anticipated cash needs, and • other factors as described in “Risk Factors” above. The forward-looking statements are and will be based on management’s then current views and assumptions regarding future events and speak only as of their dates. The Company undertakes no 10
Page 2 and 3: Financial Highlights* EPS (1) CAGR
Page 4 and 5: Emerging Markets % of Company Sales
Page 6 and 7: technology. The PlantBottle packagi
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Page 10 and 11: The Company also owns or leases off
Page 12 and 13: Name Age (as of August 30, 2011) Po
Page 14 and 15: Disruption of our supply chain coul
Page 18 and 19: obligation to publicly update or re
Page 20 and 21: Item 6. Selected Financial Data. Th
Page 22 and 23: In order to continue to drive susta
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Page 26 and 27: The volume reflects ongoing weaknes
Page 28 and 29: educed S&D, partially offset by inc
Page 30 and 31: $85 million for the fiscal year end
Page 32 and 33: At April 27, 2011, the Company had
Page 34 and 35: As of April 27, 2011, the Company w
Page 36 and 37: interest rate contracts and cross-c
Page 38 and 39: In December 2010, the FASB issued a
Page 40 and 41: Most of these assumptions vary sign
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Page 44 and 45: Item 8. Financial Statements and Su
Page 46 and 47: Report of Independent Registered Pu
Page 48 and 49: H. J. Heinz Company and Subsidiarie
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H. J. Heinz Company and Subsidiarie
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(e) H. J. Heinz Company and Subsidi
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Item 9. Changes in and Disagreement
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(1) The Executive Deferred Compensa
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(c) Indenture among H. J. Heinz Com
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(xxvii) Form of Fiscal Year 2009 Re
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SIGNATURES Pursuant to the requirem
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Exhibit 31(b) I, Arthur B. Winklebl
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Exhibit 32(b) Certification by the
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PERFORMANCE GRAPH The following gra
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CORPORATE DATA Heinz: H. J. Heinz C
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H.J. Heinz Company P.O. Box 57 Pitt
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