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Item 6. Selected Financial Data.
The following table presents selected consolidated financial data for the Company and its
subsidiaries for each of the five fiscal years 2007 through 2011. All amounts are in thousands
except per share data.
April 27,
2011
(52 Weeks)
April 28,
2010
(52 Weeks)
Fiscal Year Ended
April 29,
2009
(52 Weeks)
April 30,
2008
(52 Weeks)
May 2,
2007
(52 Weeks)
Sales(1) ................... $10,706,588 $10,494,983 $10,011,331 $ 9,885,556 $ 8,800,071
Interest expense(1) ........... 275,398 295,711 339,635 364,808 333,037
Income from continuing
operations(1) .............. 1,005,948 931,940 944,400 858,176 794,398
Income from continuing
operations per share
attributable to H.J. Heinz
Company common
shareholders—diluted(1) ..... 3.06 2.87 2.91 2.62 2.34
Income from continuing
operations per share
attributable to H.J. Heinz
Company common
shareholders—basic(1) ...... 3.09 2.89 2.95 2.65 2.37
Short-term debt and current
portion of long- term debt .... 1,534,932 59,020 65,638 452,708 468,243
Long-term debt, exclusive of
current portion(2) .......... 3,078,128 4,559,152 5,076,186 4,730,946 4,413,641
Total assets . . .............. 12,230,645 10,075,711 9,664,184 10,565,043 10,033,026
Cash dividends per common
share .................... 1.80 1.68 1.66 1.52 1.40
(1) Amounts exclude the operating results related to the Company’s private label frozen desserts
business in the U.K. as well as the Kabobs and Appetizers And, Inc. businesses in the U.S., which
were divested in Fiscal 2010 and have been presented as discontinued operations.
(2) Long-term debt, exclusive of current portion, includes $150.5 million, $207.1 million,
$251.5 million, $198.3 million, and $71.0 million of hedge accounting adjustments associated
with interest rate swaps at April 27, 2011, April 28, 2010, April 29, 2009, April 30, 2008, and
May 2, 2007, respectively. H.J. Heinz Finance Company’s (“HFC”) mandatorily redeemable
preferred shares of $350 million in Fiscals 2011-2009 and $325 million in Fiscals 2008 and
2007 are classified as long-term debt.
Fiscal 2010 results from continuing operations include expenses of $37.7 million pretax
($27.8 million after tax) for upfront productivity charges and a gain of $15.0 million pretax
($11.1 million after tax) on a property disposal in the Netherlands. The upfront productivity
charges include costs associated with targeted workforce reductions and asset write-offs, that
were part of a corporation-wide initiative to improve productivity. The asset write-offs related to
two factory closures and the exit of a formula business in the U.K. See “Discontinued Operations and
Other Disposals” in Item 7, “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” on pages 15 through 16 for further explanation of the property disposal in the
Netherlands.
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