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H. J. Heinz Company and Subsidiaries Consolidated Balance Sheets April 27, April 28, 2011 2010 (In thousands) Assets Current assets: Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 724,311 $ 483,253 Trade receivables (net of allowances: 2011—$10,909 and 2010—$10,196) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,039,064 794,845 Other receivables (net of allowances: 2011—$503 and 2010—$268) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225,968 250,493 Inventories: Finished goods and work-in-process . . . . . . . . . . . . . . . . . . . . . . . 1,165,069 979,543 Packaging material and ingredients . . . . . . . . . . . . . . . . . . . . . . . 286,477 269,584 Total inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,451,546 1,249,127 Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159,521 130,819 Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153,132 142,588 Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,753,542 3,051,125 Property, plant and equipment: Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,457 77,248 Buildings and leasehold improvements . . . . . . . . . . . . . . . . . . . . 1,019,311 842,346 Equipment, furniture and other . . . . . . . . . . . . . . . . . . . . . . . . . . 4,119,947 3,546,046 5,224,715 4,465,640 Less accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,719,632 2,373,844 Total property, plant and equipment, net . . . . . . . . . . . . . . . . . 2,505,083 2,091,796 Other non-current assets: Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,298,441 2,770,918 Trademarks, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,156,221 895,138 Other intangibles, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 442,563 402,576 Other non-current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,074,795 864,158 Total other non-current assets. . . . . . . . . . . . . . . . . . . . . . . . . . 5,972,020 4,932,790 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,230,645 $10,075,711 See Notes to Consolidated Financial Statements 41
H. J. Heinz Company and Subsidiaries Consolidated Balance Sheets April 27, April 28, 2011 2010 (In thousands) Liabilities and Equity Current liabilities: Short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 87,800 $ 43,853 Portion of long-term debt due within one year. . . . . . . . . . . . . . . . . 1,447,132 15,167 Trade payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,337,620 1,007,517 Other payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162,047 121,997 Accrued marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313,389 288,579 Other accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 715,147 667,653 Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,325 30,593 Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,161,460 2,175,359 Long-term debt and other non-current liabilities: Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,078,128 4,559,152 Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 897,179 665,089 Non-pension post-retirement benefits . . . . . . . . . . . . . . . . . . . . . . . 216,172 216,423 Other non-current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 570,571 511,192 Total long-term debt and other non-current liabilities . . . . . . . . . 4,762,050 5,951,856 Redeemable noncontrolling interest. . . . . . . . . . . . . . . . . . . . . . . . . . . 124,669 — Equity: Capital stock: Third cumulative preferred, $1.70 first series, $10 par value(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 70 Common stock, 431,096 shares issued, $0.25 par value . . . . . . . . 107,774 107,774 107,843 107,844 Additional capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 629,367 657,596 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,264,678 6,856,033 8,001,888 7,621,473 Less: Treasury shares, at cost (109,818 shares at April 27, 2011 and 113,404 shares at April 28, 2010) . . . . . . . . . . . . . . . . . . . . . . . . . 4,593,362 4,750,547 Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . 299,564 979,581 Total H.J. Heinz Company shareholders’ equity . . . . . . . . . . . . . . 3,108,962 1,891,345 Noncontrolling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,504 57,151 Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,182,466 1,948,496 Total liabilities and equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,230,645 $10,075,711 (1) The preferred stock outstanding is convertible at a rate of one share of preferred stock into 15 shares of common stock. The Company can redeem the stock at $28.50 per share. As of April 27, 2011, there were authorized, but unissued, 2,200 shares of third cumulative preferred stock for which the series had not been designated. See Notes to Consolidated Financial Statements 42
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
Page 8 and 9: [THIS PAGE INTENTIONALLY LEFT BLANK
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 16 and 17: The Company could incur more debt,
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
Page 24 and 25: Selling, general and administrative
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
Page 42 and 43: Sensitivity of Assumptions If we as
Page 44 and 45: Item 8. Financial Statements and Su
Page 46 and 47: Report of Independent Registered Pu
Page 50 and 51: H. J. Heinz Company and Subsidiarie
Page 54 and 55: Inventories: Inventories are stated
Page 92 and 93: (e) H. J. Heinz Company and Subsidi
Page 96 and 97: Item 9. Changes in and Disagreement
Page 98 and 99:
(1) The Executive Deferred Compensa
Page 100 and 101:
(c) Indenture among H. J. Heinz Com
Page 102 and 103:
(xxvii) Form of Fiscal Year 2009 Re
Page 104 and 105:
SIGNATURES Pursuant to the requirem
Page 106 and 107:
Exhibit 31(b) I, Arthur B. Winklebl
Page 108 and 109:
Exhibit 32(b) Certification by the
Page 110 and 111:
PERFORMANCE GRAPH The following gra
Page 112 and 113:
H. J. Heinz Company and Subsidiarie
Page 114 and 115:
CORPORATE DATA Heinz: H. J. Heinz C
Page 116:
H.J. Heinz Company P.O. Box 57 Pitt
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