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CONSOLIDATED STATEMENTS OF CASH FLOWS H.J. Heinz Company and Subsidiaries Fiscal year ended May 3, 2000 April 28, 1999 April 29, 1998 (Dollars in thousands) (53 Weeks) (52 Weeks) (52 Weeks) OPERATING ACTIVITIES: Net income $ 890,553 $ 474,341 $ 801,566 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 219,255 207,852 222,492 Amortization 87,228 94,360 91,130 Deferred tax provision 28,331 23,564 120,875 Gain on sale of Weight Watchers (464,617) – – Gain on sale of bakery products unit – (5,717) – Gain on sale of Ore-Ida frozen foodservice business – – (96,563) Provision for restructuring 392,720 527,107 – Other items, net 48,905 (43,147) (126,805) Changes in current assets and liabilities, excluding effects of acquisitions and divestitures: Receivables (123,994) (88,742) (7,155) Inventories (217,127) (115,743) 47,917 Prepaid expenses and other current assets (23,296) 2,604 4,874 Accounts payable 111,976 3,410 54,345 Accrued liabilities (372,999) (150,533) (131,400) Income taxes (33,860) (19,220) 84,468 Cash provided by operating activities 543,075 910,136 1,065,744 INVESTING ACTIVITIES: Capital expenditures (452,444) (316,723) (373,754) Acquisitions, net of cash acquired (394,418) (268,951) (142,112) Proceeds from divestitures 726,493 180,400 494,739 Purchases of short-term investments (1,175,538) (915,596) (1,179,024) Sales and maturities of short-term investments 1,119,809 883,945 1,216,573 Investment in The Hain Celestial Group, Inc. (99,764) – – Other items, net 7,188 46,396 10,740 Cash (used for) provided by investing activities (268,674) (390,529) 27,162 FINANCING ACTIVITIES: Proceeds from long-term debt 834,328 259,593 555,017 Payments on long-term debt (627,498) (65,744) (572,905) Proceeds from (payments on) commercial paper and short-term borrowings, net 532,305 74,464 (288,346) Dividends (513,782) (484,847) (452,603) Purchase of treasury stock (511,480) (410,103) (677,193) Exercise of stock options 20,027 77,158 200,972 Other items, net 6,937 33,989 88,457 Cash used for financing activities (259,163) (515,490) (1,146,601) Effect of exchange rate changes on cash and cash equivalents 6,397 15,565 (6,991) Net increase (decrease) in cash and cash equivalents 21,635 19,682 (60,686) Cash and cash equivalents at beginning of year 115,982 96,300 156,986 Cash and cash equivalents at end of year $ 137,617 $ 115,982 $ 96,300 See Notes to Consolidated Financial Statements. (50)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS H.J. Heinz Company and Subsidiaries 1. SIGNIFICANT ACCOUNTING POLICIES Fiscal Year: H.J. Heinz Company (the ‘‘company’’) operates on a 52- or 53-week fiscal year ending the Wednesday nearest April 30. However, certain foreign subsidiaries have earlier closing dates to facilitate timely reporting. Fiscal years for the financial statements included herein ended May 3, 2000, April 28, 1999 and April 29, 1998. Principles of Consolidation: The consolidated financial statements include the accounts of the company and its subsidiaries. All intercompany accounts and transactions were eliminated. Investments owned less than 50%, where significant influence exists, are accounted for on an equity basis. Certain prior-year amounts have been reclassified in order to conform with the Fiscal 2000 presentation. UseofEstimates:The preparation of financial statements, in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Translation of Foreign Currencies: For all significant foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the exchange rate in effect at each year-end. Income statement accounts are translated at the average rate of exchange prevailing during the year. Translation adjustments arising from the use of differing exchange rates from period to period are included as a component of shareholders’ equity. Gains and losses from foreign currency transactions are included in net income for the period. Cash Equivalents: Cash equivalents are defined as highly liquid investments with original maturities of 90 days or less. Inventories: Inventories are stated at the lower of cost or market. Cost is determined principally under the average cost method. Property, Plant and Equipment: Land, buildings and equipment are recorded at cost. For financial reporting purposes, depreciation is provided on the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are generally used for income tax purposes. Expenditures for new facilities and improvements that substantially extend the capacity or useful life of an asset are capitalized. Ordinary repairs and maintenance are expensed as incurred. When property is retired or otherwise disposed, the cost and related depreciation are removed from the accounts and any related gains or losses are included in income. Intangibles: Goodwill, trademarks and other intangibles arising from acquisitions are being amortized on a straight-line basis over periods ranging from three to 40 years. The company regularly reviews the individual components of the balances by evaluating the future cash flows of the businesses to determine the recoverability of the assets and recognizes, on a current basis, any diminution in value. (51)
Page 1 and 2: H.J. HEINZ COMPANY ANNUAL REPORT 20
Page 3 and 4: HIGHLIGHTS H.J. Heinz Company and S
Page 5 and 6: FOND MEMORIES AND FAIR VOYAGE As Sh
Page 7 and 8: ehind every CEO there is a dauntles
Page 9 and 10: (7)
Page 11 and 12: stake in The Hain Celestial Group m
Page 13 and 14: LONDON 5PM What could be more relax
Page 15 and 16: MIAMI 12 NOON You can’t keep Mom
Page 17 and 18: HONOLULU 8AM Eating on the go, at w
Page 19 and 20: 29 23 27 28 25 15 17 24 26 18 21 19
Page 21 and 22: k Heinz's five fastest-growing busi
Page 23 and 24: PRINCE EDWARD ISLAND 1PM Pokémon h
Page 25 and 26: MUNICH 6PM Germans love soup, as a
Page 27 and 28: FINANCIAL TABLE OF CONTENTS 26 A Ye
Page 29 and 30: Sales of frozen foods climbed to $1
Page 31 and 32: ACQUISITIONS Heinz acquired and mai
Page 33 and 34: Realigning the company’s manageme
Page 35 and 36: Sales of the North American Grocery
Page 37 and 38: administrative expenses. Marketing
Page 39 and 40: Germany and other smaller acquisiti
Page 41 and 42: Asia/Pacific’s operating income d
Page 43 and 44: In Fiscal 2000, the company repurch
Page 45 and 46: y essentially creating offsetting c
Page 47 and 48: CONSOLIDATED STATEMENTS OF INCOME H
Page 49 and 50: Liabilities and Shareholders’ Equ
Page 51: Additional Capital Retained Earning
Page 55 and 56: The cash flows related to the above
Page 57 and 58: 4. RESTRUCTURING CHARGES Operation
Page 59 and 60: Project Millennia During the fourth
Page 61 and 62: The deferred tax (assets) and defer
Page 63 and 64: Global Stock Purchase Plan (‘‘G
Page 65 and 66: The following summarizes informatio
Page 67 and 68: The weighted-average rates used for
Page 69 and 70: 13. NET INCOME PER COMMON SHARE The
Page 71 and 72: The company’s revenues are genera
Page 73 and 74: RESPONSIBILITY STATEMENTS RESPONSIB
Page 75 and 76: 1996 1995* 1994 1993 1992 1991 1990
Page 77 and 78: WORLD LOCATIONS* H.J. Heinz Company
Page 79 and 80: CORPORATE DATA Heinz: A Definition
Page 81 and 82: KER PLOP! DOWNLOAD THE HEINZ SCREEN

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