Exhibit 99.1
Kraft Foods Inc. and Subsidiaries
Consolidated Statements of Earnings, as Restated
For the Years Ended December 31,
(in millions of dollars, except per share data)
(Unaudited)
| | | | | | | | |
| | 2007 | | | 2006 | |
Net revenues | | $ | 36,134 | | | $ | 33,256 | |
Cost of sales | | | 24,057 | | | | 21,344 | |
| | | | | | | | |
Gross profit | | | 12,077 | | | | 11,912 | |
| | |
Marketing, administration and research costs | | | 7,672 | | | | 7,120 | |
Asset impairment and exit costs | | | 441 | | | | 999 | |
Gain on redemption of United Biscuits investment | | | – | | | | (251 | ) |
Gains on divestitures, net | | | (15 | ) | | | (117 | ) |
Amortization of intangibles | | | 13 | | | | 7 | |
| | | | | | | | |
Operating income | | | 3,966 | | | | 4,154 | |
Interest and other debt expense, net | | | 604 | | | | 510 | |
| | | | | | | | |
Earnings from continuing operations before income taxes | | | 3,362 | | | | 3,644 | |
Provision for income taxes | | | 1,002 | | | | 816 | |
| | | | | | | | |
Earnings from continuing operations | | | 2,360 | | | | 2,828 | |
Earnings from discontinued operations, net of income taxes | | | 230 | | | | 232 | |
| | | | | | | | |
Net earnings | | $ | 2,590 | | | $ | 3,060 | |
| | | | | | | | |
Per share data: | | | | | | | | |
Basic earnings per share: | | | | | | | | |
Continuing operations | | $ | 1.50 | | | $ | 1.72 | |
Discontinued operations | | | 0.14 | | | | 0.14 | |
| | | | | | | | |
Net earnings | | $ | 1.64 | | | $ | 1.86 | |
| | | | | | | | |
Diluted earnings per share: | | | | | | | | |
Continuing operations | | $ | 1.48 | | | $ | 1.71 | |
Discontinued operations | | | 0.14 | | | | 0.14 | |
| | | | | | | | |
Net earnings | | $ | 1.62 | | | $ | 1.85 | |
| | | | | | | | |
Kraft Foods Inc. and Subsidiaries
Restatement for Discontinued Operations - Consolidated Statements of Earnings
For the Year Ended December 31, 2007
(in millions of dollars, except per share data)
(Unaudited)
| | | | | | | | | | | | |
| | As Reported 2007 | | | Impact of Post Divestiture | | | As Restated 2007 | |
Net revenues | | $ | 37,241 | | | $ | (1,107 | ) | | $ | 36,134 | |
Cost of sales | | | 24,651 | | | | (594 | ) | | | 24,057 | |
| | | | | | | | | | | | |
Gross profit | | | 12,590 | | | | (513 | ) | | | 12,077 | |
| | | |
Marketing, administration and research costs | | | 7,809 | | | | (137 | ) | | | 7,672 | |
Asset impairment and exit costs | | | 452 | | | | (11 | ) | | | 441 | |
Gains on divestitures, net | | | (15 | ) | | | – | | | | (15 | ) |
Amortization of intangibles | | | 13 | | | | – | | | | 13 | |
| | | | | | | | | | | | |
Operating income | | | 4,331 | | | | (365 | ) | | | 3,966 | |
Interest and other debt expense, net | | | 604 | | | | – | | | | 604 | |
| | | | | | | | | | | | |
Earnings from continuing operations before income taxes | | | 3,727 | | | | (365 | ) | | | 3,362 | |
Provision for income taxes | | | 1,137 | | | | (135 | ) | | | 1,002 | |
| | | | | | | | | | | | |
Earnings from continuing operations | | | 2,590 | | | | (230 | ) | | | 2,360 | |
Earnings from discontinued operations, net of income taxes | | | – | | | | 230 | | | | 230 | |
| | | | | | | | | | | | |
Net earnings | | $ | 2,590 | | | $ | – | | | $ | 2,590 | |
| | | | | | | | | | | | |
Per share data: | | | | | | | | | | | | |
Basic earnings per share: | | | | | | | | | | | | |
Continuing operations | | $ | 1.64 | | | $ | (0.14 | ) | | $ | 1.50 | |
Discontinued operations | | | – | | | | 0.14 | | | | 0.14 | |
| | | | | | | | | | | | |
Net earnings | | $ | 1.64 | | | $ | – | | | $ | 1.64 | |
| | | | | | | | | | | | |
Diluted earnings per share: | | | | | | | | | | | | |
Continuing operations | | $ | 1.62 | | | $ | (0.14 | ) | | $ | 1.48 | |
Discontinued operations | | | – | | | | 0.14 | | | | 0.14 | |
| | | | | | | | | | | | |
Net earnings | | $ | 1.62 | | | $ | – | | | $ | 1.62 | |
| | | | | | | | | | | | |
Kraft Foods Inc. and Subsidiaries
Restatement for Discontinued Operations - Consolidated Statements of Earnings
For the Year Ended December 31, 2006
(in millions of dollars, except per share data)
(Unaudited)
| | | | | | | | | | | | |
| | As Reported 2006 | | | Impact of Post Divestiture | | | As Restated 2006 | |
Net revenues | | $ | 34,356 | | | $ | (1,100 | ) | | $ | 33,256 | |
Cost of sales | | | 21,940 | | | | (596 | ) | | | 21,344 | |
| | | | | | | | | | | | |
Gross profit | | | 12,416 | | | | (504 | ) | | | 11,912 | |
| | | |
Marketing, administration and research costs | | | 7,254 | | | | (134 | ) | | | 7,120 | |
Asset impairment and exit costs | | | 1,002 | | | | (3 | ) | | | 999 | |
Gain on redemption of United Biscuits investment | | | (251 | ) | | | – | | | | (251 | ) |
Gains on divestitures, net | | | (117 | ) | | | – | | | | (117 | ) |
Amortization of intangibles | | | 7 | | | | – | | | | 7 | |
| | | | | | | | | | | | |
Operating income | | | 4,521 | | | | (367 | ) | | | 4,154 | |
Interest and other debt expense, net | | | 510 | | | | – | | | | 510 | |
| | | | | | | | | | | | |
Earnings from continuing operations before income taxes | | | 4,011 | | | | (367 | ) | | | 3,644 | |
Provision for income taxes | | | 951 | | | | (135 | ) | | | 816 | |
| | | | | | | | | | | | |
Earnings from continuing operations | | | 3,060 | | | | (232 | ) | | | 2,828 | |
Earnings from discontinued operations, net of income taxes | | | – | | | | 232 | | | | 232 | |
| | | | | | | | | | | | |
Net earnings | | $ | 3,060 | | | $ | – | | | $ | 3,060 | |
| | | | | | | | | | | | |
Per share data: | | | | | | | | | | | | |
Basic earnings per share: | | | | | | | | | | | | |
Continuing operations | | $ | 1.86 | | | $ | (0.14 | ) | | $ | 1.72 | |
Discontinued operations | | | – | | | | 0.14 | | | | 0.14 | |
| | | | | | | | | | | | |
Net earnings | | $ | 1.86 | | | $ | – | | | $ | 1.86 | |
| | | | | | | | | | | | |
Diluted earnings per share: | | | | | | | | | | | | |
Continuing operations | | $ | 1.85 | | | $ | (0.14 | ) | | $ | 1.71 | |
Discontinued operations | | | – | | | | 0.14 | | | | 0.14 | |
| | | | | | | | | | | | |
Net earnings | | $ | 1.85 | | | $ | – | | | $ | 1.85 | |
| | | | | | | | | | | | |