Heinz H J (HNZ) 8-K Full Year Financial Highlights

Exhibit 99.3

H.J. Heinz Company

Reported GAAP Consolidated Statements of Income

(In Millions, Except per Share Amounts)		2004			2005			2006			Q107			Q207			Q307			Q407			2007			Q108			Q208			Q308			Q408			2008
Category Sales:
Ketchup and Sauces	$	3,047.7		$	3,234.2		$	3,530.3		$	901.0		$	915.1		$	890.0		$	976.0		$	3,682.1		$	971.8		$	999.4		$	1,010.9		$	1,099.7		$	4,081.9
Meals and Snacks		3,309.8			3,680.9			3,876.7			853.9			1,009.3			1,085.4			1,077.5			4,026.2			944.8			1,147.9			1,235.0			1,193.9			4,521.7
Infant Foods		908.5			855.6			863.9			213.7			213.2			236.0			266.2			929.1			239.0			268.9			276.3			305.5			1,089.5
Other		359.9			332.7			372.4			91.3			94.5			83.7			94.7			364.3			92.7			107.1			88.7			89.2			377.7
Total Sales		7,625.8			8,103.5			8,643.4			2,059.9			2,232.2			2,295.2			2,414.3			9,001.6			2,248.3			2,523.4			2,610.9			2,688.3			10,070.8
Cost of products sold		4,733.3			5,069.9			5,550.4			1,287.5			1,385.6			1,443.1			1,492.5			5,608.7			1,409.9			1,591.6			1,675.4			1,713.2			6,390.1
Gross Profit		2,892.5			3,033.5			3,093.1			772.4			846.6			852.1			921.8			3,392.9			838.4			931.8			935.4			975.1			3,680.7
Gross Margin		37.9	%		37.4	%		35.8	%		37.5	%		37.9	%		37.1	%		38.2	%		37.7	%		37.3	%		36.9	%		35.8	%		36.3	%		36.5	%
Selling, general and adminstrative expenses		1,616.4			1,752.1			1,979.5			452.8			463.6			475.8			554.0			1,946.2			471.7			510.8			529.4			599.8			2,111.7
Operating Income		1,276.1			1,281.5			1,113.6			319.6			383.0			376.3			367.8			1,446.7			366.7			421.0			406.1			375.3			1,569.0
Net Interest Expense		186.8			205.1			283.1			68.3			73.1			71.3			78.7			291.4			78.3			87.0			84.2			73.8			323.3
Asset impairment charges for cost and equity investments		-			73.8			111.0			-			-			-			-			-			-			-			-			-			-
Other Expense, net		21.7			15.0			26.1			7.7			7.1			9.2			6.9			30.9			8.6			10.8			2.5			5.9			27.8
Income from Continuing Operations before income taxes		1,067.6			987.5			693.5			243.6			302.8			295.8			282.2			1,124.4			279.7			323.2			319.4			295.5			1,217.8
Provision for income taxes		352.1			299.5			250.7			49.5			105.4			76.8			101.1			332.8			74.4			96.2			100.8			101.4			372.9
Income from continuing operations		715.5			688.0			442.8			194.1			197.4			219.0			181.0			791.6			205.3			227.0			218.5			194.1			844.9
Income/(loss) from discontinued operations, net of tax		88.8			64.7			202.8			-			(5.9	)		-			-			(5.9	)		-			-			-			-			-
Net Income	$	804.3		$	752.7		$	645.6		$	194.1		$	191.6		$	219.0		$	181.0		$	785.7		$	205.3		$	227.0		$	218.5		$	194.1		$	844.9
Income/(loss) per common share - Diluted
Continuing operations	$	2.02		$	1.95		$	1.29		$	0.58		$	0.59		$	0.66		$	0.55		$	2.38		$	0.63		$	0.71		$	0.68		$	0.61		$	2.63
Discontinued operations		0.25			0.18			0.59			-			(0.02	)		-			-			(0.02	)		-			-			-			-			-
Net Income	$	2.27		$	2.13		$	1.89		$	0.58		$	0.57		$	0.66		$	0.55		$	2.36		$	0.63		$	0.71		$	0.68		$	0.61		$	2.63
Average common shares outstanding - diluted		354.4			353.5			342.1			334.7			334.6			332.5			327.8			332.5			325.5			321.9			321.4			318.0			321.7
Income/(loss) per common share - Basic
Continuing operations	$	2.03		$	1.97		$	1.31		$	0.59		$	0.60		$	0.67		$	0.56		$	2.41		$	0.64		$	0.72		$	0.69		$	0.62		$	2.67
Discontinued operations		0.25			0.18			0.60			-			(0.02	)		-			-			(0.02	)		-			-			-			-			-
Net Income	$	2.29		$	2.15		$	1.90		$	0.59		$	0.58		$	0.67		$	0.56		$	2.39		$	0.64		$	0.72		$	0.69		$	0.62		$	2.67
Average common shares outstanding - basic		351.8			350.0			339.1			331.6			330.7			328.5			323.8			328.6			320.8			317.1			316.6			313.3			317.0

Fiscal years 2004, 2005 and 2006 contain special items. Please refer to published financial statements for further information.

H. J. Heinz Company

Continuing Operations, Excluding Special Items

(In Millions, Except per Share Amounts)		2004			2005			2006			Q107			Q207			Q307			Q407			2007			Q108			Q208			Q308			Q408			2008
Reported results from continuing operations
Net Sales	$	7,625.8		$	8,103.5		$	8,643.4		$	2,059.9		$	2,232.2		$	2,295.2		$	2,414.3		$	9,001.6		$	2,248.3		$	2,523.4		$	2,610.9		$	2,688.3		$	10,070.8
Gross Profit	$	2,892.5		$	3,033.5		$	3,093.1		$	772.4		$	846.6		$	852.1		$	921.8		$	3,392.9		$	838.4		$	931.8		$	935.4		$	975.1		$	3,680.7
Separation, downsizing and integration		-			-			17.4			-			-			-			-			-			-			-			-			-			-
Net loss on disposals & impairments		4.0			27.0			74.1			-			-			-			-			-			-			-			-			-			-
Gross Profit excluding special items	$	2,896.5		$	3,060.5		$	3,184.6		$	772.4		$	846.6		$	852.1		$	921.8		$	3,392.9		$	838.4		$	931.8		$	935.4		$	975.1		$	3,680.7
Operating Income	$	1,276.1		$	1,281.5		$	1,113.6		$	319.6		$	383.0		$	376.3		$	367.8		$	1,446.7		$	366.7		$	421.0		$	406.1		$	375.3		$	1,569.0
Separation, downsizing and integration		16.6			-			146.7			-			-			-			-			-			-			-			-			-			-
Net loss on disposals & impairments		(24.8	)		27.0			89.7			-			-			-			-			-			-			-			-			-			-
Operating Income excluding special items	$	1,267.9		$	1,308.4		$	1,350.0		$	319.6		$	383.0		$	376.3		$	367.8		$	1,446.7		$	366.7		$	421.0		$	406.1		$	375.3		$	1,569.0
Income from continuing operations	$	715.5		$	688.0		$	442.8		$	194.1		$	197.4		$	219.0		$	181.0		$	791.6		$	205.3		$	227.0		$	218.5		$	194.1		$	844.9
Separation, downsizing and integration		10.6			-			96.6			-			-			-			-			-			-			-			-			-			-
Net loss on disposals & impairments		(10.5	)		18.0			48.3			-			-			-			-			-			-			-			-			-			-
Asset impairment charges for cost and equity investments		-			73.8			105.6			-			-			-			-			-			-			-			-			-			-
American jobs creation act		-			-			24.4			-			-			-			-			-			-			-			-			-			-
Income from continuing operations excluding special items	$	715.6		$	779.8		$	717.7		$	194.1		$	197.4		$	219.0		$	181.0		$	791.6		$	205.3		$	227.0		$	218.5		$	194.1		$	844.9
Earnings per share from continuing operations	$	2.02		$	1.95		$	1.29		$	0.58		$	0.59		$	0.66		$	0.55		$	2.38		$	0.63		$	0.71		$	0.68		$	0.61		$	2.63
Separation, downsizing and integration		0.03			0.00			0.28			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
Net loss on disposals & impairments		(0.03	)		0.05			0.14			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
Asset impairment charges for cost and equity investments		0.00			0.21			0.31			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
American jobs creation act		0.00			0.00			0.07			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
Earnings per share from continuing operations excluding special items	$	2.02		$	2.21		$	2.10		$	0.58		$	0.59		$	0.66		$	0.55		$	2.38		$	0.63		$	0.71		$	0.68		$	0.61		$	2.63
Segment Operating Income/(Loss), excluding special items:
North American Consumer Products	$	479.5		$	530.4		$	590.0		$	143.2		$	166.0		$	161.9		$	154.6		$	625.7		$	152.4		$	177.5		$	183.4		$	165.1		$	678.4
Europe		550.3			526.9			526.4			119.3			139.4			151.9			155.7			566.4			138.4			160.0			164.3			174.2			636.9
Asia / Pacific		114.0			121.6			126.6			34.2			45.8			29.5			40.8			150.2			51.3			55.8			40.7			47.2			194.9
U.S. Foodservice		215.0			224.8			212.1			55.1			59.5			54.3			47.2			216.1			43.5			51.5			46.8			27.8			169.6
Rest of World		25.0			26.3			31.6			8.7			10.4			10.1			10.3			39.5			10.2			12.8			11.2			11.3			45.4
Non-Operating		(115.9	)		(121.6	)		(136.6	)		(40.9	)		(38.0	)		(31.3	)		(40.8	)		(151.1	)		(29.1	)		(36.5	)		(40.4	)		(50.2	)		(156.2	)
Total Operating Income	$	1,267.9		$	1,308.4		$	1,350.0		$	319.6		$	383.0		$	376.3		$	367.8		$	1,446.7		$	366.7		$	421.0		$	406.1		$	375.3		$	1,569.0

Fiscal years 2004, 2005 and 2006 contain special items. Please refer to published financial statements for further information.

Note: All figures restated for India Segment Change as applicable.

H. J. Heinz Company

Sales Variance Analysis

(Dollars in Millions)		2005		2006**			Q107			Q207			Q307			Q407**			2007**			Q108			Q208			Q308			Q408				2008
Net external sales:
North American Consumer Products	$	2,256.9		$	2,554.1		$	615.6		$	671.6		$	714.5		$	737.8		$	2,739.5		$	664.7		$	756.2		$	807.6		$	783.0		$	3,011.5
Europe		2,908.6			2,987.7			685.9			739.4			813.0			838.5			3,076.8			766.0			872.4			923.1			970.8			3,532.3
Asia / Pacific		1,128.5			1,221.1			315.8			339.0			303.3			361.1			1,319.2			371.3			395.8			386.6			446.1			1,599.9
U.S. Foodservice		1,503.8			1,569.8			366.6			406.2			386.0			397.5			1,556.3			363.7			406.4			400.6			388.7			1,559.4
Rest of World		305.6			310.7			76.0			75.9			78.3			79.5			309.8			82.6			92.4			93.0			99.8			367.7
Sales (Net Revenue)	$	8,103.5		$	8,643.4		$	2,059.9		$	2,232.2		$	2,295.2		$	2,414.3		$	9,001.6		$	2,248.3		$	2,523.4		$	2,610.9		$	2,688.3		$	10,070.8
Sales Variance by Segment:
North American Consumer Products:
Volume		5.7	%		7.7	%		4.3	%		4.7	%		5.2	%		(2.7	%)		2.6	%		3.3	%		6.7	%		5.4	%		(1.0	%)		3.5	%
Price		2.7	%		0.4	%		2.2	%		1.0	%		1.7	%		3.2	%		2.1	%		1.9	%		3.0	%		4.5	%		4.3	%		3.5	%
Acquisition		1.6	%		3.9	%		4.5	%		0.8	%		1.4	%		1.3	%		1.9	%		1.9	%		0.9	%		0.0	%		0.0	%		0.7	%
Divestiture		(1.6	%)		(0.1	%)		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Exchange		0.9	%		1.3	%		2.0	%		1.0	%		0.2	%		(0.1	%)		0.7	%		0.9	%		1.9	%		3.0	%		2.8	%		2.2	%
Total Change in Net Sales		9.3	%		13.2	%		13.0	%		7.5	%		8.5	%		1.7	%		7.3	%		8.0	%		12.6	%		13.0	%		6.1	%		9.9	%
Total Organic Growth		8.4	%		8.1	%		6.4	%		5.7	%		6.9	%		0.5	%		4.7	%		5.2	%		9.7	%		9.9	%		3.3	%		7.0	%
Europe:
Volume		0.2	%		1.2	%		2.2	%		(1.7	%)		(0.6	%)		(8.3	%)		(2.4	%)		2.4	%		9.1	%		3.9	%		2.6	%		4.5	%
Price		(2.1	%)		(1.4	%)		(0.5	%)		1.4	%		2.0	%		3.4	%		1.7	%		3.4	%		1.3	%		2.7	%		5.4	%		3.3	%
Acquisition		0.0	%		9.1	%		7.0	%		1.5	%		0.1	%		0.1	%		1.9	%		0.0	%		0.0	%		(0.0	%)		0.3	%		0.1	%
Divestiture		(0.7	%)		(1.8	%)		(4.8	%)		(6.7	%)		(6.7	%)		(4.0	%)		(5.6	%)		(2.0	%)		(1.6	%)		(1.2	%)		(1.2	%)		(1.5	%)
Exchange		7.6	%		(4.3	%)		3.0	%		4.7	%		10.5	%		10.1	%		7.3	%		7.9	%		9.2	%		8.1	%		8.6	%		8.5	%
Total Change in Net Sales		5.0	%		2.7	%		6.8	%		(0.8	%)		5.3	%		1.3	%		3.0	%		11.7	%		18.0	%		13.5	%		15.8	%		14.8	%
Total Organic Growth		(1.9	%)		(0.2	%)		1.7	%		(0.3	%)		1.5	%		(4.9	%)		(0.7	%)		5.8	%		10.4	%		6.6	%		8.0	%		7.8	%
Asia/Pacific:
Volume		2.2	%		8.1	%		12.9	%		3.7	%		3.7	%		(0.8	%)		4.6	%		6.1	%		3.5	%		9.8	%		6.9	%		6.5	%
Price		(0.6	%)		0.0	%		1.5	%		2.0	%		2.1	%		3.4	%		2.3	%		1.2	%		2.6	%		4.2	%		3.2	%		2.8	%
Acquisition		2.7	%		2.3	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.7	%		3.7	%		3.8	%		2.9	%		2.8	%
Divestiture		(1.5	%)		(1.3	%)		0.0	%		0.0	%		(0.6	%)		(0.6	%)		(0.3	%)		(1.5	%)		(1.5	%)		(1.0	%)		(0.9	%)		(1.2	%)
Exchange		3.1	%		(0.9	%)		(2.8	%)		(0.2	%)		2.9	%		5.5	%		1.5	%		11.1	%		8.4	%		10.7	%		11.5	%		10.4	%
Total Change in Net Sales		5.8	%		8.2	%		11.6	%		5.5	%		8.1	%		7.4	%		8.0	%		17.6	%		16.8	%		27.4	%		23.6	%		21.3	%
Total Organic Growth		1.5	%		8.1	%		14.4	%		5.7	%		5.8	%		2.6	%		6.9	%		7.3	%		6.1	%		14.0	%		10.1	%		9.3	%
U.S. Foodservice:
Volume		2.9	%		0.2	%		5.0	%		5.1	%		(4.3	%)		(6.3	%)		(0.4	%)		(2.7	%)		(1.7	%)		4.3	%		(4.3	%)		(1.1	%)
Price		1.5	%		0.3	%		(0.4	%)		2.3	%		2.6	%		1.9	%		1.7	%		3.2	%		2.1	%		(0.5	%)		2.1	%		1.7	%
Acquisition		0.9	%		3.9	%		2.3	%		1.8	%		1.8	%		0.7	%		1.6	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Divestiture		0.0	%		0.0	%		(3.1	%)		(3.9	%)		(3.9	%)		(3.8	%)		(3.7	%)		(1.3	%)		(0.3	%)		(0.0	%)		0.0	%		(0.4	%)
Exchange		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Total Change in Net Sales		5.3	%		4.4	%		3.8	%		5.4	%		(3.8	%)		(7.6	%)		(0.9	%)		(0.8	%)		0.1	%		3.8	%		(2.2	%)		0.2	%
Total Organic Growth		4.3	%		0.5	%		4.6	%		7.5	%		(1.7	%)		(4.5	%)		1.2	%		0.5	%		0.4	%		3.8	%		(2.2	%)		0.6	%
Rest of World:
Volume		(1.6	%)		2.6	%		5.4	%		7.7	%		8.7	%		(1.6	%)		5.0	%		6.3	%		6.7	%		2.5	%		9.6	%		6.3	%
Price		(3.0	%)		6.4	%		7.9	%		7.3	%		9.3	%		10.9	%		8.9	%		9.4	%		13.8	%		15.0	%		15.9	%		13.6	%
Acquisition		7.4	%		4.9	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Divestiture		0.0	%		(8.3	%)		(13.7	%)		(17.2	%)		(9.7	%)		(6.5	%)		(11.8	%)		(6.9	%)		(0.1	%)		(0.0	%)		0.0	%		(1.7	%)
Exchange		0.7	%		(3.9	%)		(1.2	%)		(2.7	%)		(2.2	%)		(3.2	%)		(2.3	%)		(0.2	%)		1.3	%		1.2	%		0.0	%		0.6	%
Total Change in Net Sales		3.5	%		1.7	%		(1.5	%)		(4.9	%)		6.1	%		(0.4	%)		(0.3	%)		8.6	%		21.7	%		18.7	%		25.5	%		18.7	%
Total Organic Growth		(4.6	%)		8.9	%		13.3	%		15.0	%		18.0	%		9.3	%		13.8	%		15.7	%		20.5	%		17.5	%		25.5	%		19.9	%
Total Heinz:
Volume		2.4	%		3.8	%		5.1	%		2.5	%		1.4	%		(5.0	%)		0.7	%		2.5	%		5.5	%		5.2	%		1.2	%		3.6	%
Price		0.0	%		(0.1	%)		0.9	%		1.7	%		2.3	%		3.3	%		2.1	%		2.8	%		2.6	%		3.4	%		4.5	%		3.3	%
Acquisition		1.3	%		5.6	%		4.1	%		1.1	%		0.8	%		0.5	%		1.5	%		0.7	%		0.8	%		0.5	%		0.5	%		0.6	%
Divestiture		(0.9	%)		(1.2	%)		(2.7	%)		(3.7	%)		(3.5	%)		(2.4	%)		(3.1	%)		(1.4	%)		(0.8	%)		(0.6	%)		(0.5	%)		(0.8	%)
Exchange		3.5	%		(1.5	%)		1.1	%		1.8	%		4.0	%		4.1	%		2.9	%		4.6	%		5.0	%		5.3	%		5.6	%		5.1	%
Total Change in Net Sales		6.3	%		6.7	%		8.4	%		3.5	%		5.0	%		0.6	%		4.1	%		9.1	%		13.0	%		13.8	%		11.3	%		11.9	%
Total Organic Growth		2.4	%		3.7	%		6.0	%		4.3	%		3.7	%		(1.7	%)		2.8	%		5.3	%		8.1	%		8.6	%		5.7	%		6.9	%

Note: All figures restated for India Segment Change as applicable.

** Fiscal 2007 had one less week than Fiscal 2006

H. J. Heinz Company

Consolidated Balance Sheets

(In millions)		2005*			2006		2007		2008
Current assets:
Cash and cash equivalents	$	1,083.7		$	445.4	$	652.9	$	617.7
Receivables (net of allowances)		1,092.4			1,002.1		996.9		1,161.5
Inventories		1,256.8			1,073.7		1,198.0		1,378.2
Prepaid expenses		174.8			139.7		132.6		139.5
Other current assets		37.8			43.0		38.7		28.7
Total current assets		3,645.6			2,703.9		3,019.0		3,325.6
Property, plant and equipment, net		2,163.9			1,900.6		1,998.2		2,104.7
Other non-current assets:
Goodwill		2,138.5			2,822.6		2,834.6		2,997.5
Trademarks, net		651.6			776.9		892.7		957.1
Other intangibles, net		171.7			269.6		412.5		456.9
Other non-current assets		1,806.5			1,264.3		876.0		723.2
Total other non-current assets		4,768.2			5,133.3		5,015.9		5,134.8
Total assets	$	10,577.7		$	9,737.8	$	10,033.0	$	10,565.0
Current liabilities:
Short-term debt	$	28.5		$	54.1	$	165.1	$	124.3
Portion of long-term debt due within one year		544.8			0.9		303.2		328.4
Accounts payable		1,181.7			1,035.1		1,181.1		1,247.5
Salaries and wages		76.0			84.8		85.8		92.6
Accrued marketing		260.6			216.3		262.2		298.3
Other accrued liabilities		365.0			476.7		414.1		487.7
Income taxes		130.6			150.4		93.6		91.3
Total current liabilities		2,587.1			2,018.2		2,505.1		2,670.1
Long-term debt and other liabilities:
Long-term debt		4,122.0			4,357.0		4,413.6		4,730.9
Deferred income taxes		508.6			518.7		463.7		409.2
Other liabilities		757.5			795.0		808.9		867.0
Total long-term debt and other liabilities		5,388.1			5,670.7		5,686.2		6,007.2
Shareholders' equity:
Preferred stock		0.1			0.1		0.1		0.1
Common stock		107.8			107.8		107.8		107.8
Additional capital		430.1			502.2		580.6		617.8
Retained earnings		5,210.7			5,454.1		5,778.6		6,129.0
Less:
Treasury shares, at cost		3,140.6			3,852.2		4,406.1		4,905.8
Unearned compensation		31.1			32.8		-		-
Accumulated other comprehensive (income)/loss		(25.6	)		130.4		219.3		61.1
Total shareholder's equity		2,602.6			2,048.8		1,841.7		1,887.8
Total liabilities and shareholder's equity	$	10,577.7		$	9,737.8	$	10,033.0	$	10,565.0

* Includes amounts from the European seafood and Tegel® poultry businesses that were discontinued in Fiscal 2006.

The following are acquisitions (A) and divestitures (D) that occurred during the respective years:

Fiscal 2004: Unifine Richardson B.V. (A-Canada) and Truesoups LLC (A-U.S. Foodservice).

Fiscal 2005: Shanghai LongFong Foods (A-China), Appetizers And, Inc. (A-U.S. Foodservice), ABAL, S.A. DE C.V (A-Mexico) and Korean oil and fats product line (D).

Fiscal 2006: HP Foods (A-U.K., U.S. and Canada), Petrosoyuz (A-Russia), Nancy's Specialty Foods, Inc. (A-U.S. and Canada), Kabobs, Inc. (A-U.S. Foodservice),

European seafood (D), Tegel® poultry (D- New Zeleand), Hain equity investment (D-U.S.) and HAK® vegetable product line (D- Northern Europe).

Fiscal 2007: Renee's Gourmet Foods (A-Canada), non-core U.S. Foodservice product line (D), U.K. frozen and chilled product line (D) and Argentina pet food business (D).

Fiscal 2008: Cottee's® and Rose's® license (A-Australia and New Zealand), Wyko® brand and sauce business (A) and Portugal tomato paste business (D).

H. J. Heinz Company

Consolidated Statements of Cash Flows

(In Millions)		2004*			2005*			2006*			2007			2008
Cash Flows from Operating Activities
Income from continuing operations	$	804.3		$	752.7		$	645.6		$	785.7		$	844.9
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation		210.2			227.2			227.5			233.4			250.8
Amortization		23.8			25.3			36.4			32.8			38.1
Deferred tax provision/(benefit)		97.5			53.9			(57.7	)		52.2			18.5
Other items, net		(131.9	)		144.8			87.1			9.7			6.6
Changes in current assets and liabilities, excluding effects of acquisitions and divestitures:
Receivables		97.2			45.9			115.6			11.0			(55.8	)
Inventories		77.6			(25.3	)		(47.4	)		(82.5	)		(133.6	)
Prepaid expenses and other current assets		(5.2	)		2.6			13.6			14.2			5.7
Accounts payable		46.5			8.1			56.5			56.5			89.2
Accrued liabilities		(39.8	)		25.1			57.4			(4.5	)		28.3
Income taxes		68.7			(99.4	)		(59.5	)		(46.3	)		95.6
Cash provided by operating activities		1,249.0			1,160.8			1,075.0			1,062.3			1,188.3
Investing activities:
Capital expenditures		(232.0	)		(240.7	)		(230.6	)		(244.6	)		(301.6	)
Proceeds from disposals of property, plant and equipment		17.0			22.3			19.4			60.7			8.5
Operating Free Cash Flow		1,034.0			942.4			863.8			878.4			895.2
Acquisitions, net of cash acquired		(112.8	)		(126.5	)		(1,100.4	)		(89.0	)		(151.6	)
Net proceeds/(payments) related to divestitures		71.2			51.2			856.7			(4.1	)		63.5
Purchases of short-term investments		(83.2	)		(293.5	)		-			-			-
Sales of short-term investments		43.2			333.5			-			-			-
Other items, net		(4.5	)		(10.2	)		3.1			(49.2	)		(173.0	)
Cash used for investing activities		(301.1	)		(264.1	)		(451.8	)		(326.2	)		(554.2	)
Financing activities:
Payments on long-term debt		(74.3	)		(480.5	)		(727.8	)		(52.1	)		(368.2	)
Proceeds from long-term debt		-			-			230.8			-			-
(Payments on)/proceeds from commercial paper and short-term debt, net		(144.7	)		26.5			298.5			384.1			483.7
Dividends		(379.9	)		(398.9	)		(408.2	)		(461.2	)		(485.2	)
Purchase of treasury stock		(170.1	)		(291.3	)		(823.4	)		(760.7	)		(580.7	)
Exercise of stock options		112.7			79.4			142.0			259.8			78.6
Other items, net		12.5			14.0			18.5			9.2			113.7
Cash used for financing activities		(643.9	)		(1,050.9	)		(1,269.4	)		(620.9	)		(758.1	)
Cash provided by operating activities of discontinued operations spun-off to Del Monte		-			28.2			13.3			33.5			-
Effect of exchange rate changes on cash and cash equivalents		34.3			69.7			(5.4	)		58.8			88.8
Net increase/(decrease) in cash and cash equivalents		338.3			(56.3	)		(638.3	)		207.5			(35.2	)
Cash and cash equivalents at beginning of year		801.7			1,140.0			1,083.7			445.4			652.9
Cash and cash equivalents at end of year	$	1,140.0		$	1,083.7		$	445.4		$	652.9		$	617.7

* Includes amounts from the European seafood and Tegel® poultry businesses that were discontinued in Fiscal 2006.