EX-99.1 2 dex991.htm FINANCIAL SCHEDULES Financial Schedules

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