Case: Campbell Soup Co. Preliminary Financial Analysis Exhibit CC. 4 CAMPBELL SOUP COMPANY Statements of Cash Flows For Years 6 to 11(s millions) Year 11 year 10 year 9 year 8 ear 7 Year 6 Total Cash flows from operating activities s to net cash provided by One S 401.5 S 4.4 S 13.1 S 274.1 S 247.3 S 223.2$1,163.6 ctivties Depreciation and amortizat 1923 170.9 126.8 Divestitures and restructuring provsions Deferred taxes 35.5 91964 (67.8) 45.7 29.0 Other. net 18.6 43.0 28.0 16.6 206.7 Cumulative effect of accounting change (Increase)decrease in accounts recei 17 Increase) decrease in inventories Cash flows from investing activies witiegbilities Net change in other current assets and (688) 249 48.7 Net cash provded by operating acti 8052$448.4 s4666$468.3$463.8$3,009.6 s(387.6)$(284.1)$(2453)$(3037$(2353)$(1,817.1) ale of plant assets Businesses acq Sale of businesses 23.5 20.8 138.3 se in other assets Net change in other temporary investments Net cash used in investing activties $(478.7)$(387.5)$(473.2)s(4622)$(401.0)$(387.6)$(2,590.2) Cash flows from financing activities Long-term borrowings 4028s12.6$1265$103.0$48$203.9$853.6 iNcrease de crease tn sh -rwm goowi Other short-term borrowings 117.3 770 37.3 Repayments of other short-term borrowings 192 Dividends paid 124.3 6494 1.6 4 (0.1) 17.9 Net cash provded (used in) financing activties (219.6)s(101.8) 163.1 ffect of exchange rate change on ca Net increase (decrease)in cash and cash equivalents Cash and cash equivalents at the begin Cash and cash equivalents at end of 1789$80.7$1209$85.8$145.0$173.1$7844Case: Campbell Soup Co. Preliminary Financial Analysis Exhibit CC.4 CAMPBELL SOUP COMPANY Statements of Cash Flows For Years 6 to 11 ($ millions) Year 11 Year 10 Year 9 Year 8 Year 7 Year 6 Total Cash flows from operating activities: Net earnings $ 401.5 $ 4.4 $ 13.1 $ 274.1 $ 247.3 $ 223.2 $ 1,163.6 To reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 208.6 200.9 192.3 170.9 144.6 126.8 1,044.1 Divestitures and restructuring provisions — 339.1 343.0 17.6 — — 699.7 Deferred taxes 35.5 3.9 (67.8) 13.4 45.7 29.0 59.7 Other, net 63.2 18.6 37.3 43.0 28.0 16.6 206.7 Cumulative effect of accounting change — — — (32.5) — — (32.5) (Increase) decrease in accounts receivable 17.1 (60.4) (46.8) (104.3) (36.3) (3.6) (234.3) (Increase) decrease in inventories 48.7 10.7 (113.2) 54.2 (3.9) 23.1 19.6 Net change in other current assets and liabilities 30.6 (68.8) (0.6) 30.2 42.9 48.7 83.0 Net cash provided by operating activities $ 805.2 $ 448.4 $ 357.3 $ 466.6 $ 468.3 $ 463.8 $ 3,009.6 Cash flows from investing activities: Purchases of plant assets $ (361.1) $ (387.6) $(284.1) $ (245.3) $ (303.7) $ (235.3) $ (1,817.1) Sale of plant assets 43.2 34.9 39.8 22.6 — 29.8 170.3 Businesses acquired (180.1) (41.6) (135.8) (471.9) (7.3) (20.0) (856.7) Sale of businesses 67.4 21.7 4.9 23.5 20.8 — 138.3 Increase in other assets (57.8) (18.6) (107.0) (40.3) (50.1) (18.0) (291.8) Net change in other temporary investments 9.7 3.7 9.0 249.2 (60.7) (144.1) 66.8 Net cash used in investing activities $ (478.7) $ (387.5) $ (473.2) $ (462.2) $ (401.0) $ (387.6) $ (2,590.2) Cash flows from financing activities: Long-term borrowings $ 402.8 $ 12.6 $ 126.5 $ 103.0 $ 4.8 $ 203.9 $ 853.6 Repayments of long-term borrowings (129.9) (22.5) (53.6) (22.9) (23.9) (164.7) (417.5) Increase (decrease) in short-term borrowings* (137.9) (2.7) 108.2 8.4 (20.7) 4.6 (40.1) Other short-term borrowings 117.3 153.7 227.1 77.0 89.3 72.9 737.3 Repayments of other short-term borrowings (206.4) (89.8) (192.3) (87.6) (66.3) (88.5) (730.9) Dividends paid (137.5) (124.3) (86.7) (104.6) (91.7) (104.6) (649.4) Treasury stock purchases (175.6) (41.1) (8.1) (29.3) — — (254.1) Treasury stock issued 47.7 12.4 18.5 0.9 1.6 4.0† 85.1 Other, net (0.1) (0.1) 23.5 2.3 18.6 17.9 62.1 Net cash provided (used in) financing activities $ (219.6) $ (101.8) $ 163.1 $ (52.8) $ (88.3) $ (54.5) $ (353.9) Effect of exchange rate change on cash $ (8.7) $ 0.7 $ (12.1) $ (10.8) $ (7.1) $ (3.7) $ (41.7) Net increase (decrease) in cash and cash equivalents 98.2 (40.2) 35.1 (59.2) (28.1) 18.0 23.8 Cash and cash equivalents at the beginning of year 80.7 120.9 85.8 145.0 173.1 155.1 760.6 Cash and cash equivalents at end of year $ 178.9 $ 80.7 $ 120.9 $ 85.8 $ 145.0 $ 173.1 $ 784.4