Case: Campbell Soup Co. Preliminary Financial Analysis Exhibit cc. 2 CAMPBELL SOUP COMPANY Income Statements(millions) Year 11 Year 10 Year 9 Year 8 Year 7 Year 6 6,2041s6,2058s5,6721$4,868.9$44904 42868 Costs and expenses Cost of products sold s40955$425824,0016$33928$3,180.5 30827 Marketing and selling expenses 956.2 980.5 8188 733.3 6262 544.4 Administrative expenses 3067 290.7 252.1 2326 213.9 1959 Research and development expenses 563 53.7 477 46.9 44.8 42.2 Interest expense 1162 1116 53.9 51.7 56.0 Interest income (26.0) (17.6) (383) (332) (29.5) (274) Foreign exchange losses, net 0.8 3.3 193 16.6 4.8 0.7 Other expense(income) 26.2 9.5) Divestitures, restructuring, unusual charges 0.0 3391 343.0 40.6 0.0 0.0 Total costs and expenses 5,5319s6,0342$5,5707$44803$40829$3,9000 Earnings before equity in affil. & M.L. 6722s171.61014$3886$407.5 3868 Equity in earnings of affiliates 13.5 04 6.3 15.1 Minority interests (72) (5.7) (53) (6.3) (4.7) (39) Earnings before taxes s6674$1794$1065$3886$4179$387.2 Taxes on earnings 265.9 175.0 934 147.0 1706 164.0 Earnings before cumulative effect 401.5 s13.1$241.6$2473$223.2 Cumulative effect of change for taxes 32.5 0 0 Net earnings 401.5s44s13.1$274.1$247.3$223.2 Earnings per share s3.16$0. s0.10$2.12*$1.90 Weighted-average shares outstanding 127.00 126.60 12930$129.30$12990 129.50Case: Campbell Soup Co. Preliminary Financial Analysis Exhibit CC.2 CAMPBELL SOUP COMPANY Income Statements (millions) Year 11 Year 10 Year 9 Year 8 Year 7 Year 6 Net sales $ 6,204.1 $ 6,205.8 $ 5,672.1 $ 4,868.9 $ 4,490.4 $ 4,286.8 Costs and expenses: Cost of products sold $ 4,095.5 $ 4,258.2 $ 4,001.6 $ 3,392.8 $ 3,180.5 $ 3,082.7 Marketing and selling expenses 956.2 980.5 818.8 733.3 626.2 544.4 Administrative expenses 306.7 290.7 252.1 232.6 213.9 195.9 Research and development expenses 56.3 53.7 47.7 46.9 44.8 42.2 Interest expense 116.2 111.6 94.1 53.9 51.7 56.0 Interest income (26.0) (17.6) (38.3) (33.2) (29.5) (27.4) Foreign exchange losses, net 0.8 3.3 19.3 16.6 4.8 0.7 Other expense (income) 26.2 14.7 32.4 (3.2) (9.5) 5.5 Divestitures, restructuring, & unusual charges 0.0 339.1 343.0 40.6 0.0 0.0 Total costs and expenses $ 5,531.9 $ 6,034.2 $ 5,570.7 $ 4,480.3 $ 4,082.9 $ 3,900.0 Earnings before equity in affil. & M.I. $ 672.2 $ 171.6 $ 101.4 $ 388.6 $ 407.5 $ 386.8 Equity in earnings of affiliates 2.4 13.5 10.4 6.3 15.1 4. Minority interests (7.2) (5.7) (5.3) (6.3) (4.7) (3.9) Earnings before taxes $ 667.4 $ 179.4 $ 106.5 $ 388.6 $ 417.9 $ 387.2 Taxes on earnings 265.9 175.0 93.4 147.0 170.6 164.0 Earnings before cumulative effect $ 401.5 $ 4.4 $ 13.1 $ 241.6 $ 247.3 $ 223.2 Cumulative effect of change for taxes 0 0 0 32.5 0 0 Net earnings $ 401.5 $ 4.4 $ 13.1 $ 274.1 $ 247.3 $ 223.2 Earnings per share $ 3.16 $ 0.03 $ 0.10 $ 2.12* $ 1.90 $ 1.72 Weighted-average shares outstanding 127.00 126.60 129.30 $ 129.30 $ 129.90 129.50