sample cpb report

Table of Contents

1. Executive Summary

2. Company Overview and Core Strategy Page 2

3. Product Offerings and Corporate Changes Page 3-4

4. Opportunities for International Expansion Page 4

5. Competitive Analysis Page 4-5

6. Marketing Analysis: V8 V-Fusion, U.S. Market A. Competitive Analysis and Positioning Strategy Page 5-6 B. Customer Analysis and Segmentation Page 6 C. Pricing Strategy Page 6-7 D. Distribution Channels Page 7 E. Promotional Strategy Page 7

7. V8 and the International Juice Market Page 8

8. Accounting Analysis Page 8-10

9. Financial Analysis Page 10-11

10. Conclusion Page 11

11. Appendices A. Brands Within Business Unit Segments Page 12 B. Sales & EBIT Margin by Segment Page 13 C. History of Acquisitions, Mergers, and Spinoffs Page 14 D. History of New Product Introductions Page 15 E. History of Major Marketing Initiatives Page 16 F. Description of Competitors Page 17 G. Competitor Analysis Page 18 H. SWOT Analysis of Campbell Soup Company Page 19 I. History of V8 Brand Extensions Page 20 J. V8 Product Offerings Page 21 K. V8 V-Fusion Flavors and Ingredients Page 22 L. SWOT Analysis for V-Fusion Page 23 M. U.S. Fruit and Vegetable Juice Market Page 24 N. V8 Beverage Portfolio – Health versus Taste Attributes Page 24 O. Fruit/Vegetable Juice Blend Market by Age Page 25 P. V8 V-Fusion Availability & Pricing Page 25 Q. Stills from New Advertising Campaign for V-Fusion Page 26 R. Social Media Utilization Page 27 S. Comparative Income Statement Page 28 T. Comparative Balance Sheet Page 29 U. Historical Ratio Analysis Page 30 V. Comparative Statement of Cash Flows Page 31 W. Projected Income Statement Page 32-33 X. Discounted Cash Flow Analysis Page 34 Y. Cost of Capital Page 35 Z. Beta Calculation Page 36 AA. Stock Price Page 37

12. Sources Page 38-39

Executive Summary

The Campbell Soup Company (Campbell’s), a worldwide competitor in the food industry, has been most

successful with core products that offer a balance of value, wellness, quality and convenience. Campbell’s has

recently modified some of its product lines to fit changing consumer perceptions of health, used corporate

restructuring and financing to become a leaner company, and continues to be a corporation that offers significant

shareholder value.

While Campbell’s maintains a strong position in the consumer goods market, opportunities to further

improve as a corporation include:

• Acquiring and developing brands that are healthy, and offer significant value for the family consumer;

• Utilizing the momentum and success of V8 V-Fusion to refresh V8’s image, reach new consumers, and

pave the way for future brand extensions;

• Leveraging its strong balance sheet and cash flow to expand international product offerings into markets

with considerable growth opportunities.

Company Overview and Core Strategy

Campbell’s, founded in 1869, currently maintains a vast product portfolio that includes popular consumer

brands such as Pepperidge Farm, Prego, Pace, and V8, and describes these diverse product lines as “high-quality,

branded convenience foods.”1 Campbell’s is the number one soup manufacturer in the world, currently owning 60-

70% of the U.S. market share, and has experienced steady growth over the past several years in spite of, and

possibly even due to, current recessionary conditions. The company does not currently seek to become a full-scale

food conglomerate like some of its competitors, but instead continues to use soup as its main ingredient for ongoing

growth. Campbell’s has provided shareholders healthy returns through strategic corporate acquisitions, innovative

product introductions that fit changing consumer tastes, successful marketing campaigns, and a conservative

approach to financial management.

1 (Campbell Soup Company, Sept. 30, 2009)

Product Offerings and Corporate Changes

Throughout its history, Campbell’s has introduced a multitude of new products while also making

acquisitions and divestments to expand, diversify and redefine the company (see Appendices A and B).

Historically, these decisions have followed changing consumer tastes and trends. A prime example is the 1955

acquisition of Swanson, whose line of frozen TV dinners were an attractive complement to Campbell’s

convenience foods at a time when television was steadily gaining popularity in American households. Over time,

the lower nutritional value of the product line became a concern, typified by former CEO Gordon McGovern

referring to TV dinners as “junk food,” and Campbell’s eventually spun off Swanson’s frozen foods (retaining

Swanson broths) in 1998 along with other non-core brands to create the new company, Vlasic Foods International.

In recent years, as the consumer trend toward healthier products has continued to grow, Campbell’s has

followed with the 2008 divestment of the Godiva brand and of certain Australian salty snack foods. Recent

acquisitions of artisan bread maker Ecce Panis and Wolfgang Puck’s organic soups have further increased

Campbell’s offerings of all-natural foods. These acquisitions will allow Campbell’s to capitalize on the growing

market categories of premium organic soups and whole-grain breads. The new products do not necessarily need to

carry Campbell’s name, but can achieve success by employing the current attributes associated with the acquired

products while utilizing Campbell’s wide-reaching distribution system.

Product introductions in recent years have followed a trend of reduced sodium, reduced MSG, and

increased all-natural offerings. Product improvements over the past year include the reduced sodium content of all

twelve of Campbell’s kids’ soups, the release of Goldfish Garden Cheddar (with 1/3 serving of vegetables) and

Goldfish Grahams, as well as new varieties of Arnott’s Vita-Wheat crackers that contain whole grains. In 2010, the

company plans to reduce the sodium levels in Campbell’s condensed tomato soup and in V8 and Campbell’s

Healthy Request product lines.

Recent changes have not only served the purpose of realigning the company with its core products, but they

have also helped Campbell’s maintain a healthy bottom line and increase shareholder value. For instance, the

divesture of Godiva in 2008 resulted in an after-tax gain on sale of $462 million. Furthermore, Campbell’s used

$600 million of the $850 million received from the Godiva sale to repurchase shares of stock, returning a majority

of the purchase price to shareholders.

Opportunities for International Expansion

Campbell’s has an international presence in 120 countries and has recently entered the Russia and China

markets. China is the world’s largest soup market by consumption, with an estimated 320 billion servings of soup

served annually. This translates into more than 241 servings of soup per capita. Currently only Swanson’s broths

are offered in Shanghai, but the company plans to expand its product offerings in 2010 and geographic reach in

2011. Russia ranks second in soup consumption with approximately 32 billion servings annually, or 225 servings

per capita. In Russia, Campbell’s sells Domashnaya Klassika broths, but no prepared soups. Campbell’s has signed

a distribution agreement with Bridgetown Foods and plans to expand its geographic reach beyond Moscow in 2010.

Campbell’s management has indicated that the Chinese and Russian markets offer considerable long-term growth

opportunities, but significant risk is also present as these markets have not yet demonstrated a strong preference for

prepared soups.

Competitive Analysis

Given the relatively broad scope of Campbell’s product offerings (soups, beverages, sauces, baking, and

snacking), a comprehensive comparison among all competitors is not feasible. A comparative analysis was

performed by selecting the following leaders in the packaged foods industry: General Mills, Inc. (owner of

Progresso Soups), Hershey Company, and HJ Heinz Company (see Appendices F and G). In terms of revenues

and total assets, Campbell’s is smaller than General Mills and HJ Heinz, but larger than Hershey. Campbell’s has

provided higher returns to its shareholders than its competitors, as reflected in the fact that its total payout ratio

(dividends + share repurchases/net income) was higher than all of its competitors for the previous fiscal year. The

company’s dividend and share repurchase policies have also resulted in Campbell’s being less liquid than its

competitors, as evidenced by the liquidity ratios. In addition, Campbell’s uses its assets more efficiently than its

competitors, as evidenced by its activity ratios.

V8 V-Fusion Marketing Analysis: U.S. Market

V8, a brand within Campbell’s soup, sauce and beverage segment, has the potential to be the company’s

next billion-dollar brand (see Appendices I and J for V8’s history and product lines). V8 V-Fusion (V-Fusion)

beverages, one of Campbell’s latest product innovations, are 100% fruit and vegetable blends available in a total of

twelve varieties (see Appendix K). V-Fusion has allowed the V8 brand to reach new customers with the potential

to appeal to younger generations. A SWOT analysis for V-Fusion is presented in Appendix L.

V-Fusion Competitive Analysis and Positioning

V-Fusion beverages directly compete across the shelf-stable juice and single-serve juice beverage

categories (see Appendix M for U.S. fruit and vegetable market outlook). Within the shelf-stable juice category, V-

Fusion’s main competitors are Ocean Spray, Apple & Eve, Welch Foods, Tropicana, and private label products. In

addition to these competing brands, there are numerous competitors in the single-serve juice beverage category,

including prominent brands Dole, Fuze, Minute Maid, Nantucket Nectars, and Snapple. V-Fusion also competes

against substitute products like refrigerated juices, sports drinks, energy drinks, flavored/enhanced waters, teas,

sodas, and milk. From a nutritional attribute and taste standpoint, the competition could be considered to be as

broad as fruits and vegetables in all forms.

Like its parent brand V8, V-Fusion is positioned as a wellness brand, offering high quality, healthy, and

convenient products of great value to its consumers. V-Fusion exemplifies Campbell’s continued focus on product

innovation, healthy ingredients, cool packaging, and unique, great tasting flavors. V-Fusion continues to evolve as

its sales maintain double-digit growth ($39 million growth in 2008), its market share increases, and consumer

demand nearly exceeds production capacity. V-Fusion uniquely provides consumers with the benefits of vegetable

nutrition and the taste of fruit juice (see Appendix N). Its on-trend, sophisticated varieties include popular

antioxidant-packed fruits that are extremely healthy in the minds of nutrition-oriented consumers.

Although innovative and first to market, V8 V-Fusion is currently not the only 100% fruit and vegetable

juice on the market, but it is the only product that targets adults. In September 2007, Nestle launched Juicy Juice

Harvest Surprise specifically targeted to children, and Apple & Eve followed suit with its release of Fruitables in

2009. Because of differing targets, limited varieties and low sales volumes ($19 million total in 2008 for Harvest

Surprise), it is not likely that these entrants will impede V-Fusion’s success. However, anecdotal information

indicates that Ocean Spray plans to release a product to directly compete with V-Fusion. This threat may be

mitigated by Campbell’s claim during the Consumer Analyst Group of New York Conference in February of 2008,

that it is competitively insulated by its “patentable vegetable processing technology.”2 However, both Nestle and

Apple & Eve have been able to concoct the juice blends. The more formidable barrier to entry is Campbell’s

ownership of the vegetable juice space, as is ubiquitously true in American culture, as well as planned promotional

activities to further engrain V8’s wellness attributes in the minds of American consumers.

Customer Analysis and Segmentation

V8 has strong brand recognition for wellness attributes among the majority of consumers, but younger

consumers generally dislike the taste of pure-vegetable V8 and perceive it as a drink for older generations. Thus,

V8’s extensions into the juice market have vastly expanded V8’s potential consumer base. The target market for V8

V-Fusion is adults, ages 25-55, who are often on-the-go and seek healthful beverage options. Because a large

proportion of V-Fusion’s target market has children within their households, V-Fusion has become a beverage of

choice for the entire family without strong appeals by Campbell’s. This organic growth of a market presents V-

Fusion with a tremendous opportunity to appeal to the family segment. Additionally, as seen in Appendix O, there

is a gap in the age range of current vegetable/fruit juice blend drinkers; Campbell’s should reach out to this

potential market of young adults who are no longer interested in drinking kids’ juices, but aspire to achieve

balanced nutrition.

Pricing Strategy

V-Fusion is priced at a premium to its competitors in the shelf-stable juice category (see Appendix P). A

price premium exists between V-Fusion and both Harvest Surprise and Fruitables, but this is consistent within the

category for beverages targeted to children versus those targeted to adults. Compared to major competitor Ocean

Spray, V-Fusion has an established premium of 3.1 cents per ounce, which consumers are willing to pay for a

differentiated, in-trend product. Current pricing should be maintained due to successful sales growth of V-Fusion

2 Campbell Soup at Consumer Analyst of New York 2008 Conference. (Feb. 20, 2008) Transcript.

and the fact that current price promotions deduct from the product’s margins. If Ocean Spray does launch a

competing product, pricing strategies may need to be addressed.

Distribution Channels

Within the juice and juice drink industry, grocery stores account for approximately 61% of sales, mass

merchandisers account for 37%, and convenience and drug stores account for the remaining 2%. Stiff competition

from energy drinks in the convenience channels keeps sales volumes for juice drinks low. Campbell’s strong

distribution channels enabled quick acceptance of its V8 extensions by its trade partners, especially after increased

sales following the introduction of V8 Splash and V-Fusion. In June 2007, Campbell’s signed a distribution

agreement with Coca-Cola and Coca-Cola Enterprises in North America to expand distribution of its single-serve

V8 beverages, which has broadly expanded the availability of V8 products through vending machines. Any

competitive advantage from this partnership is weakened by Ocean Spray’s similar distribution agreement with

Pepsi Co. in July 2006.

Promotional Strategy

Campbell’s promotional strategy for V-Fusion focuses on overcoming consumers’ preconceived notions of

distaste for vegetable juice to induce trial. Upon the launch of V-Fusion, Campbell’s initiated a national in-store

sampling program. Current promotions include couponing on Campbell’s website, www.tryV8.com, and planned

advertisements to reinforce how all forms of vegetables “count” toward the recommended daily allowance of

vegetables (see Appendix Q). These advertisements visually convey V-Fusion’s unique benefits through inclusive,

supportive messages, in contrast to previous V8 ads under the “Could’ve had a V8” campaign, in which people

were continually bopped in the head and told to drink V8. Continuing sampling promotions in conjunction with

price promotions should result in increased trial purchase sales, possibly leading to increased brand loyalty and

acting as a barrier to competitive entry. Campbell’s should also further engage consumers in social media contexts

to enhance V8’s relevance (see Appendix R). Additionally, Campbell’s has much to gain from V-Fusion’s organic

growth into the family beverage market and should incorporate this segment into its marketing strategies with

caution to not lose its products’ differentiating factor as sophisticated, adult juice blends.

http://www.tryv8.com/

V8 and the International Juice Market

V8’s market presence abroad is most notable in the United Kingdom, Mexico, Canada, and Australia, with

the UK offering the greatest opportunity for growth. Business Insights predicts that the UK juice market will grow

at a compound annual growth rate (CAGR) of 11.8% between 2007 and 2011 and will overtake Germany as the

largest single market for juices in Europe. More importantly, the ‘100% juice’ category is predicted to grow at a

CAGR of 13% in Europe compared to 4% in the US between 2007 and 2011. Ocean Spray recognized this trend

early on and established a global profile to increase its profitability in countries like Spain and Italy, where the

appeal of cranberries has yet to be exploited. To gain distribution and maximize growth opportunities abroad,

Ocean Spray partnered with Coca-Cola Enterprises and Gerber and generated approximately $2 billion in 2008

international sales (about 25% of the company’s total sales). Campbell’s should recognize the significant growth

opportunities abroad and actively pursue partnerships to increase distribution in Europe.

Accounting Analysis

Campbell’s financial statements present a fair and transparent representation of its operations, but some

accounting methods display some inconsistency as highlighted below. Campbell’s fiscal year ends on the Sunday

closest to July 31, and as a result, its year-end date changes each period. Because of this, fiscal 2008 represents 53

weeks of operations, while all other years presented are 52 weeks.

Income Statement Analysis (See Appendix S)

Campbell’s revenues increased from $6.66B in fiscal 2004 to a high of $8.0B in fiscal 2008, for a CAGR of

4.7%. However, revenues declined to $7.59B in fiscal 2009, a decline of 5.2%. This trend in sales remains even

after adjusting for the additional week of operations in fiscal 2008.

Income statements have shown some inconsistency in the treatment of restructuring charges. Campbell’s

sale of its Australian salty snack foods resulted in restructuring charges of $175 million in 2008, and additional

restructuring charges of $22 million in 2009. The $22 million of restructuring charges in 2009 were not recorded

on the face of the income statement, but were instead buried in cost of goods sold, as discussed in the notes to the

financial statements. Campbell’s sale of Godiva, on the other hand, was classified as earnings from discontinued

operations, while the sales of the Australian salty snacks division was classified as restructuring charges. Consistent

treatment of restructuring charges and earnings from discontinued would be more useful to investors trying to

compare performance between periods.

In 2009, Campbell’s recorded a $67 million asset impairment charge due to a reduction in the value of

certain European trademarks. The impairment charge indicates that sales of the related products may have declined

considerably in fiscal 2009 and that forecasted sales of these products were also reduced.

Earnings from continuing operations as a percentage of revenues increased from 8.7% in fiscal 2004 to a

high of 10.7% in fiscal 2007, before declining to 8.4% in fiscal 2008. Earnings from discontinued operations were

analyzed to eliminate the effects of divisions that have been sold. Earnings from continuing operations were $732

million, or 9.6% of revenues in fiscal 2009.

Balance Sheet Analysis (See Appendix T)

Current assets have remained relatively stable over the past six years, but showed an increase at the end of

fiscal 2006 due to an increase in cash and equivalents. Based on an analysis of the statement of cash flows, a

portion of the cash was used to repurchase shares of common stock in fiscal 2007.

Inventory levels and inventory turnover (as presented in Appendix U) have remained relatively stable. It

should be noted that prior to 2006, Campbell’s used the last-in, first-out (LIFO) method for a majority of its

inventory, using the average cost method for the remainder. Effective fiscal 2006, Campbell’s started accounting

for inventory using the average cost method. Campbell’s recognized a $13M pre-tax gain in 2006 related to the

liquidation of the LIFO reserve. The LIFO reserve had a balance of $0 between 1997 and 2004, before increasing

to $13 million upon its liquidation in 2006. Campbell’s likely changed its inventory accounting method to the

average cost method because there was only a minimal difference between it and the LIFO method and

management considers the average cost method to be more appropriate. The use of the LIFO inventory method

resulted in lower ending inventory amounts, higher cost of goods sold, and lower earnings in the years it was used,

relative to the average cost method.

Total liabilities have been relatively constant over the past six years, with the exception of 2006 and 2008,

when current liabilities were higher than historical levels due to the current portion of long-term debt. Campbell’s

debt to book equity ratio of 308.5%, and debt to net fixed assets ratio of 133% as of fiscal year-end, indicates that

fixed assets are likely undervalued relative to their market values. A majority of Campbell’s employees participate

in a defined benefit plan. Campbell’s liability related to its pension and other post-retirement liabilities more than

doubled in 2009. The significant increase in pension liabilities was the result of a decrease in the fair value of the

plan assets due to the declining stock market in calendar year 2008 and 2009.

Campbell’s has made significant shareholder returns over the past five years in the form of dividends and

share repurchases. Returns to shareholders totaled approximately $4.74 billion during the past five years, with two-

thirds of those payments in the form of share repurchases, as presented in Appendix V. Campbell’s purchased 13

million shares of common stock in fiscal 2009 at a cost of $400 million. The shares were purchased under an

agreement authorized by the Board of Directors in 2008, which approved $1.2 billion of share repurchases through

fiscal 2011. Approximately $800 million remains under this authorization. Repurchases have been in the form of

open market and privately negotiated transactions.

Valuation – Discounted Cash Flow Analysis

A five-year discounted cash flow (DCF) analysis supports Douglas Conant’s assertion that the “$1.2 billion

share repurchase program reflects the ongoing confidence we have in Campbell’s long-term growth potential and is

a continuation of our commitment to enhance shareholder value.”3 As shown in Appendix W, the forecasted

valuation of Campbell’s share price ($41.83) represents a 20.2% increase in value relative to the December 10,

2009, closing price of $34.80 (see Appendix AA).

The annual income statement projections reflect current initiatives regarding Campbell’s emphasis on

wellness and international sales growth. These initiatives reflect increased sales growth, but also contemplate

higher cost of goods sold and increased advertising costs to support these initiatives. Taxes have been deducted to

arrive at projected net income. In order to arrive at an estimate of cash flow adjustments have been made

(illustrated in Appendix X) related to interest expenses, amortization and depreciation, changes in working capital,

3 Marcus, Miriam. Campbell Soup: Getting Better. (June 30, 2008). Forbes.

and capital expenditures. The projected cash flow reflects the amounts available to debt and equity holders of the

company.

The projected cash flows are then discounted by a weighted average cost of capital of 8.15% (see

Appendix Y) to arrive at the present value of projected cash flows for fiscal periods 2010 through 2014. The mid-

year convention has been used which assumes cash flows are received over the course of the year, as opposed to

just at the end. The projected cash flows in 2015 were assumed to extend into perpetuity, growing at a rate of 3.0%

which is comparable to annual inflation growth over the past 90 years. The present value of the terminal value was

added to the present value of the forecast cash flows to arrive at an enterprise value of $17.017 billion. Interest-

bearing debt and capital leases were deducted and cash and equivalents were added to arrive at the market value of

equity of $14.443 billion. Dividing by the number of shares outstanding arrives at a value per share of $41.83.

Conclusion

Campbell’s is a strong company with a long history of success and is positioned to remain an American

icon for years to come. Campbell’s success has largely been attributed to its ability to adapt to changing consumer

preferences, most notably in terms of improving the nutritional content of its products and innovating to release

new products that preemptively satisfy consumer needs. Campbell’s launch of V-Fusion exemplifies this current

strategy and also highlights the monetary rewards that come with being first to market. Based on the analysis

provided, Campbell’s is undervalued in the market, but does offer strong shareholder returns. However, in future

years, cash flow will need to be diverted to fund growth opportunities needed for Campbell’s continued success.

Appendix A: Brands within Business Unit Segments

U.S. Soup, Sauces and Beverages

Baking and Snacking

International Soup, Sauces &Beverages

Sweden Belgium

Germany Canada

France Belgium, France

North America Foodservice

Appendix B: Sales & EBIT Margin by Segment

45.0% 43.8% 47.4% 47.3% 45.9% 49.9%

24.2% 24.6%25.3% 25.1% 25.7%

24.3%

17.2% 17.4%18.2% 19.0% 20.1% 17.9%

13.6% 14.2% 9.1% 8.6% 8.2% 7.9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2004 2005 2006 2007 2008 2009

North America Foodservice/Other

International Soup, Sauces and Beverages

Baking and Snacking

U.S. Soup, Sauces and Beverages

Segment Sales Growth 2005 2006 2007 2008 2009 AverageU.S. Soup, Sauces and Beverages 3.3% 5.4% 7.0% 5.1% 3.0% 4.8%Baking and Snacking 8.0% 0.3% 5.9% 11.2% -10.3% 3.0%International Soup, Sauces and Beverages 7.1% 2.4% 11.5% 14.8% -15.7% 4.0%North America Foodservice/Other 11.3% -37.8% 2.1% 2.8% -8.7% -6.1% Total 6.2% -2.5% 7.1% 8.3% -5.2% 2.8%

0.0%2.0%4.0%6.0%8.0%

10.0%12.0%14.0%

EBIT Margin (%)

Appendix C: History of Acquisitions, Mergers, and Spinoffs Year Acquisition Result 1915 Franco-American Food Company is acquired Retired brand in 2004, top product

Spaghetti-Os relabeled under Campbell’s name

1948 Acquired V8 juice Current brand 1955 Acquisition of C.A. Swanson & Sons Swanson Broth remains Campbell’s

Brand. Frozen foods spun off in 1998 1

1961 Pepperidge Farms, Incorporated, is acquired Current brand 1969 Campbell created Champion Valley Farms, Inc., a pet food

concern Sold in 1987

1973 Campbell acquired Pietro's Pizza Parlors Sold in 1988 1974 Campbell acquires full control of Godiva Chocolatier, Inc. Sold to Turkish Co., Yildiz Holding in

20082 1978 Vlasic Foods, Inc., is acquired Spun off in 1998 as Vlasic Foods

International 1 1980 Swift-Armour S.A. Argentina acquired Spun off in 1998 1 1982 Juice Bowl Products, a fruit juice processor, acquired Sold in 1987 1989 Failed attempt to merge with the Quaker Oats Company 1993 Established a joint venture with Nakano Vinegar Co. Ltd. to

market Campbell's soups in Japan

1995 Campbell pays $1.1 billion for Pace Foods Ltd Current brand 1996 Campbell pays $210 million for Germany’s Erasco Group Current brand 1997 Arnott’s Biscuits of Australia acquired by Campbell’s Current subsidiary 2001 Several European dry soup and bouillon brands are acquired

from Unilever for $900 million

2002 Campbell pays $26 million for Ireland’s Erin Foods Sold in 2007 July 2008

Acquired the Wolfgang Puck soup business from Country Gourmet Foods for approximately $10 million

Current brand

May 2009

Acquisition of artisan bread maker Ecce Panis for $66 million Plans to run the Ecce Panis business as part of its Pepperidge Farm bakery operations

1 In March, 1998, Campbell’s completed the spinoff of its Specialty Foods segment, which included seven noncore businesses. The $1.5 billion spinoff created a new public company, Vlasic Foods International Inc., which included Vlasic pickles, Swanson frozen foods, Swift Armour meats in Argentina, Open Pit barbecue sauce, U.K. canned foodmaker Stratford Upon Avon, Gourmet Specialty Foods of Germany, and a fresh mushroom business in the United States. Vlasic later changed its name to Pinnacle Foods, LLC. 2 In March, 2008, Campbell’s completed the sale of Godiva to Turkish Company, Yildiz Holding, which controls Turkey’s largest food maker Ulker Group. Campbell’s received $850 million from the sale, using approximately $650 million for share repurchase.

Appendix D: History of New Product Introductions

1899 Method of canning condensed soup developed. 5 original varieties introduced to market. Tomato, Consommé, Vegetable, Chicken, and Oxtail

1962 Goldfish crackers by Pepperidge Farm 1965 Franco-American Spaghetti-Os 1970 Chunky ready-to-serve soups make their debut 1974 Formation of a restaurant division 1981 Prego spaghetti sauces are introduced 1997 V8 Splash beverages in 3 flavors - Tropical Blend, Strawberry Kiwi and Citrus Blend 1998-1999 Ready-to-serve Tomato soup in a re-sealable bottle; Campbell's Soup to Go (single-

serving); and Campbell's Select, Campbell’s kids soups launch of Blue’s Clues and Rugrats characters

2003 V8 Splash smoothies 2003 Invigor8 energy drink 2004 Trans-fat eliminated from Goldfish crackers 2007 Low sodium line of soups 2009 Reduced sodium in all 12 Campbell’s Kids line of soups

Goldfish Grahams (Honey, Chocolate, Cinnamon) Goldfish Garden Cheddar crackers containing one- third of a serving of vegetables Pepperidge Farms Cheese Crisps Arnott's introduced new varieties of Vita- Wheat crackers with whole-grain goodness Swanson chicken broth will be reformulated to be 100% natural Reduced sodium in Campbell's condensed tomato soup, and in Campbell's V8 and Campbell's Healthy Request product lines. Five new or restaged varieties of "light" condensed soup

Appendix E: History of Major Marketing Initiatives

1899 Red-and-white label introduced 1916 First Campbell cookbook published (Helps for the Hostess), idea of condensed soup as recipe

ingredient marketed 1931 Campbell ventures into radio advertising with "M'm! M'm! Good!" slogan 1950 First television commercials broadcast 1973 Launched “Labels for Education,” a national community program to support schools 1993 New soup campaign using slogan "Never Underestimate the Power of Soup." 1997 Campbell’s Chunky Soup begins “Mama’s Boys” ad campaign featuring National Football League

players and their moms. 1998 Largest advertising campaign in company history, new slogan, "Good for the Body, Good for the

Soul" 1998 Partnership with Nickelodeon to produce and market kids soups featuring Blue’s Clues and

Rugrats characters 2007 Prego launches TV ad campaign targeting women and airing during American Idol and The View 2007 Pepperidge Farm launches artofthecookie.com – a social media site for women Sept. 2008 Continued soup war with Campbell’s claiming Progresso line contains MSG, while Campbell’s

Select Harvest is made with TLC Nov. 2008 V8 launches “Long Live Vegetables” campaign, featuring extraordinarily active people over 60 Oct. 2009 Campbell’s unveils first-ever Times Square billboard featuring 54-foot noodle Nov. 2009 Major overhaul to CampbellsKitchen.com

Current marketing focus: Campbell’s continues to emphasize the health credentials of many of its other products, such as Prego sauces and V8 beverages. In fiscal 2009, the company also highlighted the value proposition offered by many of its products, especially those in its soup portfolio. Campbell’s expects to continue to emphasize value in its marketing and merchandising efforts in fiscal 2010.

Appendix F: Description of Competitors General Mills, Inc. (GIS) engages in the manufacture and marketing of branded consumer foods worldwide. The company also supplies branded and unbranded food products to the foodservice and commercial baking industries. Its product line comprises ready-to-eat cereals, refrigerated yogurt, ready-to-serve soup, dry dinners, shelf stable and frozen vegetables, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grains, fruit and savory snacks, and ice cream and frozen desserts, as well as various organic products, including soup, granola bars, and cereal. The company serves grocery stores; mass merchandisers; membership stores; natural food chains; drug, dollar, and discount chains; commercial and noncommercial foodservice distributors and operators; restaurants; and convenience stores. General Mills, Inc. offers its products primarily through direct sales force. The company was founded in 1928 and is based in Minneapolis, Minnesota.

Hershey Company (HSY) engages in manufacturing, marketing, selling, and distributing various chocolate and confectionery products, food and beverage enhancers, and gum and mint refreshment products. Its chocolate and confectionery products include chocolate bars and drinking cocoa mixes, high-cacao dark chocolate products, handcrafted chocolate gifts, and natural and organic chocolate products. The company’s snack products comprise snack mix, cookies, granola bars, and macadamia snack nuts and cookies in various varieties. In addition, The Hershey offers a line of refreshment products, such as mints and chewing gums; and a line of food and beverage enhancers, including baking products, toppings and sundae syrups, and hot cocoa mixes. The company sells its products through sales representatives and food brokers, primarily to wholesale distributors, chain grocery stores, mass merchandisers, chain drug stores, vending companies, wholesale clubs, convenience stores, dollar stores, concessionaires, department stores, and natural food stores. The Hershey also has license for Van Houten brand name and related trademarks in Asia Pacific, the Middle East, and Australia/New Zealand for consumer products. It principally operates in the United States, Canada, Mexico, Brazil, Japan, Korea, the Philippines, India, and China; and markets confectionery products worldwide. The company was founded in 1893 and is based in Hershey, Pennsylvania.

HJ Heinz Company (HNZ) manufactures and markets food products for consumers, foodservice, and institutional customers. It offers ketchup, condiments and sauces, frozen food, soups, desserts, entrees, snacks, frozen potatoes, appetizers, beans and pasta meals, infant nutrition, and other processed food products. The company also owns or leases office space, warehouses, distribution centers, and research and other facilities. It sells its products through its sales organizations, independent brokers, agents, and distributors to grocery accounts, convenience stores, bakeries, pharmacies, mass merchants, club stores, and foodservice distributors, as well as to institutions, including hotels, restaurants, hospitals, health-care facilities, and various government agencies. H. J. Heinz Company has operations in North America, Africa, Latin America, Europe, the Asia Pacific, and the Middle East. The company was founded in 1869 and is based in Pittsburgh, Pennsylvania.

Appendix G: Competitor Analysis

Campbell Soup CompanyCompetitor Analysis (Normalized)

For the Last Twelve Months General Mills Hershey HJ Heinz

Industry Average

Financial Results ($ millions) Total Revenue 14,712.8 5,268.7 10,032.8 10,004.8 7,586.0 Below Total Assets 18,190.1 3,773.1 10,149.0 10,704.1 6,056.0 Below Market Capitalization (as of October 5, 2009) 20,888.2 12,383.7 8,929.9 14,067.3 10,984.0 Below

Profitability Return on Assets % 7.4% 15.5% 24.9% 15.9% 12.6% Below Return on Equity % 24.4% 93.4% 64.7% 60.8% 77.1% Above

Payout Ratio % 43.5% N/A 56.9% 50.2% 44.4% Below Total Payout Ratio (Dividends+Share Repurchase) 112.0% N/A 57.9% 85.0% 119.2% Above

Margin Analysis Gross Margin % 36.7% 42.1% 35.2% 38.0% 40.2% Above EBITDA Margin % 19.1% 24.0% 17.7% 20.3% 15.3% Below EBIT Margin % 16.0% 20.2% 14.9% 17.1% 11.8% Below Net Income Margin % 9.2% 11.4% 9.2% 9.9% 10.4% Above

Wal-Mart as % of Total Sales (Most Recent FYE) 21.0% 25.3% 10.8% 19.0% 18.0% Below

Activity Ratios Total Asset Turnover 0.8x 1.4x 1.0x 1.0x 1.2x Above Accounts Receivable Turnover 12.8x 8.9x 10.2x 10.6x 15.7x Above Inventory Turnover 3.3x 2.8x 4.6x 3.6x 5.5x Above

Short Term Liquidity Current Ratio 1.1x 1.5x 1.6x 1.4x 1.0x Below Quick Ratio 0.5x 0.6x 0.8x 0.6x 0.4x Below

Long Term Solvency Total Debt/Equity 129.7% 209.6% 326.4% 221.9% 360.4% Above Total Liabilities/Total Assets 69.8% 79.0% 83.9% 77.6% 88.0% Above

EBIT / Interest Exp. 5.7x 11.1x 4.3x 7.1x 8.2x Above

Note: Adjustments w ere made to the f inancial statements of General Mills and Hershey to add back the LIFO reserve to total inventory and to add changes in the LIFO reserve to cost of goods sold. Adjustments to eliminate non-recurring items, such as asset impairments and restructuring charges, w ere made to all companies analyzed.

Campbells

Appendix H: SWOT Analysis of Campbell Soup Company

STRENGTHS

• Iconic American brand

• Leading global brands with high recognition – 2009 Interbrands Best Global Brands Ranking

• Key partnerships to promote health initiatives – i.e. collaboration with the Alliance for a Healthier Generation to help combat childhood obesity in America

• Emphasis on commitment to wellness through divestment of specific business units

• Strong balance sheet with history of solid shareholder returns

• Position as the largest soup maker in the world

• Cost savings improvement of Pepperidge Farm and Arnott’s bakery businesses

• Nature of business allows success even during economic downturns

WEAKNESSES

• Revenue dependency on soup sales

• Lack of unique international distribution channels for notable non-soup brands

• High sodium and sugar content in various products detracts from healthy image

• Slow to adopt social technology as a means of reaching new audiences and remaining relevant to current consumers

OPPORTUNITIES

• Emerging market expansion in Russia and China, countries in which soup consumption is a longstanding tradition

• Increasing consumer demand for organic products

• Encourage consumer contributions in corporate websites

• Develop relevant technological advances to market products and stay current

THREATS

• Pricing pressure from competition

• Some products could be easily replicated

• Emergence of additional private label brands

• Changes in consumer behavior

Appendix I: History of V8 Brand Extensions

May 1997 V8 Splash launched May 1998 V8 Splash sales reach $111 million February 1999 V8 Splash ranked No. 2 shelf-stable juice beverages in grocery stores March/April 2000 Diet V8 Splash launched; in comparison to Tropicana Twister Light with 40-50 calories per

serving, Diet V8 Splash will have 10 calories per 8-oz serving September 2002 V8 Splash sales down 18.8% to $95 Million; Regular V8 brand sales down 9.5% to $91

Million January 2003 V8 Splash Smoothies (shelf-stable) launched - $15 Million national TV/print ad push

(general interest magazine, women’s and men’s health/fitness magazines, too) October 2003 Invigor8 energy drink launched February 2006 V8 (original) has double-digit sales increase – increased distribution in non-grocery

channels & growth in single-serve varieties 2006 V8 V-Fusion launched in 2nd quarter, strong trade acceptance July 2006 Ocean Spray enters into strategic partnership with Pepsi for single-beverage bottling and

distribution 2007 Regular V8 sodium content reduced by 19% June 2007 Agreement between Coca-Cola North America, Coca-Cola Enterprises and Campbell’s for

distribution of single-beverage portfolio. Aided Campbell’s by expanding iconic brands and making beverages more broadly available (15% of Campbell’s beverage sales are attributed to single-serve refrigerated beverages).

2007 Healthfocus Trend Report – V8 ranked No. 1 for healthy qualities over Kashi, Horizon Organic, and Organic Valley; Tropicana ranked 12, Ocean Spray ranked 19. Campbell’s ranked 24.

Nov. 2008 V8 launches “Long Live Vegetables” campaign in conjunction with “Could’ve had a V8.” Ads feature extraordinarily active people over 60 who drink V8 on a daily basis.

December 2008 New 12 oz. bottle; juice in approx. 15,000 vending machines throughout the country (malls, hospitals, schools, offices, etc).

December 2008 In conjunction with its “Make every serving count” campaign, V8 teamed up with Feeding America’s National Produce Program to provide more than 30 million servings of fresh vegetables and fruit to those in need.

May 2009 2 new on-trend flavors for V8 V-Fusion (Gogi Raspberry and Passionfruit Tangerine) October 2009 Campbell’s teamed up with Produce for Better Health Foundation (BHF) to educate people

on great-tasting and easy ways to consume more vegetables in their diet every day. October 2009 New advertising campaign developed for V8 and V8 V-Fusion emphasizes how every

serving “counts.”

Appendix J: V8 Product Offerings

In just over a decade, Campbell’s launched four brand extensions of its iconic brand:

V8 Splash (1997): Campbell’s attempt to break into the fruit juice market with a low-sugar, 10% fruit juice beverage.

Invigor8 (2003), which has since been discontinued, was a 100% juice energy drink with no added sugars.

V8 V-Fusion (2006) is a 100% fruit and vegetable juice that provides the recommended daily equivalent of a single serving (1/2 c.) of fruit as well as a single serving (1/2 c.) of vegetables per eight-ounce serving.

V8 Soups (2008) replaced Campbell's Select Gold Label brand in an effort to leverage the V8 brand to increase purchases by health-minded consumers

Diet V8 Splash, V8 Splash Smoothies, and V8 V-Fusion products have also been released. All V8 Splash and V-Fusion beverages contain “Antioxidant Plus,” a full daily supply of vitamins A, C, and E. This supplement renders Campbell’s lines of V8 beverages as part of an expanding functional beverage market that consists of drinks that have been enhanced with added ingredients to provide specific health benefits beyond general nutrition.

Appendix K: V8 V-Fusion Flavors & Ingredients

Strawberry Banana contains the juice of 10 vegetables and fruits: sweet potatoes, carrots, tomatoes, beets, white grapes, oranges, apples, strawberries, bananas, banana puree. * Light Version Available

Tropical Orange contains the juice of 6 vegetables and fruits: sweet potatoes, carrots, yellow tomatoes, white grapes, oranges, pineapple.

Peach Mango contains the juice of 8 vegetables and fruits: sweet potatoes, yellow tomatoes, yellow carrots, carrots, white grapes, oranges, peaches, mango puree. * Light Version Available

Pomegranate Blueberry contains the juice of 8 vegetables and fruits: sweet potatoes, purple carrots, tomatoes, carrots, apples, white grapes, pomegranates, blueberries. *Light Version Available

Acai Mixed Berry contains the juice of 8 vegetables and fruits: sweet potatoes, purple carrots, carrots, apples, white grapes, açai, blueberries, limes. *Light Version Available

New Varieties: Passionfruit Tangerine and Gogi Raspberry Note: There are a total of eight flavors of V8 V-Fusion and four flavors of V-Fusion Light. V8’s website has not been updated with information regarding these varieties or information for Cranberry Blackberry. Light versions contain 10-12 grams of sugar per serving in comparison to an approximately 25 grams of sugar per serving for regular versions. Light versions contain half the vegetable and fruit juice content of regular versions.

Appendix L: SWOT Analysis for V-Fusion

STRENGTHS

• Strength of V8 brand name and its associations; ubiquitously recognized as the top vegetable juice brand within the U.S. market, with great health associations

• Only available vegetable/fruit juice blend targeted to adults

• Easy option for consumers to boost nutrition

• High penetration of distribution; partnership with Coca-Cola for U.S.-based single-serve beverages

• Large variety of fruit blends: several flavors as well as reduced-calorie versions

• In-trend with consumer tastes and “hip” antioxidant-laden fruits

• New TV commercials have a positive and inclusive feel, and encourage sales with an action item at the end of the clip

• Campbell’s recognizes it must use promotions to induce trial to overcome stigmas of the taste of vegetable juice

• Patentable vegetable processing technology

WEAKNESSES

• Poor use of website: it does not display current information regarding products, nor does it allow consumers to interact with V8 or share with others feedback from experiences

• Coupons must be printed; may be difficult to ascertain which types of customers are most likely to download, print, and use a coupon as the coupon itself would not vary

• High sugar content in regular V-Fusion varieties (not Light)

OPPORTUNITIES

• There exists a gap in the target age range between Juicy Juice’s Harvest Surprise juice blend and V-Fusion. Campbell’s may consider bridging that divide to capture enjoyment and loyalty from young adults while also contributing to improved healthy habits of America’s youth.

• V-Fusion’s family appeal developed organically; Campbell’s could further propel this movement by incorporating families into its advertising or contributing to social media outlets of mothers/parents.

THREATS

• Consumers could obtain vegetable nutrition by eating vegetables, and there are a number of products on the market that disguise the vegetables taste with flavorful sauces, etc.

• Ocean Spray has unofficially announced its intended launch of a product that would directly compete with V-Fusion. If successful, other juice companies may follow suit.

Appendix M: U.S. Fruit & Vegetable Juice Market

In the canned foods segment of the packaged foods industry, fruit and vegetable juice is the largest product division, accounting for about 23% ($6.9 billion) of US canned food shipments in 2008. Juice shipments increased by an average of 2.8% per year since 2003, with novel flavors and increased diversity in product offerings are believed to be some of the greatest contributing factors. Juice shipments are projected to increase to $7.1 billion by 2013, but continue to face competition from alternative beverage options such as sports drinks and energy drinks.

Appendix N: V8 Beverage Portfolio - Health versus Taste Attributes

Fruit & Vegetable

Juices23%

Tomato-Based Sauces

16%Soups &

Stews13%

Fruits and Vegetables

21%

Meat & Seafood

11%

Other16%

2008 US Canned Food Shipments ($30.1 billion Total)

Source: The Freedonia Group, Inc.Source: The Freedonia Group, Inc.

Appendix O: Fruit/Vegetable Juice Blend Market by Age

Appendix P: V8 V-Fusion – Availability & Pricing

All V8 V-Fusion varieties are available in 46-ounce bottles which retail for $3.99.

Pomegranate Blueberry, Strawberry Banana and Peach Mango are also available in 12-ounce bottles and have a suggested retail price of $1.69 each.

Comparison of retail prices of V-Fusion and competitors

BRAND PRICE VOLUME PRICE PER OUNCE

V8 V-Fusion $3.99 46 oz. 8.7 cents

Ocean Spray $3.59 64 oz. 5.6 cents

Juicy Juice Harvest Surprise $3.29 46 oz. 7.2 cents

Apple & Eve Fruitables $2.68 46 oz. 5.8 cents Note: These figures are in terms of suggested retail prices and have not been adjusted to reflect actual sales prices by retailers.

Appendix Q: Stills from New Advertising Campaign for V-Fusion

This 30-second ad begins with a couple enjoying dinner together. The “counters” above their heads indicate the number of servings of vegetables they have consumed.

Unfortunately, this guy did not enjoy the taste of his brussel sprouts, but V8 V-Fusion saves the day by providing him with vegetable nutrition masked by the sweet taste of fruit.

The clip ends with a line-up of V-Fusion varieties, and an action item meant to encourage customer trial through a coupon discount. The inclusion of the action item enhances the effectiveness of the ad.

Appendix R: Social Media Utilization

SOCIAL MEDIUM / ONLINE PRESENCE

UTILIZED? ANALYSIS/ SUGGESTIONS

campbellkitchen.com Yes

Should allow users to post their own recipes using Campbell’s products; shorten customer survey regarding website usage; begin to follow other blogs and reference them on this site to build up site following. Additionally, as an iconic American brand, Campbell’s has become part of traditions that take place in America’s kitchens. Encourage perception of Campbell’s contribution to the quintessential American lifestyle through photo promotions.

Facebook (V8) Yes

V8’s Facebook page currently has over 1,800 fans and is effective at communicating V8’s social responsibility and charitable initiatives. The page should also be used to engage fans in creative ways, like having them vote on new flavors of V-Fusion or sharing spoofs of V8 commercials. This “buzz” will translate into higher top-of-mind qualities and increased sales.

momstakeonthings.com Yes

Campbell’s needs to seek out and participate on websites like this to encourage increased sales from the family segment. The $75 value give-a-way on this site may achieve greater ROI than a huge ad campaign.

Smartphone Application No

Campbell’s has yet to develop a smartphone app. General Mills launched a smartphone application with recipes and product information during the summer of 2009. Development of a useful application would keep Campbell’s relevant in the minds of consumers.

tryV8.com Yes

The end of current advertisements point consumers to this site to download a coupon for V-Fusion. However, there is no link from V8’s website to this website. This website could also incorporate user’s opinions of V-Fusion upon trial.

http://www.momstakeonthings.com/

Appendix S: Comparative Income Statement

Campbell Soup CompanyIncome Statement

For the Fiscal Period EndingReclassified

12 monthsJul-30-2006

Reclassified12 monthsJul-29-2007

$ millions USD % USD % USD % USD % USD % USD % Revenue 6,660.0 100.0 7,072.0 100.0 6,894.0 100.0 7,385.0 100.0 7,998.0 100.0 7,586.0 100.0 Other Revenue - - - - - - Total Revenue 6,660.0 100.0 7,072.0 100.0 6,894.0 100.0 7,385.0 100.0 7,998.0 100.0 7,586.0 100.0

Weeks in Fiscal Period 52 52 52 52 53 52 Weekly Revenue 128.1 136.0 132.6 142.0 150.9 145.9

Cost Of Goods Sold 3,902.0 58.6 4,179.0 59.1 4,100.0 59.5 4,384.0 59.4 4,820.0 60.3 4,536.0 59.8 Gross Profit 2,758.0 41.4 2,893.0 40.9 2,794.0 40.5 3,001.0 40.6 3,178.0 39.7 3,050.0 40.2

Selling and Marketing Exp. 1,097.0 16.5 1,153.0 16.3 1,033.0 15.0 1,106.0 15.0 1,162.0 14.5 1,077.0 14.2 General and Administrative Exp. 262.0 3.9 258.0 3.6 298.0 4.3 328.0 4.4 337.0 4.2 327.0 4.3 R & D Exp. 88.0 1.3 93.0 1.3 103.0 1.5 111.0 1.5 115.0 1.4 114.0 1.5 Depreciation & Amort. 260.0 3.9 262.0 3.7 254.0 3.7 263.0 3.6 271.0 3.4 264.0 3.5 Other Operating Exp., Total 1,707.0 25.6 1,766.0 25.0 1,688.0 24.5 1,808.0 24.5 1,885.0 23.6 1,782.0 23.5

Operating Income 1,051.0 15.8 1,127.0 15.9 1,106.0 16.0 1,193.0 16.2 1,293.0 16.2 1,268.0 16.7

Interest Expense (174.0) (2.6) (184.0) (2.6) (165.0) (2.4) (163.0) (2.2) (167.0) (2.1) (110.0) (1.5) Interest and Invest. Income 6.0 0.1 4.0 0.1 15.0 0.2 19.0 0.3 8.0 0.1 4.0 0.1 Net Interest Exp. (168.0) (2.5) (180.0) (2.5) (150.0) (2.2) (144.0) (1.9) (159.0) (2.0) (106.0) (1.4)

Currency Exchange Gains (Loss) (7.0) (0.1) 1.0 0.0 - (1.0) (0.0) (1.0) (0.0) 7.0 0.1 Other Non-Operating Inc. (Exp.) 4.0 0.1 4.0 0.1 (7.0) (0.1) (5.0) (0.1) (6.0) (0.1) (1.0) (0.0) EBT Excl. Unusual Items 880.0 13.2 952.0 13.5 949.0 13.8 1,043.0 14.1 1,127.0 14.1 1,168.0 15.4

Restructuring Charges* (26.0) (0.4) - - - (182.0) (2.3) (22.0) (0.3) Gain (Loss) On Sale Of Invest. (10.0) (0.2) - - - - -Gain (Loss) On Sale Of Assets 10.0 0.2 - - 26.0 0.4 - -Asset Writedow n - - (2.0) (0.0) - (6.0) (0.1) (67.0) (0.9) Legal Settlements 16.0 0.2 - - 20.0 0.3 - -Other Unusual Items - - - 10.0 0.1 - - EBT Incl. Unusual Items 870.0 13.1 952.0 13.5 947.0 13.7 1,099.0 14.9 939.0 11.7 1,079.0 14.2

Income Tax Expense 288.0 4.3 308.0 4.4 227.0 3.3 307.0 4.2 268.0 3.4 347.0 4.6 Earnings from Cont. Ops. 582.0 8.7 644.0 9.1 720.0 10.4 792.0 10.7 671.0 8.4 732.0 9.6

Earnings of Discontinued Ops. 65.0 1.0 63.0 0.9 46.0 0.7 62.0 0.8 494.0 6.2 4.0 0.1 Net Income 647.0 9.7 707.0 10.0 766.0 11.1 854.0 11.6 1,165.0 14.6 736.0 9.7

* Restructuring charges in 2009 have been removed from cost of goods sold and placed in the unusual items section.

Reclassified12 months

Aug-01-2004


12 monthsAug-03-2008


Appendix T: Comparative Balance Sheet

Campbell Soup CompanyBalance SheetBalance Sheet as of:

$ millions USD % USD USD USD USD USDASSETSCash And Equivalents 32.0 0.5 40.0 0.6 657.0 8.5 71.0 1.1 81.0 1.3 51.0 0.8 Total Cash & ST Investments 32.0 0.5 40.0 0.6 657.0 8.5 71.0 1.1 81.0 1.3 51.0 0.8

Accounts Receivable 464.0 7.0 473.0 7.0 465.0 6.0 531.0 8.2 498.0 7.7 466.0 7.7 Other Receivables 26.0 0.4 36.0 0.5 29.0 0.4 50.0 0.8 72.0 1.1 62.0 1.0 Total Receivables 490.0 7.4 509.0 7.5 494.0 6.4 581.0 9.0 570.0 8.8 528.0 8.7

Inventory 782.0 11.7 753.0 11.1 728.0 9.4 775.0 12.0 829.0 12.8 824.0 13.6 Deferred Tax Assets, Curr. 117.0 1.8 114.0 1.7 78.0 1.0 97.0 1.5 96.0 1.5 100.0 1.7 Other Current Assets 47.0 0.7 67.0 1.0 155.0 2.0 54.0 0.8 117.0 1.8 48.0 0.8 Total Current Assets 1,468.0 22.0 1,483.0 21.9 2,112.0 27.3 1,578.0 24.5 1,693.0 26.2 1,551.0 25.6

Gross Property, Plant & Equipment 4,248.0 63.8 4,511.0 66.6 4,497.0 58.1 4,809.0 74.6 4,766.0 73.6 4,893.0 80.8 Accumulated Depreciation (2,347.0) (35.2) (2,524.0) (37.2) (2,543.0) (32.8) (2,767.0) (42.9) (2,827.0) (43.7) (2,916.0) (48.2) Net Property, Plant & Equipment 1,901.0 28.5 1,987.0 29.3 1,954.0 25.2 2,042.0 31.7 1,939.0 30.0 1,977.0 32.6

Long-term Investments 150.0 2.3 150.0 2.2 22.0 0.3 17.0 0.3 8.0 0.1 7.0 0.1 Goodw ill 1,900.0 28.5 1,950.0 28.8 1,765.0 22.8 1,872.0 29.0 1,998.0 30.9 1,901.0 31.4 Other Intangibles 1,095.0 16.4 1,059.0 15.6 596.0 7.7 615.0 9.5 605.0 9.3 522.0 8.6 Deferred Tax Assets, LT - 6.0 0.1 1.0 0.0 8.0 0.1 20.0 0.3 24.0 0.4 Other Long-Term Assets 148.0 2.2 141.0 2.1 1,295.0 16.7 313.0 4.9 211.0 3.3 74.0 1.2 Total Assets 6,662.0 100.0 6,776.0 100.0 7,745.0 100.0 6,445.0 100.0 6,474.0 100.0 6,056.0 100.0

LIABILITIESAccounts Payable 607.0 9.1 624.0 9.2 691.0 8.9 694.0 10.8 655.0 10.1 569.0 9.4 Accrued Exp. 594.0 8.9 594.0 8.8 636.0 8.2 609.0 9.4 613.0 9.5 560.0 9.2 Short-term Borrow ings 810.0 12.2 451.0 6.7 491.0 6.3 595.0 9.2 682.0 10.5 378.0 6.2 Curr. Port. of LT Debt - - 606.0 - 300.0 -Curr. Income Taxes Payable 250.0 3.8 251.0 3.7 121.0 1.6 42.0 0.7 9.0 0.1 14.0 0.2 Other Current Liabilities 65.0 1.0 82.0 1.2 336.0 4.3 90.0 1.4 144.0 2.2 107.0 1.8 Total Current Liabilities 2,326.0 34.9 2,002.0 29.5 2,881.0 37.2 2,030.0 31.5 2,403.0 37.1 1,628.0 26.9

0 0 0 0 0 0 Long-Term Debt 2,543.0 38.2 2,542.0 37.5 2,116.0 27.3 2,074.0 32.2 1,627.0 25.1 2,243.0 37.0 Capital Leases - - - - 6.0 3.0 Pension & Other Post-Retire. Benefits 313.0 4.7 300.0 4.4 278.0 3.6 424.0 6.6 441.0 6.8 969.0 16.0 Def. Tax Liability, Non-Curr. 332.0 5.0 342.0 5.0 419.0 5.4 354.0 5.5 354.0 5.5 237.0 3.9 Other Non-Current Liabilities 274.0 4.1 320.0 4.7 283.0 3.7 268.0 4.2 325.0 5.0 248.0 4.1 Total Liabilities 5,788.0 86.9 5,506.0 81.3 5,977.0 77.2 5,150.0 79.9 5,156.0 79.6 5,328.0 88.0

Common Stock 20.0 0.3 20.0 0.3 20.0 0.3 20.0 0.3 20.0 0.3 20.0 0.3 Additional Paid In Capital 264.0 4.0 236.0 3.5 352.0 4.5 331.0 5.1 337.0 5.2 332.0 5.5 Retained Earnings 5,642.0 84.7 6,069.0 89.6 6,539.0 84.4 7,082.0 109.9 7,909.0 122.2 8,288.0 136.9 Treasury Stock (4,848.0) (72.8) (4,832.0) (71.3) (5,147.0) (66.5) (6,015.0) (93.3) (6,812.0) (105.2) (7,194.0) (118.8) Comprehensive Inc. and Other (204.0) (3.1) (223.0) (3.3) 4.0 0.1 (123.0) (1.9) (136.0) (2.1) (718.0) (11.9) Total Common Equity 874.0 13.1 1,270.0 18.7 1,768.0 22.8 1,295.0 20.1 1,318.0 20.4 728.0 12.0

Total Equity 874.0 13.1 1,270.0 18.7 1,768.0 22.8 1,295.0 20.1 1,318.0 20.4 728.0 12.0

Total Liabilities And Equity 6,662.0 100.0 6,776.0 100.0 7,745.0 100.0 6,445.0 100.0 6,474.0 100.0 6,056.0 100.0

RestatedAug-01-2004

ReclassifiedJul-31-2005

RestatedJul-30-2006 Jul-29-2007 Aug-03-2008 Aug-02-2009

Appendix U: Historical Ratio Analysis

Campbell Soup CompanyHistorical Ratio AnalysisFor the Fiscal Period Ending 12 months

Aug-01-200412 monthsJul-31-2005





Profitability Return on Assets % 10.2% 10.5% 9.5% 10.5% 12.5% 12.6% Return on Equity % 92.3% 60.1% 47.4% 51.7% 51.4% 71.6%

Margin Analysis Gross Margin % 41.4% 40.9% 40.5% 40.6% 39.7% 40.2% EBITDA Margin % 19.7% 19.6% 19.7% 19.7% 19.6% 20.2% EBIT Margin % 15.8% 15.9% 16.0% 16.2% 16.2% 16.7% Net Income Margin % 9.7% 10.0% 11.1% 11.6% 14.6% 9.7%

Asset Turnover Total Asset Turnover 1.0x 1.1x 0.9x 1.0x 1.2x 1.2x Fixed Asset Turnover 3.6x 3.6x 3.5x 3.7x 4.0x 3.9x Accounts Receivable Turnover 15.7x 15.1x 14.7x 14.8x 15.5x 15.7x Inventory Turnover 5.2x 5.4x 5.5x 5.8x 6.0x 5.5x

Short Term Liquidity Current Ratio 0.6x 0.7x 0.7x 0.8x 0.7x 1.0x Quick Ratio 0.2x 0.3x 0.4x 0.3x 0.3x 0.4x Avg. Days Sales Out. 23.2 24.1 24.8 24.5 23.9 23.1 Avg. Days Inventory Out. 69.5 66.9 65.7 62.4 61.7 66.3 Avg. Days Payable Out. 56.2 54.0 58.7 56.9 51.3 49.2 Avg. Cash Conversion Cycle 36.6 37.0 31.8 30.1 34.3 40.3

Long Term Solvency Total Debt/Equity 383.6% 235.7% 181.7% 206.1% 198.4% 360.4% LT Debt/Equity 291.0% 200.2% 119.7% 160.2% 123.9% 308.5% Total Liabilities/Total Assets 86.9% 81.3% 77.2% 79.9% 79.6% 88.0%

EBIT / Interest Exp. 6.0x 6.1x 6.7x 7.3x 7.7x 11.5x

Appendix V: Comparative Statement of Cash Flows

Campbell Soup CompanyStatement of Cash Flows

For the Fiscal Period EndingReclassified






$ millions USD USD USD USD USD Net Income 707.0 766.0 854.0 1,165.0 736.0 Depreciation & Amort. 260.0 254.0 263.0 271.0 264.0 Amort. of Goodw ill and Intangibles 2.0 - - - -Depreciation & Amort., Total 262.0 254.0 263.0 271.0 264.0

(Gain) Loss From Sale Of Assets - - (23.0) - -Asset Writedow n & Restructuring Costs - 2.0 - 181.0 67.0 Stock-Based Compensation 28.0 85.0 83.0 88.0 84.0 Net Cash From Discontinued Ops. 17.0 33.0 (22.0) (681.0) -Other Operating Activities 8.0 (62.0) (253.0) (115.0) 99.0 Change in Acc. Receivable (10.0) (18.0) (68.0) (53.0) 27.0 Change In Inventories 21.0 (2.0) (29.0) (91.0) (14.0) Change in Acc. Payable (26.0) 168.0 (128.0) 23.0 (125.0) Change in Other Net Operating Assets (17.0) - (3.0) (22.0) 28.0 Cash from Ops. 990.0 1,226.0 674.0 766.0 1,166.0

Capital Expenditure (332.0) (309.0) (334.0) (298.0) (345.0) Sale of Property, Plant, and Equipment 11.0 2.0 23.0 3.0 1.0 Cash Acquisitions - - - (9.0) (66.0) Divestitures - - - - 38.0 Other Investing Activities 7.0 13.0 914.0 835.0 (6.0) Cash from Investing (314.0) (294.0) 603.0 531.0 (378.0)

Short Term Debt Issued - 31.0 57.0 58.0 -Long-Term Debt Issued - 202.0 - - 600.0 Total Debt Issued - 233.0 57.0 58.0 600.0 Short Term Debt Repaid (354.0) - - - (320.0) Long-Term Debt Repaid - - (662.0) (181.0) (300.0) Total Debt Repaid (354.0) - (662.0) (181.0) (620.0)

Issuance of Common Stock 71.0 236.0 165.0 47.0 72.0 Repurchase of Common Stock (110.0) (506.0) (1,140.0) (903.0) (527.0)

Common Dividends Paid (275.0) (292.0) (308.0) (329.0) (350.0) Total Dividends Paid (275.0) (292.0) (308.0) (329.0) (350.0)

Special Dividend Paid - - - - -Other Financing Activities - 11.0 25.0 8.0 11.0 Cash from Financing (668.0) (318.0) (1,863.0) (1,300.0) (814.0)

Foreign Exchange Rate Adj. - 3.0 - 13.0 (4.0) Net Change in Cash 8.0 617.0 (586.0) 10.0 (30.0)

2005 2006 2007 2008 2009Dividends 275.0 292.0 308.0 329.0 350.0 Repurchase of Common Stock 110.0 506.0 1,140.0 903.0 527.0 Total Payments to Shareholders 385.0 798.0 1,448.0 1,232.0 877.0

Payments as a % of Net Income 54.5% 104.2% 169.6% 105.8% 119.2%Payments per Share 0.94$ 1.99$ 3.82$ 3.46$ 2.56$

Appendix W: Projected Income Statement (Page 1 of 2)

Campbell Soup CompanyProjected Income Statement Assumptions 2010 2011 2012 2013 2014 2015

U.S. Soup, Sauces and Beverages (1) 5.00% 4.50% 4.50% 4.00% 3.50% 3.00%Baking and Snacking (2) 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%International Soup, Sauces and Beverages (3) 8.00% 8.00% 6.00% 5.00% 4.00% 4.00%North America Foodservice (4) -5.00% -5.00% -5.00% -5.00% -5.00% -5.00%Gross Margin (5) 41.19% 41.19% 41.19% 41.19% 41.19% 41.19%S&M as % Sales (6) 15.57% 16.07% 15.32% 14.57% 14.57% 14.57%G&A as % Sales (7) 5.32% 5.82% 5.82% 5.82% 5.82% 5.82%R&D Expense Grow th (8) 4.26% 4.10% 3.81% 3.42% 3.01% 2.79%Depreciation Grow th (9) 1.45% 14.48% -9.32% 3.42% 3.01% 2.79%Other Income (Expenses) (10) 4.26% 4.10% 3.81% 3.42% 3.01% 2.79%

Assumptions(1) Sales grow th is based on the average for the past f ive years and also reflects current w ellness initiatives in 2010 and 2011. Future sales grow th is expected to slow ly decline, reflecting the mature nature of the segment.(2) Baking and snacking is projected to grow at 3% each year based on average sales grow th in this segment for the past f ive years.(3) Grow th contemplates expansion in Russia and China in 2010 and 2011, w ith sales grow th declining in future years. This segment represents the greatest opportunities for grow th for Campbell's.(4) Sales are projected to decline by 5% annually, w hich is comparable to the average for the past f ive years.(5) Gross margin is based on the average for the past three years, plus an additional 1% to account for higher costs associated w ith w ellness initiatives and low er margins for international sales.(6) Sales and marketing expense as a percent of sales, is forecast to be equal to the average for the past three f iscal years, plus an additional 1% in 2010, and 0.5% in 2011 to account for increased advertising expense

associated w ith its w ellness inititatives and international expansion. Sales and marketing expense is forecast to decline in 2010 and revert back to its three year average of 14.57% in 2013 and each year thereafter.(7) General and operating expenses as a percentage of sales is forecast to be equal to the average over the past three years plus an additional 1% in 2010 and 0.5% in 2011 to account for increased

expenses associated w ith international expansion. International sales have historically had low er profit margins w hich may decrease margins as international sales account for a greater percentage of total revenue.(8) R&D expense is forecast to grow the same as sales.(9) Depreciation expense is forecast to grow the same as capital expenditures, as discussed in Appendix X.(10) Other income (expenses) is forecast to grow the same as sales.

Appendix W: Projected Income Statement (Page 2 of 2)

Campbell Soup CompanyProjected Income Statement

Fiscal Year$ millions USD % USD % USD % USD % USD % USD % RevenuesU.S. Soup, Sauces and Beverages 3,973.2 50.2 4,152.0 50.4 4,338.8 50.8 4,512.4 51.0 4,670.3 51.3 4,810.4 51.4 Baking and Snacking 1,901.4 24.0 1,958.4 23.8 2,017.2 23.6 2,077.7 23.5 2,140.0 23.5 2,204.2 23.5 International Soup, Sauces and Beverages 1,465.6 18.5 1,582.8 19.2 1,677.8 19.6 1,761.7 19.9 1,832.1 20.1 1,905.4 20.4 North America Foodservice 569.1 7.2 540.6 6.6 513.6 6.0 487.9 5.5 463.5 5.1 440.3 4.7 Total Revenue 7,909.2 100.0 8,233.8 100.0 8,547.3 100.0 8,839.6 100.0 9,106.0 100.0 9,360.4 100.0 % Growth 4.26% 4.10% 3.81% 3.42% 3.01% 2.79%

Cost Of Goods Sold 4,651.2 58.8 4,842.1 58.8 5,026.5 58.8 5,198.4 58.8 5,355.0 58.8 5,504.6 58.8 Gross Profit 3,258.0 41.2 3,391.7 41.2 3,520.9 41.2 3,641.2 41.2 3,751.0 41.2 3,855.8 41.2

Selling and Marketing Exp. 1,231.3 15.6 1,323.0 16.1 1,309.2 15.3 1,287.7 14.6 1,326.5 14.6 1,363.6 14.6 General and Administrative Exp. 420.9 5.3 479.4 5.8 497.6 5.8 514.6 5.8 530.1 5.8 544.9 5.8 R & D Exp. 118.9 1.5 123.7 1.5 128.4 1.5 132.8 1.5 136.8 1.5 140.7 1.5 Depreciation & Amort. 267.8 3.4 306.6 3.7 278.0 3.3 287.5 3.3 296.2 3.3 304.5 3.3 Other Operating Exp., Total 2,038.9 25.8 2,232.7 27.1 2,213.3 25.9 2,222.7 25.1 2,289.7 25.1 2,353.6 25.1

Operating Income 1,219.1 15.4 1,159.0 14.1 1,307.5 15.3 1,418.5 16.0 1,461.3 16.0 1,502.1 16.0

Other Income (Expense)Interest Expense (123.3) (1.6) (123.3) (1.5) (76.0) (0.9) (76.0) (0.9) (56.0) (0.6) (41.4) (0.4) Interest and Invest. Income 4.2 0.1 4.3 0.1 4.5 0.1 4.7 0.1 4.8 0.1 4.9 0.1 Total Other Income (Expense) 4.2 0.1 4.3 0.1 4.5 0.1 4.7 0.1 4.8 0.1 4.9 0.1

Currency Exchange Gains (Loss) 0 0 0 0 0 0 0 0 0 0 0 0 Other Non-Operating Inc. (Exp.) 0 0 0 0 0 0 0 0 0 0 0 0 EBT Excl. Unusual Items 1,223.3 15.5 1,163.4 14.1 1,312.0 15.4 1,423.2 16.1 1,466.1 16.1 1,507.1 16.1

Restructuring Charges 0 0 0 0 0 0 0 0 0 0 0 0 Gain (Loss) On Sale Of Assets - - - - - -Asset Writedow n 0 0 0 0 0 0 0 0 0 0 0 0 Legal Settlements - - - - - -Other Unusual Items - - - - - - EBT Incl. Unusual Items 1,223.3 15.5 1,163.4 14.1 1,312.0 15.4 1,423.2 16.1 1,466.1 16.1 1,507.1 16.1

Income Tax Expense 361.4 4.6 350.0 4.3 399.1 4.7 420.5 4.8 433.2 4.8 445.3 4.8 Earnings from Cont. Ops. 861.9 10.9 813.4 9.9 913.0 10.7 1,002.7 11.3 1,032.9 11.3 1,061.8 11.3

Earnings of Discontinued Ops. 0 0 0 0 0 0 0 0 0 0 0 0 Net Income 861.9 10.9 813.4 9.9 913.0 10.7 1,002.7 11.3 1,032.9 11.3 1,061.8 11.3

2015Projections Projections Projections

2010 2011 2012 2013 2014Projections Projections Projections

Appendix X: Discounted Cash Flow Analysis

Campbell Soup CompanyDiscounted Cash Flow Analysis Terminal

2010 2011 2012 2013 2014 ValuePre-Tax Income (1) 1,223.30 1,163.39 1,312.04 1,423.21 1,466.09 1,507.05Less: Income Taxes (2) (361.42) (343.72) (387.64) (420.49) (433.15) (445.26) Adjusted Net Income 861.88 819.67 924.40 1,002.72 1,032.93 1,061.79Add: Interest Expense (3) 123.29 123.29 76.04 76.04 56.04 41.40Add: Depreciation and Amortization (4) 267.83 306.60 278.02 287.53 296.19 304.47Changes in Working Capital (5) 55.68 (10.07) (9.72) (9.07) (8.26) (7.89)Less: Capital Expenditures (6) (350.00) (400.67) (363.33) (375.75) (387.07) (397.89) Debt-Free Cash Flow 958.67 838.82 905.41 981.48 989.83 1,001.88Discount Rate/Factor 8.15% 0.9616 0.8892 0.8222 0.7603 0.7030 0.6760 Present Value of Cash Flow 921.86 745.86 744.43 746.19 695.86 677.29

Sum of Present Value of Cash Flow s 3,854Present Value of Terminal Value 13,162Enterprise Value 17,016Less: Interest-bearing Debt/Cap. Leases (2,624)Add: Cash and Equivalents 51Market Value of Equity 14,443$

Shares Outstanding (in millions) 345.31Value per Share 41.83$

Assumptions(1) See Appendix W.(2) Income taxes w ere deducted using an effective tax rate of 29.54%, w hich is equal to the average over the past three f iscal years.(3) Interest expense w as added back to arrive at a debt-free cash f low .(4) Depreciation and amortization expense w ere added back as they are non-cash expenses.(5) Changes in w orkin capital w ere deducted assuming w orking capital remained at 3.10% of sales, w hich is equal to average for the past

three f iscal years.(6) Capital expenditures in 2010 are based on the 2009 10K. Capital expenditures in 2011 contemplates international expansion and additional

capacity for V-Fusion, w ith capital expenditures in future years using 2010 as a base and grow ing the same as sales.

Appendix Y: Projected Income Statement (continued)

Cost of Equity Risk-free Rate (1) 4.29% Add: Equity Risk Premium (2) 6.50% Add: Size Premium (2) 0.62% Times: Beta (3) 0.40 Plus: Alpha (4) 2.0% Cost of Equity 9.15%

Notes:(1) Federal Reserve Board Release H.15, August 3, 2009, 20 year U.S. Treasury.(2) 2009 Ibbotson SBBI Valuation Yearbook.(3) See Appendix Z.(4) Contemplates the risk inherent in the projections w hich assumes expansion in Russia and China is sucessful, and that the healthy initiatives are w ell received and do not dramatically effect profitability.

Weighted Average Cost of Capital Cost of Equity 9.15% Equity to Total Capital (1) 80.72% Cost of Debt (2) 5.60% Tax Rate (3) 29.54% Debt to Total Capital (4) 19.28% WACC 8.15%

Notes:(1) Calculated based on market capitalization as of October 5, 2009.(2) Weighted average interest rate based on debt outstanding as of f iscal year-end 2009.(3) Effective tax rate of 29.54%.(4) The book value of debt approximates fair value in accordance w ith FAS 157.

Appendix Z: Beta Calculation

Beta was calculated using weekly returns for Campbell’s for five years, regressed against the Standard and Poor’s 500 Index. The concluded beta is 0.4638. The beta has been unlevered using a debt to equity ratio of 23.89%, to eliminate differences in capital structures to arrive at a beta of 0.40. The unlevered beta of 0.40 is comparable to that of its competitors, as presented below.

y = 0.4638x + 0.0016

-20.00%

-15.00%

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0.00%

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-20.00% -15.00% -10.00% -5.00% 0.00% 5.00% 10.00% 15.00%

CPB

CPB

Linear (CPB)

Company Equity (Market Cap) Debt (EV - Market Cap) D/E Tax Rate Levered Beta *Unlevered BetaCampbells $10,983.99 $2,624.00 23.89% 35.00% 0.4638 0.4015General Mills $20,888.25 $6,710.50 32.13% 35.00% 0.4549 0.3763Heinz $12,383.74 $4,847.97 39.15% 35.00% 0.6135 0.4891Hershey $8,929.93 $1,777.06 19.90% 35.00% 0.5732 0.5075

* Market capitalization as of October 5, 2009.** Levered Beta / (1 + (D/E)(1-tax rate)

Appendix AA: Stock Price

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NYSE:CPB - Share Pricing

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sample cpb report

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