H.H. Heinz Company Annual Report 2004
R2_COVERTOPRINT 6/23/04 2:23 PM Page 1 H.J. HEINZCOMPANYANNUAL REPORT 2004 Why do so many people around the world choose Heinz every day? H.J. HEINZ COMPANY, P.O. BOX 57, PITTSBURGH, PA 15230-0057 (412) 456-5700 H.J. HEINZ COMPANYANNUAL REPORT 2004 WWW.HEINZ.COM R2_COVERTOPRINT 6/22/04 5:46 PM Page 2 FINANCIAL HIGHLIGHTS H.J. Heinz Company and Subsidiaries 2004 2003 2002 (Dollars in thousands, except per share amounts) (52 Weeks) (52 Weeks) (52 Weeks) Sales $ 8,414,538 $8,236,836 $7,614,036 Operating income 1,379,257 1,173,816 1,299,872 Income from continuing operations before cumulative effect of change in accounting principle 778,933 555,359 675,181 Net income 804,273 566,285 833,889 Per common share amounts: Income from continuing operations before cumulative effect of change in accounting principle—diluted $ 2.20 $ 1.57 $ 1.91 Net income—diluted 2.27 1.60 2.36 Cash dividends 1.08 1.485 1.6075 Book value 5.38 3.41 4.90 Capital expenditures $ 231,961 $153,969 $ 193,854 Depreciation and amortization 233,943 214,762 242,848 Property, plant and equipment, net 2,057,286 1,957,866 1,909,112 Cash, cash equivalents and short-term investments $ 1,180,039 $801,732 $ 202,403 Operating working capital 398,139 711,240 891,005 Total debt 4,974,430 4,930,929 5,345,613 Shareholders’ equity 1,894,189 1,199,157 1,718,616 Average common shares outstanding—diluted 354,372 354,144 352,872 Current ratio 1.46 1.71 1.16 Debt/invested capital 72.4% 80.4% 75.7% Pretax return on average invested capital 24.5% 19.0% 22.7% Return on average shareholders’ equity 51.6% 34.7% 54.8% All periods presented include non-recurring items; see Management’s Discussion and Analysis for details.
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