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ConAgra (CAG)

Profit per share

Return on equity

$4.00

Accrual

Earnings Power

40%

Profit Per Share $

Accrual

Aspiring

BEST

30%

$3.00
Sustaining

$2.00

20%

11

$4.00

Sustaining

10

10%
Aspiring

$0.00
07

08

09

10

Aspiring

0%

11

07

Net profit margin

08

09

10

11

Return on total capital

15%

Accrual

10%
Sustaining

20%

09

10

Aspiring

0%

11

07

08

09

10

$13,000

18
16
14
12
10
07

08

09

10

11

Four-year growth rate

08

09

CAGR

Net Sales (in millions)

$12,303.10

0.57%

Book value per share

$10.84

4.66%

Accrual

$1.88

5.69%

Sustaining

$1.97

13.14%

Aspiring

$1.31

10

3.57%

Accrual

17.35%

1.10%

Sustaining

18.14%

8.22%

Aspiring

12.07%

-0.93%

Accrual

10.29%

0.99%

Sustaining

10.76%

8.10%

7.16%

-1.04%

11
Return on equity

Gross profit %

Inventory turnover (times)

30%

Return on total capital

25%

$4.00

2011 value

Profit per share


07

$0.00

WORST

Accounts receivable turnover (times)

$11,000

($4.00)
($4.00)

11

Net Sales (in millions)

$12,000

07

Sustaining

10%

Aspiring
08

$0.00

Accrual

5%
07

08

15%

5%
0%

09
Sustaining

$1.00

Aspiring

20%

Company Profile

3
07

08

09

10

11

07

08

09

Book value per share

Accounts payable turnover (times)

$12.00

16

$11.00

14

$10.00

12

$9.00

10

11
At ConAgra Foods, we believe in the power of great food. Food you
turn to every day, food you count on as part of your life. We make
food that does more than satisfy your hunger it actually gives you
less to worry about and more to look forward to. Thats what we do
here at ConAgra Foods: we make great food everyday food in
extraordinary ways. We make the food you love.

10
07

08

09

10

11

07

08

Grunt Work

09

10

InfoDesign

11

ConAgra (CAG)
Net Sales (in millions)

Book value per share


07
08
09
10
11

12028.20
11605.70
12731.20
12079.40
12303.10

07
08
09
10
11

26.09%
23.40%
22.31%
25.38%
23.68%

Gross profit %

07
08
09
10
11

$
$
$
$
$

9.04
10.87
10.37
11.02
10.84

07
08
09
10
11

$
$
$
$
$

Accrual
1.51
1.90
2.15
1.62
1.88

Profit per share

Accounts receivable turnover (times)


07
08
09
10
11
Inventory turnover (times)
07
08
09
10
11
Accounts payable turnover (times)
07
08
09
10
11

Net profit margin


10.0
13.0
16.3
14.2
14.5

Aspiring
1.14
1.25
1.52
1.12
1.31

Accrual Sustaining
6.36%
5.06%
8.02%
1.77%
7.69%
11.49%
6.01%
8.54%
6.64%
6.94%

Aspiring
4.80%
5.31%
5.44%
4.15%
4.62%

07
08
09
10
11

Accrual Sustaining
16.68%
13.29%
17.44%
3.84%
20.72%
30.98%
14.73%
20.94%
17.35%
18.14%

Aspiring
12.59%
11.54%
14.68%
10.18%
12.07%

07
08
09
10
11

Accrual Sustaining
9.51%
7.57%
9.96%
2.20%
11.92%
17.81%
8.62%
12.26%
10.29%
10.76%

Aspiring
7.17%
6.60%
8.44%
5.96%
7.16%

Return on total capital


10.9
14.8
15.5
13.1
11.4

$
$
$
$
$

07
08
09
10
11
Return on equity

4.0
5.0
5.0
5.3
5.5

Sustaining
$
1.20
$
0.42
$
3.21
$
2.31
$
1.97

Grunt Work

InfoDesign

Income Statement
Net sales
Cost of sales
Selling, general and administrative expenses
Other expense
Income (loss) from discontinued operations, net of tax
Less: Net income (loss) attributable to noncontrolling interests
Investment income
Investment fixed capital (1)
Investment working capital (2)
Intangibles (3)
+ Intangibles reversal (3)
Interest expense (4)
Pre-tax profits
Income tax rate
Income tax expense
Net profit after tax

Accrual
$ 12,303.1
(9,389.6)
(1,511.1)
(11.5)
(1.8)
26.4
(177.5)
$ 1,238.0
34.0%
(421.0)
$
817.0

Recent Price

$23.50

Sustaining
$ 12,303.1
(9,389.6)
(1,511.1)
(11.5)
(1.8)
(86.4)
169.4
(177.5)
$ 1,294.6
34.0%
(440.2)
$
854.4

Aspiring
12,303.1
(9,389.6)
(1,511.1)
(11.5)
(1.8)
(466.3)
453.3
(514.8)
$
861.3
34.0%
(292.9)
$
568.4

Fiscal Year ended:

May 2011

Earnings Power

Profit Per Share $

Aspiring

BEST

$4.00
May 2011
$1.31
$1.97
Sustaining

ConAgra (CAG)
Dollars in millions except per share amounts

$0.00

($4.00)
($4.00)

$0.00

$4.00

WORST

Diluted weighted average shares outstanding (from Notes, 10K, p. 54)

434.3

Book value per share

10.84

Profit per share


Dividends per share (from 10K, p. 15)

$
$

1.88
0.89

Net profit margin


Return on assets
Return on stockholder equity
Return on total capital
P/E Ratio
E/P Ratio
Gross profit %
Debt repayment period (years)
Accounts receivable turnover (times)
Inventory turnover (times)
Accounts payable turnover (times)
Notes:

434.3

434.3
Quality of Profits

6.64%
7.16%
17.35%
10.29%
12.49
8.01%
23.68%

1.97

1.31

Profit Per Share $ (3 types)


$2.50

6.94%
7.49%
18.14%
10.76%
11.95
8.37%
3.8

14.5
5.5
11.4

Grunt Work

4.62%
4.98%
12.07%
7.16%
17.96
5.57%

$2.00
$1.50
$1.00
$0.50
$0.00
Accrual

InfoDesign

Sustaining

Aspiring

Fiscal Year ended:

ConAgra (CAG)
Dollars in millions except per share amounts
1 (from Cash Flows, 10K p. 40)
Additions to property, plant and equipment
Sale of property, plant and equipment
Depreciation and ammoritization
Investment fixed capital
2 (from Balance Sheets, 10K p. 38)
Receivables
Inventories
Prepaid expenses and other current assets
Current assets held for sale

4 (from Balance Sheets, 10K p. 38)


Total common stockholder's equity
Average - 2 years
Cost of equity (%)
Cost of equity ($)
Total debt
Interest expense
Total capital
Weighted average cost of capital
Aspiring Interest Expense

2011
(466.2)
18.9
360.9
(86.4)

Total current assets (except cash and cash equivalents)

2011
849.4
1,803.4
274.1
2,926.9

2010
849.6
1,597.9
307.3
252.1
3,006.9

Notes payable
Current installments of long-term debt
Accounts payable
Accrued payroll
Other accrued liabilities
Current liabilities held for sale
Total current liabilities

363.5
1,083.7
124.1
554.3
2,125.6

0.6
260.2
919.1
263.9
579.0
13.4
2,036.2

Assets
Total assets

Working capital
Investment working capital

801.3
(169.4)

970.7

3 (from Notes, 10K p. 43)


Current year - accrual
Advertising costs
Research and development
Total (intangibles reversal)

2011

2010

2009

371.9
81.4
453.3

409.1
77.9
487.0

380.6
78.0
458.6

Depreciation period
Year 1
Year 2
Year 3
Depreciation total (intangibles)

3
151.1
162.3
152.9
466.3

3
162.3
152.9
315.2

3
152.9
152.9

1,398.9
934.4
464.5

945.6
468.1
477.5

458.6
152.9
305.7

Gross accrual expense


Less accumulated depreciation
Net capitalized intangibles

Grunt Work

2011
4,708.5
4,818.7
7.00%
337.3
3,233.8
177.5
8,052.5
6.39%
514.8

2010
4,928.9

2011
11,408.7

2010
11,738.0

Interest bearing debt


Notes payable
Current installments of long-term debt
Senior long-term debt, excluding current installments
Subordinated debt
Total interest bearing debt

2011
363.5
2,674.4
195.9
3,233.8

2010
0.6
260.2
3,030.5
195.9
3,487.2

Cost of debt
Interest expense
Total debt
Average - 2 years
Total cost of debt (also discount rate)

2011
177.5
3,233.8
3,360.5
5.28%

2010
160.4
3,487.2

InfoDesign

May 2011

Income Statement
Net sales
Cost of sales
Selling, general and administrative expenses
Other expense
Income (loss) from discontinued operations, net of tax
Less: Net income (loss) attributable to noncontrolling interests
Investment income
Investment fixed capital (1)
Investment working capital (2)
Intangibles (3)
+ Intangibles reversal (3)
Interest expense (4)
Pre-tax profits
Income tax rate
Income tax expense
Net profit after tax

Fiscal Year ended:

Recent Price

Accrual
$ 12,079.4
(9,014.2)
(1,820.0)
(21.5)
2.5
22.1
(160.4)
$ 1,087.9
33.3%
(362.1)
$
725.8

Sustaining
$ 12,079.4
(9,014.2)
(1,820.0)
(21.5)
2.5
(67.7)
548.6
(160.4)
$ 1,546.7
33.3%
(514.8)
$ 1,031.9

Aspiring
12,079.4
(9,014.2)
(1,820.0)
(21.5)
2.5
(463.0)
487.2
(498.1)
$
752.2
33.3%
(250.4)
$
501.9

May 2010

Earnings Power

Profit Per Share $

Aspiring

BEST

$4.00
May 2010
$1.12
$2.31
Sustaining

ConAgra (CAG)
Dollars in millions except per share amounts

$0.00

($4.00)
($4.00)

$0.00

$4.00

WORST

Diluted weighted average shares outstanding (from Notes, 10K, p. 54)


Book value per share
Profit per share
Dividends per share (from 10K, p. 14)
Net profit margin
Return on assets
Return on stockholder equity
Return on total capital
P/E Ratio
E/P Ratio
Gross profit %
Debt repayment period (years)
Accounts receivable turnover (times)
Inventory turnover (times)
Accounts payable turnover (times)
Notes:

447.1
$

11.02

$
$

1.62
0.79

447.1

447.1
Quality of Profits

6.01%
6.18%
14.73%
8.62%

2.31

1.12

Profit Per Share $ (3 types)


$2.50

8.54%
8.79%
20.94%
12.26%

4.15%
4.28%
10.18%
5.96%

$2.00
$1.50
$1.00

25.38%
3.4
14.2
5.3
13.1

Grunt Work

$0.50
$0.00
Accrual

InfoDesign

Sustaining

Aspiring

Fiscal Year ended:

ConAgra (CAG)
Dollars in millions except per share amounts
1 (from Cash Flows, 10K p. 39)
Additions to property, plant and equipment
Sale of property, plant and equipment
Depreciation and ammoritization
Investment fixed capital
2 (from Balance Sheets, 10K p. 37)
Receivables
Inventories
Prepaid expenses and other current assets
Current assets held for sale

4 (from Balance Sheets, 10K p. 37)


Total common stockholder's equity
Average - 2 years
Cost of equity (%)
Cost of equity ($)
Total debt
Interest expense
Total capital
Weighted average cost of capital
Aspiring Interest Expense

2010
(482.9)
88.4
326.8
(67.7)

Total current assets (except cash and cash equivalents)

2010
849.6
1,606.5
307.3
243.5
3,006.9

2009
755.3
1,821.7
269.5
246.9
3,093.4

Notes payable
Current installments of long-term debt
Accounts payable
Accrued payroll
Other accrued liabilities
Current liabilities held for sale
Total current liabilities

0.6
260.2
919.1
263.9
579.0
13.4
2,036.2

3.7
23.9
809.1
165.9
551.3
20.2
1,574.1

Assets
Total assets

Working capital
Investment working capital

970.7
(548.6)

3 (from Notes, 10K p. 42)


Current year - accrual
Advertising costs
Research and development
Total (intangibles reversal)

2010

2009

2008

409.3
77.9
487.2

380.7
78.0
458.7

376.7
66.5
443.2

Depreciation period
Year 1
Year 2
Year 3
Depreciation total (intangibles)

3
162.4
152.9
147.7
463.0

3
152.9
147.7
300.6

3
147.7
147.7

1,389.1
911.4
477.7

901.9
448.4
453.5

443.2
147.7
295.5

Gross accrual expense


Less accumulated depreciation
Net capitalized intangibles

1,519.3

Grunt Work

2010
4,928.9
4,824.9
7.00%
337.7
3,487.2
160.4
8,312.1
5.99%
498.1

2009
4,720.9

2010
11,738.0

2009
11,073.3

Interest bearing debt


Notes payable
Current installments of long-term debt
Senior long-term debt, excluding current installments
Subordinated debt
Total interest bearing debt

2010
0.6
260.2
3,030.5
195.9
3,487.2

2009
3.7
23.9
3,259.5
195.9
3,483.0

Cost of debt
Interest expense
Total debt
Average - 2 years
Total cost of debt (also discount rate)

2010
160.4
3,487.2
3,485.1
4.60%

2009
186.0
3,483.0

InfoDesign

May 2010

Income Statement
Net sales
Cost of sales
Selling, general and administrative expenses
Other expense
Income (loss) from discontinued operations, net of tax
Less: Net income (loss) attributable to noncontrolling interests
Investment income
Investment fixed capital (1)
Investment working capital (2)
Intangibles (3)
+ Intangibles reversal (3)
Interest expense (4)
Pre-tax profits
Income tax rate
Income tax expense
Net profit after tax

Fiscal Year ended:

Recent Price

Accrual
$ 12,731.2
(9,890.6)
(1,694.8)
332.0
24.0
(186.2)
$ 1,315.6
25.6%
(337.2)
$
978.4

Sustaining
$ 12,731.2
(9,890.6)
(1,694.8)
332.0
(95.9)
771.1
(186.2)
$ 1,966.8
25.6%
(504.1)
$ 1,462.7

Aspiring
12,731.2
(9,890.6)
(1,694.8)
332.0
(486.8)
479.1
(538.2)
$
931.8
25.6%
(238.8)
$
693.0

May 2009

Earnings Power

Profit Per Share $

Aspiring

BEST

$4.00
May 2009
$1.52
$3.21
Sustaining

ConAgra (CAG)
Dollars in millions except per share amounts

$0.00

($4.00)
($4.00)

$0.00

$4.00

WORST

Diluted weighted average shares outstanding (from Notes, 10K, p. 57)


Book value per share
Profit per share
Dividends per share (from 10K, p. 14)
Net profit margin
Return on assets
Return on stockholder equity
Return on total capital
P/E Ratio
E/P Ratio
Gross profit %
Debt repayment period (years)
Accounts receivable turnover (times)
Inventory turnover (times)
Accounts payable turnover (times)
Notes:

455.4
$

10.37

$
$

2.15
0.76

455.4

455.4
Quality of Profits

7.69%
8.84%
20.72%
11.92%

3.21

1.52

Profit Per Share $ (3 types)


$3.50

11.49%
13.21%
30.98%
17.81%

5.44%
6.26%
14.68%
8.44%

$3.00
$2.50
$2.00
$1.50
$1.00

22.31%
2.4
16.3
5.0
15.5

Grunt Work

$0.50
$0.00
Accrual

InfoDesign

Sustaining

Aspiring

Fiscal Year ended:

ConAgra (CAG)
Dollars in millions except per share amounts
1 (from Cash Flows, 10K p. 45)
Additions to property, plant and equipment
Sale of property, plant and equipment
Depreciation and ammoritization
Investment fixed capital
2 (from Balance Sheets, 10K p. 43)
Receivables
Inventories
Prepaid expenses and other current assets
Current assets held for sale

4 (from Balance Sheets, 10K p. 43)


Total common stockholder's equity
Average - 2 years
Cost of equity (%)
Cost of equity ($)
Total debt
Interest expense
Total capital
Weighted average cost of capital
Aspiring Interest Expense

2009
(441.9)
27.1
318.9
(95.9)

Total current assets (except cash and cash equivalents)

2009
781.4
2,025.1
282.0
4.9
3,093.4

2008
890.6
1,926.3
451.6
2,672.6
5,941.1

Notes payable
Current installments of long-term debt
Accounts payable
Accrued payroll
Other accrued liabilities
Current liabilities held for sale
Total current liabilities

3.7
24.7
823.8
166.9
555.6
1,574.7

599.8
14.9
786.0
374.2
688.3
1,188.1
3,651.3

Working capital
Investment working capital

1,518.7
(771.1)

2,289.8

3 (from Notes, 10K p. 48)


Current year - accrual
Advertising costs
Research and development
Total (intangibles reversal)

2009

2008

2007

398.5
80.6
479.1

393.1
68.9
462.0

451.1
68.3
519.4

Depreciation period
Year 1
Year 2
Year 3
Depreciation total (intangibles)

3
159.7
154.0
173.1
486.8

3
154.0
173.1
327.1

3
173.1
173.1

1,460.5
987.1
473.4

981.4
500.3
481.1

519.4
173.1
346.3

Gross accrual expense


Less accumulated depreciation
Net capitalized intangibles

Assets
Total assets

Grunt Work

2009
4,720.9
5,029.2
7.00%
352.0
3,489.7
186.2
8,518.9
6.32%
538.2

2008
5,337.4

2009
11,073.3

2008
13,682.5

Interest bearing debt


Notes payable
Current installments of long-term debt
Senior long-term debt, excluding current installments
Subordinated debt
Total interest bearing debt

2009
3.7
24.7
3,265.4
195.9
3,489.7

2008
599.8
14.9
3,186.9
200.0
4,001.6

Cost of debt
Interest expense
Total debt
Average - 2 years
Total cost of debt (also discount rate)

2009
186.2
3,489.7
3,745.7
4.97%

2008
253.3
4,001.6

InfoDesign

May 2009

Income Statement
Net sales
Cost of sales
Selling, general and administrative expenses
Other expense
Income (loss) from discontinued operations, net of tax
Less: Net income (loss) attributable to noncontrolling interests
Investment income
Investment fixed capital (1)
Investment working capital (2)
Intangibles (3)
+ Intangibles reversal (3)
Interest expense (4)
Pre-tax profits
Income tax rate
Income tax expense
Net profit after tax

Fiscal Year ended:

Recent Price

Accrual
$ 11,605.7
(8,890.1)
(1,766.1)
411.9
49.7
(253.3)
$ 1,157.8
19.6%
(227.2)
$
930.6

Sustaining
$ 11,605.7
(8,890.1)
(1,766.1)
411.9
(157.5)
(695.5)
(253.3)
$
255.1
19.6%
(50.1)
$
205.0

Aspiring
11,605.7
(8,890.1)
(1,766.1)
411.9
(456.7)
462.2
(600.5)
$
766.4
19.6%
(150.4)
$
616.0

May 2008

Earnings Power

Profit Per Share $

Aspiring

BEST

$4.00

Sustaining

ConAgra (CAG)
Dollars in millions except per share amounts

May 2008
$1.25
$0.42
$0.00

($4.00)
($4.00)

$0.00

$4.00

WORST

Diluted weighted average shares outstanding (from Notes, 10K, p. 56)


Book value per share
Profit per share
Dividends per share (from 10K, p. 14)

490.9
$

10.87

$
$

1.90
0.75

490.9

490.9
Quality of Profits

0.42

1.25

Profit Per Share $ (3 types)


$2.00
$1.80

Net profit margin


Return on assets
Return on stockholder equity
Return on total capital
P/E Ratio
E/P Ratio
Gross profit %
Debt repayment period (years)
Accounts receivable turnover (times)
Inventory turnover (times)
Accounts payable turnover (times)
Notes:

8.02%
6.80%
17.44%
9.96%

1.77%
1.50%
3.84%
2.20%

5.31%
4.50%
11.54%
6.60%

$1.60
$1.40
$1.20
$1.00
$0.80
$0.60

23.40%
19.5
13.0
5.0
14.8

Grunt Work

$0.40
$0.20
$0.00
Accrual

InfoDesign

Sustaining

Aspiring

Fiscal Year ended:

ConAgra (CAG)
Dollars in millions except per share amounts
1 (from Cash Flows, 10K p. 46)
Additions to property, plant and equipment
Purchase of leased warehouses
Sale of leased warehouses
Depreciation and ammoritization
Investment fixed capital
2 (from Balance Sheets, 10K p. 44)
Receivables
Inventories
Prepaid expenses and other current assets
Current assets held for sale

4 (from Balance Sheets, 10K p. 44)


Total common stockholder's equity
Average - 2 years
Cost of equity (%)
Cost of equity ($)
Total debt
Interest expense
Total capital
Weighted average cost of capital
Aspiring Interest Expense

2008
(450.6)
(39.2)
35.6
296.7
(157.5)

Total current assets (except cash and cash equivalents)

2008
890.6
1,931.5
451.6
2,667.4
5,941.1

2007
819.0
1,625.1
319.2
1,511.9
4,275.2

Notes payable
Current installments of long-term debt
Accounts payable
Accrued payroll
Other accrued liabilities
Current liabilities held for sale
Total current liabilities

599.8
14.9
786.0
374.2
688.3
1,188.1
3,651.3

21.3
17.9
746.5
334.5
846.3
714.4
2,680.9

Working capital
Investment working capital

2,289.8
695.5

1,594.3

3 (from Notes, 10K p. 49)


Current year - accrual
Advertising costs
Research and development
Total (intangibles reversal)

2008

2007

2006

393.3
68.9
462.2

451.6
68.3
519.9

334.0
54.1
388.1

Depreciation period
Year 1
Year 2
Year 3
Depreciation total (intangibles)

3
154.1
173.3
129.4
456.7

3
173.3
129.4
302.7

3
129.4
129.4

1,370.2
888.8
481.4

908.0
432.0
476.0

388.1
129.4
258.7

Gross accrual expense


Less accumulated depreciation
Net capitalized intangibles

Assets
Total assets

Grunt Work

2008
5,337.4
4,960.2
7.00%
347.2
4,001.6
253.3
8,961.8
6.70%
600.5

2007
4,582.9

2008
13,682.5

2007
11,835.5

Interest bearing debt


Notes payable
Current installments of long-term debt
Senior long-term debt, excluding current installments
Subordinated debt
Total interest bearing debt

2008
599.8
14.9
3,186.9
200.0
4,001.6

2007
21.3
17.9
3,218.6
200.0
3,457.8

Cost of debt
Interest expense
Total debt
Average - 2 years
Total cost of debt (also discount rate)

2008
253.3
4,001.6
3,729.7
6.79%

2007
219.5
3,457.8

InfoDesign

May 2008

Income Statement
Net sales
Cost of sales
Selling, general and administrative expenses
Other expense
Income (loss) from discontinued operations, net of tax
Less: Net income (loss) attributable to noncontrolling interests
Investment income
Investment fixed capital (1)
Investment working capital (2)
Intangibles (3)
+ Intangibles reversal (3)
Interest expense (4)
Pre-tax profits
Income tax rate
Income tax expense
Net profit after tax

Fiscal Year ended:

Recent Price

Accrual
$ 12,028.2
(8,889.7)
(1,907.8)
80.8
44.4
(225.6)
$ 1,130.3
32.4%
(365.7)
$
764.6

Sustaining
$ 12,028.2
(8,889.7)
(1,907.8)
80.8
(89.8)
(96.0)
(225.6)
$
900.1
32.4%
(291.2)
$
608.9

Aspiring
12,028.2
(8,889.7)
(1,907.8)
80.8
(430.5)
520.5
(548.8)
$
852.7
32.4%
(275.9)
$
576.8

May 2007

Earnings Power

Profit Per Share $

Aspiring

BEST

$4.00

Sustaining

ConAgra (CAG)
Dollars in millions except per share amounts

May 2007
$1.14
$1.20
$0.00

($4.00)
($4.00)

$0.00

$4.00

WORST

Diluted weighted average shares outstanding (from Notes, 10K, p. 60)


Book value per share
Profit per share
Dividends per share (from 10K, p. 15)
Net profit margin
Return on assets
Return on stockholder equity
Return on total capital
P/E Ratio
E/P Ratio
Gross profit %
Debt repayment period (years)
Accounts receivable turnover (times)
Inventory turnover (times)
Accounts payable turnover (times)
Notes:

507.1
$

9.04

$
$

1.51
0.72

507.1

507.1
Quality of Profits

6.36%
6.46%
16.68%
9.51%

1.20

1.14

Profit Per Share $ (3 types)


$1.60

5.06%
5.14%
13.29%
7.57%

4.80%
4.87%
12.59%
7.17%

$1.40
$1.20
$1.00
$0.80
$0.60
$0.40

26.09%
5.7
10.0
4.0
10.9

Grunt Work

$0.20
$0.00
Accrual

InfoDesign

Sustaining

Aspiring

Fiscal Year ended:

ConAgra (CAG)
Dollars in millions except per share amounts
1 (from Cash Flows, 10K p. 48)
Additions to property, plant and equipment
Purchase of leased warehouses
Sale of property, plant and equipment
Depreciation and ammoritization
Investment fixed capital
2 (from Balance Sheets, 10K p. 46)
Receivables
Inventories
Prepaid expenses and other current assets
Current assets held for sale

4 (from Balance Sheets, 10K p. 46)


Total common stockholder's equity
Average - 2 years
Cost of equity (%)
Cost of equity ($)
Total debt
Interest expense
Total capital
Weighted average cost of capital
Aspiring Interest Expense

2007
(424.6)
(93.6)
82.4
346.0
(89.8)

Total current assets (except cash and cash equivalents)

2007
1,203.1
2,348.5
719.2
4,270.8

2006
1,178.1
2,130.6
889.0
261.0
4,458.7

Notes payable
Current installments of long-term debt
Accounts payable
Accrued payroll
Other accrued liabilities
Current liabilities held for sale
Total current liabilities

21.3
18.2
1,108.1
336.1
1,197.2
2,680.9

10.0
421.1
867.6
310.8
1,350.7
4.6
2,964.8

Working capital
Investment working capital

1,589.9
96.0

1,493.9

3 (from Notes, 10K p. 52)


Current year - accrual
Advertising costs
Research and development
Total (intangibles reversal)

2007

2006

2005

452.2
68.3
520.5

334.9
54.1
389.0

318.2
63.8
382.0

Depreciation period
Year 1
Year 2
Year 3
Depreciation total (intangibles)

3
173.5
129.7
127.3
430.5

3
129.7
127.3
257.0

3
127.3
127.3

1,291.5
814.8
476.7

771.0
384.3
386.7

382.0
127.3
254.7

Gross accrual expense


Less accumulated depreciation
Net capitalized intangibles

Assets
Total assets

Grunt Work

2007
4,582.9
4,616.5
7.00%
323.2
3,459.5
225.6
8,076.0
6.79%
548.8

2006
4,650.0

2007
11,835.5

2006
11,970.4

Interest bearing debt


Notes payable
Current installments of long-term debt
Senior long-term debt, excluding current installments
Subordinated debt
Total interest bearing debt

2007
21.3
18.2
3,220.0
200.0
3,459.5

2006
10.0
421.1
2,754.8
400.0
3,585.9

Cost of debt
Interest expense
Total debt
Average - 2 years
Total cost of debt (also discount rate)

2007
225.6
3,459.5
3,522.7
6.40%

2006
272.0
3,585.9

InfoDesign

May 2007

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