Análisis del Coloquio de los perros: puntos en común con la obra de Pirandello

The selected financial data as of July 2, 2011, July 3, 2010 and June 27, 2009 and for the years then ended have been derived from our audited combined financial statements, which are included elsewhere in this prospectus. Our audited combined financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board and adopted by the European Union and have been audited by PricewaterhouseCoopers Accountants N.V., an independent registered public accounting firm.

The selected financial data as of December 31, 2011 and for the periods from July 3, 2011 to December 31, 2011 and July 4, 2010 to January 1, 2011 have been derived from our unaudited condensed combined financial statements, which are included elsewhere in this prospectus. These unaudited condensed combined financial statements have been prepared in accordance with IAS 34. The unaudited combined financial data has been prepared on a basis consistent with the basis on which our audited combined financial statements have been prepared, except for income taxes in the interim periods which are based on the estimated effective tax rate for the full fiscal year, and, in the opinion of our management, includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of such data. These interim results are not necessarily indicative of results to be expected for the full year. We refer to our unaudited condensed combined financial statements, along with our audited combined financial statements, as our combined financial statements.

The combined financial statements were prepared on a “carve-out” basis for purposes of presenting our financial position, results of our operations and cash flows. We did not operate as a stand-alone entity in the past and accordingly the selected financial data presented herein is not necessarily indicative of our future performance and does not reflect what our financial performance would have been had we operated as an independent publically traded company during the periods presented.

Our combined financial statements have been revised to reflect a change in our basis of preparation as described in note 1 of our audited combined financial statements and our unaudited condensed combined financial statements. As a consequence of this change, the liabilities that will be assumed from Sara Lee were removed from the historical combined financial statements and are reflected instead in the unaudited pro forma combined financial information.

You should read the selected financial information in conjunction with our combined financial statements and related notes, “Summary Historical and Unaudited Pro Forma Combined Financial Information” and “Operating and Financial Review” included elsewhere in this prospectus. Our historical results do not necessarily indicate our expected results for any future periods.

Half Year Ended Fiscal Year Ended

December 31, 2011 January 1, 2011 July 2, 2011 July 3, 2010(1) _{June 27, 2009}

(amounts in millions of euro, except percentages)

Combined Income Statement Data

Sales ... € 1,387.2 € 1,231.0 € 2,601.6 € 2,315.5 € 2,234.5 Cost of sales... 878.3 744.8 1,616.6 1,346.1 1,333.9 Gross profit... 508.9 486.2 985.0 969.4 900.6

Selling, general and administrative expenses ... 402.8 334.4 653.7 622.7 554.1

Operating profit ... 106.1 151.8 331.3 346.7 346.5 Finance income, net ... 66.1 38.1 91.8 55.3 128.0 Finance costs, net... 1.3 19.5 45.3 (14.7) 12.0

Share of profit from associates... 0.7 1.3 2.2 2.7 3.4

Profit before income taxes ... 171.6 171.7 380.0 419.4 465.9 Income tax expense... 101.1 47.1 104.0 179.4 127.4 Profit for the period ... € 70.5 € 124.6 € 276.0 € 240.0 € 338.5

Combined Balance Sheet Data (at period end)

Cash and cash equivalents(2)_{... € 1,995.4 € 1,342.6 € 663.8 € 506.4}

Trade receivables... 340.4 325.1 296.0 281.0 Inventories ... 485.8 414.4 288.3 255.4 Trade payables... 244.9 264.7 198.3 185.5

Property, plant and equipment ... 372.3 369.9 365.6 372.6

Total borrowings... 403.7 363.1 330.8 308.0 Total parent’s net investment(3)_{... 3,604.2 3,311.8 2,555.2 2,836.8}

Combined Cash Flow Data

Cash generated from (used in) operating activities(4)_{... € (11.3) € 135.9 € 281.7 € 364.8 € 194.0}

Cash generated from (used in) investing activities(5)_{... 466.0 (1,031.7) 70.8 353.7 (70.6)}

Cash generated from (used in) financing activities(5)_{... 196.5 1,704.7 340.2 (564.0) (346.3)}

Other Financial Data

Sales growth ... 12.7% n/a 12.4% 3.6% n/a Like for like sales growth(6)_{... 11.9% n/a 10.1% (0.9)% n/a}

EBIT(7)_{... € 106.8 € 153.1 € 333.5 € 349.4 € 349.9}

EBIT margin(8)_{... 7.7% 12.4% 12.8% 15.1% 15.7%}

Adjusted EBIT(7)_{... € 168.6 € 185.1 € 363.3 € 370.9 € 355.2}

Adjusted EBIT margin(8)_{... 12.2% 15.0% 14.0% 16.0% 15.9%}

Working capital(9)_{... € 2,711.6 € 2,247.7 € 2,402.5 € 2,606.5}

Operating working capital(9)_{... € 581.3 € 474.8 € 386.0 € 350.9}

Operating working capital as a percentage of sales(9)_{... 21.1% 18.3% 16.7% 15.7%}

Free cash flow(10)_{... € (54.7) € 103.1 € 204.2 € 299.1 € 117.4}

Net cash(11)_{... € 1,591.7 € 979.5 € 333.0 € 198.4}

Capital expenditures ... € 43.4 € 32.8 € 77.5 € 65.7 € 76.6 (1) The Group’s fiscal year ends on the Saturday closest to June 30. Fiscal year 2010 was 53 weeks and fiscal years 2009 and 2011 were each 52 weeks.

(2) As a consequence of various transactions in connection with the separation, we estimate our cash and cash equivalents will decrease to approximately €150 million immediately after separation.

(3) As the entities within Sara Lee’s international coffee and tea operations were not held by a single legal entity prior to the separation, parent’s net investment is shown in place of shareholders’ equity. The total parent’s net investment will decrease significantly as a consequence of various transactions related to the separation.

(4) For purposes of the combined financial statements, we have assumed all taxes were settled by Sara Lee, and as a result there are no cash taxes reflected in our operating cash flows. As a consequence, our future operating cash flows will be reduced by tax payments which are currently reflected as distributions to Sara Lee in financing activities in the combined statement of cash flow.

(5) Our investing cash flows reflect cash inflows of €522.7 million, €156.9 million and €402.6 million in the first half fiscal 2012, fiscal 2011 and fiscal 2010, respectively, and cash outflows of €978.4 million and €30.3 million in the first half fiscal 2011 and fiscal 2009, respectively, related to loans provided by us to Sara Lee and the associated interest income. These loans will be fully settled or forgiven in connection with the separation, which will have a significant impact on our future investing cash flows. Our financing cash flows reflect contributions from Sara Lee of €158.8 million, €1,638.9 million and €342.6 million in the first half fiscal 2012 and 2011 and in fiscal 2011,

(6) We define like for like sales as sales calculated at a constant exchange rate and adjusted to eliminate the 53rd_{week and acquisitions during the period. We have included like}

for like sales to provide the investor a more clear understanding of our sales growth on a comparable basis. Like for like sales is not a measure in accordance with IFRS and accordingly should not be considered as an alternative to sales. The following table provides a reconciliation from sales to like for like sales:

Half Year Ended Fiscal Year Ended

December 31, 2011 January 1, 2011 July 2, 2011 July 3, 2010 June 27, 2009

(amounts in millions of euro, except percentages)

Sales... € 1,387.2 € 1,231.0 € 2,601.6 € 2,315.5 € 2,234.5 Adjustments:

Foreign exchange(a)_{... 2.5 (6.7) (132.6) (43.5) 19.4}

53rd_{week ... n/a n/a n/a (34.6) n/a}

Café Moka acquisition... (13.5) (12.7) (19.3) (31.4) (27.6)

Café Damasco acquisition ... (22.8) (2.4) (20.8) n/a n/a

Like for like sales...€ 1,353.4 € 1,209.2 € 2,428.9 € 2,206.0 € 2,226.3

Like for like sales growth... 11.9% n/a 10.1% (0.9)% n/a (a) The foreign exchange adjustments are calculated at the budgeted exchange rate for fiscal 2012 for the interim periods and at the budgeted fiscal 2011 exchange rate for

all annual periods. These rates may differ from the average exchange rate for the period. The currencies with the most significant impact are the Australian dollar and the Brazilian Real. The budgeted exchange rates were 1.36 and 1.64 for the Australian Dollar and 2.38 and 2.74 for the Brazilian Real for fiscal 2012 and 2011, respectively.

(7) EBIT is defined as profit for the period before finance income, finance costs and income taxes. We define adjusted EBIT as EBIT before share of profit from associates and adjusted to exclude items management believes are unrelated to its underlying business and that are excluded from our segment profitability. We have included adjusted EBIT as it is a key performance metric used by management across our business. In addition, we believe these are useful measures for investors in understanding the performance of our underlying operations. These profit measures are not financial measures calculated in accordance with IFRS and may not be comparable to similar measures presented by other companies. Accordingly, they should not be considered as an alternative to operating profit or profit for the period. The following tables provide a reconciliation from profit for the period to these non-IFRS measures:

Half Year Ended Fiscal Year Ended

December 31, 2011 January 1, 2011 July 2, 2011 July 3, 2010 June 27, 2009

(all amounts in millions of euro)

Profit for the period...€ 70.5 € 124.6 € 276.0 € 240.0 €338.5 Finance income, net... (66.1) (38.1) (91.8) (55.3) (128.0) Finance costs, net(a)_{... 1.3 19.5 45.3 (14.7) 12.0}

Income taxes ... 101.1 47.1 104.0 179.4 127.4

EBIT ... 106.8 153.1 333.5 349.4 349.9

Share of profit from associates ... (0.7) (1.3) (2.2) (2.7) (3.4)

Adjustments:

Restructuring charges ... 35.5 27.6 25.2 5.4 36.2

Restructuring related... 20.1 2.4 7.8 9.1 6.8

Curtailment and past service costs ... — — (13.1) — (23.8)

Impairment ... 6.5 — 5.6 — —

Gain on sale of assets... — — — — (17.2)

Branded apparel costs(b)_{... 0.5 2.6 3.5 7.9 6.7}

Other... (0.1) 0.7 3.0 1.8 —

Total adjustments... 62.5 33.3 32.0 24.2 8.7

Adjusted EBIT ... € 168.6 € 185.1 € 363.3 € 370.9 €355.2 (a) Our finance costs include foreign currency gains and losses, excluding those related to commodities, and the change in fair value of foreign currency and interest rate

financial instruments.

(b) We are legally responsible for and managed certain liabilities associated with the branded apparel business Sara Lee sold prior to fiscal 2009. The liabilities, which include pensions, medical claims and environmental liabilities, are reflected in our combined financial statements. We exclude the impact of these items in assessing our profitability as they are unrelated to our ongoing business.

(8) EBIT margin and adjusted EBIT margin represent EBIT and adjusted EBIT as defined above divided by sales.

(9) Working capital is defined as current assets less current liabilities. We define operating working capital as inventory and trade receivables less trade payables. We have included operating working capital as the components of this measure are controlled by management and we use this measure to set management targets.

The components of operating working capital are derived from our combined financial statements; however, this is not a measure calculated in accordance with IFRS and may not be comparable to similar measures presented by other companies. Accordingly, operating working capital should not be considered as an alternative to operating cash flow.

(10) For the purpose of this prospectus, we have defined free cash flow as cash flows from operations less capital expenditures. We have included free cash flow as we believe it is a useful measure for investors. Free cash flow is derived from our combined financial statements; however, this is not a measure calculated in accordance with IFRS and may not be comparable to similar measures presented by other companies. Accordingly, free cash flow should not be considered as an alternative to operating cash flow. The following provides a reconciliation from operating cash flow to this non-IFRS measure:

Half Year Ended Fiscal Year Ended

December 31, 2011 January 1, 2011 July 2, 2011 July 3, 2010 June 27, 2009

(all amounts in millions of euro)

Operating Cash Flow ... (11.3) 135.9 € 281.7 € 364.8 € 194.0 Less: capital

expenditures ... (43.4) (32.8) (77.5) (65.7) (76.6)

Free Cash Flow... (54.7) 103.1 € 204.2 € 299.1 € 117.4

(11) Net cash is defined as total cash and cash equivalents minus total borrowings (the sum of current borrowings and non-current borrowings). We have included net cash as we believe it is a useful measure for investors. As a consequence of various transactions between us and Sara Lee in connection with the separation, we estimate our borrowings will increase to approximately €550 million immediately following the separation and our cash and cash equivalents will decrease to approximately €150 million. Assuming these amounts, we would have net debt (total borrowing less cash and cash equivalents) of approximately €400 million immediately following the separation.