FINANCIAL INSTRUMENTS BY CATEGORY

Financial instruments by category as of fiscal year 2011 are comprised of the following (all amounts in thousands of Euro):

Loans and Other Receivables Asset/ liabilities at Fair Value Through the Profit and Loss Derivatives Used for Hedging Other Financial Liabilities at Amortised Cost Total Noncurrent: Derivative financial instruments ...€ — € 153 € — € — € 153 Other noncurrent financial

assets... 21,322 — — — 21,322 Receivables from Sara Lee... 494,826 — — — 494,826 Current:

Trade and other receivables... 411,027 — — — 411,027 Derivative financial

instruments ... — 6,824 — — 6,824 Receivables from Sara Lee...1,221,531 — — — 1,221,531 Cash and cash equivalents...1,342,594 — — — 1,342,594 Total assets...€ 3,491,300 € 6,977 € — € — € 3,498,277 Noncurrent:

Borrowings...€ — € — € — € 17,316 € 17,316 Current:

Borrowings... — — — 345,819 345,819 Trade and other payables... — — — 570,159 570,159 Derivative financial

instruments ... — 7,673 1,374 — 9,047 Payables to Sara Lee ... — — — 1,120 1,120 Total liabilities ...€ — € 7,673 € 1,374 € 934,414 € 943,461

Financial instruments by category as of fiscal year 2010 are comprised of the following (all amounts in thousands of Euro): Loans and Other Receivables Asset/ liabilities at Fair Value Through the Profit and Loss Derivatives Used for Hedging Other Financial Liabilities at Amortised Cost Total Noncurrent: Derivative financial instruments...€ — € — € 691 € — € 691 Other noncurrent financial

assets... 21,375 — — — 21,375 Current:

Trade and other receivables... 362,897 — — — 362,897 Derivative financial

instruments... — 21,480 450 — 21,930 Receivables from Sara Lee ...1,849,259 — — — 1,849,259 Cash and cash equivalents ... 663,762 — — — 663,762 Total assets...€ 2,897,293 € 21,480 € 1,141 € — € 2,919,914 Noncurrent:

Borrowings ...€ — € — € — € 321,763 € 321,763 Current:

Borrowings ... — — — 9,020 9,020 Trade and other payables... — — — 484,801 484,801 Derivative financial

instruments... — 20,285 — — 20,285 Payables to Sara Lee... — — — 3,225 3,225 Total liabilities ... € — € 20,285 € — € 818,809 € 839,094

Financial instruments by category as of the fiscal year 2009 are comprised of the following (all amounts in thousands of Euro): Loans and Other Receivables Asset/ liabilities at Fair Value Through the Profit and Loss Derivatives Used for Hedging Other Financial Liabilities at Amortised Cost Total Noncurrent:

Other noncurrent financial

assets...€ 18,572 € — € — € — € 18,572 Current:

Trade and other receivables... 344,717 — — — 344,717 Derivative financial

instruments ... — 13,606 — — 13,606 Receivables from Sara Lee...2,206,895 — — — 2,206,895 Cash and cash equivalents... 506,414 — — — 506,414 Total assets...€ 3,076,598 € 13,606 € — € — € 3,090,204 Noncurrent:

Borrowings...€ — € — € — € 300,504 € 300,504 Current:

Borrowings... — — — 7,492 7,492 Trade and other payables... — — — 448,225 448,225 Derivative financial

instruments ... — 22,954 — — 22,954 Payables to Sara Lee ... — — — 1,228 1,228 Total liabilities ...€ — € 22,954 € — € 757,449 € 780,403

11. DERIVATIVE FINANCIAL INSTRUMENTS

The Group uses derivative financial instruments, including forward exchange, futures, options and swap contracts, to manage its exposures to foreign exchange, commodity prices and interest rate risks. The use of these derivative financial instruments modifies the exposure of these risks with the intent to reduce the risk or cost to the Group. The Group does not use derivatives for trading or speculative purposes and is not a party to leveraged derivatives.

Information on the classification and fair values of derivatives in the combined balance sheets is as follows (all amounts in thousands of Euro): Assets Liabilities Derivative Financial Instruments (Current) Derivative Financial Instruments (Noncurrent) Derivative Financial Instruments (Current) Derivative Financial Instruments (Noncurrent) 2011 2010 2009 2011 2010 2009 2011 2010 2009 2011 2010 2009

Derivatives designated as hedging instruments:

Interest rate contracts ... € — € 450 € — € — € 691 € — € 1,374 € — € — € — € — € — Total derivatives designated as

hedging as instruments ... — 450 — — 691 — 1,374 — — — — — Derivatives not designated as hedging

instruments:

Foreign exchange contracts... 6,079 21,480 13,606 153 — — 7,673 20,285 22,954 — — — Commodity contracts ... 745 — — — — — — — — — — —

Total derivatives not designated as

hedging instruments... 6,824 21,480 13,606 153 — — 7,673 20,285 22,954 — — — Total derivatives ... € 6,824 € 21,930 € 13,606 € 153 € 691 € — € 9,047 € 20,285 €22,954 € — € — € —

Information related to the Group’s fair value hedges and other derivatives not designated as hedging instruments is as follows (all amounts in thousands of Euro):

Interest Rate Contracts

Foreign Exchange

Contracts CommodityContracts Total Year Ended Year Ended Year Ended Year Ended 2011 2010 2009 2011 2010 2009 2011 2010 2009 2011 2010 2009

Fair value derivatives:

Amount of derivative gain (loss) recognised in

earnings (a) ... € (1,345) € 1,141 € — € — € — € 15,214 € — € — € — € (1,345) € 1,141 € 15,214 Amount of hedged item

gain (loss) recognised in

earnings (a) ... 2,347 (429) — — — (10,479) — — — 2,347 (429) (10,479) Derivatives not designated as

hedging instruments: Amount of gain (loss)

recognised in cost of

sales ... — — — — — — 11,075 (913) 10,178 11,075 (913) 10,178 Amount of gain (loss)

recognised in finance

income/expense ... — — — 15,499 (9,769) (115,324) — — — 15,499 (9,769) (115,324) (a) The amount of gain (loss) recognised in earnings on the derivative contracts and the related hedged item is reported in finance expenses.

Interest rate swaps—The Group has three interest rate swaps that convert fixed-rate debt to floating rate debt. As of fiscal years

2011 and 2010, the total notional amount of the Group’s interest rate swaps was €300 million and the fixed interest on the swaps varied from 1.79% to 1.64%. There were no interest rate swaps outstanding at the end of fiscal 2009.

Currency forward exchange, futures and option contracts—The notional value of foreign exchange options contracts

outstanding as of fiscal year 2010 was €7.1 million, as determined by the ratio of the change in option value to the change in the underlying hedged item. There were no foreign exchange option contracts outstanding at the end of fiscal years 2011 and 2009. The net Euro equivalent of commitments to purchase and sell foreign currencies is €1.2 billion and €1.2 billion, respectively, as of fiscal year 2011, €1.1 billion and €1.0 billion, respectively, as of fiscal year 2010 and €1.1 billion and €1.1 billion,

respectively, as of fiscal year 2009.

Commodity futures and options contracts—As of fiscal years 2011, 2010 and 2009, the total notional amount of commodity

futures contracts was €52.8 million, €62.0 million and €40.1 million, respectively, and the total notional amount of commodity option contracts was €50.5 million as of fiscal 2011. The notional amount of commodity futures contracts is determined by the initial cost of the contracts while the notional amount of options contracts is determined by the ratio of the change in option value to the change in the underlying hedged item. There were no option contracts outstanding at the end of fiscal years 2010 and 2009.

12. OTHER NONCURRENT FINANCIAL ASSETS

The composition of other noncurrent assets is as follows (all amounts in thousands of Euro):

2011 2010 2009

Lease receivables ... € 18,451 € 20,314 € 16,705 Other noncurrent assets... 2,871 1,061 1,867 € 21,322 € 21,375 € 18,572

13. INVENTORIES

The composition of inventories is as follows (all amounts in thousands of Euro):

2011 2010 2009

Raw materials (including packaging)...€ 236,122 € 149,550 € 108,827 Work in progress... 13,581 14,118 13,901 Finished goods (including Out of Home machines)... 170,952 130,109 139,810 420,655 293,777 262,538 Provision for write downs ... (6,239) (5,517) (7,101) Total...€ 414,416 € 288,260 € 255,437

The changes in the provision for write downs were as follows (all amounts in thousands of Euro):

2011 2010 2009

Carrying amount at beginning of the year... € (5,517) € (7,101) € (5,569) Additions... (3,779) (4,670) (9,123) Used ... 3,068 6,542 7,484 Currency translation differences ... (11) (288) 107 End of the year ... € (6,239) € (5,517) € (7,101)