This is a brief review of Campbell soup's 10K. It is driven by questions to help you find the most important parts in a 10K report. All the questions are answered.

1. Page 1
Please read through the Campbell Soup Company 10-K for the year ending August 2, 2009. Get a feel for the
Campbell business. What is driving sales? Operating margins? What are the capital expenditure
requirements? How is Campbell capitalized? What is their dividend policy?
Source
Page 1
&
Page 2
1. Provide a brief overview of the Campbell Soup business model. Describe their products and
operating segments.
Gampbell Soup is a global manufacturer and marketer of high quality, branded convenience food
products. It was founded in 1869. The company keeps delivering high long-term shareowner returns
by expanding the company’s icon brands through the products, by offering superior quality, which
leads to customer satisfaction, and by making the company’s products even more globally available.
Also, Gampbell Soup Company focuses on strengthening the company by outside partnerships and
acquisitions, by improving the price realization, by engaging innovation and diversity while using
excellent organization plans and by showing its corporate social responsibility.
The company has four operating segments:
1) US Soups, Sauces and Beverages, which includes canned soups, sauces and juice.
2) Banking and Snacking, which includes baked and baking snacks such as cookies, crackers
and frozen products.
3) International Soup, Sauces and Beverages, which includes soup, sauce and beverages
businesses outside the US.
4) North American Food Service which is Campbells away from home operation and distributes
prepared foods through channels in the US and Canada.
In addition, the ingredients, which are required for the production, are purchased from various
suppliers. Raw materials are subject to the fluctuation of the prices due to several reasons such as
weather condition; government-funded programs, crop size and product import and export
requirements.
The Company’s biggest customer is Wal-Mart stores.

2. Page 2
Source
Page 50
2. Describe the Company’s geographical reach. What percentage of sales are generated outside
of North America? How does this compare to the percentage of earnings (before taxes)
generated outside of North America?
North America plays the biggest role in the company’s sales with 73.1% net sales. The percentage
of sales generated outside of North America is 26.9%. This includes net sales in Europe are 8%, in
Australia and Asia Pacific 10.8% and net sales in other countries 8.1%.
Although in Europe the percentage of net sales is 8% there is a negative percentage of earnings
(2.8%). Also, although Australia and Asia Pacific net sales percentage is higher than the net sales
percentage of other countries the percentage of earnings (before taxes) is the same and around
8.1%
Source
Page 2
3. Who is Campbell’s largest customer? Is there significant customer concentration? How do you
think this impacts Campbell’s ability to get paid by its customers?
Campbell’s largest customer is the Wal-Mart store holding18% of the company’s net sales.
Most sales are conducted by the company’s own sales force and through other stores such as drug
stores, retail food chain stores, dollar stores, convenience stores and club stores and in the same
way Campbell’s products are resold to consumers in Europe and Australia/Asia Pacific.
Since Campbell has a large and reliable customer to whom he sells 18% of his total net sales and
the company sells more products through distributors who make the process more efficient it
increases Campbell’s ability to get paid by its customers. Also, another safety measure used by the
company is that it makes shipments promptly after receipt and acceptance of orders.

3. Page 3
Source
Page 4
4. How would you characterize the industry in which Campbell operates in (e.g. is it high-growth,
fragmented, are there low barriers to entry, etc)? How do you think competition impacts sales
and profitability
The food and beverage industry is considered fragmented because although there are some
companies that lead in the industry there is no firm that has such big a market share to be able to
affect the industry’s prices.
Campbell company operates in a highly competitive industry where worldwide competition takes
place because the products produced by its competitors have small differences to the products
Campbell produces. The major areas of competition are brand name, quality, price, advertising and
promotion, convenience and service. Campbell’s main competitor is General Mills’ Progresso soup
brand. As a result, a strong competitive movement from Campbell’s competitors could result in a
price reduction, an increase in the marketing expenses or even in losing of market share.
Source
Page 12
5. What are the seven strategies highlighted in the Company’s disclosure for achieving consistent
and sustainable sales and earnings growth? Which two do you think are most difficult to
execute given current market conditions, and why?
The seven key strategies that Campbell company uses for its sustainable sales and earnings growth
are:
1) The company expands its icon brands with its products.
2) It drives higher level of consumer satisfaction by offering a very good value, quality and
convenience.
3) The company makes its products more broadly available by expanding in existing and new
markets.
4) It aims to its business strengthening through partnerships and acquisitions.
5) Increase margins by improving price realization and company-wide productivity.
6) Improves organization excellence, diversity and innovation.
7) It embodies a powerful commitment to sustainability and corporate social responsibility.
The business strengthening through partnerships and acquisitions is difficult to execute because
companies have different strategies and objectives, which might create many conflict with one
another. Also, the cultural differences play an important role when two companies want to
cooperate.
In addition, Increasing margins by improving price realization and company-wide productivity is also
difficult to execute because Campbell company operates in a highly competitive industry in which a
big competitor’s movement could result in Campbell reducing its products’ prices and increasing its
marketing expenses.

4. Page 4
Source
Page 19
&
Page 20
6. How has Campbell’s marketing and selling expense as a percentage of sales changed
compared to the previous fiscal year? What is driving the change?
Campbell’s marketing and selling expense as a percentage of sales decreased 7% in 2009 from
2008. The main reason for this decrease was impact of the currency but also lower marketing
expenses and lower selling expenses.
Source
Page 52
7. What business (if any) did Campbell acquire in fiscal year 2009? How were these acquisitions
accounted for in the financial statements?
Campbell completed the acquisition of Ecce Panis, Inc., an artisan bread maker, for $66 million
The results of operations of Ecce Panis, Inc. are included in the Baking and Snacking segment and
were not material to 2009 results
The pro forma impact on sales, net earnings or earnings per share for the prior periods would not
have been material
Source
Page 15
&
Page 51
8. List the dollar amount of any costs in 2009 that you don’t expect Campbell to incur in the future
(e.g. non-recurring or one-time charges). Where are they included on the Income Statement?
Non-recurring are found in Discontinued Operations like the tax benefit from Godiva Chocolatier
Business, which had an impact on earnings of $4.
In the income statement they are included in the severance pay and benefits.
Source
Page 3
&
Page 38
9. How much were Campbell’s capital expenditures in the past three years? As a percent of
sales? What is next years expected capital expenditure requirement? ($ millions)
During the past three fiscal years Campbell’s capital expenditures on research activities relating to
new products and improvement were $340. $114 million in 2009, $115 million in 2008 and $111
million in 2007. Each year the capital expenditure as a percent of sales was :
1) 2009 ! [ $114 / $7,586 ] * 100 = 1.5%
2) 2008 ! [ $115 / $7,998 ] * 100 = 1.4%
3) 2007 ! [ $111 / $7,385 ] * 100 = 1.5%
The company expects to spend approximately $350 million for capital projects in fiscal 2010.

5. Page 5
Source
Page 36
&
Page 38
10. Campbell does not report depreciation or amortization on the Income Statement. What line
items would include these expenses? What statement will you find them broken-out on?
Items that would include these expenses are plant assets for depreciation and intangible assets for
amortization. We can find Depreciation and Amortization expenses in the Consolidated Statements
of Cash Flows.
Source
Page 47
11. What assets can be amortized and which ones are not subject to amortization?
Intangible assets subject to amortization Intangible assets not subject to amortization
process technology
customer intangibles
Trademarks
Source
Page 47
12. What was the amortization expense for fiscal year 2009? What is the estimated amortization
expense for the next five years?
($ millions)
Amortization was less than $1 in years 2009, 2008 , 2007.
Source
Page 58
13. What were the Effective and Statutory (including Federal and State) tax rates for Campbell in
2009, 2008 and 2007?
Statutory tax rate: Effective tax rate:
2009: 36.7% 32.2%
2008: 36.5% 28.5%
2007: 36.4% 27.9%*
* In 2007 recorded a tax benefit of $22 resulting from the settlement of bilateral advance pricing
agreements (APA) among the company, the United States, and Canada related to royalties
Source
Page 25
14. Does the Company declare/pay dividends? If so, how often (quarterly, semi-annually, or
annually)? What was the annual dividend per share in 2009, 2008 and 2007?
Yes it pays dividends quarterly. The annual dividend per share in 2009 was $1.00 /share, in 2008 it
was $0.88 / share and in 2007 it was $0.80 / share.

6. Page 6
Source
Page 66
15. How many shares did Campbell repurchase in 2009? In dollars, how much capacity is there
repurchase additional shares under the current Board authorized program?
($ millions, shares millions)
In 2009, the company repurchased $17 million shares at a cost of $527. Approximately $800
remains under the current Board authorized program.
Source
Page 37
Balance
Sheet
16. How much debt (including short-term and long-term) did Campbell have at the end of 2009?
($ millions)
Campbell at the end of 2009 had a total debt of $2,624 including both short-term and long-term
debts.
Source
Page 61
17. What are the aggregate annual maturities of long-term debt over the next five years?
($ millions)
Principal amounts of debt maturities are : $701 in 2011, $2 in 2012, $400 in 2013 and $300 in 2014
and beyond that point $800.
Source
Pages
60-61
18. What are the average interest rates on Campbell’s short-term debt and long-term debt?
2009 weighted average interest rates:
Short-term debt (commercial paper) 0.28%
Long-term debt 5.60%