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Maple Leaf Foods Reports Results for First Quarter 2012

TSX: MFI
www.mapleleaffoods.com

TORONTO, May 2, 2012 /PRNewswire/ – Maple Leaf Foods Inc. (TSX: MFI) today
reported its financial results for the first quarter ended March 31,
2012
.

  • Adjusted Operating Earnings(1) for the first quarter decreased 20% to $40.5 million
  • Net earnings for the first quarter were $0.8 million, compared to $10.5
    million
    in the first quarter last year
  • Adjusted Earnings per Share(2) were $0.11 compared to $0.18 last year

“Our first quarter results were challenged, as expected, due primarily
to weak fresh bakery volumes, an issue is affecting the entire
industry,” said Michael H. McCain, President and CEO. “We are
addressing this challenge directly and expect improved results through
the remainder of 2012. Conversely, we are very pleased with the results
in our Protein Group, particularly considering the significant decline
in commodity industry pork processor margins. While the bakery
business had a slow start, we expect to reach our EBITDA margin target
run rate later this year.”

(1): Adjusted Operating Earnings, a non-IFRS measure, is defined as
earnings from operations before restructuring and other related costs
and associated gains, other income and the impact of the change in fair
value of non-designated interest rate swaps, unrealized (gains) losses
on commodity futures contracts and the change in fair value of
biological assets.

(2): Adjusted Earnings per Share (“Adjusted EPS”), a non-IFRS measure,
is defined as basic earnings per share adjusted for the impact of
restructuring and other related costs and associated gains, the impact
of the change in fair value of non-designated interest rate swaps,
unrealized (gains) losses on commodity futures contracts, and the
change in fair value of biological assets, net of tax and
non-controlling interest.

Please refer to the section entitled Reconciliation of Non-IFRS
Financial Measures at the end of this news release.

Financial Overview

Sales for the first quarter of 2012 increased 1% to $1,160.8 million
compared to $1,147.9 million last year, as higher selling prices across
the business were partially offset by lower volumes in fresh bakery and
fresh pork.

Adjusted Operating Earnings decreased 20% to $40.5 million compared to
$50.7 million last year, primarily due to lower results in the Bakery
Products Group.

Net earnings decreased to $0.8 million ($nil basic earnings per share)
compared to $10.5 million ($0.08 basic earnings per share) last year.
Net earnings included $20.4 million ($0.11 per share) of pre-tax costs
mostly related to the implementation of the Company’s value creation
plan and other restructuring activities (2011: $26.1 million).
Adjusted Earnings per Share declined to $0.11, compared to $0.18 in the
prior year period. Earnings in the first quarter of 2011 included $2.4
million
($0.02 per share) related to tax adjustments associated with a
prior acquisition.

Several items are excluded from the discussions of underlying earnings
performance. These include restructuring charges, mark-to-market
adjustments on hedging contracts that are not designated in a hedging
relationship and mark-to-market adjustments related to biological
assets. Restructuring charges are excluded as they do not reflect the
continuing earnings performance of the business. Mark-to-market
adjustments do not reflect the economic effect of the hedging
transactions and are excluded from earnings discussions until the
underlying asset is sold or transferred. Refer to the section entitled
Reconciliation of Non-IFRS Financial Measures in this news release.

Business Segment Review

Following is a summary of sales by business segment:

First Quarter
(Unaudited)
($ thousands) 2012 2011
Meat Products Group $725,535 $718,240
Agribusiness Group 65,298 57,294
Protein Group $790,833 $775,534
Bakery Products Group 369,990 372,408
Sales $1,160,823 $1,147,942

The following table summarizes Adjusted Operating Earnings by business
segment:

First Quarter
(Unaudited)
($ thousands) 2012 2011
Meat Products Group $22,074 $26,645
Agribusiness Group 19,091 14,005
Protein Group $41,165 $40,650
Bakery Products Group 3,265 12,188
Non-allocated Costs in Adjusted Operating Earnings(i) (3,911) (2,153)
Adjusted Operating Earnings $40,519 $50,685
(i) Non-allocated costs comprise expenses not separately identifiable to
business segment groups, and do not form part of the measures used by
the Company when assessing the segments’ operating results.

Protein Group

Sales for the Protein Group, which includes the Company’s Meat Products
and Agribusiness operations, increased 2% to $790.8 million from $775.5
million
for the prior year period. Adjusted Operating Earnings
increased 1% to $41.2 million compared to $40.7 million for the first
quarter last year. Results for the Company’s Meat Products and
Agribusiness operations should be viewed as a whole, as there are
various factors within the group that work to naturally offset each
other.

Meat Products Group
Includes value-added prepared meats, lunch kits; and fresh pork, poultry
and turkey products sold to retail, foodservice, industrial and
convenience channels. Includes leading Canadian brands such as Maple
Leaf
®, Schneiders ® and many leading sub-brands.

Meat Products Group sales for the first quarter increased 1% to $725.5
million
from $718.2 million for the first quarter last year. After
adjusting for the impact of a weaker Canadian dollar, which increased
the sales value of pork exports, sales were consistent with last year,
as higher fresh pork and prepared meats prices, and higher prepared
meats volumes were offset by lower sales volumes in fresh pork.

Adjusted Operating Earnings decreased 17% to $22.1 million compared to
$26.6 million last year, primarily as a result of lower industry pork
processing market conditions in North America.

The prepared meats business continued to improve margins in the quarter.
Contributing to higher earnings were benefits from the Company’s
network transformation initiatives, including the closure of facilities
in Surrey, B.C. and Berwick, Nova Scotia and an ongoing program to
simplify product mix and focus on more profitable and higher volume
products. Also contributing to higher earnings was an improved retail
sales mix, supported by product innovation, and higher overall sales
volumes. These improvements were partly offset by higher raw material
and inflationary costs that were not yet fully recovered through price
increases implemented in 2011 and early 2012. The Company expects to
realize the full benefit of these price increases in the second
quarter.

Earnings increased in the fresh poultry operations as a result of higher
volumes and improved pricing of value-added products, particularly the Prime chicken product line, and improved plant operating performance. Industry
processor spreads were consistent with the first quarter last year, but
improved from the second half of 2011.

Earnings declined in primary pork processing operations as a result of
industry packer margins that were 98% lower than last year. The
Company partially offset these changes in industry margins through
improved domestic sales contracts and international margins.

Agribusiness Group
Consists of Canadian hog production and animal by-product recycling
operations.

Sales in the Agribusiness Group for the first quarter increased 14% to
$65.3 million in 2012 from $57.3 million in 2011, due to increased
sales volumes and higher selling prices for bio-diesel.

Adjusted Operating Earnings increased 36% to $19.1 million compared to
$14.0 million last year, due to better performance in both hog
production and by-products recycling operations, primarily bio-diesel.
Earnings from hog production operations improved as rising hog prices
outpaced higher feed costs. Performance improved in the by-products
recycling operations as a result of higher prices for biodiesel and
other products.

Bakery Products Group
Includes fresh and frozen bakery products, including breads, rolls,
bagels, specialty and artisan breads, sweet goods, and fresh pasta and
sauces sold to retail, foodservice and convenience channels. It
includes national brands such as Dempster’s
®, Tenderflake®, Olivieri® and New York Bakery CoTM, and many leading regional brands.

Bakery Products Group sales for the first quarter declined 1% to $370.0
million
, compared to $372.4 million last year. After adjusting for the
sale of the Company’s fresh sandwich product line in February 2011, the
strategic exit of unprofitable fresh and in-store bakery bread
categories in the U.K. related to a facility closure, and currency
translation, sales increased 1%. The benefit of price increases
implemented during 2011 was partially offset by a decline in fresh
bakery sales volumes.

Adjusted Operating Earnings declined 73% to $3.3 million compared to
$12.2 million last year. The most significant factor was a decline in
fresh bakery volumes, a trend which has been experienced across the
North American industry. The Company is focusing on expansion in higher
growth categories, strategic customer partnerships and increased
marketing and consumer communications to increase volumes through the
remainder of the year. Earnings were also impacted by higher input
costs and overall inflation, and approximately $3 million in
incremental costs related to inventory write-downs in the fresh pasta
business and duplicative overhead costs as the Company commissions its
new fresh bakery in Hamilton, Ontario. Contributing to earnings in the
quarter were price increases implemented in early 2011 and the sale of
the Company’s fresh sandwich product line in the first quarter of 2011.

During the quarter, the Company closed two bakeries in the Greater
Toronto Area
as it continues to consolidate production into its new
fresh bakery in Hamilton, Ontario. Duplicative overhead costs will
continue until the Company completes the commissioning of the Hamilton
bakery and closes the third Toronto bakery in early 2013.

Profitability in the Company’s frozen bakery operations improved due to
lower selling, general and administrative expenses, higher sales
volumes in North America, and improved sales mix in the U.K. In March
2012
, the Company closed its bakery in Walsall, U.K. as part of a plan
to focus production in its core categories of bagels, croissants and
specialty breads. The Company now operates three facilities in
Rotherham, London and Maidstone. As a result, the business expects to
realize reduced operating costs, higher efficiencies and a higher value
sales mix going forward.

Other Matters

On May 1, 2012, Maple Leaf Foods declared a dividend of $0.04 per share
payable June 29, 2012 to shareholders of record at the close of
business June 8, 2012. Unless indicated otherwise by the Company in
writing on or before the time the dividend is paid, the dividend will
be considered an Eligible Dividend for the purposes of the “Enhanced
Dividend Tax Credit System”.

An investor presentation related to the Company’s first quarter
financial results is available at www.mapleleaffoods.com and can be found under Investor Relations on the Quarterly Results
page. A conference call will be held at 2:30 p.m. EDT on May 2, 2012 to
review Maple Leaf Foods’ first quarter financial results. To
participate in the call, please dial 416-340-8018 or 866-223-7781. For
those unable to participate, playback will be made available an hour
after the event at 905-694-9451 / 800-408-3053 (Passcode 3151597).

A webcast presentation of the first quarter financial results will also
be available at http://investor.mapleleaf.ca/phoenix.zhtml?c=88490&p=irol-audioarchives

The Company’s full financial statements and related Management’s
Discussion and Analysis are available for download on the Company’s
website.

Reconciliation of Non-IFRS Financial Measures

The Company uses the following non-IFRS measures: Adjusted Operating
Earnings and Adjusted EPS. Management believes that these non-IFRS
measures provide useful information to both Management and investors in
measuring the financial performance of the Company for the reasons
outlined below. These measures do not have a standardized meaning
prescribed by IFRS and therefore they may not be comparable to
similarly titled measures presented by other publicly traded companies
and should not be construed as an alternative to other financial
measures determined in accordance with IFRS.

Adjusted Operating Earnings

The following table reconciles earnings from operations before
restructuring and other related costs and associated gains, other
income (expense) and the impact of the change in fair value of
non-designated interest rate swaps, unrealized (gains) losses on
commodity futures contracts and the change in fair value of biological
assets to net earnings as reported under IFRS in the unaudited earnings
for the three month periods ended as indicated below. Management
believes that this is the most appropriate basis on which to evaluate
operating results, as restructuring and other related costs, other
income (expense) and the change in fair value of non-designated
interest rate swaps, unrealized (gains) losses on commodity futures
contracts and the change in fair value of biological assets are not
representative of operational results during the period.

(Unaudited) Three months ended March 31, 2012
($ thousands) Meat
Products
Group
Agribusiness
Group
Bakery
Products
Group
Unallocated
costs
Consolidated
Net earnings $763
Income taxes 2,081
Earnings from operations before income taxes 2,844
Interest expense 17,643
Change in the fair value of non-designated interest rate swaps (5,153)
Other (income) expense 92 (90) (22) 135 115
Restructuring and other related costs 14,472 5,884 20,356
Earnings from Operations 22,074 19,091 3,265 (8,625) 35,805
Increase in fair value of biological assets (2,132) (2,132)
Unrealized losses on commodity futures contracts 6,846 6,846
Adjusted Operating Earnings $22,074 $19,091 $3,265 ($3,911) $40,519
(Unaudited) Three months ended March 31, 2011
($ thousands) Meat
Products
Group
Agribusiness
Group
Bakery
Products
Group
Unallocated
costs
Consolidated
Net earnings $10,547
Income taxes 2,426
Earnings from operations before income taxes 12,973
Interest expense 17,951
Change in the fair value of non-designated interest rate swaps (4,665)
Other (income) expense (4) (89) (78) 15 (156)
Restructuring and other related costs 5,281 20,050 794 26,125
Earnings from Operations 26,645 14,005 12,188 (610) 52,228
Increase in fair value of biological assets (5,507) (5,507)
Unrealized losses on commodity futures contracts 3,964 3,964
Adjusted Operating Earnings $26,645 $14,005 $12,188 ($2,153) $50,685

Adjusted Earnings per Share

The following table reconciles Adjusted Earnings per Share to basic
earnings per share as reported under IFRS as indicated below.
Management believes this is the most appropriate basis on which to
evaluate financial results as restructuring and other related costs and
associated gains, the changes in the fair value of non-designated
interest rate swaps, unrealized (gains) losses on commodity futures
contracts and the change in fair value of biological assets net of tax
and non-controlling interests are not representative of operational
results.

Three months ended
March 31,
(Unaudited)
($ per share) 2012 2011
Basic earnings per share $ 0.00 $ 0.08
Restructuring and other related costs(i) 0.11 0.13
Change in the fair value of non-designated
interest rate swaps(ii)
(0.03) (0.02)
Change in the fair value of unrealized losses on
commodity futures contracts(ii)
0.03 0.02
Change in the fair value of biological assets (ii) (0.01) (0.03)
Adjusted Earnings per Share (iii) $ 0.11 $ 0.18
(i) Includes per share impact of restructuring and other related costs, net
of tax and non-controlling interest.
(ii) Includes per share impact of the change in fair value of non-designated
interest rate swaps, unrealized (gains) losses on commodity futures
contracts and the change in fair value of biological assets, net of
tax.
(iii) May not add due to rounding.

Forward-Looking Statements

This document contains, and the Company’s oral and written public
communications often contain, “forward-looking information” within the
meaning of applicable securities law. These statements are based on
current expectations, estimates, forecasts and projections about the
industries in which the Company operates and beliefs and assumptions
made by the Management of the Company. Such statements include, but are
not limited to, statements with respect to objectives and goals, as
well as statements with respect to beliefs, plans, objectives,
expectations, anticipations, estimates and intentions. Specific
forward-looking information in this document includes, but is not
limited to, statements with respect to the anticipated benefits,
timing, actions, costs and investments associated with the Company’s
Value Creation Plan, expectations regarding improving business trends,
expectations regarding actions to reduce costs, restore and/or promote
volumes and/or increase prices, improve efficiencies, expected
duplicative overhead costs incurred due to the concurrent operation of
the new Hamilton fresh bakery and existing bakeries, the expected use
of cash balances, source of funds for ongoing business requirements,
capital investments and debt repayment, and expectations regarding
sufficiency of the allowance for uncollectible accounts. Words such as
“expect”, “anticipate”, “intend”, “attempt”, “may”, “will”, “plan”,
“believe”, “seek”, “estimate”, and variations of such words and similar
expressions are intended to identify such forward-looking information.
These statements are not guarantees of future performance and involve
assumptions and risks and uncertainties that are difficult to predict.

In addition, these statements and expectations concerning the
performance of the Company’s business in general are based on a number
of factors and assumptions including, but not limited to: the condition
of the Canadian, U.S., U.K. and Japanese economies; the rate of
exchange of the Canadian dollar to the U.S. dollar, U.K. British pound
and the Japanese yen; the availability and prices of raw materials,
energy and supplies; product pricing; the availability of insurance;
the competitive environment and related market conditions; improvement
of operating efficiencies whether as a result of the Value Creation
Plan or otherwise; continued access to capital; the cost of compliance
with environmental and health standards; no adverse results from
ongoing litigation; no unexpected actions of domestic and foreign
governments; and the general assumption that none of the risks
identified below or elsewhere in this document will materialize. All
of these assumptions have been derived from information currently
available to the Company including information obtained by the Company
from third-party sources. These assumptions may prove to be incorrect
in whole or in part. In addition, actual results may differ materially
from those expressed, implied or forecasted in such forward-looking
information, which reflect the Company’s expectations only as of the
date hereof.

Factors that could cause actual results or outcomes to differ materially
from the results expressed, implied or forecasted by forward-looking
information is discussed more fully in the Company’s Annual
Management’s Discussion and Analysis for the period ended December 31,
2011
including the section entitled “Risk Factors”, that are updated
each quarter in the Management’s Discussion and Analysis, and are
available on SEDAR at www.sedar.com. The Company does not intend to, and the Company disclaims any
obligation to, update any forward-looking information, whether written
or oral, or whether as a result of new information, future events or
otherwise except as required by law.

Maple Leaf Foods Inc. (“Maple Leaf” or the “Company”) is a leading
Canadian value-added meat, meals and bakery company committed to
delivering quality food products to consumers around the world.
Headquartered in Toronto, Canada, the Company employs approximately
19,500 people at its operations across Canada and in the United States,
Europe and Asia.

Condensed Consolidated Interim Financial Statements
(Expressed in Canadian dollars)
(Unaudited)

MAPLE LEAF FOODS INC.

Three months ended March 31, 2012 and 2011

consolidated balance sheets

As at March 31, As at March 31, As at December 31,
(In thousands of Canadian dollars) 2012 2011 2011
(unaudited) (unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 1,279 $ 15,936 $
Accounts receivable 98,993 111,671 133,504
Notes receivable 127,321 115,762 98,545
Inventories 326,483 299,024 293,231
Biological assets 53,003 52,989 49,265
Income and other taxes recoverable 50,258 39,138 43,789
Prepaid expenses and other assets 20,085 33,436 24,688
Assets held for sale 30,660
$ 708,082 $ 667,956 $ 643,022
Property and equipment 1,070,342 1,034,756 1,067,246
Investment property 12,346 11,523 11,232
Employee benefits 139,531 170,307 133,942
Other long-term assets 11,466 8,888 11,926
Deferred tax asset 123,857 95,183 127,456
Goodwill 753,322 751,484 753,739
Intangible assets 199,411 169,752 191,896
Total assets $ 3,018,357 $ 2,909,849 $ 2,940,459
LIABILITIES AND EQUITY
Current liabilities
Bank indebtedness $ 4,786 $ $ 36,404
Accounts payable and accruals 451,609 469,243 482,059
Provisions 38,291 49,659 44,255
Current portion of long-term debt 5,677 250,286 5,618
Other current liabilities 19,421 84,276 20,409
$ 519,784 $ 853,464 $ 588,745
Long-term debt 1,085,649 691,278 941,956
Employee benefits 366,560 223,928 350,853
Provisions 28,977 26,400 28,936
Other long-term liabilities 84,888 92,288 88,153
Deferred tax liability 8,440 22,911 11,703
Total liabilities $ 2,094,298 $ 1,910,269 $ 2,010,346
Shareholders’ equity
Share capital $ 902,810 $ 902,810 $ 902,810
Retained deficit (91,099) (197) (78,674)
Contributed surplus 69,763 63,279 64,327
Accumulated other comprehensive loss (15,255) (18,098) (17,042)
Treasury stock (6,347) (10,078) (6,347)
Total shareholders’ equity $ 859,872 $ 937,716 $ 865,074
Non-controlling interest 64,187 61,864 65,039
Total equity $ 924,059 $ 999,580 $ 930,113
Total liabilities and equity $ 3,018,357 $ 2,909,849 $ 2,940,459

consolidated statements of earnings

Three months ended March 31
(In thousands of Canadian dollars, except share amounts)
(Unaudited) 2012 2011
Sales $ 1,160,823 $ 1,147,942
Cost of goods sold 989,882 966,689
Gross margin $ 170,941 $ 181,253
Selling, general and administrative expenses 135,136 129,025
Earnings before the following: $ 35,805 $ 52,228
Restructuring and other related costs (20,356) (26,125)
Change in fair value of non-designated interest rate swaps 5,153 4,665
Other (expense) income (115) 156
Earnings before interest and income taxes $ 20,487 $ 30,924
Interest expense 17,643 17,951
Earnings before income taxes $ 2,844 $ 12,973
Income taxes 2,081 2,426
Net earnings $ 763 $ 10,547
Attributed to:
Common shareholders $ 679 $ 10,662
Non-controlling interest 84 (115)
$ 763 $ 10,547
Earnings per share attributable to common shareholders
Basic earnings per share $ 0.00 $ 0.08
Diluted earnings per share $ 0.00 $ 0.07
Weighted average number of shares (millions) 139.5 139.2

consolidated statements of comprehensive (loss) income

Three months ended March 31
(In thousands of Canadian dollars)
(Unaudited) 2012 2011
Net earnings $ 763 $ 10,547
Other comprehensive (loss) income
Change in accumulated foreign currency translation adjustment (2,217) (1,211)
Change in unrealized gains and losses on cash flow hedges 3,706 5,038
Change in actuarial gains and losses (7,654)
$ (6,165) $ 3,827
Comprehensive (loss) income $ (5,402) $ 14,374
Attributed to:
Common shareholders $ (5,058) $ 15,149
Non-controlling interest (344) (775)

consolidated statements of changes in total equity

Attributable to common shareholders
Total
accumulated
other Non-
(In thousands of Canadian dollars) Share Retained Contributed comprehensive Treasury controlling Total
(Unaudited) capital deficit surplus loss stock interest equity
Balance at December 31, 2011 $ 902,810 $ (78,674) $ 64,327 $ (17,042) $ (6,347) $ 65,039 $ 930,113
Net earnings 679 84 763
Other comprehensive
(loss) income (7,524) 1,787 (428) (6,165)
Dividends declared
($0.04 per share) (5,580) (508) (6,088)
Stock-based compensation
expense 5,436 5,436
Balance at March 31, 2012 $ 902,810 $ (91,099) $ 69,763 $ (15,255) $ (6,347) $ 64,187 $ 924,059
Attributable to common shareholders
Total
accumulated
other Non-
(In thousands of Canadian dollars) Share Retained Contributed comprehensive Treasury controlling Total
(Unaudited) capital deficit surplus loss stock interest equity
Balance at December 31, 2010 $ 902,810 $ (5,267) $ 59,002 $ (22,585) $ (10,078) $ 62,890 $ 986,772
Net earnings 10,662 (115) 10,547
Other comprehensive
income (loss) 4,487 (660) 3,827
Dividends declared
($0.04 per share) (5,592) (251) (5,843)
Stock-based compensation
expense 4,277 4,277
Balance at March 31, 2011 $ 902,810 $ (197) $ 63,279 $ (18,098) $ (10,078) $ 61,864 $ 999,580

consolidated statements of cash flows

Three months ended March 31
(In thousands of Canadian dollars)
(Unaudited) 2012 2011
CASH (USED IN) PROVIDED BY:
Operating activities
Net earnings $ 763 $ 10,547
Add (deduct) items not affecting cash:
Change in fair value of biological assets (2,132) (5,507)
Depreciation and amortization 31,389 32,869
Stock-based compensation 5,436 4,277
Deferred income taxes 226 1,130
Income tax current 1,855 1,286
Interest expense 17,643 17,951
Loss (gain) on sale of property and equipment 20 (24)
Amortization of terminated interest rate swap 503
Change in fair value of non-designated interest rate swaps (5,153) (4,665)
Change in fair value of derivative financial instruments 5,949 4,373
(Increase) decrease in pension asset (177) 2,457
Net income taxes paid (5,599) (9,998)
Interest paid (16,793) (3,364)
Change in provision for restructuring and other related costs 5,443 20,652
Other (949) (2,703)
Change in non-cash operating working capital (62,870) (62,088)
Cash (used in) provided by operating activities $ (24,949) $ 7,696
Financing activities
Dividends paid $ (5,580) $ (5,592)
Dividends paid to non-controlling interest (508) (251)
Net increase in long-term debt 150,000 77,805
Increase in financing costs (2,138)
Other (462)
Cash provided by financing activities $ 143,450 $ 69,824
Investing activities
Additions to long-term assets $ (55,806) $ (50,334)
Acquisition of business (31,130)
Capitalization of interest expense (1,214) (1,377)
Proceeds from sale of long-term assets 2,546 5,437
Other 548
Cash used in investing activities $ (85,604) $ (45,726)
Increase in cash and cash equivalents $ 32,897 $ 31,794
Net cash and cash equivalents, beginning of period (36,404) (15,858)
Net cash and cash equivalents, end of period $ (3,507) $ 15,936
Net cash and cash equivalents is comprised of:
Cash and cash equivalents $ 1,279 $ 15,936
Bank indebtedness (4,786)
Net cash and cash equivalents, end of period $ (3,507) $ 15,936

segmented financial information

Three months ended March 31
(In thousands of Canadian dollars)
(Unaudited) 2012 2011
Sales
Meat Products Group $ 725,535 $ 718,240
Agribusiness Group 65,298 57,294
Bakery Products Group 369,990 372,408
$ 1,160,823 $ 1,147,942
Earnings before restructuring and other related costs and other income
Meat Products Group $ 22,074 $ 26,645
Agribusiness Group 19,091 14,005
Bakery Products Group 3,265 12,188
Non-allocated costs (8,625) (610)
$ 35,805 $ 52,228
Capital expenditures
Meat Products Group $ 38,972 $ 14,417
Agribusiness Group 3,080 2,633
Bakery Products Group 13,754 33,284
$ 55,806 $ 50,334
Depreciation and amortization
Meat Products Group $ 14,766 $ 15,819
Agribusiness Group 3,943 3,940
Bakery Products Group 12,680 13,110
$ 31,389 $ 32,896
As at March 31, As at March 31, As at December 31,
2012 2011 2011
Total assets
Meat Products Group $ 1,499,693 $ 1,576,863 $ 1,465,576
Agribusiness Group 260,019 248,754 223,013
Bakery Products Group 920,479 850,571 937,292
Non-allocated assets 338,166 233,661 314,578
$ 3,018,357 $ 2,909,849 $ 2,940,459
Goodwill
Meat Products Group $ 442,805 $ 442,336 $ 442,336
Agribusiness Group 13,845 13,939 13,845
Bakery Products Group 296,672 295,209 297,558
$ 753,322 $ 751,484 $ 753,739

SOURCE Maple Leaf Foods Inc.

Investor Contact: Nick Boland,
VP Investor Relations: 416-926-2005
Media Contact: 416-926-2020