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Segmented Operating Results

Financial Highlights
Segmented Operating Results

Protein Group

(In millions of Canadian dollars)
 		2012 2011
(i)
 % Change
(i)
Meat Products Group
Sales 3,003 3,039 (1.2
)%
Adjusted operating earnings 121 96 26.3
%
Total assets 1,617 1,466 10.4
%
Agribusiness Group
Sales 295 260 13.5
%
Adjusted operating earnings 68 82 (16.4
)%
Total assets 275 223 23.4
%
Total Protein Group
Sales 3,298 3,299 0.0
%
Adjusted operating earnings 190 178 6.6
%
Total assets 1,893 1,689 12.1
%

Operating Groups

The Meat Products Group consists of value-added prepared meats; lunch kits; and value-added fresh pork, poultry and turkey products.

The Agribusiness Group operations include hog production and animal by-products recycling operations.

(i) Amounts may not recalculate due to rounding.

Bakery Products Group

(In millions of Canadian dollars)
 		2012 2011
(i)
 % Change
(i)
Total Bakery Products Group
Sales 1,567 1,595 (1.7
)%
Adjusted operating earnings 98 86 13.1
%
Total assets 1,005 937 7.3
%

The Bakery Products Group is comprised of Maple Leaf’s 90.0% ownership in Canada Bread Company, Limited (“Canada Bread”), a producer of fresh and frozen value-added bakery products, and specialty pasta and sauces.

(i) Amounts may not recalculate due to rounding.

Sales by Group
Meat Products 62%
Bakery Products 32%
Agribusiness 6%
Domestic vs. International Sales
Domestic 77%
Other International 12%
U.S. 11%
Total Assets by Group
Meat Products 50%
Bakery Products 31%
Agribusiness 8%
Non-allocated 11%
Adjusted Operating Earnings
Meat Products 43%
Bakery Products 34%
Agribusiness 23%