| Hershey Food Case |
| ($millions) |
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 |
| current assets | 1,167.5 | 1,194.6 | 1,254.3 | 1,317.0 | 1,382.9 | 1,452.0 | 1,524.6 | 1,600.8 | 1,680.9 | 1,764.9 | 1,853.2 |
| non-debt current liabilities | 598.5 | 543.0 | 570.1 | 598.6 | 628.6 | 660.0 | 693.0 | 727.6 | 764.0 | 802.2 | 842.3 |
| net operating working capital | 569.0 | 651.6 |
| Net PPE and other tangible assets | 1,691.2 | 1,737.5 | 1,824.4 | 1,915.6 | 2,011.4 | 2,112.0 | 2,217.6 | 2,328.5 | 2,444.9 | 2,567.1 | 2,695.5 |
| NOPAT | | 386.3 | 433.2 | 483.9 | 508.1 | 533.5 | 560.1 | 588.1 | 617.5 | 648.4 | 680.8 |
| Change in net operating WC | | 82.6 |
| Change in Net PPE and other tangible assets | | 46.3 |
| FCF = NOPAT minus the net investment* in WC and PPE | | 257.4 |
| WACC | 7.59% |
| Assumed FCF growth rate beyond 2011; 4% |
| *net investment means net change |