INVESTMENTS

Investments consist of the following:



			Successor		Predecessor
Equity Investment	Segment	% Owned	December 29, 2013		April 28, 2013		April 29, 2012
			(in millions)
Campofrío Food Group (CFG)	International	37%	$	351.4	$	376.2	$	385.2
Mexican joint ventures	International	50%	118.0		129.6		111.2
All other equity method investments	Various	Various	27.1		26.6		26.2
Total investments			$	496.5	$	532.4	$	522.6

We record our share of earnings and losses from our equity method investments in (income) loss from equity method investments. Some of these results are reported on a one-month lag which, in our opinion, does not materially impact our consolidated financial statements.

As of December 29, 2013, we held 37.8 million shares of CFG common stock. Shares of CFG are publicly traded on the Bolsa de Madrid Exchange (Madrid Exchange). Our investment in CFG contractually entitles us to two seats on CFG's board of directors, giving us the ability to exert significant influence over the strategic and operational decisions of our investee. The stock is very thinly traded on the Madrid Exchange. CFG is a closely held company, with the three largest shareholders owning approximately 74% of the outstanding shares. We are CFG's largest shareholder, with approximately a 37% interest.

As discussed in Note 2—Merger and Acquisitions, we performed a preliminary allocation of the total purchase consideration from the Merger between the assets acquired and liabilities assumed by WH Group, including our investments. In assessing the fair value of our investment in CFG, we considered a variety of information, including CFG’s history of positive cash flows, expectations about the future cash flows of CFG, market multiples for comparable businesses, and an influence premium applied to the market price of CFG's shares on the Madrid Exchange to adjust for our contractual right to two board seats and our ability to exert significant influence over the operational and strategic decisions.

In November 2013, Mexican processed meats producer Sigma Alimentos (Sigma) announced its intention to tender for all of CFG’s outstanding shares at a bid price of €6.80 per share (the Bid Price). As part of the announcement, Sigma publicly acknowledged that it has obtained commitments to purchase approximately 44.5% of CFG's outstanding shares at the Bid Price. The Bid Price offered by Sigma was also considered in our fair value assessment discussed above. In December 2013, we announced our intention to join Sigma in its tender offer by retaining our 37% interest in CFG. As a result of our agreement with Sigma, the Bid Price was increased to €6.90 per share.

(Income) loss from equity method investments consists of the following:



		Successor			Predecessor
								Fiscal Year Ended
Equity Investment	Segment	September 27 - December 29, 2013			April 29 - September 26, 2013			April 28, 2013			April 29, 2012			May 1, 2011
		(in millions)
CFG ⁽¹⁾	International	$	(0.3	)	$	(0.4	)	$	(4.8	)	$	25.0		$	(17.0	)
Mexican joint ventures	International	2.4			2.1			(9.3		)	(13.4		)	(29.6		)
All other equity method investments	Various	0.5			(1.2		)	(0.9		)	(1.7		)	(3.5		)
Loss (income) from equity method investments		$	2.6		$	0.5		$	(15.0	)	$	9.9		$	(50.1	)

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⁽¹⁾	CFG prepares its financial statements in accordance with International Financial Reporting Standards. Our share of CFG’s results reflects U.S. GAAP adjustments and thus, there may be differences between the amounts we report for CFG and the amounts reported by CFG.

In December 2011, the board of CFG approved a multi-year plan to consolidate and streamline its manufacturing operations to improve operating efficiencies and increase utilization (the CFG Consolidation Plan). The CFG Consolidation Plan includes the disposal of certain assets, employee redundancy costs and the contribution of CFG's French cooked ham business into a newly formed joint venture. As a result, we recorded our share of CFG's charges totaling $38.7 million in loss (income) from equity method investments within the International segment in fiscal 2012.

The following summarized financial information for CFG is based on CFG's financial statements and translated into U.S. Dollars:



			Fiscal Year Ended
	April 29 - December 29, 2013		April 28, 2013		April 29, 2012			May 1, 2011
	(in millions)
Income statement information:
Sales	$	1,717.6	$	2,464.6	$	2,536.1		$	2,433.3
Gross profit	389.9		564.4		583.0			423.0
Net income (loss)	8.1		13.0		(71.2		)	46.1

			December 29, 2013		April 28, 2013			April 29, 2012
			(in millions)
Balance sheet information:
Current assets			$	821.5	$	909.9		$	944.5
Long-term assets			2,051.2		1,926.8			1,930.4
Current liabilities			999.0		993.6			941.9
Long-term liabilities			1,077.7		1,094.2			1,168.1