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ValuEngine Detailed Valuation Report for SON

ValuEngine Detailed Valuation Report for SON

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Publicado porValuEngine.com
Advanced academic research that brings you superior investment strategies in an actionable format. The most comprehensive and useful report available. ValuEngine's three models: Valuation Model, Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Consensus EPS trend and Earnings Surprise statistics provide additional insights. Also, detailed Company Profile, ValuEngine Fair Valuation; 1-3-6 month and 1-2-3 yr forecasts, ValuEngine 1-5 Engine Rating, Multi-stock comparison, Financials, Earnings Estimates, Risk Assessment, Data Summary and much more.
Advanced academic research that brings you superior investment strategies in an actionable format. The most comprehensive and useful report available. ValuEngine's three models: Valuation Model, Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Consensus EPS trend and Earnings Surprise statistics provide additional insights. Also, detailed Company Profile, ValuEngine Fair Valuation; 1-3-6 month and 1-2-3 yr forecasts, ValuEngine 1-5 Engine Rating, Multi-stock comparison, Financials, Earnings Estimates, Risk Assessment, Data Summary and much more.

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VgluEngine

TM

DETAILED RESEARCH REPORT
Feb. 04, 2011

SONOCO PRODUCTS(SON)
VALUENGINE RECOMMENDATION & BASIC INFORMATION
4 5 ©ValuEngine.com 2011
POSITIVE outperform

RECOMMENDATION NEGATIVE underperform NEUTRAL match

40 35 30 25 20 15 10

2.00

Volume (million)

1.75 1.50 1.25 1.00 .75 .50 .25 2007 2008 Model Price 2009 Volume 2010 Sell Hold 2011 Buy

VALUENGINE RATING

RECOMMENDATION FACTORS Value Overall Rank Fair Value 1Yr Target Price P/E Ratio Last 1-Y Return Market Cap(bil) $35.17 $36.81 15.59 34.20% $3.64 Rank top 12% top 38% top 41% top 30% top 34% top 18%

Price

5 0 2006

Close Price

VALUENGINE RECOMMENDATION
ValuEngine has issued a HOLD recommendation for SONOCO PRODUCTS on Feb. 04, 2011. Based on the information we have gathered and our resulting research, we feel that SONOCO PRODUCTS has the probability to ROUGHLY MATCH average market performance for the next year. The company exhibits ATTRACTIVE volatility and company size, but UNATTRACTIVE market/book ratio and expected EPS growth.

BASIC INFORMATION Last Trade Trade Date Market Cap(bil) Trailing P/E Forward P/E PEG Ratio P/S Ratio M/B Ratio Sharpe Ratio 5-Y Avg Ann Return Volatility EPS Growth Annual Dividend Dividend Yield LT Debt/Equity Beta VALUATION ANALYSIS SON Industry Sector Today's Fair value: $35.17 2.86% overvalued Containers-paper/plastic 11.52% overvalued Industrial Products 16.33% overvalued $36.18 02/03/11 $3.64181 15.59 14.01 1.39 0.91 6.84 0.12 3.11% 25.58% 11.23% $1.12 3.10% 0.97 0.99

RECOMMENDATION OVERVIEW
ValuEngine's stock recommendations are based on the proprietary ValuEngine one-year forecast return (1YFR) model output for each individual equity. A stock is rated Strong Buy, Buy, Hold, Sell, Strong Sell based on the Forecast One Year Return. The breakdown for each rating is as follows: • Strong Buy: More than +10% 1YFR • Buy: Between +5% and +10% 1YFR • Hold: Between -5% and +5% 1YFR • Sell: Between -10% and -5% 1YFR • Strong Sell: Less than -10% 1YFR ValuEngine's Strong Buy-rated stocks have an averaged annual return of 19% since 2001. For more details on the ValuEngine One Year Forecast Target price and its components, please go HERE.

FAIR MARKET VALUATION PRICE
Based on available data as of Feb. 04, 2011, we believe that SON should be trading at $35.17. This makes SON 2.86% overvalued. Fair Value indicates what we believe the stock should be trading at today if the stock market were perfectly efficient and everything traded at its true worth. For SON, we base this on actual earnings per share (EPS) for the previous four quarters of $2.32, forecasted EPS for the next four quarters of $2.58, and correlations to the 30year Treasury bond yield of 4.66%. There are an additional 10 firm specific and interest rate related parameters, each playing a role in the valuation analysis. For more details on ValuEngine's Fair Value Model, please go HERE.

FORECAST ANALYSIS 1-Month 3-Month 6-Month 1-Year 2-Year 3-Year Target Price $36.65 $36.72 $36.48 $36.81 $37.49 $45.37 Exp. Return 1.30% 1.50% 0.83% 1.74% 3.62% 25.40%

FORECASTED TARGET PRICES
The predictive variables used in Valuengine's forecast target price models include both proprietary and well-established forecasting variables derived from credible financial research studies and publications. Our forecasting models capture, among other things, several important tendencies that stock prices consistently exhibit: Short-term price reversals, Intermediate-term momentum continuation, and Long-term price reversals. We use a distinct forecasting model for each time horizon and for every industry. We then apply the most advanced statistical/econometric techniques to ensure that our stock return forecasts are as reliable as possible. For more details on ValuEngine's Fair Value Model, please go HERE.

Contact ValuEngine:
ValuEngine, Inc. 41 University Drive, Suite 400 Newtown, PA 18940, U.S.A. (800) 381-5576 (T) support@ValuEngine.com www.ValuEngine.com

Copyright © 1998 - 2011 ValuEngine Inc

1

This is sometimes confusing to newcomers to ValuEngine.07.13 Fair Value Comparable Stocks' Avg PEG Comparable PEG-Based Fair Value 1.07 EVALUATION & RANKINGS SUMMARY Just as important as the percentages shown for our ten predictive variables for each stock is the way they are ranked against the 7000 plus stocks in our database. BMS. OPTIMAL BUY-SELL Based solely on the Historical Mispricing of SON. The best time to sell would be above $42. For each given stock.58 for its 4-quarter-forward EPS. P/E (price to forward 4 quarter earnings ratio). Valuation Based on Comparables' PEG SON's comparables are ATR.2 $31. papermaking. The following assessment is based on multiplying comparable stocks' average PEG today with SON's recent 4 quarter EPS and the forecasted EPS growth rate over the next 4 quarters .15 1.91.58 for its 4 quarter forward EPS. the more positive the influence each measurement has on the overall attractiveness of the stock.86% 34.58% 11. health care and many others. divided by the consensus analyst forecasted next year EPS growth). we apply the PEG to give a fair value assessment if both its trailing 4 quarter EPS and forecasted EPS growth rate are positive. The analyst consensus estimate is $2.2. DATA SUMMARY & MARKET RATIO BASED VALUATION MARKET RATIO BASED VALUATION Portfolio managers and professionals traditionally rely on market ratios to gauge whether a stock is fair valued or overvalued. pharmaceuticals. and P/S ratio (price to trailing 4 quarter sales). textiles. we resort to the P/S to assess its fair value.04 1. SON's current price sales ratio is 0. utilizing more than a million tons of recovered paper annually in its papermaking operations. Valuation Based on SON's Past PEG Over the past 10 years. personal care. The analyst consensus estimate is $2. supermarkets. we present such a valuation based on one of three market ratios: PEG (price to trailing 4 quarter earnings ratio. Otherwise. material converting.22 0. and (ii) the average market ratio today of five comparable stocks in the same sector and from companies of similar size.84 15. PEG is the most informative as it reflects both the price/earnings ratio and expected future EPS growth.91 6.57 (or valuation below 33.36 Copyright © 1998 . PKG and SEE. plastics. Generally the higher the ranking. agriculture.64 0.20% 3. In other words a high rank is always better.11% 25.32 per share in its recent 4 quarters. On this page. material handling. the best time to buy would be below $23. Sonoco products are used by many of the world's leading industries. Let's take them one by one: • Valuation rank 63: 37% of stocks are more undervalued • Momentum rank 67: 33% of stocks have higher momentum • Sharpe Ratio rank 70: 30% of stocks have a higher Sharpe Ratio • 5-Year Average Annual Return 66: 34% of stocks have higher average annual return • Volatility rank 91: 9% of stocks have less volatility • EPS growth rank 33: 67% of stocks have greater projected EPS growth • Size rank 83: 17% of companies have higher market capitalization • P/E rank 71: 29% of stocks have lower P/E ratios • Price/Sales rank 66: 34% of stocks have lower price/sales ratios • Market/Book rank 16: 84% of stocks have lower market/book value ratios 2.VgluEngine BUSINESS SUMMARY TM DETAILED RESEARCH REPORT SONOCO PRODUCTS(SON) BUSINESS SUMMARY. including food processing. In addition. SON earned $2.23% 3.47 1. The current PEG average of these comparables is 1. EVALUATION & RANKINGS Valuation 12-Month Return 5-Y Avg Ann Rtn Volatility EPS Growth Market Cap(bill) Sharpe Ratio P/S Ratio M/B Ratio P/E Ratio Value 2. The following assessment is based on multiplying the historical PEG with recent 4 quarter EPS and the forecasted EPS growth rate over the next 4 quarters for SON. If its forecasted EPS growth is negative but its forward 4 quarter EPS is positive. Each of these quantitative measurements is ranked on a scale of 1 to 100. beverages. Comparables' PEG Comparables ATR BMS GEF PKG SEE Current PEG 2. These two alternative perspectives should give you a good idea about where this stock's valuation stands today. Fair Value Historical Average PEG PEG-Based Fair Value 2. we use both (i) the average historical market ratio of the stock over the past 10 years (or however long there is data available for the stock). GEF.00%). while P/E is better than P/S.91.07 $54. we apply the P/E to give a fair value for the stock as of today. SON's average PEG is 2. Among the three. SON's current price sales ratio is 0. SON earned $2.2011 ValuEngine Inc 2 .00%). Sonoco is one of the world's largest manufacturers of packaging materials for industrial and consumer markets.59 Rank 63 67 66 91 33 83 70 66 16 71 1. To establish a valuation standard.32 per share in its recent 4 quarters.12 0.56 (or valuation above 21. the company is one of the leading producers of recycled paperboard.

01 45 moderately lower than the industry rank of 37. which has a rank of S&P 500 0. sector.48% 42 has an EPS Growth Rank of 33. A high rank indicates a high growth rate expectation.86% 63 company's stock price and its Fair Value. A higher rank denotes a larger market Industry 2. SON is in line with the industry. SON is in Sector 16. relative to the universe. The below data points show how the rank for each data point for SON relates to the overall industry. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 12-Month Return Rank The ValuEngine 12-Month Return Rank reflects the relative stock SON 34.67 48 SON is slightly higher than the industry. the more positive the influence each measurement has on the overall attractiveness of the stock. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Sharpe Ratio Rank The ValuEngine Sharpe Ratio Rank measures the risk return tradeoff SON 0. SON has a Market/Book rank of 16. Sector 2.20% 67 performance of a stock over the recent 12 months.16 n/a Rank 71 64 51 n/a The ValuEngine P/E Rank signifies the relative standing of a company on its P/E ratio.28% 55 With a 12-Month Return Rank of 67. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/E Ratio SON Industry Sector S&P 500 15.83% 48 the industry Rank of 65. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 5-Y Avg Ann Rtn Rank The ValuEngine 5-Years Average Return Rank reflects a stock's SON 3. which carries a Valuation S&P 500 n/a n/a Rank of 53. A higher rank corresponds to a lower Industry 3. Industry 11.98 37 market book value. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- M/B Ratio Rank The Market/Book Rank is a measure of a stock's market to book ratio SON 6.59% 61 100. Sector 35. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Valuation Rank The ValuEngine Valuation Rank measures the relationship between a SON 2. With a Size rank of 83. which S&P 500 0.02 60 has a rank of 68. A higher Volatility Rank indicates a lower volatile percentile of Industry 43. Each of these quantitative measurements is ranked on a scale of 1 to 100. Generally the higher the ranking. SON is in line with the industry. At a Price/Sales rank of 66. Sector -5. S&P 500 18. in comparison with the Industry 5. SON is in line with the industry's S&P 500 19. In other words a high rank is always better. Sharpe ratio is the stock's average annual return Industry 0.52% 53 the more undervalued the stock. which has a rank of 67.2011 ValuEngine Inc . With a P/E rank of 71.23% 33 growth rate.33% 46 line with the average of its industry group. SON Industry -12.VgluEngine TM DETAILED RESEARCH REPORT SONOCO PRODUCTS(SON) VALUENGINE RANKINGS Just as important as the percentages shown for our ten predictive variables for each stock is the way they are ranked against the 7000 plus stocks in our database.This is in line with the industry rank of Sector 70.12% 49 rank score of 61.14 68 (over the last five years) divided by its annualized volatility over the Sector -0.72 33.31% 98 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- EPS Growth Rank The ValuEngine EPS Growth Rank indicates a stock's expected EPS SON 11. SON has a Volatility Rank of 91.11% 66 average annual return over the last 5 years.91 66 company based on its P/S ratio.42% 59 68. a higher 12-Month Return rank indicates a stronger performance.18 62 ranked 1. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Volatility Rank The ValuEngine Volatility Rank reflects the volatility associated with the SON 25. 3 Copyright © 1998 . On a scale of 1 to Industry 37.02 55 same 5 years.59 59. A higher rank indicates a better return performance.12 70 offered by a stock.64 83 market capitalization. which is moderately higher than Sector 59. With a Valuation Rank of 63. Stocks in the top P/E percentile are each assigned a rank of 1(highest P/E stocks) while those in the bottom P/E percentile are assigned a rank of 100 (traditional value stocks).84 16 relative to the stock universe.41% 65 stocks.20% 68 coverage universe. which is Sector 5. With a rank of 70. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Market Cap(bill) Rank The ValuEngine Size rank signifies the company's size in terms of SON 3.26% 55 With a rank of 66. SON is in line with the industry S&P 500 n/a n/a rank of 67.58% 91 stock. SON is in line with the industry P/E rank of 64. The higher the Valuation rank.39 67 capitalization within ValuEngine's stock universe. Stocks with the lowest P/S ratio are Industry 0. and S&P 500 averages.91 67 assigned a rank of 100 while stocks with the highest P/S ratio are Sector 2.26% 58 42. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/S Ratio Rank The ValuEngine Price/Sales rank signifies the relative position of the SON 0.

40% 12-Month Return Rank SON BMS ATR GEF PKG 34.76% 42.25% SON 1.14% 1.84 4.37 Rank 33 40 29 34 65 Market Cap(bill) SON BMS ATR GEF PKG 3.62% 25.01% 56.55% 51.59 15.93% 46.3 17.30% 66 61 84 88 70 One-Month Three-Month Six-Month One-Year Two-Year Three-Year ATR 58.76% 3.38 14.59% 54.07% 53.63% GEF 1.25% 48.16% 51.75% 51.43 0.12 Rank 70 63 91 89 70 P/S Ratio SON BMS ATR GEF PKG 0.11 0.79% 26.09 0.24% 57.56% 49.81% 3.80% 47.73 Rank 71 72 59 75 63 Copyright © 1998 .03% 35.26% PKG 1.65% 6.88% BMS 41.02% 28.48% 35.12 0.09 6.50% 0.54 3.94% 24.91% 23.94% 65.79% TM DETAILED RESEARCH REPORT SONOCO PRODUCTS(SON) COMPARISON OF SIMILAR STOCKS* & RISk ASSESSMENT Rank 63 71 44 51 56 FORECAST COMPARISONS RETURN FORECAST: EXPECTED RETURN ATR One-Month Three-Month Six-Month One-Year Two-Year Three-Year 1.58% 44.23% 2.70% 52.26 3.42% 55.58% 23.68% Volatility SON BMS ATR GEF PKG 25.18% 47.81% SON 56.82% 52.91% 26.92 3.05 0.07% 47.06% 34.32% EPS Growth SON BMS ATR GEF PKG 0.03% 1.55% 35.41% 45.45% 35.93% 52.37 0.04% GEF 44.29% 46.84% 48.98 Rank 83 83 82 81 81 * Comparables are companies in the same Sector and Industry and of approximately similar market capitalization value.85% 36.81% 49.13 19.71% 53.08% 0.45% 1.6 0.66% 51.83% 1.46 3.14 0. Sharpe Ratio SON BMS ATR GEF PKG 0.VgluEngine Valuation SON BMS ATR GEF PKG 2.92% BMS 1.64 3.34% 48.30% Rank 91 93 92 74 77 RISK ASSESSMENT: CHANCE OF LOSS ATR One-Month Three-Month Six-Month One-Year Two-Year Three-Year 41.06% 55.94% 44.30% 1.07% 1.12% BMS 58.41% 1.91 0.30% 47.21% 10.51% 3.20% 17.88 1.20% 52.05 2.41% 1.11% 1.14% 9.09% 45.92% 67 48 69 68 68 RISK ASSESSMENT: CHANCE OF GAIN 5-Y Avg Ann Rtn Rank SON BMS ATR GEF PKG 3.44% 50.98% 71.99% 54.79 1.72% 1.2011 ValuEngine Inc 4 .12 0.68% PKG 54.45% 73.45% 48.12% 0.16% 53.27 Rank 66 70 47 67 55 M/B Ratio SON BMS ATR GEF PKG 6.28% 6.84% 46.74% 4.19% 50.01% 45.91% 54.86% -2.29% 27.79% 13.92% 37.77% 14.99% 43.25 Rank 16 23 37 18 36 P/E Ratio SON BMS ATR GEF PKG 15.77% 1.55% 26.52% 64.92% 25.19% SON 43.08% 74.96% GEF 55.74% 3.32% PKG 45.90% 1.

1 2916.1 885.9 663.3 200312 84.6 201.6 0 216.1 Current Portion of Long-term Debt Current Portion of Capital Leases Accrued Expenses Income Taxes Payable Other Current Liabilities Total Current Liabilities Mortgages Deferred Charges (taxes/income) Convertible Debt Long Term Debt Non-Current Capital Leases Other Long-Term Liabilities Minority Interest (liabilities) Total Liabilities Preferred Stock Common Stock.5 200712 70.7 0 0 758. Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 .2 200612 86.4 0 7.4 0 7.8 177.2 45.7 124.6 0 7.2 0 50.3 2981.7 51.5 3062.6 0 30.4 0 314.9 -114.8 239.6 0 0 211. Plant & Equipment Accumulated Depreciation Net Property.9 646.5 3340.2 0 -262.5 0 1506.8 0 518 0 1923.3 303.4 1263.2 426.2 376.6 0 458.5 755.7 343.1 0 0 286.1 805.3 0 0 211.4 0 124.7 0 7.2 421.2 418.2 867.9 0 1697.9 223.5 147 3086.9 0 7.2 337.3 1219.1 2916.8 0 0 311.3 973.1 928.8 274.7 200412 117.4 2390.2 191.8 2520.1 0 0 659.7 0 91.7 0 390 315 ---0 99.1 0 272.8 288.3 93.6 0 462.2 324.1 0 -212.4 318.2 391.6 0 679.6 ---0 72.7 0 0 620.7 200512 59.7 0 383 0 1681.2 5.1 204.5 173.1 --1007.6 1150.6 0 0 0 384 457.2 2520.5 0 7.4 392 2390.3 27. Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT SONOCO PRODUCTS(SON) ANNUAL FINANCIALS (All items in Millions) 200912 185.7 252.9 0 49.5 0 147 0 657.9 0 699.9 357.2 0 0 271.VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property.1 1014.8 0 320.8 0 52.5 265.3 193.4 0 138.8 --1019.2 404.5 248.2 659.3 2013.9 1205.4 0 0 312.5 33 353.4 244.4 239.1 942.1 1027.3 0 1898.1 375.4 0 1522.9 0 -136.8 0 126.1 0 85 0 804.7 0 59 996.2 0 473.8 872.7 1834.5 0 492.2 0 266.8 0 522.6 200212 31.7 --1105.6 1248 0 -296.9 0 1718.6 200812 101.6 118.7 1163 3086.6 0 0 0 763.3 0 0 0 967.3 --923.2 1380.7 943.3 748.2 189 -125.5 0 -454.3 0 0 237.3 922.4 2981.5 926.7 0 439 314.8 0 813.9 0 0 639.4 3041.8 0 712.1 0 -103.1 0 -107.9 3041.4 0 0 0 359.2 ---0 97.2 0 0 805.8 0 0 57.4 0 0 698.5 903.2 0 137.5 0 656.7 0 7.3 0 33.4 1441.6 0 600 0 189.2 0 463.2 0 75.2 430 1044.5 --944 0 0 281.1 0 293.3 --975.1 134.6 0 1888.4 3340.9 0 0 250.2 930 2807.6 2940.2 1152.4 0 0 132.1 0 60.2 0 0 230.3 215.9 0 168.5 0 7.6 3062.2011 ValuEngine Inc 5 .9 0 -106.3 0 251.6 153.

Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation.5 0 -24.6 83.5 -1.4 0 -13.4 30.3 97.6 1.1 -169.7 214.1 0 0 9. Amort.3 58.4 2580.4 -79.3 34.6 -73.8 -119.9 -4.5 101.1 200712 4040 3286.4 202.8 0 409.8 19.3 449.2 -106.3 666 0 413.6 271.4 41 214.5 21 -332 -8.5 216.3 1.1 0 -19.9 0 161.6 195.3 79.1 164.7 344.9 -21.9 498.8 1.8 705 0 359 346.Net Net Cash from (used by) Operating Act.5 1.1 84.5 1.2 143.8 552.6 164.9 101.7 0 6.2 0 151.6 183 -51.2 98.7 0 151.3 159.9 74.8 -108 1.8 3. before non-recurring Preferred Dividends .2 54.5 0.8 2.3 0 11.1 -106.5 -80.3 51.6 -125.7 9. General & Admin.4 -129.4 0 -21.4 -101.8 -28.3 1.4 1.1 115 -36.3 2931.7 1.7 10. Net Change in Cash & Cash Equivalents Copyright © 1998 .9 161.Diluted.9 200412 3155.4 258.1 97.8 0.6 -58.5 -1.5 231. Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act.5 53.4 0 135.4 135.6 661 0 365 296 0 -13.6 47.9 214. Depl.4 255.5 5.1 0 195.7 0 0 7.2 -47.9 1 -219.9 98.6 2867.9 97.6 -85.1 -5.3 19.9 52.5 0 -4.1 101.4 1.8 -379.7 1.2 0 -33.2 -111.1 -94.6 101 101 226. Other Adjustments . Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper.9 138.3 -94.7 6 .6 0 164.7 1. Net Cash from (used by) Invesment Act.Basic.3 -81.3 252.2 753.2 227..3 37.2 60.9 482.8 -110.5 1.9 391 -104.1 0 156 32.3 -75 -15.9 127.6 1.VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT SONOCO PRODUCTS(SON) ANNUAL FINANCIALS (All items in Millions) 200912 3597. Amort.9 200312 2758.1 1.8 Research & Development Expense Selling.7 0 100.2 -267 0 0 -378.1 200812 4122.7 195.6 1.2 0. Issuance (purchase) of Equity Shares Issuance (repayment) of Debt Securities Increase (decrease) in Bank & Other Payment of Dividends & Other Cash Other Cash from (used by) Financing Net Cash from (used by) Financing Act.4 724 0 274.9 -62.1 181.8 0 12.2 66.2 -5.5 0 0 -124.6 -79 -62.8 138.4 108.3 34.3 2259.9 200512 3528.3 52 274.9 0 0 -35. Non-Operating Income Interest Expense Pretax Income Provision for Income Taxes Minority Interest Investment Gains (Losses) Other Income Income Before Extraordinaries & Disc Extraordinary Items & Discontinued Net Income Average Shares used for Diluted EPS Average Shares used for Basic EPS Income Before Non-Recurring Items Income From Non-Recurring Items EPS .7 0 24.3 0 0 13.4 3398.5 197.8 0 316.1 0 214.4 -123.2 97.4 1.6 0 15 445.9 163.2 5.6 574.6 2.9 -91.2 0 14.7 -241. net EPS .3 0.8 2951. Depletion.9 243 -28.7 0 -11 54.9 0 83.2 198.3 -227.7 -212.9 -90. Plant.1 101.9 -8.6 172 -85.6 0 -47.2 0 0 13. & Equ.2 -142.6 -123.9 -72.Diluted.8 -110.1 2.4 0 289.9 331.3 1.6 32.1 -97.2011 ValuEngine Inc 155.7 26.8 0 -151.4 -99..5 70.5 101 101 179.4 192.6 -107.5 78.5 -1.6 -38.1 0 -27 61.8 93. net EPS .8 0 2.6 55.9 2. Depletion.2 0.1 2.4 100.4 1 200612 3656.9 0 161.9 -74.6 -95.6 -30.2 -90.1 -76.4 0 2.7 7.9 163.1 2259.3 252.6 1.6 379.6 0 7.7 0 155.3 0 135.9 1. Depreciation.5 37.8 0 17 0 164.4 -21.1 173.8 208.1 0 -165.4 -8.4 21.2 31.9 100. Expense Income Before Depr.6 0.1 0 151.4 1.3 -2.5 1.4 0 288.2 53.6 -59.6 0 0 -245. Increase/Decrease in Prop.4 -115.2 163.1 151.4 54.9 156 -4.8 200212 2812.2 -102.7 263.

1 177.2 1418.6 200909 194.8 0 0 311.5 910.8 0 518 0 1923.5 0 656.7 --955.5 1500.9 2979 31.8 0 29.1 147.5 0 1709.9 3127.2 1097.8 1318.6 1248 0 -296.8 0 1836.2 0 1802.2 407.7 0 517.2 149.9 1228.1 917.1 924.6 0 0 834.1 375.4 27.3 200912 185.1 928.2 0 517.7 895.8 0 0 642.3 0 0 303.1 3037.6 0 79.8 0 0 349.9 320.3 0 7.3 0 -306.5 147 3086.7 0 577.5 0 0 102.9 1205.4 3154.3 1023.4 426.7 0 378 0 1723.6 153.4 410 0 0 329.2 930 2807.7 1330.6 --956.8 318.2 0 50.5 Current Portion of Long-term Debt Current Portion of Capital Leases Accrued Expenses Income Taxes Payable Other Current Liabilities Total Current Liabilities Mortgages Deferred Charges (taxes/income) Convertible Debt Long Term Debt Non-Current Capital Leases Other Long-Term Liabilities Minority Interest (liabilities) Total Liabilities Preferred Stock Common Stock.4 0 484 0 1805.5 3123.5 920.9 --896.2 0 -330.5 189 -124.9 --937.6 -113.8 -128.5 3154.2011 ValuEngine Inc 7 .2 0 0 106.4 0 0 314.1 3123.7 0 -332.2 1380.5 0 0 722 0 35 0 561.8 0 -383 1242.7 0 1794.8 191.3 113.5 1400.8 2979 200812 101.8 0 635.5 0 7.5 926.8 201003 188.4 0 -442 1173.6 320.9 30 365.4 0 0 132.2 444 1299.4 0 7.6 0 462.7 1834.5 0 447.3 0 0 62 908.VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property.6 2940.5 173.1 0 483.8 288.2 448.4 --909 0 0 57.4 0 536.7 162.3 2013.5 162.2 421.9 112.8 155.7 0 59.8 144.8 406.4 200903 78.5 33 353.6 0 425.4 --956.7 0 32 0 618.2 0 7.9 0 73.1 0 7.1 0 378.7 1163 3086.8 113.9 0 7.5 0 7.7 0 439 314.8 0 27.2 430.6 118.5 0 61 1080.9 201006 167.2 1269.7 0 59 996.8 879.7 0 513.4 0 52.5 3062.9 -114.3 0 -285.3 973.8 3037.4 0 0 55.6 0 464.8 0 61.8 1178.8 0 0 57.7 0 383 0 1681.2 353.2 413.6 968.9 200906 111.2 189 -125.1 294.8 0 0 656 0 29.2 0 463.2 211.4 0 0 698.2 192.2 410.8 1207.5 0 0 326.2 404.5 0 -454.6 0 370.1 316.1 0 501.2 0 7.2 1201.9 0 27.4 3302.2 0 75.5 903.3 183.6 3062.4 0 0 312.7 3127.6 0 30.9 0 0 101.5 -123.5 0 0 852.7 -116. Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 . Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT SONOCO PRODUCTS(SON) QUARTERLY FINANCIALS (All items in Millions) 201009 168.6 -141.6 0 0 888.5 297.7 0 468.6 313.2 0 0 805. Plant & Equipment Accumulated Depreciation Net Property.6 3302.1 0 0 296.

1 11.1 0.8 25.6 42.7 9.5 0.2 17 -68.5 0 0.9 -7.5 -1.9 -91.3 0.8 49.2 19.1 164.5 -2.8 51 -2.7 0 100.4 0.2 -5.8 10.6 0 114.4 -59 -10.4 -31.9 808. Increase/Decrease in Prop.4 0 36.9 67.1 -0.4 0 73.6 47.4 8.1 0.1 -9.5 0. net EPS .9 0 0.Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation.8 8.9 -57.2 -39. Depl.5 10.7 -5.3 -0.5 101.1 0.9 0 3 0 59 0 59 102.7 36 0 36 100.2 0 -23.2 0 57.1 0.1 759.4 35.1 -16.9 0.3 61.4 9. Depletion.8 100.4 0.8 -66.4 357.8 140.8 0 100.Diluted.5 0 102.9 -0 4.1 0 47. Expense Income Before Depr.5 0 47.3 200912 1001.5 10.7 6.8 66.4 -123.6 0.9 4.5 -1.9 0.7 29.4 -26.5 -27.6 -27 0.6 -28.3 -235.5 0.9 -57.8 181.6 -79 -62.3 -96.7 12. Plant.9 9.3 -53.7 -6.6 183 -51.2 76.9 0 83.7 0 47.5 -23. Amort.4 30.6 -38.6 776.2 0.1 -13.6 0.1 0 13.5 40.4 -0.8 -110.1 0.3 Research & Development Expense Selling.3 200909 930.9 8 .7 100.3 200812 934.6 108.4 8..2 -118.6 -4.1 199.3 200906 864.1 50.1 0 98.2 5.4 3.5 -26.9 158. Net Change in Cash & Cash Equivalents Copyright © 1998 .6 0.1 -106.2 705.7 101. Depletion.6 2 -9.6 0 33.5 -34.6 0 -55.9 -0 1.5 107.1 100.8 -82.4 175.6 -101.5 8.7 10.1 817.2 0.7 67 -8 0.6 -107.4 -11.2 0.4 0 0.2 0 48. Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act.6 100.7 84.1 0 23.8 -0.1 0 0.2 90.9 1 -219.6 0.9 0 -66.9 -1 -37.6 0 23.2 -28.9 48.4 -200.2 0 2.7 0.8 -3.VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT SONOCO PRODUCTS(SON) QUARTERLY FINANCIALS (All items in Millions) 201009 1051.6 192.9 0..7 -241.3 200903 800.5 0.4 -17.6 -53.7 92. Other Adjustments .5 81.9 0.2 -38 3 155.1 0 23.9 0 2 75.1 75.3 2.9 391 -104.5 0.7 83.2 65. Issuance (purchase) of Equity Shares Issuance (repayment) of Debt Securities Increase (decrease) in Bank & Other Payment of Dividends & Other Cash Other Cash from (used by) Financing Net Cash from (used by) Financing Act.5 173.3 201003 935.1 -97.7 40.2 0.6 0 0 5 -29. Amort.8 -11.8 101.2 43 -83.9 0.5 -1.6 659.6 379.5 -1.6 -28.5 102. Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper.5 5.8 23.5 23.6 0.2011 ValuEngine Inc 166.9 -3.9 0 59 0 59 102.7 124.1 173.2 74.5 0 0 0.5 60.5 -27 0.6 -0.3 0.5 260.4 -58.3 0 101 57.3 -26.6 757.2 15.4 0 47.9 0 132.4 21.4 0. Depreciation.6 83.2 -10.2 -134.1 193. Net Cash from (used by) Invesment Act.7 852.7 59.7 102.1 101.8 19.8 -28.7 0 0.5 0.3 0 -0.1 128.2 3.Net Net Cash from (used by) Operating Act.8 0 0.8 40.7 11.4 0.9 -21. General & Admin.8 100.3 201006 1010.Basic.1 115.4 16.4 -5.6 0.1 64.9 73.5 58.7 2.3 0.4 158.9 0 81.2 181.5 -26.1 -5.6 0.9 81.1 0 15.1 101. before non-recurring Preferred Dividends .6 0.6 0 48.5 56.4 -94 0 63.3 19.3 0 -27.6 101.2 -6. net EPS . Non-Operating Income Interest Expense Pretax Income Provision for Income Taxes Minority Interest Investment Gains (Losses) Other Income Income Before Extraordinaries & Disc Extraordinary Items & Discontinued Net Income Average Shares used for Diluted EPS Average Shares used for Basic EPS Income Before Non-Recurring Items Income From Non-Recurring Items EPS .8 0 33. & Equ.3 0 0.2 -113 -80.Diluted.

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