SAP
(TSX)






















As at March 31, 2008
(in millions of dollars, except per share amounts and ratios)

Revenues  
Dairy Products Sector
• Canada and Other $2,794.1
• United States $1,036.8
$3,830.9
Grocery Products Sector $170.1
$4,001.0

Earnings before interest, income taxes, depreciation, amortization and devaluation (EBITDA)(1)  
Dairy Products Sector
• Canada and Other $317.1
• United States $82.9
$400.0
Grocery Products Sector $26.3
$426.3

Net earnings  

 $238.5
• Cash flow generated by operations   $343.5
• Working capital $521.1
• Total assets $2,488.4
• Long-term debt
(including current portion) 		$254.0
• Shareholders' equity $1,533.0
Per share
• Basic $2.30
• Diluted $2.28
• Dividends declared(2) $0.80
• Book value $14.79
Financial ratios
• Interest bearing debt(3) / Shareholders’ equity 0.08
• Return on average shareholders’ equity 16.2%

(1)Measurement of results not in accordance with generally accepted accounting principles
The Company assesses its financial performance based on its EBITDA, this being earnings before interest, income taxes, depreciation, amortization and devaluation of portfolio investment. EBITDA is not a measurement of performance as defined by generally accepted accounting principles in Canada, and consequently may not be comparable to similar measurements presented by other companies.

(2)For the purpose of the Income Tax Act and other similar provincial legislation, Saputo inc. hereby informs its Canadian shareholders that all of its dividends paid as of January 1, 2007 and thereafter, are eligible dividends until further notice.

(3)Net of cash





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