12-54 Exhibit 12-17 contains income statements and balance sheets of The Hershey Company. For more than 100 years, The Hershey Company has enjoyed a position

12-54 Exhibit 12-17 contains income statements and balance sheets of The Hershey Company. For more than 100 years, The Hershey Company has enjoyed a position as one of North Americas largest manufacturers of quality chocolate and confectionery products. Today, The Hershey Company and its subsidiaries export to approximately 70 countries worldwide.

1. Compute the following ratios for 2011: (a) ROE, (b) gross profit rate, (c) return on sales, (d) total asset turnover, (e) ROA (with after-tax net income in the numerator), and (f) financial leverage ratio. Note that to be consistent with the industry averages used in the problem, return on sales and ROA are computed with after-tax net income, not EBIT in the numerator.

Reuters Averages (as of August 31, 2012) Tootsie Roll (year ended December 31, 2011) (Respectively in %'s below)

Return on stockholders equity 19.08% 6.59%

Gross profit rate 38.75% 31.2%

Return on sales (Net income Sales) 5.91% 8.3%

Total asset turnover 1.11 times 0.62 times

Return on assets (Net income Assets) 8.16% 5.12%

Financial leverage ratio Not available 1.29

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2010 EXHIBIT 12-17 The Hershey Company Years Ended December 31, 2011, and December 31, 2010 ($ in thousands, except per share data) $ 884,642 390,061 533,622 55,760 141,132 2,005,217 1,437,702 524,134 123,080 21,387 161,212 $4,272,732 CONSOLIDATED BALANCE SHEETS 2011 Assets Current assets: Cash and cash equivalents $ 693,686 Accounts receivable-trade 399,499 Inventories 648,953 Deferred income taxes 136,861 Prepaid expenses and other 167,559 Total current assets 2,046,558 Property, plant, and equipment, net 1,559,717 Goodwill 516,745 Other intangibles 111.913 Deferred income taxes 38,544 Other assets 138.722 Total assets $4,412,199 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 420,017 Accrued liabilities 612,186 Accrued income taxes 1,899 Short-term debt 42,080 Current portion of long-term debt 97,593 Total current liabilities 1,173,775 Long-term debt 1,748,500 Other long-term liabilities 617.276 Total liabilities 3,539,551 Stockholders' equity: Common stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269 Class B Common stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632 Additional paic-in-capital 490,817 Retained earnings 4,699,597 TreasuryCommon stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4.258,962) Accumulated other comprehensive loss (442,331 The Hershey Company stockholders' equity 849,022 Noncontrolling interests in subsidiaries 23,626 Total stockholders' equity 872,648 Total liabilities and stockholders' equity $4,412,199 $ 410,655 593,308 9,402 24,088 261 392 1,298,845 1,541,825 494.461 3,335,131 299,195 60,706 434,865 4,374,718 (4,052,101) (215,067 902,316 35,285 937,601 $4,272,732 EXHIBIT 12-17 (Continued) The Hershey Company Years Ended December 31, 2011, and December 31, 2010 (in thousands, except per share data) CONSOLIDATED STATEMENT OF OPERATIONS For Years Ended December 31, December 31, 2011 2010 Net sales $6,080,788 $5,671,009 Costs and expenses: Cost of sales 3,548,896 3,255,801 Selling, marketing, and administrative 1,477,750 1,426,477 Business realignment and impairment charges, net (886) 83,433 Total costs and expenses 5,025,760 4.765,711 Income before interest and income taxes 1,055,028 905,298 Interest expense, net 92.183 96,434 Income before income taxes 962,845 808,864 Provision for income taxes 333,883 299,065 Net income $ 628,962 $ 509,799 Net income per common share-Basic-Class B Common stock $ 2.58 $ 2.08 Net income per common share-Diluted-Class B Common stock $ 2.56 $ 2.07 Net income per common share-Basic-Common stock $ 2.85 $ 2.29 Net income per common share-Diluted-Common stock $ 2.74 $ 2.21