4. Consumer Products Co reports growth by segment in the Managements Discussion and Analysis section of its annual report (shown here in Exhibit 15.6, Part A) for a given year. For this year, does each segment have the same organic growth characteristics? As an approximation, set organic growth equal to the sum of volume excluding acquisitions, price, and other. Based on growth by segment, can Consumer Products Co be valued as a whole, or should individual segments be valued separately?

5. Refer to Exhibit 15.6, Part B from Consumer Products Cos annual report. Here you will find financials by segment. What are the operating margins by segment? Based on operating margin by segment, can Consumer Products Co be valued as a whole, or should individual segments be valued separately?

EXHIBIT 15.6 Consumer Products Co: Annual Report Volume excluding acquisitions and divestitures Net sales growth A. Net sales change drivers vs. year ago, % Volume with acquisitions and Segment divestitures Styling Refinement Medical Snacks Upholstery and home care Baby and family care Company foreign exchange Price Other (4) 2 0 (6) 5 (2) (5) 4 (2) (4) 9 (2) (5) 60 (4) 5 (1) (4) 5 (1) B.Footnote 10: Financials by segment, $ million Segment Revenues Styling 19,011 Refinement 7,602 Medical 13,688 Snacks 3,177 Upholstery and home care 23,882 Baby and family care 14,949 Corporate (1,301) Company 81,008 Operating profit 3,455 2,116 3,559 400 4,820 2,997 (1,562) 15,785