GIS FY 2007 Earnings Report — General Mills, Inc. Revenue & Financial Results | Market Cap Arena

General Mills, Inc.GIS

FY 2007 Earnings

Reported July 26, 2007

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2007	Prior Q	FY 2006	QoQ Change	YoY Change
Revenue	$12.4B	—	$11.7B	—	6.2%
Op. Income	$2.1B	—	$2.0B	—	5.0%
Gross Margin	36.1%	—	35.6%	—	0.5pp
Net Margin	9.2%	—	9.3%	—	-0.1pp
EPS (Diluted)	$1.59	—	$1.45	—	9.7%
Free Cash Flow	$1.3B	—	$1.5B	—	-13.0%

Revenue Flow

Item	Amount
REVENUE	$12.4B
Cost of Revenue	$8.0B
GROSS PROFIT	$4.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.4B
Other Expenses	$39M
Operating Expenses	$2.4B
Cost & Expenses	$10.4B
OPERATING INCOME	$2.1B
Interest Income	$31M
Interest Expense	$394M
Other Income/Expenses	-$354M
INCOME BEFORE TAX	$1.7B
Income Tax Expense	$560M
Net Income from Continuing Ops	$1.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$418M
EBIT	$2.1B
EBITDA	$2.5B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$12.4B
Cost of Revenue	$8.0B
GROSS PROFIT	$4.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.4B
Other Expenses	$39M
Operating Expenses	$2.4B
Cost & Expenses	$10.4B
OPERATING INCOME	$2.1B
Interest Income	$31M
Interest Expense	$394M
Other Income/Expenses	-$354M
INCOME BEFORE TAX	$1.7B
Income Tax Expense	$560M
Net Income from Continuing Ops	$1.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$418M
EBIT	$2.1B
EBITDA	$2.5B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$1.1B
Depreciation & Amortization	$418M
Stock-Based Compensation	$127M
Deferred Income Tax	-$47M
Other Non-Cash Items	-$40M
Change in Working Capital	$149M
OPERATING CASH FLOW	$1.8B
Capital Expenditure	-$460M
Acquisitions (Net)	-$83M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$54M
NET CASH FROM INVESTING	-$597M
Net Debt Issuance	$327M
Common Stock Repurchased	-$1.3B
Common Dividends Paid	-$505M
Other Financing Activities	-$216M
NET CASH FROM FINANCING	-$1.4B
FREE CASH FLOW	$1.3B
Net Change in Cash	-$230M

Balance Sheet

Item	Amount
Cash & Equivalents	$417M
Short-Term Investments	$7M
Net Receivables	$1.2B
Inventory	$1.2B
Other Current Assets	$122M
TOTAL CURRENT ASSETS	$3.1B
PP&E (Net)	$3.0B
Goodwill	$6.8B
Intangible Assets	$3.7B
Long-Term Investments	$295M
Tax Assets	$0
Other Non-Current Assets	$1.3B
TOTAL NON-CURRENT ASSETS	$15.1B
TOTAL ASSETS	$18.2B
Account Payables	$778M
Short-Term Debt	$3.0B
Deferred Revenue	$7M
Other Current Liabilities	$633M
TOTAL CURRENT LIABILITIES	$5.8B
Long-Term Debt	$3.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$1.4B
Other Non-Current Liabilities	$1.2B
TOTAL NON-CURRENT LIABILITIES	$5.9B
TOTAL LIABILITIES	$11.7B
Common Stock	$50M
Additional Paid-In Capital	$5.8B
Retained Earnings	$5.7B
Treasury Stock	-$6.2B
Accum. Other Comp. Income	-$120M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.3B
Minority Interest	$1.1B
TOTAL EQUITY	$6.5B
TOTAL LIABILITIES & EQUITY	$18.2B
Total Debt	$6.2B
Net Debt	$5.8B