GIS FY 2010 Earnings Report — General Mills, Inc. Revenue & Financial Results | Market Cap Arena

General Mills, Inc.GIS

FY 2010 Earnings

Reported July 9, 2010

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2010	Prior Q	FY 2009	QoQ Change	YoY Change
Revenue	$14.6B	—	$14.7B	—	-0.4%
Op. Income	$2.6B	—	$2.3B	—	12.1%
Gross Margin	39.6%	—	35.6%	—	4.0pp
Net Margin	10.5%	—	8.9%	—	1.6pp
EPS (Diluted)	$2.24	—	$1.90	—	17.9%
Free Cash Flow	$1.5B	—	$1.3B	—	21.0%

Revenue Flow

Item	Amount
REVENUE	$14.6B
Cost of Revenue	$8.8B
GROSS PROFIT	$5.8B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$3.2B
Other Expenses	$31M
Operating Expenses	$3.2B
Cost & Expenses	$12.0B
OPERATING INCOME	$2.6B
Interest Income	$7M
Interest Expense	$350M
Other Income/Expenses	-$300M
INCOME BEFORE TAX	$2.3B
Income Tax Expense	$771M
Net Income from Continuing Ops	$1.5B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.5B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.5B
D&A	$457M
EBIT	$2.6B
EBITDA	$3.0B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$14.6B
Cost of Revenue	$8.8B
GROSS PROFIT	$5.8B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$3.2B
Other Expenses	$31M
Operating Expenses	$3.2B
Cost & Expenses	$12.0B
OPERATING INCOME	$2.6B
Interest Income	$7M
Interest Expense	$350M
Other Income/Expenses	-$300M
INCOME BEFORE TAX	$2.3B
Income Tax Expense	$771M
Net Income from Continuing Ops	$1.5B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.5B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.5B
D&A	$457M
EBIT	$2.6B
EBITDA	$3.0B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$1.5B
Depreciation & Amortization	$457M
Stock-Based Compensation	$107M
Deferred Income Tax	-$92M
Other Non-Cash Items	$30M
Change in Working Capital	$143M
OPERATING CASH FLOW	$2.2B
Capital Expenditure	-$650M
Acquisitions (Net)	-$131M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$59M
NET CASH FROM INVESTING	-$721M
Net Debt Issuance	-$671M
Common Stock Repurchased	-$692M
Common Dividends Paid	-$644M
Other Financing Activities	$503M
NET CASH FROM FINANCING	-$1.5B
FREE CASH FLOW	$1.5B
Net Change in Cash	-$77M

Balance Sheet

Item	Amount
Cash & Equivalents	$673M
Short-Term Investments	$0
Net Receivables	$1.0B
Inventory	$1.3B
Other Current Assets	$43M
TOTAL CURRENT ASSETS	$3.5B
PP&E (Net)	$3.1B
Goodwill	$6.6B
Intangible Assets	$3.7B
Long-Term Investments	$398M
Tax Assets	$0
Other Non-Current Assets	$365M
TOTAL NON-CURRENT ASSETS	$14.2B
TOTAL ASSETS	$17.7B
Account Payables	$850M
Short-Term Debt	$1.2B
Deferred Revenue	$26M
Other Current Liabilities	$688M
TOTAL CURRENT LIABILITIES	$3.8B
Long-Term Debt	$5.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$875M
Other Non-Current Liabilities	$2.1B
TOTAL NON-CURRENT LIABILITIES	$8.3B
TOTAL LIABILITIES	$12.0B
Common Stock	$76M
Additional Paid-In Capital	$1.3B
Retained Earnings	$8.1B
Treasury Stock	-$2.6B
Accum. Other Comp. Income	-$1.5B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.4B
Minority Interest	$245M
TOTAL EQUITY	$5.6B
TOTAL LIABILITIES & EQUITY	$17.7B
Total Debt	$6.4B
Net Debt	$5.8B