GIS FY 2011 Earnings Report — General Mills, Inc. Revenue & Financial Results | Market Cap Arena

General Mills, Inc.GIS

FY 2011 Earnings

Reported July 8, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$14.9B	—	$14.6B	—	1.7%
Op. Income	$2.8B	—	$2.6B	—	6.5%
Gross Margin	40.0%	—	39.6%	—	0.4pp
Net Margin	12.1%	—	10.5%	—	1.6pp
EPS (Diluted)	$2.70	—	$2.24	—	20.5%
Free Cash Flow	$882M	—	$1.5B	—	-42.4%

Revenue Flow

Item	Amount
REVENUE	$14.9B
Cost of Revenue	$8.9B
GROSS PROFIT	$6.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$3.2B
Other Expenses	-$13M
Operating Expenses	$3.2B
Cost & Expenses	$12.1B
OPERATING INCOME	$2.8B
Interest Income	$7M
Interest Expense	$342M
Other Income/Expenses	-$250M
INCOME BEFORE TAX	$2.5B
Income Tax Expense	$721M
Net Income from Continuing Ops	$1.8B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.8B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.8B
D&A	$473M
EBIT	$2.8B
EBITDA	$3.3B
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$14.9B
Cost of Revenue	$8.9B
GROSS PROFIT	$6.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$3.2B
Other Expenses	-$13M
Operating Expenses	$3.2B
Cost & Expenses	$12.1B
OPERATING INCOME	$2.8B
Interest Income	$7M
Interest Expense	$342M
Other Income/Expenses	-$250M
INCOME BEFORE TAX	$2.5B
Income Tax Expense	$721M
Net Income from Continuing Ops	$1.8B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.8B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.8B
D&A	$473M
EBIT	$2.8B
EBITDA	$3.3B
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$1.8B
Depreciation & Amortization	$473M
Stock-Based Compensation	$105M
Deferred Income Tax	$99M
Other Non-Cash Items	-$229M
Change in Working Capital	-$721M
OPERATING CASH FLOW	$1.5B
Capital Expenditure	-$649M
Acquisitions (Net)	-$91M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$24M
NET CASH FROM INVESTING	-$715M
Net Debt Issuance	$450M
Common Stock Repurchased	-$1.2B
Common Dividends Paid	-$729M
Other Financing Activities	$502M
NET CASH FROM FINANCING	-$937M
FREE CASH FLOW	$882M
Net Change in Cash	-$54M

Balance Sheet

Item	Amount
Cash & Equivalents	$620M
Short-Term Investments	$0
Net Receivables	$1.4B
Inventory	$1.6B
Other Current Assets	$107M
TOTAL CURRENT ASSETS	$3.9B
PP&E (Net)	$3.3B
Goodwill	$6.8B
Intangible Assets	$3.8B
Long-Term Investments	$519M
Tax Assets	$0
Other Non-Current Assets	$343M
TOTAL NON-CURRENT ASSETS	$14.8B
TOTAL ASSETS	$18.7B
Account Payables	$995M
Short-Term Debt	$1.3B
Deferred Revenue	$0
Other Current Liabilities	$290M
TOTAL CURRENT LIABILITIES	$3.7B
Long-Term Debt	$5.5B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$1.1B
Other Non-Current Liabilities	$1.7B
TOTAL NON-CURRENT LIABILITIES	$8.4B
TOTAL LIABILITIES	$12.1B
Common Stock	$76M
Additional Paid-In Capital	$1.3B
Retained Earnings	$9.2B
Treasury Stock	-$3.2B
Accum. Other Comp. Income	-$1.0B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$6.4B
Minority Interest	$247M
TOTAL EQUITY	$6.6B
TOTAL LIABILITIES & EQUITY	$18.7B
Total Debt	$6.9B
Net Debt	$6.3B