General Mills : Investor Factsheet PDF 388 KB

General Mills Financial Highlights

	Net Sales		Adjusted Operating Profit*		Adjusted Diluted
	$ in Millions			$ in Millions					Earnings per Share*
F16		$16,563	F16			$2,775	F16			$2.92
F17		$15,620	F17			$2,750	F17			$3.08
F18		$15,740	F18		$2,613	F18			$3.11
F19		$16,865	F19			$2,858	F19			$3.22
F20			$17,627	F20					$3,058	F20				$3.61
	F20 Net Sales by Product Platform				F20 Net Sales by Operating Segment
6%		Meals & Baking		9%		North America Retail
10%		Snacks			10%					Europe & Australia
36%
	Cereal
12%					10%					Convenience Stores &
										Foodservice
			Yogurt
						61%
						10%	Pet
16%		Pet Food
								Asia & Latin America
20%		Ice Cream/Other
						Fiscal '20				Fiscal '19	% Change
Net Sales			$	17,627	$		16,865		5%
Organic Net Sales*												4%
Operating Profit			$	2,954	$		2,516		17%
Operating Profit Margin					16.8%					14.9%			190 bps
Adjusted Operating Profit*
(% Change in Constant Currency)	$	3,058	$		2,858		7%
Adjusted Operating Profit Margin*			17.3%					16.9%			40 bps
Net Earnings Attributable to General Mills	$	2,181	$		1,753		24%
Diluted Earnings per Share (EPS)	$	3.56	$		2.90		23%
Adjusted Diluted EPS*
(% Change in Constant Currency)	$	3.61	$		3.22		12%
Dividends per Share			$	1.96	$		1.96			Flat
									29 Million
+5%	+31%			8			Member of Dow Jones
F20 Net Sales					$1 Billion			Sustainability Indices		Meals Enabled Globally
F20 Operating Cash				and CDP Climate and
				by Food Bank
($17.6 Billion)	Flow ($3.7 Billion)		Global Brands			Water A List
				Donations in 2020

*Non-GAAP measures. See appendix for reconciliation

Appendix: Reconciliation of

Non-GAAP Measures

				Reconciliation of Organic Net Sales Growth
					Full-year 2020 (Fiscal Year)
		Organic	Organic	Organic	Foreign	Acquisitions	53rd Week Reported Net
		Volume	Price/Mix	Net Sales	Exchange	& Divestitures				Sales Growth
		2 pts	2 pts	4%		(1) pt				-			2 pts			5%
					Reconciliation of Adjusted Operating Profit
									Full-year (Fiscal Years, $ in Millions)
							2020			2019				2018			2017				2016
	Operating profit as reported		$	2,953.9	$	2,515.9	$	2,419.9	$	2,492.1		$	2,719.1
	Restructuring charges				50.2			77.6			82.7			221.9				209.3
	Project-related costs				1.5			1.3			11.3			43.9				57.5
	Mark-to-market effects				24.7			36.0			(32.1)			(13.9)				(62.8)
	Product recall				19.3				-			-			-				-
	Investment activity, net				8.4			(22.8)			-			-				-
	Divestitures loss (gain)						-			30.0			-			6.5				(148.2)
	Acquisition transaction and integration costs				-			25.6			34.0			-				-
	Asset impairments						-			207.4			96.9			-				-
	Legal recovery						-			(16.2)			-			-				-
	Hyperinflationary accounting					-			3.2			-			-				-
	Adjusted operating profit			$	3,058.0	$	2,858.0	$	2,612.7	$	2,750.5		$	2,774.9
				Reconciliation of Adjusted Operating Profit Margin
										Full-year (Fiscal Years)
									2020		2019		Change
									Percent	Percent of	Percent of
									Net Sales Net Sales		Net Sales
			Operating profit margin as reported	16.8 %		14.9 %	190 bps
			Restructuring charges				0.3			0.5
			Mark-to-market effects				0.1			0.2
			Product recall				0.1				-
			Asset impairments					-			1.2
			Divestitures loss					-			0.2
			Acquisition integration costs				-			0.1
			Investment activity, net					-			(0.1)
			Legal recovery					-			(0.1)
			Adjusted operating profit margin	17.3 %		16.9 %	40 bps
				Reconciliation of Adjusted Diluted Earnings Per Share
												Full-year (Fiscal Years)
							2020			2019			2018			2017				2016
Diluted earnings per share, as reported		$		3.56		$	2.90	$	3.64		$	2.77		$	2.77
Tax items				(0.09)		(0.12)			0.07			-			-
Restructuring charges**						0.06			0.10			0.11			0.26			0.26
Project-related costs**						-				-			0.01			0.05			0.06
Mark-to-market effects**					0.03			0.05			(0.04)			(0.01)			(0.07)
Product recall**						0.03				-			-			-			-
CPW restructuring charges					0.01			0.02			-			-			-
Investment activity, net**					-			(0.03)			-			-			-
Net tax benefit						-			(0.01)			(0.89)			-			-
Divestitures loss (gain)**					-			0.03			-			0.01			(0.10)
Acquisition transaction and integration costs**			-			0.03			0.10			-			-
Asset impairments**						-			0.26			0.11			-			-
Legal recovery**						-			(0.01)			-			-			-
Adjusted diluted earnings per share			$		3.61		$	3.22	$		3.11		$	3.08		$	2.92

*Tables may not foot due to rounding **See reconciliation of tax rate excluding items for tax impact of individual items

Appendix: Reconciliation of

Non-GAAP Measures

	Reconciliation of Adjusted Operating Profit Constant-currency Growth Rate
								Full-year (Fiscal Years, $ in Millions)
									2020				2019		Change
	Operating profit as reported		$	2,953.9	$		2,515.9		17%
	Restructuring charges				50.2				77.6
	Project-related costs				1.5				1.3
	Mark-to-market effects				24.7				36.0
	Product recall					19.3				-
	Investment activity, net				8.4				(22.8)
	Divestitures loss							-			30.0
	Acquisition	integration costs					-			25.6
	Asset impairments						-			207.4
	Legal recovery							-			(16.2)
	Hyperinflationary accounting					-			3.2
	Adjusted operating profit			$	3,058.0	$		2,858.0		7%
	Foreign currency exchange impact									Flat
	Adjusted operating profit growth, on
	a constant-currency basis											7%
			Reconciliation of Adjusted Diluted Earnings Per Share
					and Related Constant-currency Growth Rate
										Full-year (Fiscal Years)
									2020		2019	Change
		Diluted earnings per share, as reported	$	3.56	$		2.90		23%
		Tax items						(0.09)		(0.12)
		Restructuring charges					0.06			0.10
		Mark-to-market effects					0.03			0.05
		Product recall						0.03			-
		CPW restructuring charges				0.01			0.02
		Investment activity, net						-		(0.03)
		Net tax benefit							-		(0.01)
		Divestitures loss						-			0.03
		Acquisition integration costs				-			0.03
		Asset impairments						-			0.26
		Legal recovery							-		(0.01)
		Adjusted diluted earnings per share		$	3.61	$		3.22		12%
		Foreign currency exchange impact									Flat
		Adjusted diluted earnings per share growth,
		on a constant-currency basis									12%
					Reconciliation of Tax Rate Excluding Items
										Full-year (Fiscal Years, $ in Millions)
					2020			2019				2018				2017			2016
				Pretax		Income		Pretax		Income		Pretax		Income		Pretax		Income		Pretax		Income
				Earnings**		Taxes	Earnings**		Taxes		Earnings**		Taxes		Earnings**		Taxes	Earnings**		Taxes
As reported	$	2,600.2	$	480.5	$	2,082.0	$	367.8	$	2,135.6	$	57.3	$	2,271.3	$	655.2	$	2,403.6	$	755.2
Tax items			-		53.1		-		72.9		-		(40.9)			-		-		-		-
Restructuring charges			50.2		11.2		77.6		14.6			82.7		21.4			224.1		70.2		229.8		69.0
Project-related costs			1.5		0.3		1.3		0.2			11.3		3.3			43.9		15.7		57.5		20.7
Mark-to-market effects			24.7		5.7		36.0		8.3			(32.1)		(10.0)			(13.9)		(5.1)		(62.8)		(23.2)
Product recall			19.3		2.2		-		-			-		-			-		-		-		-
Investment activity, net			8.4		5.4		(22.8)		(5.2)		-		-			-		-		-		-
Net tax benefit			-		-		-		7.2		-		523.5			-		-		-		-
Divestitures loss (gain)			-		-		30.0		13.6			-		-			13.5		4.3		(148.2)		(82.2)
Acquisition transaction and integration costs			-		-		25.6		5.9			83.9		25.4			-		-		-		-
Asset impairments			-		-		207.4		47.7			96.9		32.0			-		-		-		-
Legal recovery			-		-		(16.2)		(5.4)		-		-			-		-		-		-
Hyperinflationary accounting			-		-		3.2			-		-		-			-		-		-		-
As adjusted	$	2,704.3	$	558.5	$	2,424.1	$	527.6	$	2,378.3	$	612.0	$	2,538.9	$	740.3	$	2,479.9	$	739.5
Effective tax rate:
As reported					18.5%				17.7%				2.7%					28.8%				31.4%
As adjusted					20.7%				21.8%				25.7%					29.2%				29.8%
Sum of adjustment to income taxes				$	78.0			$	159.8			$	554.7				$	85.1			$	(15.7)
Average number of common shares - diluted EPS					613.3				605.4				585.7					598.0				611.9
Impact of income tax adjustments on adjusted diluted EPS				$	(0.13)			$	(0.26)			$	(0.95)				$	(0.14)			$	0.03

*Tables may not foot due to rounding **Earnings before income taxes and after-tax earnings from joint ventures