$GIS
GENERAL MILLS INC

2009 Q2 Form 8-K Financial Statement

#000095012311048680 Filed on May 11, 2011

View on sec.gov

Income Statement

Concept 2009 Q2 2008 2007 Q2
Revenue $3.646B $13.55B $3.061B
YoY Change 5.03% 8.89% 6.92%
Cost Of Revenue $2.101B $8.732B $1.989B
YoY Change -13.85% 9.76% 5.91%
Gross Profit $1.545B $4.816B $1.072B
YoY Change 49.64% 7.34% 8.83%
Gross Profit Margin 42.37% 35.55% 35.02%
Selling, General & Admin $839.7M $2.566B $625.0M
YoY Change 20.25% 7.36% 11.61%
% of Gross Profit 54.36% 53.28% 58.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $120.0M $459.2M $104.8M
YoY Change 8.6% 9.91% -1.96%
% of Gross Profit 7.77% 9.53% 9.78%
Operating Expenses $839.7M $2.566B $625.0M
YoY Change 20.25% 7.36% 11.61%
Operating Profit $704.9M $2.229B $447.0M
YoY Change 111.11% 6.3% 5.18%
Interest Expense -$101.2M $399.7M -$105.0M
YoY Change 12.57% -193.61% -50.0%
% of Operating Profit -14.36% 17.93% -23.49%
Other Income/Expense, Net
YoY Change
Pretax Income $530.6M $1.830B $301.0M
YoY Change 116.31% 12.17% 49.75%
Income Tax $182.4M $622.2M $92.00M
% Of Pretax Income 34.38% 34.01% 30.56%
Net Earnings $358.8M $1.295B $224.0M
YoY Change 93.74% 13.17% 91.45%
Net Earnings / Revenue 9.84% 9.56% 7.32%
Basic Earnings Per Share $1.93
Diluted Earnings Per Share $532.8K $1.85 $311.1K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2009 Q2 2008 2007 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $750.0M $674.0M $417.0M
YoY Change 13.46% 61.63% -35.55%
Cash & Equivalents $749.8M $661.0M $417.1M
Short-Term Investments $13.00M
Other Short-Term Assets $469.3M $289.0M $510.0M
YoY Change -8.16% -43.33% 19.44%
Inventory $1.347B $1.367B $1.174B
Prepaid Expenses
Receivables $953.0M $1.082B $953.0M
Other Receivables $0.00 $209.0M $0.00
Total Short-Term Assets $3.535B $3.620B $3.054B
YoY Change -2.35% 18.53% 0.43%
LONG-TERM ASSETS
Property, Plant & Equipment $3.035B $3.108B $3.014B
YoY Change -2.35% 3.12% 0.57%
Goodwill $6.663B
YoY Change -1.81%
Intangibles $3.747B
YoY Change -0.8%
Long-Term Investments $279.0M
YoY Change -12.26%
Other Assets $895.0M $1.472B $1.587B
YoY Change -48.86% 16.0% -10.74%
Total Long-Term Assets $14.34B $15.42B $15.13B
YoY Change -7.02% 1.93% 0.64%
TOTAL ASSETS
Total Short-Term Assets $3.535B $3.620B $3.054B
Total Long-Term Assets $14.34B $15.42B $15.13B
Total Assets $17.87B $19.04B $18.18B
YoY Change -6.13% 4.72% 0.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $803.4M $937.0M $778.0M
YoY Change -14.26% 20.44% 15.6%
Accrued Expenses $1.041B
YoY Change -42.13%
Deferred Revenue
YoY Change
Short-Term Debt $812.2M $2.209B $1.254B
YoY Change -63.23% 76.16% -16.57%
Long-Term Debt Due $509.0M $442.0M $1.734B
YoY Change 15.16% -74.51% -18.63%
Total Short-Term Liabilities $3.606B $4.856B $5.845B
YoY Change -25.74% -16.92% -4.77%
LONG-TERM LIABILITIES
Long-Term Debt $5.755B $4.349B $3.218B
YoY Change 32.33% 35.15% 33.25%
Other Long-Term Liabilities $1.932B $1.924B $1.230B
YoY Change 0.43% 56.42% 33.12%
Total Long-Term Liabilities $1.932B $6.273B $4.448B
YoY Change -69.2% 41.03% 33.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.606B $4.856B $5.845B
Total Long-Term Liabilities $1.932B $6.273B $4.448B
Total Liabilities $12.46B $12.83B $12.87B
YoY Change -2.87% -0.3% 4.57%
SHAREHOLDERS EQUITY
Retained Earnings $7.236B
YoY Change
Common Stock $1.288B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.473B
YoY Change
Treasury Stock Shares 98.60M shares
Shareholders Equity $5.172B $6.216B $5.319B
YoY Change
Total Liabilities & Shareholders Equity $17.87B $19.04B $18.18B
YoY Change -6.13% 4.72% 0.6%

Cashflow Statement

Concept 2009 Q2 2008 2007 Q2
OPERATING ACTIVITIES
Net Income $358.8M $1.295B $224.0M
YoY Change 93.74% 13.17% 91.45%
Depreciation, Depletion And Amortization $120.0M $459.2M $104.8M
YoY Change 8.6% 9.91% -1.96%
Cash From Operating Activities $698.3M $1.730B $600.2M
YoY Change -14.42% -1.22% -2.49%
INVESTING ACTIVITIES
Capital Expenditures -$211.5M $522.0M -$211.5M
YoY Change -5.07% -213.43% 25.15%
Acquisitions -$600.0K
YoY Change
Other Investing Activities $78.90M $11.50M $29.30M
YoY Change 6.05% -108.4% 46.5%
Cash From Investing Activities -$132.6M -$442.4M -$182.2M
YoY Change -10.65% -25.91% 22.28%
FINANCING ACTIVITIES
Cash Dividend Paid $529.7M
YoY Change
Common Stock Issuance & Retirement, Net $1.432B
YoY Change -242.77%
Debt Paid & Issued, Net $1.623B
YoY Change
Cash From Financing Activities -818.6M -$1.093B -488.7M
YoY Change 26.7% -21.82% 2.39%
NET CHANGE
Cash From Operating Activities 698.3M $1.730B 600.2M
Cash From Investing Activities -132.6M -$442.4M -182.2M
Cash From Financing Activities -818.6M -$1.093B -488.7M
Net Change In Cash -252.9M $194.5M -70.70M
YoY Change -1276.28% -179.71% 554.63%
FREE CASH FLOW
Cash From Operating Activities $698.3M $1.730B $600.2M
Capital Expenditures -$211.5M $522.0M -$211.5M
Free Cash Flow $909.8M $1.208B $811.7M
YoY Change -12.42% -45.38% 3.47%

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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">NOTE </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">3</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> A</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">CQUISITIONS AND DIVESTITURES</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">There were no acquisitions or divestitures in fiscal 2010.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In</font><font style="font-family:Times New Roman;font-size:10pt;"> fiscal 2009, we sold our bread concentrates product line within our Bakeries and Foodservice segment, including a plant in Cedar Rapids, Iowa, for $8.3 million in cash. We recorded a pre-tax loss of $5.6 million on the transaction.</font><font style="font-family:Times New Roman;font-size:10pt;"> We also </font><font style="font-family:Times New Roman;font-size:10pt;">sold a portion of the assets of the frozen unbaked bread dough product line within our Bakeries and Foodservice segment, including plants in Bakersfield, California; Hazleton, Pennsylvania; Montreal, Canada; and Vinita, Oklahoma, for $43.9 million in cash, an $11.9 million note receivable, and contingent future payments based on the post-sale performance of the product line. Certain assets sold were shared with a frozen dinner roll product line within our U.S. Retail segment, and we exited this product line as a result of the asset sale. We recorded a pre-tax loss of $38.3 million. </font><font style="font-family:Times New Roman;font-size:10pt;">In fiscal 2010</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> we recorded cash proceeds of $3.2 million related to the repayment of the note. </font><font style="font-family:Times New Roman;font-size:10pt;">Additional cash proceeds will be recognized in the future as the note is repaid and if the buyer is required to make any performance-based contingent payments.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">In fiscal 2009, w</font><font style="font-family:Times New Roman;font-size:10pt;">e </font><font style="font-family:Times New Roman;font-size:10pt;">sold our </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pop</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;">&#8226;</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Secret </font><font style="font-family:Times New Roman;font-size:10pt;">microwave popcorn product line from our U.S. Retail segment </font><font style="font-family:Times New Roman;font-size:10pt;">for $192.5 million in cash, and we recorded a pre-tax gain of $128.8 million. We received cash proceeds of $158.9 million after repayment of a lease obligation and transaction costs.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">I</font><font style="font-family:Times New Roman;font-size:10pt;">n fiscal 2009, w</font><font style="font-family:Times New Roman;font-size:10pt;">e </font><font style="font-family:Times New Roman;font-size:10pt;">also </font><font style="font-family:Times New Roman;font-size:10pt;">acquired Humm Foods, Inc. (Humm Foods), the maker of </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">L&#228;rabar </font><font style="font-family:Times New Roman;font-size:10pt;">fruit </font><font style="font-family:Times New Roman;font-size:10pt;">and nut energy bars. We issued 1</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;">8</font><font style="font-family:Times New Roman;font-size:10pt;"> million shares of our common stock with a value of $55.0 million to the shareholders of Humm Foods as considerati</font><font style="font-family:Times New Roman;font-size:10pt;">on for the acquisition. We </font><font style="font-family:Times New Roman;font-size:10pt;">recorded the purchase price less tangible </font><font style="font-family:Times New Roman;font-size:10pt;">and intangible net </font><font style="font-family:Times New Roman;font-size:10pt;">assets acquired as goodwill </font><font style="font-family:Times New Roman;font-size:10pt;">of $41.6 million. </font><font style="font-family:Times New Roman;font-size:10pt;">The pro forma effect of this acquisition was not material.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">During fiscal 2008, the 8th Continent soymilk business was sold. Our 50 percent share of the after-tax gain on the sale was $2.2 million, of which we recognized $1.7 million in after-tax earnings from joint ventures in fiscal 2008. </font><font style="font-family:Times New Roman;font-size:10pt;">In fiscal 2010</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> we r</font><font style="font-family:Times New Roman;font-size:10pt;">ecorded an additional gain of $0.</font><font style="font-family:Times New Roman;font-size:10pt;">6</font><font style="font-family:Times New Roman;font-size:10pt;"> million </font><font style="font-family:Times New Roman;font-size:10pt;">when certain conditions </font><font style="font-family:Times New Roman;font-size:10pt;">related to the sale </font><font style="font-family:Times New Roman;font-size:10pt;">were satisfied</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> Also during fiscal 2008, we acquired a controlling interest in HD Distributors (Thailand) Company Limited. Prior to acquiring the controlling interest, we accounted for our investment as a joint venture. The purchase price, net of cash acquired, resulted in a $1.3 million cash inflow classified in acquisitions on the Consolidated Statements of Cash Flows.</font></p>

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