Fiscal 2019 Outlook. (4)     Unallocated corporate expense totaled $106 million in the first quarter of fiscal 2019 compared to $54 million in the same period in fiscal 2018. Financial results for the third quarter and first nine months of fiscal 2019 include contributions from Blue Buffalo Pet Products, Inc. (“Blue Buffalo”), which was acquired on April 24, 2018. We believe that this measure of net sales provides useful information to investors because it provides transparency to the underlying performance by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given volatility in foreign currency exchange markets. General Mills main: 763-764-7600 : Ask us about our food We financed the transaction with $6.0 billion in debt, $1.0 billion in equity, and cash on hand. We communicate and train employees on these standards. PAI Annual report 2019. 2 2019 ANNUAL REPORT General Mills, Inc. See the full 2019 Global Responsibility Report at: www.generalmills.com/responsibility Global Responsibility At General Mills, we know that food plays a central role in people’s lives and has a profound impact on the environment and communities worldwide. During the third quarter of fiscal 2019, we recorded a $16 million legal recovery related to our Yoplait SAS subsidiary. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations and assumptions. You must click the link in the email to activate your subscription. There were no changes to our reported segment operating profit. The effective tax rate for the nine-month period ended February 24, 2019, was 21.4 percent compared to a 1.7 percent benefit for the nine-month period ended February 25, 2018. Organic net sales increased 1 percent. Net earnings attributable to General Mills as reported, Mark-to-market effects, net of tax (b)(f), Acquisition integration costs, net of tax (d)(f), CPW restructuring charges, net of tax (e), Adjusted net earnings attributable to General Mills, (e)     The CPW restructuring item represents charges related to initiatives designed to improve profitability and growth, (f)      See reconciliation of effective income tax rate excluding certain items affecting comparability below for tax impact, Adjusted Operating Profit Growth Excluding Certain Items Affecting Comparability on a Constant-Currency Basis. Organic net sales were down 2 percent. Organic net sales were up modestly, rounding to flat versus last year. Restructuring, impairment, and other exit costs totaled $60 million in the quarter compared to $8 million a year ago. These reports include company annual reports (10K, 10Q), news updates (8K), investor presentations (found in 8Ks), insider trades (form 4), ownership reports (13D, and 13G), and reports related to the specific securities sold, such as registration statements (S-1, S-8) and prospectus (FWP). The 23.1 percentage point increase was primarily due to the provisional net benefit of $504 million related to the TCJA recorded in the nine-month period ended February 25, 2018. (5)     Basic and diluted earnings per share (EPS) were calculated as follows: Average number of common shares - basic EPS, Restricted stock, restricted stock units, and other, Average number of common shares - diluted EPS. Net sales results also benefited from the inclusion of 7 days of net sales from the month of acquisition. Hyperinflationary accounting, net of tax (c)(h), Investment valuation adjustments, net of tax (c)(h), Acquisition transaction and integration costs, net of tax (e)(h). The effective tax rate in the quarter was a 17.7 percent charge compared to an 85.9 percent benefit last year (please see Note 6 below for more information on our effective tax rate). Organic net sales were down 1 percent. "We drove organic net sales growth for the fourth consecutive quarter. The new standard requires the service cost component of net periodic benefit expense to be recorded in the same line items as other employee compensation costs within our Consolidated Statements of Earnings. On a pro forma basis, Pet segment net sales increased 14 percent, with positive contributions from volume growth and positive net price realization and mix. Sales growth for the snack bars, ice cream, and Mexican food platforms offset a decline in yogurt. Acquisition transaction and integration costs (e), Net earnings attributable to General Mills as reported, Mark-to-market effects, net of tax (c)(h), Acquisition integration costs, net of tax (e)(h), CPW restructuring charges, net of tax (g), Adjusted net earnings attributable to General Mills. General Mills: Global Responsibility Reports, archive. (3)     Restructuring and impairment charges and project-related costs are recorded in our Consolidated Statements of Earnings as follows: Total restructuring and impairment charges, Project-related costs classified in cost of sales. Durée : 1,58 ‘ Rapprochement entre le Groupe La Poste et le groupe Caisse des Dép Acquisition transaction and integration costs (d), Diluted earnings per share growth, excluding. An additional $3 million of project-related charges were recorded in cost of sales a year ago (please see Note 3 below for more information on these charges). General Mills is pursuing its Consumer First strategy and executing against its three key global growth priorities to drive consistent topline growth:  1) competing effectively through strong innovation, effective consumer marketing, and excellent in-store execution; 2) accelerating growth on its four differential growth platforms including Häagen-Dazs ice cream, snack bars, Old El Paso Mexican food, and its portfolio of natural and organic food brands; and 3) reshaping its portfolio through growth-enhancing acquisitions and divestitures, including the acquisition of Blue Buffalo, the leading brand in the fast-growing wholesome natural pet food category in the U.S.  By combining consistent topline growth, margin expansion, and disciplined cash conversion and cash returns, General Mills expects to generate top-tier total shareholder returns over the long term. Dividends paid totaled $294 million. (c)    The CPW restructuring item represents charges related to initiatives designed to improve profitability and growth that were approved in fiscal 2018. Net interest expense totaled $131 million in the third quarter compared to $89 million a year ago, primarily driven by financing related to the Blue Buffalo acquisition. REQUIRED: Using the fiscal year end 2019 annual report for General Mills, Inc. and the figures from the 2017 annual report as noted below, calculate the financial ratios for 2019 and 2018 … Ten years of annual and quarterly financial statements and annual report data for General Mills (GIS). Therefore, the foreign currency impact is equal to current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. (1)     The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been prepared in accordance with accounting principles generally accepted in the United States for annual and interim financial information. General Mills produces and distributes more than 100 brands on six continents, including Cheerios, Yoplait, Pillsbury and Betty Crocker. Organic net sales increased 8 percent. as Reported, Impact of Foreign Currency (1)   The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been prepared in accordance with accounting principles generally accepted in the United States for annual and interim financial information. We recorded $12 million in restructuring charges in the third quarter of fiscal 2019. Ensuring that people across the globe are inspired, motivated, trained and developed to embrace the future of work. After submitting your information, you will receive an email. Since 1954, we have fueled more than half a billion dollars in support to nonprofit organizations in our communities. Net sales increased across the segment including in China, Brazil, and India, and across product platforms, led by Häagen-Dazs ice cream, Wanchai Ferry frozen dumplings, Yoki and Kitano meals and snacks, and Pillsbury snack bars. EYK 14-5. Through nine months, North America Retail segment net sales were down 2 percent to $7.58 billion. We believe that organic net sales growth rates provide useful information to investors because they provide transparency to underlying performance in our net sales by excluding the effect that foreign currency exchange rate fluctuations, as well as acquisitions, divestitures, and a 53rd week, when applicable, have on year-to-year comparability. We expect to spend approximately $30 million of cash related to these actions. Au cœur de la philosophie de General Mills: la conviction que l'alimentation contribue à améliorer nos vies. By using our global scale Find out the revenue, expenses and profit or loss over the last fiscal year. Cash provided by operating activities totaled $607 million in the first quarter of fiscal 2019, up 3 percent from the prior year. We believe that these measures provide useful information to investors because they are important for assessing these measures excluding certain items affecting comparability. Click the button below to request a report when hardcopies become available. GM undertakes no obligation to update publicly or otherwise revise any forward-looking statements. Fourth-quarter results for the base business will be impacted by the comparison against the year-ago period that included the strongest quarterly performance of fiscal 2018. The TCJA also results in a U.S. federal statutory tax rate of 21 percent for fiscal 2019. $3.22 +4%. Consolidated Statements of Earnings and Supplementary Information, (Unaudited) (In Millions, Except per Share Data), Selling, general, and administrative expenses, Earnings before income taxes and after-tax, Net earnings, including earnings attributable, to redeemable and noncontrolling interests, Net earnings attributable to General Mills, Comparisons as a % of net sales excluding. For fiscal 2019, we currently expect:  foreign currency exchange rates (based on blend of forward and forecasted rates and hedge positions), acquisitions, and divestitures to increase net sales growth by high single digits; foreign currency exchange rates to have an immaterial impact on adjusted operating profit and adjusted diluted EPS growth; and total restructuring charges and project-related costs related to actions previously announced to total approximately $7 million. In addition, fourth-quarter Pet segment operating profit margins will benefit from accelerated synergies, cost savings initiatives, favorable product mix, and pricing actions taken earlier in the year. Accounting Research Problem: General Mills, Inc. We also recorded $21 million of integration costs in the nine-month period ended February 24, 2019, and $4 million of acquisition transaction costs in the same period last year related to the acquisition of Blue Buffalo. Currency translation is expected to reduce reported net sales by 1 to 2 percentage points in fiscal 2019 and is not expected to have a material impact on full-year adjusted operating profit or adjusted diluted EPS. Components of Fiscal 2019 Reported Net Sales Growth, Components of In the first quarter of fiscal 2019, we recorded $1 million of restructuring initiative project-related costs in cost of sales compared to $12 million of restructuring charges and $1 million of restructuring initiative project-related costs in cost of sales in the same period last year. We recorded a $6 million net decrease in expense related to the mark-to-market valuation of certain commodity positions and grain inventories in the third quarter of fiscal 2019 compared to a $3 million net increase in expense in the same period last year. General Mills expects pro forma Pet segment net sales growth will accelerate rapidly in the fourth quarter as the company doubles distribution and increases the BLUE product assortment in FDM channels. 763-764-3202, Analysts/Investors: Operating Segment Results and Supplementary Information, Prepaid expenses and other current assets, Common stock, 754.6 shares issued, $0.10 par value, Net earnings, including earnings attributable to redeemable, Adjustments to reconcile net earnings to net cash, Distributions of earnings from joint ventures, Pension and other postretirement benefit plan contributions, Pension and other postretirement benefit plan costs, Restructuring, impairment, and other exit costs, Changes in current assets and liabilities, excluding the, Net cash provided by operating activities, Purchases of land, buildings, and equipment, Proceeds from disposal of land, buildings, and equipment, Proceeds from common stock issued on exercised options, Distributions to noncontrolling and redeemable interest holders, Effect of exchange rate changes on cash and cash equivalents, Cash and cash equivalents - beginning of year, Cash and cash equivalents - end of period. Segment operating profit totaled $1.75 billion, up 4 percent from a year ago as reported and up 5 percent in constant currency due to benefits from cost savings initiatives and lower SG&A expenses, partially offset by lower net sales and input cost inflation. Our adjusted operating profit growth excluding certain items affecting comparability on a constant-currency basis is calculated as follows: Adjusted operating profit growth excluding items affecting comparability, Adjusted operating profit growth excluding items affecting comparability, on a constant-currency basis, Effective Income Tax Rate Excluding Certain Items Affecting Comparability. In the UK, rapid growth in the past few years means that Betty Crocker is now No. 2019 Annual Report. Net sales were also negatively impacted by the comparison to the year-ago period that included co-packing sales related to the North American Green Giant divestiture. (a)    Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. Eric Lombard. Innovation “Häagen-Dazs NOW” delivers on target in UK. Organic net sales were also up 3 percent. TOTAL GENERAL MILLS $ VS LY¹ $ VS LY¹. Net Sales: $4,162 +9%: $16,865 +9%: Organic Sales*-1%: Flat. Découvrez nos actions en matières de responsabilité sociétale d’entreprise. "Fiscal 2019 is off to a good start," said General Mills Chairman and Chief Executive Officer Jeff Harmening. ASK US ABOUT OUR FOOD CHANGE COUNTRY Welcome to Global Site. For each of these non-GAAP financial measures, we are providing below a reconciliation of the differences between the non-GAAP measure and the most directly comparable GAAP measure, an explanation of why we believe the non-GAAP measure provides useful information to investors and any additional purposes for which our management or Board of Directors uses the non-GAAP measure. Excluding items affecting comparability, the adjusted effective tax rate was 22.7 percent compared to 30.5 percent a year ago, primarily driven by the lower U.S. federal statutory tax rate resulting from the Tax Cuts and Jobs Act. Sales declines for Yoplait yogurt and the negative impact of a continued challenging retail environment in France were partially offset by continued double-digit growth on snack bars and Häagen-Dazs ice cream. Through nine months, after-tax earnings from joint ventures totaled $52 million compared to $64 million a year ago, driven by our $9 million after-tax share of CPW restructuring charges as well as lower net sales and higher input costs for HDJ. Certain measures in this release are presented excluding the impact of foreign currency exchange (constant-currency). We financed the transaction with $6.0 billion in debt, $1.0 billion in equity, and cash on hand. Les engagements RSE de General Mills en France . Meals & Baking and U.S. Yogurt. Jeff Siemon To present this information, current period results for entities reporting in currencies other than United States dollars are translated into United States dollars at the average exchange rates in effect during the corresponding period of the prior fiscal year, rather than the actual average exchange rates in effect during the current fiscal year. First-quarter net sales declined 2 percent in constant currency for Cereal Partners Worldwide (CPW), driven by declines in Latin America, partially offset by increases in the Asia, Middle East, and Africa region. General Mills reaffirmed its key full-year fiscal 2019 targets: General Mills will hold a briefing for investors today, September 18, 2018, beginning at 7:30 a.m. Central time (8:30 a.m. Eastern time). You can access the webcast at www.generalmills.com/investors. A reconciliation of total segment operating profit to the relevant GAAP measure, operating profit, is included in the Statements of Operating Segment Results. General Mills reaffirmed its key full-year fiscal 2019 targets: Organic net sales are expected to be in a range between flat and up 1 percent. General Mills Annual Revenue and Growth Rate. At the end of fiscal year 2020, revenue was $17.6 billion (US). Our simple-to-prepare cakes, muffins and other products are all about ease – and guaranteed family togetherness. First-quarter net sales for the Convenience Stores & Foodservice segment increased 4 percent to $463 million, with mid single-digit growth for the Focus 6 platforms led by snacks and frozen meals. Organic net sales increased 7 percent. The adjustments are either items resulting from infrequently occurring events or items that, in management's judgment, significantly affect the year-over-year assessment of operating results. General Mills Foundation: Today, more than 60 years after our Foundation was officially formed, our commitment to our communities remains unwavering. Third-quarter net sales for the Pet segment totaled $347 million. Investor Relations Department View original content to download multimedia:http://www.prnewswire.com/news-releases/general-mills-reports-fiscal-2019-first-quarter-results-300714446.html, General Shareholder Information: Based on these results and our outlook for the year, we are reaffirming our full-year fiscal 2019 targets.". Constant-Currency Segment Operating Profit Growth Rates, Percentage Change in Operating Profit General Mills Reports Fiscal 2019 Second-Quarter Results And Reaffirms Full-Year Guidance - Net sales increased 5 percent to $4.4 billion, and grew 7 … Financial results for the third quarter and first nine months of fiscal 2019 include contributions from Blue Buffalo Pet Products, Inc. ("Blue Buffalo"), which was acquired on April 24, 2018. We provide organic net sales growth rates for our consolidated net sales and segment net sales. Welcome to Global Site. In the nine-month period ended February 25, 2018, we recorded $13 million of restructuring charges and $8 million of restructuring initiative project-related costs in cost of sales. Organic net sales also increased 2 percent. Why frosting takes more than the cake. Excluding mark-to-market valuation effects and other items affecting comparability, unallocated corporate items totaled $65 million net expense this year compared to $43 million net expense last year. Operating Profit as Reported, Percentage Change in Total Segment Operating Profit on a Constant-Currency Basis, Constant-currency Segment Operating Profit Growth Rates. (6)     The effective tax rate for the third quarter of fiscal 2019 was 17.7 percent compared to an 85.9 percent benefit for the third quarter of fiscal 2018. Cash Flow from changes in current assets and liabilities: GENERAL MILLS, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Unaudited). Capital investments of $113 million declined 3 percent from a year ago. The company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances. In the UK, rapid growth in the past few years means that Betty Crocker is now No. Represents a prior period recorded in the second quarter of fiscal 2018. We believe that these measures provide useful information to investors because they are important for assessing these measures excluding certain items affecting comparability. Global Responsibility, 2020 Triple Bottom Line Operating Unit Sustainability, 2019. In the nine-month period ended February 24, 2019, we recorded $193 million of charges related to the impairment of our Progresso, Food Should Taste Good and Mountain High brand intangible assets in restructuring, impairment, and other exit costs. 150 ans d'innovations et d'inventions! In fiscal 2018, we acquired Blue Buffalo Pet Products, Inc. ("Blue Buffalo") for an aggregate purchase price of $8.0 billion, including $103 million of consideration for net debt repaid at the time of acquisition. General Mills, Inc. does not currently have any hardcopy reports on AnnualReports.com. The adjustments are either items resulting from infrequently occurring events or items that, in management's judgment, significantly affect the year-over-year assessment of operating results. These forward-looking statements, including the statements under the caption "Fiscal 2019 Outlook," and statements made by Mr. Harmening, are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Last quarter, the company’s pet food segment improved sales by 7% against the first quarter of fiscal 2019, to $368 million. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. Capital investments through the first nine months totaled $368 million. Under the new standard, we apply a principles-based five step model to recognize revenue upon the transfer of control of promised goods to customers and in an amount that reflects the consideration for which we expect to be entitled to in exchange for those goods. Vice President Investor Relations General Mills has so far followed through on its promise to scale Blue Buffalo Pet Foods’ revenue after it acquired the specialty pet food business in April 2018. 2019 Online Annual Report. Net sales declined 4 percent in the U.S. Snacks operating unit and 2 percent each in U.S. We believe that this measure provides useful information to investors because it is the operating profit measure we use to evaluate operating profit performance on a comparable year-over-year basis. Quality, taste and convenience have made Betty Crocker a consistent favourite with consumers in the United States since 1921. as Reported, Percentage Change in Net Sales on Constant-Currency Basis, Earnings Comparisons as a Percent of Net Sales Excluding Certain Items Affecting Comparability. Our segments' operating profit growth rates on a constant-currency basis are calculated as follows: Percentage Change in Operating Profit On a pro forma basis, Pet segment net sales increased 4 percent, with growth in Food, Drug, and Mass (FDM) and E-commerce channels partially offset by declines in the Pet Specialty channel. The new standard requires retrospective adoption of the presentation of net periodic benefit expense. Adjusted Operating Profit* $722 +5%: $2,858 +10%: Adjusted Diluted EPS* $0.83 +6%. Free Cash Flow Conversion Rate and Total Cash Returned to Shareholders as a Percentage of Free Cash Flow. Retail sales growth outpaced organic net sales trends in the quarter, with U.S. Nielsen-measured retail sales essentially matching year-ago levels and market share increasing in 8 of the segment's 9 largest U.S. categories. Future events or circumstances, half of them outside the United States since 1921 that Betty a... Supply chain fair presentation have been included and are of a normal recurring nature infringe! Our simple-to-prepare cakes, muffins and other products are all about ease – and guaranteed togetherness... To 5 p.m. CT weekdays. ) general mills annual report 2019 reconciliation of effective income tax adjustments on diluted EPS excluding! Know what it means to: Behave ethically the accounting related to initiatives to. Au cœur de la philosophie de General Mills produces and distributes more half. Solid growth, components of fiscal 2022 publicly revise any forward-looking statements and! 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