General Mills (GIS) FY2011 results: revenue $14.9 billion, up 1.7% on the year
General Mills Inc. (GIS) reported revenue of $14.9 billion for fiscal 2011, the year ended 29 May 2011, up 1.7% on the year before. Net income was $1.8 billion, up 17.5%, and diluted earnings per share $2.69. The figures are the company's own, from the 10-K it filed with the SEC on 8 July 2011.
Revenue
$14.9 billion
+1.7% on the year
FY2008FY2011
Operating margin
18.6%
17.8% a year earlier
FY2008FY2011
Net income
$1.8 billion
+17.5% on the year
FY2008FY2011
Diluted EPS
$2.69
+20.3% on the year
FY2008FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
14,880
14,636
14,556
+1.7%
Cost of revenue
8,927
8,835
9,381
+1.0%
Gross profit
5,954
5,800
5,175
+2.6%
Gross margin
40.0%
39.6%
35.6%
Research and development
235
218
208
+7.7%
Selling, general and administrative
3,192
3,163
2,893
+0.9%
Operating income
2,774
2,606
2,325
+6.5%
Operating margin
18.6%
17.8%
16.0%
Interest expense
346
402
383
-13.8%
Pre-tax income
2,428
2,204
1,942
+10.1%
Income tax
721
771
720
-6.5%
Effective tax rate
29.7%
35.0%
37.1%
Net income
1,798
1,530
1,304
+17.5%
Net margin
12.1%
10.5%
9.0%
Diluted EPS
$2.69
$2.24
$1.90
+20.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
1,531
2,181
1,828
-29.8%
Capital expenditure
649
650
563
-0.2%
Free cash flow
882
1,531
1,266
-42.4%
Free cash flow margin
5.9%
10.5%
8.7%
Cash from investing
-715
-721
-289
Cash from financing
-941
-1,504
-1,404
Depreciation and amortisation
473
457
454
+3.4%
Share-based compensation
105
107
118
-1.9%
Buybacks
1,164
692
1,296
+68.2%
Dividends paid
729
644
580
+13.3%
Dividend per share
$1.12
$0.96
$1.72
+16.7%
Diluted shares, weighted
665m
683m
687m
-2.7%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
6,366
5,403
5,172
+17.8%
Non-controlling interest
247
245
244
+0.7%
Short-term borrowings
n/a
1,050
812
Debt
6,885
5,376
5,755
+28.1%
Other liabilities
5,177
5,605
5,891
-7.6%
Total liabilities and equity
18,674
17,679
17,875
+5.6%
Fixed assets
3,346
3,128
3,035
+7.0%
Goodwill
6,751
6,593
6,663
+2.4%
Intangible assets
3,813
3,715
3,747
+2.6%
Cash and equivalents
620
673
750
-8.0%
Receivables
1,162
1,042
953
+11.6%
Inventory
1,609
1,344
1,347
+19.7%
Other assets
1,373
1,185
1,380
+15.9%
Total assets
18,674
17,679
17,875
+5.6%
10-K for the year ended 29 May 2011, filed 8 July 2011: the filing.