General Mills (GIS) FY2012 results: revenue $16.7 billion, up 11.9% on the year
General Mills Inc. (GIS) reported revenue of $16.7 billion for fiscal 2012, the year ended 27 May 2012, up 11.9% on the year before. Net income was $1.6 billion, down 12.8%, and diluted earnings per share $2.35. The figures are the company's own, from the 10-K it filed with the SEC on 3 July 2012.
Revenue
$16.7 billion
+11.9% on the year
FY2008FY2012
Operating margin
15.4%
18.6% a year earlier
FY2008FY2012
Net income
$1.6 billion
-12.8% on the year
FY2008FY2012
Diluted EPS
$2.35
-12.8% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
16,658
14,880
14,636
+11.9%
Cost of revenue
10,613
8,927
8,835
+18.9%
Gross profit
6,045
5,954
5,800
+1.5%
Gross margin
36.3%
40.0%
39.6%
Research and development
245
235
218
+4.4%
Selling, general and administrative
3,381
3,192
3,163
+5.9%
Operating income
2,562
2,774
2,606
-7.6%
Operating margin
15.4%
18.6%
17.8%
Interest expense
352
346
402
+1.6%
Pre-tax income
2,210
2,428
2,204
-9.0%
Income tax
710
721
771
-1.6%
Effective tax rate
32.1%
29.7%
35.0%
Net income
1,567
1,798
1,530
-12.8%
Net margin
9.4%
12.1%
10.5%
Diluted EPS
$2.35
$2.69
$2.24
-12.8%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
2,407
1,531
2,181
+57.2%
Capital expenditure
676
649
650
+4.2%
Free cash flow
1,731
882
1,531
+96.2%
Free cash flow margin
10.4%
5.9%
10.5%
Cash from investing
-1,871
-715
-721
Cash from financing
-667
-941
-1,504
Depreciation and amortisation
542
473
457
+14.6%
Share-based compensation
108
105
107
+2.8%
Buybacks
313
1,164
692
-73.1%
Dividends paid
800
729
644
+9.7%
Dividend per share
$1.22
$1.12
$0.96
+8.9%
Diluted shares, weighted
667m
665m
683m
+0.3%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
6,422
6,366
5,403
+0.9%
Non-controlling interest
461
247
245
+86.9%
Short-term borrowings
n/a
n/a
1,050
Debt
7,430
6,885
5,376
+7.9%
Other liabilities
6,784
5,177
5,605
+31.0%
Total liabilities and equity
n/a
18,674
17,679
Fixed assets
3,653
3,346
3,128
+9.2%
Goodwill
8,182
6,751
6,593
+21.2%
Intangible assets
4,705
3,813
3,715
+23.4%
Cash and equivalents
471
620
673
-24.0%
Receivables
1,324
1,162
1,042
+13.9%
Inventory
1,479
1,609
1,344
-8.1%
Other assets
1,283
1,373
1,185
-6.6%
Total assets
21,097
18,674
17,679
+13.0%
10-K for the year ended 27 May 2012, filed 3 July 2012: the filing.