General Mills (GIS) FY2013 results: revenue $17.8 billion, up 6.7% on the year
General Mills Inc. (GIS) reported revenue of $17.8 billion for fiscal 2013, the year ended 26 May 2013, up 6.7% on the year before. Net income was $1.9 billion, up 18.4%, and diluted earnings per share $2.79. The figures are the company's own, from the 10-K it filed with the SEC on 3 July 2013.
Revenue
$17.8 billion
+6.7% on the year
FY2008FY2013
Operating margin
16.0%
15.4% a year earlier
FY2008FY2013
Net income
$1.9 billion
+18.4% on the year
FY2008FY2013
Diluted EPS
$2.79
+18.7% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
17,774
16,658
14,880
+6.7%
Cost of revenue
11,350
10,613
8,927
+6.9%
Gross profit
6,424
6,045
5,954
+6.3%
Gross margin
36.1%
36.3%
40.0%
Research and development
238
245
235
-3.1%
Selling, general and administrative
3,552
3,381
3,192
+5.1%
Operating income
2,852
2,562
2,774
+11.3%
Operating margin
16.0%
15.4%
18.6%
Interest expense
317
352
346
-9.9%
Pre-tax income
2,535
2,210
2,428
+14.7%
Income tax
741
710
721
+4.5%
Effective tax rate
29.2%
32.1%
29.7%
Net income
1,855
1,567
1,798
+18.4%
Net margin
10.4%
9.4%
12.1%
Diluted EPS
$2.79
$2.35
$2.69
+18.7%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
2,926
2,407
1,531
+21.6%
Capital expenditure
614
676
649
-9.2%
Free cash flow
2,312
1,731
882
+33.5%
Free cash flow margin
13.0%
10.4%
5.9%
Cash from investing
-1,515
-1,871
-715
Cash from financing
-1,140
-667
-941
Depreciation and amortisation
588
542
473
+8.6%
Share-based compensation
100
108
105
-7.3%
Buybacks
1,045
313
1,164
+233.8%
Dividends paid
868
800
729
+8.4%
Dividend per share
$1.70
$1.22
$1.12
+39.3%
Diluted shares, weighted
666m
667m
665m
-0.2%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
6,672
6,422
6,366
+3.9%
Non-controlling interest
456
461
247
-1.0%
Debt
7,969
7,430
6,885
+7.3%
Other liabilities
7,560
6,784
5,177
+11.4%
Total liabilities and equity
n/a
n/a
18,674
Fixed assets
3,878
3,653
3,346
+6.2%
Goodwill
8,622
8,182
6,751
+5.4%
Intangible assets
5,015
4,705
3,813
+6.6%
Cash and equivalents
741
471
620
+57.3%
Receivables
1,446
1,324
1,162
+9.3%
Inventory
1,546
1,479
1,609
+4.5%
Other assets
1,409
1,283
1,373
+9.8%
Total assets
22,658
21,097
18,674
+7.4%
10-K for the year ended 26 May 2013, filed 3 July 2013: the filing.