General Mills (GIS) FY2015 results: revenue $17.6 billion, down 1.6% on the year
General Mills Inc. (GIS) reported revenue of $17.6 billion for fiscal 2015, the year ended 31 May 2015, down 1.6% on the year before. Net income was $1.2 billion, down 33.1%, and diluted earnings per share $1.97. The figures are the company's own, from the 10-K it filed with the SEC on 6 July 2015.
Revenue
$17.6 billion
-1.6% on the year
FY2008FY2015
Operating margin
11.8%
16.5% a year earlier
FY2008FY2015
Net income
$1.2 billion
-33.1% on the year
FY2008FY2015
Diluted EPS
$1.97
-30.4% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
17,630
17,910
17,774
-1.6%
Cost of revenue
11,681
11,540
11,350
+1.2%
Gross profit
5,949
6,370
6,424
-6.6%
Gross margin
33.7%
35.6%
36.1%
Research and development
229
244
238
-5.8%
Selling, general and administrative
3,328
3,474
3,552
-4.2%
Operating income
2,077
2,957
2,852
-29.8%
Operating margin
11.8%
16.5%
16.0%
Interest expense
315
302
317
+4.3%
Pre-tax income
1,762
2,655
2,535
-33.6%
Income tax
587
883
741
-33.6%
Effective tax rate
33.3%
33.3%
29.2%
Net income
1,221
1,824
1,855
-33.1%
Net margin
6.9%
10.2%
10.4%
Diluted EPS
$1.97
$2.83
$2.79
-30.4%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
2,543
2,541
2,926
+0.1%
Capital expenditure
712
664
614
+7.4%
Free cash flow
1,830
1,878
2,312
-2.5%
Free cash flow margin
10.4%
10.5%
13.0%
Cash from investing
-1,602
-562
-1,515
Cash from financing
-1,385
-1,824
-1,140
Depreciation and amortisation
588
585
588
+0.5%
Share-based compensation
106
108
100
-1.9%
Buybacks
1,162
1,745
1,045
-33.4%
Dividends paid
1,018
983
868
+3.5%
Dividend per share
$1.67
$1.17
$1.70
+42.7%
Diluted shares, weighted
619m
646m
666m
-4.2%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
4,997
6,535
6,672
-23.5%
Non-controlling interest
396
471
456
-15.9%
Debt
9,192
8,786
7,969
+4.6%
Other liabilities
7,248
7,354
7,560
-1.5%
Total liabilities and equity
21,832
n/a
n/a
Fixed assets
3,783
3,942
3,878
-4.0%
Goodwill
8,875
8,650
8,622
+2.6%
Intangible assets
4,677
5,014
5,015
-6.7%
Cash and equivalents
334
867
741
-61.5%
Receivables
1,387
1,484
1,446
-6.5%
Inventory
1,541
1,559
1,546
-1.2%
Other assets
1,235
1,629
1,409
-24.2%
Total assets
21,832
23,146
22,658
-5.7%
10-K for the year ended 31 May 2015, filed 6 July 2015: the filing.