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general mills annual report 2019

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(b)      Represents a prior period adjustment recorded in the second quarter of fiscal 2018. as Reported, Percentage Change in Operating Profit on Constant-Currency Basis, Net Sales Growth Rates for Canada Operating Unit on a Constant-Currency Basis. 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. In particular, our predictions about future net sales and earnings could be affected by a variety of factors, including: competitive dynamics in the consumer foods industry and the markets for our products, including new product introductions, advertising activities, pricing actions, and promotional activities of our competitors; economic conditions, including changes in inflation rates, interest rates, tax rates, or the availability of capital; product development and innovation; consumer acceptance of new products and product improvements; consumer reaction to pricing actions and changes in promotion levels; acquisitions or dispositions of businesses or assets, including our acquisition of Blue Buffalo and issues in the integration of Blue Buffalo and retention of key management and employees; unfavorable reaction to our acquisition of Blue Buffalo by customers, competitors, suppliers, and employees; changes in capital structure; changes in the legal and regulatory environment, including tax legislation, labeling and advertising regulations, and litigation; impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in accounting standards and the impact of significant accounting estimates; product quality and safety issues, including recalls and product liability; changes in consumer demand for our products; effectiveness of advertising, marketing, and promotional programs; changes in consumer behavior, trends, and preferences, including weight loss trends; consumer perception of health-related issues, including obesity; consolidation in the retail environment; changes in purchasing and inventory levels of significant customers; fluctuations in the cost and availability of supply chain resources, including raw materials, packaging, and energy; disruptions or inefficiencies in the supply chain; effectiveness of restructuring and cost saving initiatives; volatility in the market value of derivatives used to manage price risk for certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities; failure or breach of our information technology systems; foreign economic conditions, including currency rate fluctuations; and political unrest in foreign markets and economic uncertainty due to terrorism or war. Organic net sales were flat to last year. In addition, in the nine-month period ended February 24, 2019, we recorded a $3 million loss related to the impact of hyperinflationary accounting for our Argentina subsidiary. The company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances. 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. We expect these actions to be completed by the end of fiscal 2022. Dollars in millions except per share data. 763-764-3202, Analysts/Investors: 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. Please fill out the form below and click "Place Order" to complete your order. Click the button below to request a report when hardcopies become available. 2019 Annual Report. The new standard requires retrospective adoption of the presentation of net periodic benefit expense. The calculation of free cash flow conversion rate and net cash provided by operating activities conversion rate, its equivalent GAAP measure, follows: and noncontrolling interests, as reported, Hyperinflationary accounting, net of tax (a), Investment valuation adjustments, net of tax (a), Acquisition transaction and integration costs, net of tax (c), CPW restructuring charges, net of tax (d), Adjusted net earnings, including earnings attributable to redeeming and noncontrolling interests, Net cash provided by operating activities conversion rate, View original content to download multimedia:http://www.prnewswire.com/news-releases/general-mills-reports-strong-fiscal-2019-third-quarter-results-and-updates-full-year-guidance-300815535.html, General Shareholder Information: (7)     We have included measures in this release that are not defined by GAAP. Including the impact of the Blue Buffalo acquisition, net sales are expected to increase 9 to 10 percent. Impact of income tax adjustments on diluted EPS, excluding certain items affecting comparability. Capital investments through the first nine months totaled $368 million. In the UK, rapid growth in the past few years means that Betty Crocker is now No. General Mills, Inc. does not currently have any hardcopy reports on AnnualReports.com. In our North American Retail segment, we approved actions at certain facilities to consolidate production and optimize our labor and manufacturing platforms. Acquisition transaction and integration costs, Total Segment Operating Profit and Related Constant-currency Growth Rates. Media : Other contacts: For media only: 763-764-6364 (Calls returned 8 a.m to 5 p.m. CT weekdays.) In the quarter and nine-month periods ended February 25, 2018, we recorded acquisition transaction costs of $19 million including $16 million in interest, net, and $4 million in SG&A expenses. 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. Organic net sales declined 1 percent. Additionally, we approved targeted systems and process optimization actions in our Europe & Australia segment and expect to incur approximately $20 million of restructuring charges. TOTAL GENERAL MILLS $ VS LY¹ $ VS LY¹. The unavailable information could have a significant impact on our fiscal 2019 GAAP financial results. General Mills Foundation: Today, more than 60 years after our Foundation was officially formed, our commitment to our communities remains unwavering. 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. 1-800-245-5703 or 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). Net sales growth rates for our Canada operating unit on a constant-currency basis are calculated as follows: Percentage Change in Net Sales on Constant-Currency Basis, Earnings Comparisons as a Percent of Net Sales Excluding Certain Items Affecting Comparability. (a)      Earnings before income taxes and after-tax earnings from joint ventures. We believe that these measures provide useful information to investors because they are important for assessing these measures excluding certain items affecting comparability. We believe that this measure provides useful information to investors because it provides transparency to underlying performance of our segments by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given volatility in foreign currency exchange markets. 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). 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. In the UK, rapid growth in the past few years means that Betty Crocker is now No. 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. Three years of incessant attacks on women’s rights — especially sexual and reproductive rights. We believe this measure provides useful information to investors because it is important for assessing the effective tax rate excluding certain items affecting comparability and presents the income tax effects of certain items affecting comparability. Get the detailed quarterly/annual income statement for General Mills, Inc. (GIS). Investor Relations Department Découvrez nos actions en matières de responsabilité sociétale d’entreprise. 4 questions à Eric Lombard Directeur général de la Caisse des Dépôts Quel bilan 2019 pour le groupe Caisse des Dépôts ? First-quarter net sales for the Asia & Latin America segment increased 2 percent to $399 million, driven by volume growth and benefits from net price realization and mix, partially offset by unfavorable foreign currency exchange. The adjustments are either items resulting from infrequently occurring events or items that, in management's judgement, significantly affect the year-over-year assessment of operating results. certain items affecting comparability (a): Adjusted net earnings attributable to General. Due to the public health concerns resulting from the COVID-19 pandemic, we are holding the Annual Meeting in a virtual-only meeting format to support the health and safety of our shareholders and employees. 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. 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. The General Mills leadership team has ultimate accountability for the company's global responsibility programs and performance. General Mills: At a glance overview of General Mills business divisions, with financial charts In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. General Shareholder Information: Investor Relations Department 1-800-245-5703 or 763-764-3202. Average diluted shares outstanding through nine months increased 4 percent to 604 million. Segment operating profit of $34 million was up 13 percent as reported and up 12 percent in constant currency, primarily reflecting benefits from net price realization and mix and lower SG&A expenses, partially offset by higher input costs, including currency-driven inflation on imported products. Third-quarter net sales for Cereal Partners Worldwide (CPW) increased 2 percent in constant currency, and constant-currency net sales for Häagen-Dazs Japan (HDJ) declined 5 percent. 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 … General Mills: Global Responsibility Reports, archive. Welcome to Global Site. Our effective tax rate excluding certain items affecting comparability was 19.9 percent in the third quarter of fiscal 2019 compared to 15.2 percent in the third quarter of fiscal 2018 (see Note 7 below for a description of our use of measures not defined by GAAP). 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. 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). - Net sales increased 8 percent to $4.2 billion, and were up 10 percent in constant currency(1); organic net sales grew 1 percent, General Mills Reports Strong Fiscal 2019 Third-Quarter Results And Updates Full-Year Guidance, http://www.prnewswire.com/news-releases/general-mills-reports-strong-fiscal-2019-third-quarter-results-and-updates-full-year-guidance-300815535.html. Segment operating profit of $81 million declined 4 percent as reported and was in line with last year in constant currency, with benefits from cost savings initiatives, lower SG&A expenses, and favorable product mix offset by input cost inflation, including currency-driven inflation on products imported into the U.K. MINNEAPOLIS, Sept. 18, 2018 /PRNewswire/ -- General Mills (NYSE: GIS) today reported results for the first quarter ended August 26, 2018. 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. 1-800-245-5703 or Ten years of annual and quarterly financial statements and annual report data for General Mills (GIS). Restructuring, impairment, and other exit costs totaled $60 million in the quarter compared to $8 million a year ago. The group is committed to continuing the long-standing culture of integrity at General Mills. Additionally, the adjustments are evaluated on a constant-currency basis by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given the volatility in foreign currency exchange rates. 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. Global Responsibility, 2020 Triple Bottom Line Operating Unit Sustainability, 2019. 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. Operating Profit as Reported, Percentage Change in Total Segment Operating Profit on a Constant-Currency Basis, Constant-currency Segment Operating Profit Growth Rates. However, Accounting Standards Update 2018-05: Income Taxes (Topic 740) was issued with guidance allowing for the recognition of provisional amounts in the event that the accounting is not complete and a reasonable estimate can be made. We adopted the requirements of the new standard and subsequent amendments to all contracts in the first quarter of fiscal 2019 using the cumulative effect approach. The company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances. The 7.8 percentage point decrease was primarily due to the net benefit related to the Tax Cuts and Jobs Act ("TCJA"), partially offset by less favorable windfall tax benefits from stock-based payments in fiscal 2019. The effective tax rate in the quarter was 22.6 percent, compared to 30.4 percent last year (please see Note 6 below for more information on our effective tax rate). Cash provided by operating activities totaled $2.03 billion through nine months of fiscal 2019. Posts tagged with: general mills annual report View full post 14 facts about General Mills in 2014 View full post Our top 5 posts in August Editorial Team. 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. Organic net sales were up modestly, rounding to flat versus last year. Act in compliance with our Code of Conduct and policies. In particular, our predictions about future net sales and earnings could be affected by a variety of factors, including: competitive dynamics in the consumer foods industry and the markets for our products, including new product introductions, advertising activities, pricing actions, and promotional activities of our competitors; economic conditions, including changes in inflation rates, interest rates, tax rates, or the availability of capital; product development and innovation; consumer acceptance of new products and product improvements; consumer reaction to pricing actions and changes in promotion levels; acquisitions or dispositions of businesses or assets, including our acquisition of Blue Buffalo and issues in the integration of Blue Buffalo and retention of key management and employees; unfavorable reaction to our acquisition of Blue Buffalo by customers, competitors, suppliers, and employees; changes in capital structure; changes in the legal and regulatory environment, including tax legislation, labeling and advertising regulations, and litigation; impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in accounting standards and the impact of significant accounting estimates; product quality and safety issues, including recalls and product liability; changes in consumer demand for our products; effectiveness of advertising, marketing, and promotional programs; changes in consumer behavior, trends, and preferences, including weight loss trends; consumer perception of health-related issues, including obesity; consolidation in the retail environment; changes in purchasing and inventory levels of significant customers; fluctuations in the cost and availability of supply chain resources, including raw materials, packaging, and energy; disruptions or inefficiencies in the supply chain; effectiveness of restructuring and cost saving initiatives; volatility in the market value of derivatives used to manage price risk for certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities; failure or breach of our information technology systems; foreign economic conditions, including currency rate fluctuations; and political unrest in foreign markets and economic uncertainty due to terrorism or war. 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