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MILLS Consolidated Statements of Earnings GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions, Except per Share Data) $ Net sales Cost of sales Selling, general, and administrative expenses Divestitures loss Restructuring, impairment, and other exit costs $ Fiscal Year 2018 $ 15,740.4 10,304.8 2,850.1 2019 16,865.2 11,108.4 2,935.8 30.0 275.1 2017 15,619.8 10,052.0 2,888.8 6.5 165.6 180.4 Operating profit Benefit plan non-service income Interest, net 2,515.9 (87.9) 521.8 2,419.9 (89.4) 373.7 2,492.1 (74.3) 295.1 Earnings before income taxes and after-tax earnings from joint ventures Income taxes 2,082.0 367.8 72.0 2,135.6 57.3 84.7 2,271.3 655.2 85.0 After-tax earnings from joint ventures 1,786.2 2,163.0 1,701.1 Net earnings, including earnings attributable to redeemable and noncontrolling interests Net earnings attributable to redeemable and noncontrolling interests 33.5 32.0 43.6 Net earnings attributable to General Mills $ 1,752.7 $ 2.92 $ 2,131.0 3.69 S $ 1,657.5 2.82 Earnings per share-basic Earnings per share - diluted 2.90 $ 3.64 $ 2.77 Dividends per share 1.96 $ 1.96 $ 1.92 See accompanying notes to consolidated financial statements. Consolidated Balance Sheets GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions, Except Par Value) May 26, 2019 May 27, 2018 $ 450.0 1,679.7 1,559.3 497.5 4,186.5 3,787.2 13,995.8 7,166.8 974.9 30.111.2 399.0 1,684.2 1,642.2 398.3 4,123.7 4,047.2 14,065.0 7,445.1 943,0 30,624.0 $ $ ASSETS Current assets: Cash and cash equivalents Receivables Inventories Prepaid expenses and other current assets Total current assets Land, buildings, and equipment Goodwill Other intangible assets Other assets Total assets LIABILITIES AND EQUITY Current liabilities: Accounts payable Current portion of long-term debt Notes payable Other current liabilities Total current liabilities Long-term debt Deferred income taxes Other liabilities Total liabilities Redeemable interest Stockholders' equity: Common stock, 754.6 shares issued, $0.10 par value Additional paid-in capital Retained earnings Common stock in treasury, at cost, shares of 152.7 and 161.5 Accumulated other comprehensive loss Total stockholders' equity Noncontrolling interests Total equity Total liabilities and equity 2,854.1 1,396.5 1,468.7 1,367.8 7,087.1 11,624.8 2,031.0 1,448,9 22,191.8 551.7 2,746.2 1,600.1 1,549.8 1,445.8 7,341.9 12,668.7 2,003.8 1,341.0 23,355.4 776.2 75.5 1,386.7 14,996.7 (6,779.0) (2,625.4) 7,054.5 313.2 7,367.7 30,111.2 75.5 1,202.5 14,459.6 (7,167.5) (2,429.0) 6,141.1 351.3 6,492.4 30,624.0 $ PROTER & GAMBLE The Procter & Gamble Company 35 Consolidated Statements of Earnings 2019 2018 $ 67,684 $ 66,832 34,768 34,432 19,084 19,037 8,345 5,487 13,363 506 2017 $ 65,058 32,638 1 8,654 509 Amounts in millions except per share amounts: Years ended June 30 NET SALES Cost of products sold Selling, general and administrative expense Goodwill and indefinite lived intangibles impairment charges OPERATING INCOME Interest expense Interest income Other non-operating income (expense), net EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES Income taxes on continuing operations NET EARNINGS FROM CONTINUING OPERATIONS NET EARNINGS FROM DISCONTINUED OPERATIONS NET EARNINGS Less: Net earnings attributable to noncontrolling interests NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE 220 871 247 222 13,326 3,465 13,766 465 171 (215) 13,257 3,063 10,194 5,217 15,411 ,103 3,966 O 3.966 $ 3,897 $ 9,750 $ 15,326 BASIC NET EARNINGS PER COMMON SHARE: Earnings from continuing operations $ 1.45 $ 3.75 $ 3.79 Earnings from discontinued operations - 2.01 BASIC NET EARNINGS PER COMMON SHARE $ 1.45 $ 3.75 $ 5.80 DILUTED NET EARNINGS PER COMMON SHARE: Earnings from continuing operations $ 1.43 $ 3.67 $ 3.69 Earnings from discontinued operations - - 1.90 DILUTED NET EARNINGS PER COMMON SHARE $ 1.43 $ 3.67 $ 5.59 (1) Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble. 223 words Consolidated Balance Sheets 2019 2018 $ 4,239 $ 2,569 6,048 9,281 4,9514,686 1,335 588 Amounts in millions: As of June 30 Assets CURRENT ASSETS Cash and cash equivalents Available for sale investment securities Accounts receivable INVENTORIES Materials and supplies Work in process Finished goods Total inventories Prepaid expenses and other current assets TOTAL CURRENT ASSETS PROPERTY, PLANT AND EQUIPMENT, NET GOODWILL TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET OTHER NONCURRENT ASSETS TOTAL ASSETS 1,289 612 3,116 5,017 2,218 22,473 21,271 40.273 24,215 6,863 115,095 2.815 4,738 2,046 23,320 20,600 45,175 23,902 5,313 118,310 $ $ $ $ 11,260 9,054 9,697 30.011 20,395 6,899 10,211 67,516 10,344 7,470 10,423 28,237 20,863 6,163 10,164 65,427 Liabilities and Shareholders' Equity CURRENT LIABILITIES Accounts payable Accrued and other liabilities Debt due within one year TOTAL CURRENT LIABILITIES LONG-TERM DEBT DEFERRED INCOME TAXES OTHER NONCURRENT LIABILITIES TOTAL LIABILITIES SHAREHOLDERS' EQUITY Convertible Class A preferred stock, stated value $1 per share (600 shares authorized) Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized) Common stock, stated value $1 per share (10,000 shares authorized; shares issued: 2019 - 4,009.2, 2018 - 4,009.2) Additional paid-in capital Reserve for ESOP debt retirement Accumulated other comprehensive income/(loss) Treasury stock, at cost (shares held: 2019 - 1,504.5, 2018 -1,511.2) Retained earnings Noncontrolling interest TOTAL SHAREHOLDERS' EQUITY TOTAL TABII TITO ANI CITADELAINED 223 words 928 967 4,009 63,827 (1,146) (14,936) (100,406) 94,918 4,009 63,846 (1,204) (14,749) (99,217) 98,641 590 5 2,883 110 10 385 47,579 1 AA Evaluate the LIQUIDITY of each company 1. Compute each company's 2019 Current Ratio, and Acid Test ratio (2 points). 2. Explain IN YOUR OWN WORDS (in one or two sentences) which company you rate higher on liquidity (1 points). Evaluate the ASSET MANAGEMENT of each company Compute each company's 2019 A/R Collection period, Average Sale period, Total Asset Turnover. For the A/R Collection period, assume all sales are on credit (3 points). Explain IN YOUR OWN WORDS (in one or two sentences) which company you rate higher on Asset Management (2 points). Evaluate the DEBT MANAGEMENT of each company 1. Compute each company's 2019 Times Interest Earned ratio and Debt to Equity ratio (2 points) Explain IN YOUR OWN WORDS (in one or two sentences) which company you rate higher on Debt Management (2 points). MILLS Consolidated Statements of Earnings GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions, Except per Share Data) $ Net sales Cost of sales Selling, general, and administrative expenses Divestitures loss Restructuring, impairment, and other exit costs $ Fiscal Year 2018 $ 15,740.4 10,304.8 2,850.1 2019 16,865.2 11,108.4 2,935.8 30.0 275.1 2017 15,619.8 10,052.0 2,888.8 6.5 165.6 180.4 Operating profit Benefit plan non-service income Interest, net 2,515.9 (87.9) 521.8 2,419.9 (89.4) 373.7 2,492.1 (74.3) 295.1 Earnings before income taxes and after-tax earnings from joint ventures Income taxes 2,082.0 367.8 72.0 2,135.6 57.3 84.7 2,271.3 655.2 85.0 After-tax earnings from joint ventures 1,786.2 2,163.0 1,701.1 Net earnings, including earnings attributable to redeemable and noncontrolling interests Net earnings attributable to redeemable and noncontrolling interests 33.5 32.0 43.6 Net earnings attributable to General Mills $ 1,752.7 $ 2.92 $ 2,131.0 3.69 S $ 1,657.5 2.82 Earnings per share-basic Earnings per share - diluted 2.90 $ 3.64 $ 2.77 Dividends per share 1.96 $ 1.96 $ 1.92 See accompanying notes to consolidated financial statements. Consolidated Balance Sheets GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions, Except Par Value) May 26, 2019 May 27, 2018 $ 450.0 1,679.7 1,559.3 497.5 4,186.5 3,787.2 13,995.8 7,166.8 974.9 30.111.2 399.0 1,684.2 1,642.2 398.3 4,123.7 4,047.2 14,065.0 7,445.1 943,0 30,624.0 $ $ ASSETS Current assets: Cash and cash equivalents Receivables Inventories Prepaid expenses and other current assets Total current assets Land, buildings, and equipment Goodwill Other intangible assets Other assets Total assets LIABILITIES AND EQUITY Current liabilities: Accounts payable Current portion of long-term debt Notes payable Other current liabilities Total current liabilities Long-term debt Deferred income taxes Other liabilities Total liabilities Redeemable interest Stockholders' equity: Common stock, 754.6 shares issued, $0.10 par value Additional paid-in capital Retained earnings Common stock in treasury, at cost, shares of 152.7 and 161.5 Accumulated other comprehensive loss Total stockholders' equity Noncontrolling interests Total equity Total liabilities and equity 2,854.1 1,396.5 1,468.7 1,367.8 7,087.1 11,624.8 2,031.0 1,448,9 22,191.8 551.7 2,746.2 1,600.1 1,549.8 1,445.8 7,341.9 12,668.7 2,003.8 1,341.0 23,355.4 776.2 75.5 1,386.7 14,996.7 (6,779.0) (2,625.4) 7,054.5 313.2 7,367.7 30,111.2 75.5 1,202.5 14,459.6 (7,167.5) (2,429.0) 6,141.1 351.3 6,492.4 30,624.0 $ PROTER & GAMBLE The Procter & Gamble Company 35 Consolidated Statements of Earnings 2019 2018 $ 67,684 $ 66,832 34,768 34,432 19,084 19,037 8,345 5,487 13,363 506 2017 $ 65,058 32,638 1 8,654 509 Amounts in millions except per share amounts: Years ended June 30 NET SALES Cost of products sold Selling, general and administrative expense Goodwill and indefinite lived intangibles impairment charges OPERATING INCOME Interest expense Interest income Other non-operating income (expense), net EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES Income taxes on continuing operations NET EARNINGS FROM CONTINUING OPERATIONS NET EARNINGS FROM DISCONTINUED OPERATIONS NET EARNINGS Less: Net earnings attributable to noncontrolling interests NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE 220 871 247 222 13,326 3,465 13,766 465 171 (215) 13,257 3,063 10,194 5,217 15,411 ,103 3,966 O 3.966 $ 3,897 $ 9,750 $ 15,326 BASIC NET EARNINGS PER COMMON SHARE: Earnings from continuing operations $ 1.45 $ 3.75 $ 3.79 Earnings from discontinued operations - 2.01 BASIC NET EARNINGS PER COMMON SHARE $ 1.45 $ 3.75 $ 5.80 DILUTED NET EARNINGS PER COMMON SHARE: Earnings from continuing operations $ 1.43 $ 3.67 $ 3.69 Earnings from discontinued operations - - 1.90 DILUTED NET EARNINGS PER COMMON SHARE $ 1.43 $ 3.67 $ 5.59 (1) Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble. 223 words Consolidated Balance Sheets 2019 2018 $ 4,239 $ 2,569 6,048 9,281 4,9514,686 1,335 588 Amounts in millions: As of June 30 Assets CURRENT ASSETS Cash and cash equivalents Available for sale investment securities Accounts receivable INVENTORIES Materials and supplies Work in process Finished goods Total inventories Prepaid expenses and other current assets TOTAL CURRENT ASSETS PROPERTY, PLANT AND EQUIPMENT, NET GOODWILL TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET OTHER NONCURRENT ASSETS TOTAL ASSETS 1,289 612 3,116 5,017 2,218 22,473 21,271 40.273 24,215 6,863 115,095 2.815 4,738 2,046 23,320 20,600 45,175 23,902 5,313 118,310 $ $ $ $ 11,260 9,054 9,697 30.011 20,395 6,899 10,211 67,516 10,344 7,470 10,423 28,237 20,863 6,163 10,164 65,427 Liabilities and Shareholders' Equity CURRENT LIABILITIES Accounts payable Accrued and other liabilities Debt due within one year TOTAL CURRENT LIABILITIES LONG-TERM DEBT DEFERRED INCOME TAXES OTHER NONCURRENT LIABILITIES TOTAL LIABILITIES SHAREHOLDERS' EQUITY Convertible Class A preferred stock, stated value $1 per share (600 shares authorized) Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized) Common stock, stated value $1 per share (10,000 shares authorized; shares issued: 2019 - 4,009.2, 2018 - 4,009.2) Additional paid-in capital Reserve for ESOP debt retirement Accumulated other comprehensive income/(loss) Treasury stock, at cost (shares held: 2019 - 1,504.5, 2018 -1,511.2) Retained earnings Noncontrolling interest TOTAL SHAREHOLDERS' EQUITY TOTAL TABII TITO ANI CITADELAINED 223 words 928 967 4,009 63,827 (1,146) (14,936) (100,406) 94,918 4,009 63,846 (1,204) (14,749) (99,217) 98,641 590 5 2,883 110 10 385 47,579 1 AA Evaluate the LIQUIDITY of each company 1. Compute each company's 2019 Current Ratio, and Acid Test ratio (2 points). 2. Explain IN YOUR OWN WORDS (in one or two sentences) which company you rate higher on liquidity (1 points). Evaluate the ASSET MANAGEMENT of each company Compute each company's 2019 A/R Collection period, Average Sale period, Total Asset Turnover. For the A/R Collection period, assume all sales are on credit (3 points). Explain IN YOUR OWN WORDS (in one or two sentences) which company you rate higher on Asset Management (2 points). Evaluate the DEBT MANAGEMENT of each company 1. Compute each company's 2019 Times Interest Earned ratio and Debt to Equity ratio (2 points) Explain IN YOUR OWN WORDS (in one or two sentences) which company you rate higher on Debt Management (2 points)