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GENERAL MILLS, INC CRITICAL THINKING EYK14-5. Accounting Research Problem: General Mills, Inc. The fiscal year 2017 annual report of Gen. eral Mills, Inc. is available on this book's web site. Required a. Calculate (or identify the following financial ratios for 2016 and 2017: 1. Gross profit percentage 2. Return on sales 3. Asset turnover (2015, total assets = $21,832.0 million) 4. Return on assets (2015, total assets = $21,832.0 million) 5. Return on common stockholders' equity (2015, total stockholders' equity = $4.996.7 million) 6. Current ratio 7. Quick ratio 8. Operating-cash-flow-to-current-liabilities ratio (2015, current liabilities - $4,890.1 million) 9. Accounts receivable turnover (2015, accounts receivable - $1,386.7 million) 10. Average collection period 11. Inventory turnover (2015, inventory = $1,540.9 million) 12. Days' sales in inventory 13. Debt-to-equity ratio 14. Times-interest-earned ratio 15. Operating-cash-flow-to-capital-expenditures ratio 16. Earnings per share 17. Price-earnings ratio (Use year-end adjusted closing stock price of $57.32 for 2017 and $63.69 for 2016.) 18. Dividend yield 19. Dividend payout ratio b. Comment briefly on the changes from fiscal 2016 to fiscal 2017 in the ratios computed above. YK 14-5 - General Mills to calculate averages use current year balance prior year balance)/2) round percentages to 1 decimal place; round other answers to 2 decimal places insert the formula here FY 2017 FY 2016 Gross profit percentage Return on sales Asset turnover Return on assets Return on common stockholders' equity Current ratio Quick ratio Operating cash flow to current liabilities ratio Accounts receivable turnover Average collection period Inventory turnover Days' sales in inventory Debt to equity ratio Times interest earned Operating cash flow to capital expenditures ratio Earnings per share Price-earnings ratio Dividend yield Dividend payout ratio Analysis Fiscal Year 2015 (a) 2017 2016 2014 2013 $ 15,619.8 5,563.8 2,801.3 2,566.4 2,952.6 13.5 1,657.5 623.8 218.2 $ 16,563.1 5,829.5 3,118.9 2,707.4 2,999.5 (1482) 1,697.4 754.4 222.1 $ 17,630.3 5.949.2 3,328.0 2,077.3 3,035.0 $ 17,909.6 6,369.8 3,474.3 2,957.4 3,153.9 (65.5) 1.824.4 869.5 243.6 $ 17.774.1 6,423.9 3,552.3 2,851.8 3,222.9 1,221.3 823.1 229.4 1,8552 895.0 237.9 598.0 611.9 618.8 645.7 665.6 $ 2.77 3.08 $ $ 2.77 2.92 $ $ 1.97 2.86 $ $ 2.83 2.82 $ $ 2.79 2.72 35.6% 35.2% 33.7% 35.6% 36.1% 18.996 17.9% 16.4% 18.896 16.396 19.4% 16.596 20.0% 16.0% 11.896 18.196 In Millions, Except Per Share Data, Percentages and Ratios Operating data: Net sales Gross margin Selling general, and administrative expenses Operating profit Total segment operating profit Divestitures loss (gain) Net earnings attributable to General Mills Advertising and media expense Research and development expense Average shares outstanding Diluted Earnings per share: Diluted Diluted, excluding certain items affecting comparability Operating ratios: Gross margin as a percentage of net sales Selling, general, and administrative expenses as a percentage of net sales Operating profit as a percentage of net sales Adjusted operating profit as a percentage of net sales 6 Total segment operating profit as a percentage of net sales Effective income tax rate Return on average total capital Adjusted return on average total capital Balance sheet data: Land, buildings, and equipment Total assets Long-term debt, excluding current portion Total debt Cash flow data: Net cash provided by operating activities Capital expenditures Free cash flow old Fixed charge coverage ratio Operating cash flow to debt ratio Share data: Low stock price High stock price Closing stock price Cash dividends per common share Number of full- and part-time employees 16.896 15.996 16.296 16.3% 18.9% 28.896 12.796 11.6% 18.1% 31.4% 12.9% 11.3% 17.296 33.3% 9.1% 11.2% 17.696 33.3% 12.596 11.6% 18.196 29.2% 13.496 12.0% $ $ $ $ $ 3,687.7 21,812.6 7,642.9 9,481.7 3.743.6 21,712.3 7,057.7 8,430.9 3,783.3 21.832.0 7,575.3 9,191.5 3,941.9 23,044.7 6.396.6 8.758.9 3,878.1 22,505.7 5,901.8 7,944.8 $ $ $ $ 2,313.3 684.4 1,628.9 7.26 24.4% $ 2,629.8 729.3 1,900.5 7.40 31.296 2,542.8 712. 4 1,830.4 5.54 27.7% 2,541.0 663.5 1,877.5 8.04 29.0% 2,926.0 613.9 2,3121 7.62 36.8% $ $ $ $ 55.91 72.64 57.32 1.92 38,000 54.12 65.36 62.87 1.78 39,000 48.86 57.14 56.15 1.67 42,000 46.86 54.40 53.81 1.55 43,000 37.55 50.93 48.98 1.32 41,000 FISCAL 2017 FINANCIAL HIGHLIGHTS 52 weeks ended May 28, 2017 $15,620 52 weeks ended May 29, 2016 $16.563 Change on a constant currency basis Change -6% -4% -1% in millions, except per share and profit margini data Net Sales Organic Net Sales Operating Profit Total Segment Operating Profit Operating Profit Margin Adjusted Operating Profit Margin Net Earnings Attributable to General Mills Diluted Earnings per Share (EPS) Adjusted Diluted EPS, Excluding Certain Items Affecting Comparability Average Diluted Shares Outstanding Dividends per Share $ 2,566 $ 2,953 16.4% 18.1% $ 1,658 $ 2.77 $ 2,707 $3,000 16.3% 16.8% $ 1,697 -5% -2% +10 basis points +130 basis points -2% 28.2 Mills $ 2.77 0% $ 3.08 $ 2.92 5% 6% .2% 598 1.92 612 1.78 $ $ 8% Net Sales Dollars in millions Total Segment Operating Profit Dollars in millions Adjusted Diluted Earnings per Share Dollars 2017 $15,620 2017 $2,953 $3,000 2016 $16,563 2016 2015 $17,630 2015 2017 2016 2015 2014 2013 $3.08 $2.92 $2.86 $2.82 $2.72 2014 $3,035 $3,154 $3,223 2014 $17,910 $17,774 2013 2013 GENERAL MILLS, INC CRITICAL THINKING EYK14-5. Accounting Research Problem: General Mills, Inc. The fiscal year 2017 annual report of Gen. eral Mills, Inc. is available on this book's web site. Required a. Calculate (or identify the following financial ratios for 2016 and 2017: 1. Gross profit percentage 2. Return on sales 3. Asset turnover (2015, total assets = $21,832.0 million) 4. Return on assets (2015, total assets = $21,832.0 million) 5. Return on common stockholders' equity (2015, total stockholders' equity = $4.996.7 million) 6. Current ratio 7. Quick ratio 8. Operating-cash-flow-to-current-liabilities ratio (2015, current liabilities - $4,890.1 million) 9. Accounts receivable turnover (2015, accounts receivable - $1,386.7 million) 10. Average collection period 11. Inventory turnover (2015, inventory = $1,540.9 million) 12. Days' sales in inventory 13. Debt-to-equity ratio 14. Times-interest-earned ratio 15. Operating-cash-flow-to-capital-expenditures ratio 16. Earnings per share 17. Price-earnings ratio (Use year-end adjusted closing stock price of $57.32 for 2017 and $63.69 for 2016.) 18. Dividend yield 19. Dividend payout ratio b. Comment briefly on the changes from fiscal 2016 to fiscal 2017 in the ratios computed above. YK 14-5 - General Mills to calculate averages use current year balance prior year balance)/2) round percentages to 1 decimal place; round other answers to 2 decimal places insert the formula here FY 2017 FY 2016 Gross profit percentage Return on sales Asset turnover Return on assets Return on common stockholders' equity Current ratio Quick ratio Operating cash flow to current liabilities ratio Accounts receivable turnover Average collection period Inventory turnover Days' sales in inventory Debt to equity ratio Times interest earned Operating cash flow to capital expenditures ratio Earnings per share Price-earnings ratio Dividend yield Dividend payout ratio Analysis Fiscal Year 2015 (a) 2017 2016 2014 2013 $ 15,619.8 5,563.8 2,801.3 2,566.4 2,952.6 13.5 1,657.5 623.8 218.2 $ 16,563.1 5,829.5 3,118.9 2,707.4 2,999.5 (1482) 1,697.4 754.4 222.1 $ 17,630.3 5.949.2 3,328.0 2,077.3 3,035.0 $ 17,909.6 6,369.8 3,474.3 2,957.4 3,153.9 (65.5) 1.824.4 869.5 243.6 $ 17.774.1 6,423.9 3,552.3 2,851.8 3,222.9 1,221.3 823.1 229.4 1,8552 895.0 237.9 598.0 611.9 618.8 645.7 665.6 $ 2.77 3.08 $ $ 2.77 2.92 $ $ 1.97 2.86 $ $ 2.83 2.82 $ $ 2.79 2.72 35.6% 35.2% 33.7% 35.6% 36.1% 18.996 17.9% 16.4% 18.896 16.396 19.4% 16.596 20.0% 16.0% 11.896 18.196 In Millions, Except Per Share Data, Percentages and Ratios Operating data: Net sales Gross margin Selling general, and administrative expenses Operating profit Total segment operating profit Divestitures loss (gain) Net earnings attributable to General Mills Advertising and media expense Research and development expense Average shares outstanding Diluted Earnings per share: Diluted Diluted, excluding certain items affecting comparability Operating ratios: Gross margin as a percentage of net sales Selling, general, and administrative expenses as a percentage of net sales Operating profit as a percentage of net sales Adjusted operating profit as a percentage of net sales 6 Total segment operating profit as a percentage of net sales Effective income tax rate Return on average total capital Adjusted return on average total capital Balance sheet data: Land, buildings, and equipment Total assets Long-term debt, excluding current portion Total debt Cash flow data: Net cash provided by operating activities Capital expenditures Free cash flow old Fixed charge coverage ratio Operating cash flow to debt ratio Share data: Low stock price High stock price Closing stock price Cash dividends per common share Number of full- and part-time employees 16.896 15.996 16.296 16.3% 18.9% 28.896 12.796 11.6% 18.1% 31.4% 12.9% 11.3% 17.296 33.3% 9.1% 11.2% 17.696 33.3% 12.596 11.6% 18.196 29.2% 13.496 12.0% $ $ $ $ $ 3,687.7 21,812.6 7,642.9 9,481.7 3.743.6 21,712.3 7,057.7 8,430.9 3,783.3 21.832.0 7,575.3 9,191.5 3,941.9 23,044.7 6.396.6 8.758.9 3,878.1 22,505.7 5,901.8 7,944.8 $ $ $ $ 2,313.3 684.4 1,628.9 7.26 24.4% $ 2,629.8 729.3 1,900.5 7.40 31.296 2,542.8 712. 4 1,830.4 5.54 27.7% 2,541.0 663.5 1,877.5 8.04 29.0% 2,926.0 613.9 2,3121 7.62 36.8% $ $ $ $ 55.91 72.64 57.32 1.92 38,000 54.12 65.36 62.87 1.78 39,000 48.86 57.14 56.15 1.67 42,000 46.86 54.40 53.81 1.55 43,000 37.55 50.93 48.98 1.32 41,000 FISCAL 2017 FINANCIAL HIGHLIGHTS 52 weeks ended May 28, 2017 $15,620 52 weeks ended May 29, 2016 $16.563 Change on a constant currency basis Change -6% -4% -1% in millions, except per share and profit margini data Net Sales Organic Net Sales Operating Profit Total Segment Operating Profit Operating Profit Margin Adjusted Operating Profit Margin Net Earnings Attributable to General Mills Diluted Earnings per Share (EPS) Adjusted Diluted EPS, Excluding Certain Items Affecting Comparability Average Diluted Shares Outstanding Dividends per Share $ 2,566 $ 2,953 16.4% 18.1% $ 1,658 $ 2.77 $ 2,707 $3,000 16.3% 16.8% $ 1,697 -5% -2% +10 basis points +130 basis points -2% 28.2 Mills $ 2.77 0% $ 3.08 $ 2.92 5% 6% .2% 598 1.92 612 1.78 $ $ 8% Net Sales Dollars in millions Total Segment Operating Profit Dollars in millions Adjusted Diluted Earnings per Share Dollars 2017 $15,620 2017 $2,953 $3,000 2016 $16,563 2016 2015 $17,630 2015 2017 2016 2015 2014 2013 $3.08 $2.92 $2.86 $2.82 $2.72 2014 $3,035 $3,154 $3,223 2014 $17,910 $17,774 2013 2013