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Pro Forma financial statements (Balance Sheet and Income Statement) for the next two fiscal years, assuming a 10% growth rate in sales and Cost of
Pro Forma financial statements (Balance Sheet and Income Statement) for the next two fiscal years, assuming a 10% growth rate in sales and Cost of Goods Sold (COGS) for the next years.Using General mills 2013 income statement and Balance sheet.
Income sheet
2013 2012 2011
Net sales | 17.774 | 16.658 | 14.88 | |||
Cost of sales | 11.35 | 10.613 | 8.927 | |||
Selling, general & administrative expenses | 3.552 | 3.381 | 3.192 | |||
Divestitures gain | - | - | 0.017 | |||
Restructuring, impairment & other exit costs | 0.02 | 0.102 | 0.004 | |||
Operating profit | 2.852 | 2.562 | 2.775 | |||
Interest expense | 0.334 | 0.371 | 0.361 | |||
Capitalized interest | 0.004 | 0.009 | 0.007 | |||
Interest income | 0.013 | 0.01 | 0.007 | |||
Interest, net | (0.317) | (0.352) | (0.346) | |||
Earnings (loss) before income taxes & after-tax earnings from joint ventures - United States | 2.051 | 1.817 | 2.145 | |||
Earnings (loss) before income taxes & after-tax earnings from joint ventures - foreign | 0.484 | 0.394 | 0.283 | |||
Earnings (loss) before income taxes & after-tax earnings from joint ventures | 2.535 | 2.211 | 2.428 | |||
Current federal income taxes | 0.493 | 0.399 | 0.37 | |||
Current state & local income taxes | 0.04 | 0.052 | 0.077 | |||
Current foreign income taxes | 0.127 | 0.109 | 0.069 | |||
Total current income taxes | 0.659 | 0.56 | 0.516 | |||
Deferred federal income taxes | 0.069 | 0.168 | 0.179 | |||
Deferred state & local income taxes | 0.019 | (0.001) | 0.031 | |||
Deferred foreign income taxes | (0.006) | (0.017) | (0.004) | |||
Total deferred income taxes | 0.082 | 0.149 | 0.205 | |||
Income taxes | 0.741 | 0.71 | 0.721 | |||
After-tax earnings (losses) from joint ventures | 0.099 | 0.088 | 0.096 | |||
Net earnings (loss), including earnings attributable to redeemable & noncontrolling interests | 1.893 | 1.589 | 1.804 | |||
Net earnings attributable to redeemable & noncontrolling interests | (0.037) | (0.022) | (0.005) | |||
Net earnings attributable to General Mills, Inc. | 1.855 | 1.567 | 1.798 | |||
Weighted average shares outstanding - basic | 0.649 | 0.648 | 0.643 | |||
Weighted average shares outstanding - diluted | 0.666 | 0.667 | 0.665 | |||
Year end shares outstanding | 0.641 | 0.649 | 0.645 | |||
Net earnings (loss) per share - basic | 2.86 | 2.42 | 2.8 | |||
Net earnings (loss) per share - dilluted | 2.79 | 2.35 | 2.7 | |||
Dividends per share | 1.32 | 1.22 | 1.12 | |||
Total number of employees | 41,000 | 35,000 | 35,000 | |||
Number of common stockholders | 33,000 | 33,000 | 33,000 |
|
Balance Sheet
2013 2012 2011
Cash & cash equivalents | 0.741 | 0.471 | 0.62 | |||
Receivables from customers, gross | 1.466 | 1.345 | 1.179 | |||
Less allowance for doubtful accounts | 0.02 | 0.022 | 0.016 | |||
Receivables | 1.446 | 1.324 | 1.162 | |||
Raw materials & packaging | 0.403 | 0.334 | 0.286 | |||
Finished goods | 1.229 | 1.212 | 1.274 | |||
Grain | 0.136 | 0.155 | 0.218 | |||
Excess of first-in, first-out over last-in, first-out cost | 0.222 | 0.223 | 0.169 | |||
Inventories | 1.546 | 1.479 | 1.609 | |||
Deferred income taxes | 0.128 | 0.06 | 0.027 | |||
Other receivables | 0.193 | 0.104 | 0.105 | |||
Prepaid expenses | 0.169 | 0.178 | 0.161 | |||
Accrued interest receivable, including interest rate swaps | - | 0.015 | 0.029 | |||
Derivative receivables, primarily commodity-related | 0.048 | 0.035 | 0.109 | |||
Grain contracts | 0.008 | 0.008 | 0.057 | |||
Miscellaneous current assets | 0.021 | 0.018 | 0.022 | |||
Prepaid expenses & other current assets | 0.438 | 0.358 | 0.484 | |||
Total current assets | 4.299 | 3.691 | 3.902 | |||
Land | 0.101 | 0.076 | 0.061 | |||
Buildings | 2.168 | 1.981 | 1.778 | |||
Buildings under capital lease | 0 | 0 | 0.025 | |||
Equipment | 5.731 | 5.257 | 4.72 | |||
Equipment under capital lease | 0.009 | 0.009 | 0.019 | |||
Capitalized software | 0.428 | 0.419 | 0.368 | |||
Construction in progress | 0.495 | 0.543 | 0.522 | |||
Total land, buildings & equipment, gross | 8.933 | 8.285 | 7.492 | |||
Less: accumulated depreciation | 5.055 | 4.632 | 4.146 | |||
Land, buildings & equipment | 3.878 | 3.653 | 3.346 | |||
Goodwill | 8.622 | 8.183 | 6.751 | |||
Other intangible assets | 5.015 | 4.705 | 3.813 | |||
Investments in & advances to joint ventures | 0.479 | 0.529 | 0.519 | |||
Pension assets | 0.132 | 0.043 | 0.129 | |||
Exchangeable note with related party | 0.089 | 0.099 | - | |||
Life insurance | 0.024 | 0.087 | 0.087 | |||
Derivative receivables | - | 0.006 | 0.013 | |||
Miscellaneous assets | 0.12 | 0.102 | 0.114 | |||
Other assets | 0.844 | 0.865 | 0.863 | |||
Total assets | 22.658 | 21.097 | 18.675 | |||
Accounts payable | 1.423 | 1.149 | 0.995 | |||
Current portion of long-term debt | 1.443 | 0.741 | 1.031 | |||
U.S. commercial paper | 0.516 | 0.412 | 0.193 | |||
Financial institutions | 0.084 | 0.115 | 0.119 | |||
Notes payable | 0.6 | 0.527 | 0.311 | |||
Accrued trade & consumer promotions | 0.635 | 0.561 | 0.463 | |||
Accrued payroll | 0.417 | 0.367 | 0.303 | |||
Dividends payable | 0.28 | - | - | |||
Accrued taxes | 0.088 | 0.039 | 0.08 | |||
Accrued interest, including interest rate swaps | 0.091 | 0.1 | 0.114 | |||
Grain contracts | 0.03 | 0.021 | 0.029 | |||
Restructuring & other exit costs reserve | 0.02 | 0.086 | - | |||
Derivative payable | 0.004 | 0.026 | 0.035 | |||
Accrued customer advances | - | 0.005 | 0.036 | |||
Miscellaneous current liabilities | 0.263 | 0.222 | 0.261 | |||
Other current liabilities | 1.828 | 1.427 | 1.322 | |||
Total current liabilities | 5.294 | 3.843 | 3.659 | |||
Notes | 6.143 | 5.921 | 5.94 | |||
Floating-rate notes | 0.65 | 0.4 | 0.4 | |||
Euribor-based floating-rate note | 0.369 | 0.376 | - | |||
Medium-term notes | 0.204 | 0.204 | 0.204 | |||
Debt of consolidated contract manufacturer | - | - | 0.015 | |||
Other long-term debt, including capital leases | 0.003 | 0.003 | 0.014 | |||
Long-term debt before current portion | 7.369 | 6.903 | 6.574 | |||
Less amount due within one year | 1.443 | 0.741 | 1.031 | |||
Long-term debt | 5.926 | 6.162 | 5.543 | |||
Deferred income taxes | 1.389 | 1.171 | 1.127 | |||
Interest rate swaps | - | 0.009 | 0.022 | |||
Accrued compensation & benefits, including obligations for underfunded other postretirement & postemployment benefit plans | 1.56 | 1.853 | 1.413 | |||
Accrued taxes | 0.277 | - | - | |||
Accrued income taxes | - | 0.231 | 0.233 | |||
Miscellaneous liabilities | 0.116 | 0.097 | 0.065 | |||
Other liabilities | 1.953 | 2.19 | 1.733 | |||
Total liabilities | 14.562 | 13.366 | 12.062 | |||
Redeemable interest | 0.968 | 0.848 | - | |||
Common stock | 0.076 | 0.076 | 0.076 | |||
Additonal paid-in capital | 1.167 | 1.308 | 1.32 | |||
Retained earnings | 10.703 | 9.959 | 9.191 | |||
Common stock in treasury, at cost | 3.687 | 3.177 | 3.21 | |||
Foreign currency translation adjustments | 0.263 | 0.283 | 0.553 | |||
Unrealized gain (loss) from securities | 0.003 | 0.002 | 0.002 | |||
Unrealized gain (loss) from hedge derivatives | (0.042) | (0.075) | (0.036) | |||
Pension, other postretirement, & postemployment benefits: net actuarial loss | (1.802) | (1.946) | (1.51) | |||
Pension, other postretirement, & postemployment benefits: prior service costs | (0.008) | (0.007) | (0.021) | |||
Accumulated other comprehensive income (loss) | (1.585) | (1.744) | (1.011) | |||
Total stockholders' equity | 6.672 | 6.422 | 6.366 | |||
Noncontrolling interests | 0.456 | 0.461 | 0.247 | |||
Total equity | 7.129 | 6.883 | 6.612 |
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