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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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