REQUIRED:Using the fiscal year end 2020 annual report for General Mills, Inc. and the figures from the 2020 annual report as noted below, calculate the financial ratios for 2020 and 2019 indicated using the EXCEL template provided: 1. Gross profit percentage2. Return on sales3. Asset turnover4. Return on assets5. Return on common stockholders' equity6. Current ratio7. Quick ratio8. Operating-cash-flow-to-current-liabilities ratio9. Accounts receivable turnover10. Average collection period11. Inventory turnover12. Days' sales in inventory13. Debt-to-equity ratio14. Times-interest-earned ratio15. Operating-cash-flow-to-capital-expenditures ratio16. Earnings per share17. Price-earnings ratio18. Dividend yield19. Dividend payout ratio Total assets 2020 = $30,806.7Total stockholders' equity 2020 = $8,349.5Total current liabilities 2020 = $7,491.5Accounts receivable 2020 = $1,615.1Inventory 2020 = $1,426.3Year-end closing stock price May 2020 = $58.80Year-end closing stock price May 2019 = $53.56
In Millions, Except Per Share Data, Fiscal Year Percentages and Ratios 2019 (a) 2018 2017 2016 2015 (b) Operating data: Net sales $ 16,865.2 $ 15,740.4 $ 15,619.8 $ 16,563.1 17,630.3 Gross margin (c) (d) 5,756.8 5,435.6 5,567.8 5,843.3 5,967.8 Selling, general, and administrative expenses (d) 2.935.8 2,850.1 2,888.8 3,141.4 3,389.9 Operating profit (d) 2,515.9 2,419.9 2,492.1 2,719.1 2,071.8 Net earnings attributable to General Mills 1,752.7 2,131.0 1,657.5 1,697.4 1,221.3 Advertising and media expense 601.6 575.9 623.8 754.4 823.1 Research and development expense 221.9 219.1 218.2 222.1 229.4 Average shares outstanding: Diluted 605.4 585.7 598.0 611.9 618.8 Earnings per share: Diluted 2.90 3.64 2.77 2.77 1.97 Adjusted diluted (c) (e) 3.22 3.11 3.08 2.92 2.86 Operating ratios: Gross margin as a percentage of net sales (d) 34.1% 34.5% 35.6% 35.3% 33.8% Selling, general, and administrative expenses as a percentage of net sales (d) 17.4% 18.1% 18.5% 19.0% 19.2% Operating profit as a percentage of net sales (d) 14.9% 15.4% 16.0% 16.4% 11.8% Adjusted operating profit as a percentage of net sales (c) (d) (e) 16.9% 16.6% 17.6% 16.8% 15.7% Effective income tax rate 17.7% 2.7% 28.8% 31.4% 33.3% Balance sheet data: Land, buildings, and equipment 3,787.2 S 4,047.2 3,687.7 $ 3,743.6 S 3,783.3 Total assets 30,111.2 30,624.0 21,812.6 21,712.3 21,832.0 Long-term debt, excluding current portion 11,624.8 12,668.7 7,642.9 7,057.7 7,575.3 Total debt (c) 14,490.0 15,818.6 9,481.7 8,430.9 9,191.5 Cash flow data: Net cash provided by operating activities (f) S 2,807.0 S 2,841.0 $ 2,415.2 $ 2,764.2 S 2,648.5 Capital expenditures 537.6 622.7 684.4 729.3 712.4 Free cash flow (c) 2,269.4 2,218.3 1,730.8 2,034.9 1,936.1 Share data: Cash dividends per common share 1.96 1.96 1.92 $ 1.78 1.67 mad Dlun Buffalo Dlanea Mata 2 to the Consolidated Fin In in Itam e of this ma Fiscal Year In Millions, Except Per Share Data, Percentages and Ratios 2020 (a) 2019 2018 2017 2016 Operating data: Net sales $ 17,626.6 S 16,865.2 $ 15,740.4 $ 15,619.8 $ 16,563.1 Gross margin (b) (d) 6,129.9 5,756.8 5,435.6 5,567.8 5,843.3 Selling, general, and administrative expenses (d) 3,151.6 2,935.8 2,850.1 2,888.8 3,141.4 Operating profit (d) 2.953.9 2,515.9 2.419.9 2.492.1 2,719.1 Net earnings attributable to General Mills 2,181.2 1,752.7 2,131.0 1,657.5 1,697.4 Advertising and media expense 691.8 601.6 575.9 623.8 754.4 Research and development expense 224.4 221.9 219.1 218.2 222.1 Average shares outstanding: Diluted 613.3 605.4 585.7 598.0 611.9 Earnings per share: Diluted 3.56 2.90 3.64 2.77 2.77 Adjusted diluted (b) (c) 3.61 3.22 3.11 3.08 2.92 Operating ratios: Gross margin as a percentage of net sales (d) 34.8% 34.1% 34.5% 35.6% 35.3% Selling, general, and administrative expenses as a percentage of net sales (d) 17.9% 17.4% 18.1% 18.5% 19.0% Operating profit as a percentage of net sales (d) 16.8% 14.9% 15.4% 16.0% 16.4% Adjusted operating profit as a percentage of net sales (b) (c) (d) 17.3% 16.9% 16.6% 17.6% 16.8% Effective income tax rate 18.5% 17.7% 2.7% 28.8% 31.4% Balance sheet data: Land, buildings, and equipment S 3,580.6 $ 3,787.2 $ 4,047.2 S 3,687.7 $ 3,743.6 Total assets 30,806.7 30,111.2 30,624.0 21,812.6 21,712.3 Long-term debt, excluding current portion 10,929.0 11,624.8 12,668.7 7,642.9 7,057.7 Total debt (b) 13,539.5 14,490.0 15,818.6 9,481.7 8,430.9 Cash flow data: Net cash provided by operating activities (e) S 3,676.2 $ 2,807.0 2,841.0 S 2,415.2 $ 2,764.2 Capital expenditures 460.8 537.6 622.7 684.4 729.3 Free cash flow (b) 3,215.4 2,269.4 2,218.3 1,730.8 2,034.9 Share data: Cash dividends per common share S 1.96 S 1.96 $ 1.96 S 1.92 $ 1.78
