Common-Size Income Statement
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- Income Statement
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Analysis of Revenues
- Analysis of Debt
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General Mills Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).
- Net Sales
- The net sales percentage is consistently maintained at 100% throughout the periods analyzed, serving as the baseline for other ratios.
- Cost of Sales
- The cost of sales as a percentage of net sales shows slight fluctuations, starting from -64.43% in 2014, increasing to a peak of -66.26% in 2015, then generally stabilizing around the mid-65% range thereafter. This indicates a somewhat variable yet substantial portion of revenue absorbed by direct costs.
- Gross Margin
- The gross margin inversely mirrors cost of sales trends, beginning at 35.57% in 2014, dipping to 33.74% in 2015, recovering to above 35% in 2016 and 2017, then declining again to 34.13% by 2019. These movements suggest variability in product profitability or input cost management across the years.
- Selling, General, and Administrative Expenses (SG&A)
- The SG&A expenses show a gradual reduction relative to net sales, from -19.40% in 2014 to -17.41% in 2019. This indicates an improvement in operating efficiency or tighter control on discretionary expenditures.
- Divestitures Gain (Loss)
- The divestitures line is inconsistent, with gains and losses recorded sporadically and some years showing no data. Gains are noted in 2014 and 2016, losses in 2017 and 2019, suggesting occasional portfolio adjustments impacting the income statement variably.
- Restructuring, Impairment, and Other Exit Costs
- There is a significant restructuring cost spike in 2015 at -3.09%, with lesser but recurring charges in other years ranging between approximately -0.02% and -1.63%. This pattern indicates ongoing structural adjustments or cost-saving initiatives.
- Operating Profit
- Operating profit percentage exhibits a decline from 16.51% in 2014 to a low of 11.78% in 2015, but recovers strongly afterward, peaking near 16.4% in 2016 and 2017, before decreasing steadily to 14.92% in 2019. The variability in operating margin reflects the combined effects of cost management, SG&A expense control, and restructuring impacts.
- Interest Expense and Income, Net
- Net interest expense escalates consistently, doubling from -1.69% in 2014 to -3.09% in 2019. Interest income remains relatively negligible over the period. The rising net interest expense may reflect increased borrowing or higher interest rates affecting financial costs.
- Earnings Before Income Taxes and After-Tax Earnings from Joint Ventures
- This metric follows a trajectory similar to operating profit, with a low point in 2015 at 9.99% and recovery to above 14% in subsequent years before declining to 12.34% in 2019, indicating fluctuations in profitability before tax and income tax effects.
- Income Taxes
- Income tax as a percentage of net sales varies considerably, with a notable decrease to -0.36% in 2018, indicating a possible tax benefit or credit, deviating from more typical levels around -3% to -5%. The variability suggests changes in tax rates, benefits, or one-time items affecting tax liabilities.
- After-Tax Earnings from Joint Ventures
- Stability is observed in earnings from joint ventures, maintaining between 0.43% and 0.54% of net sales, reflecting a consistent contribution from these investments.
- Net Earnings
- Net earnings, after accounting for redeemable and noncontrolling interests, show a decline from 10.39% in 2014 to 7.14% in 2015, followed by recovery to a peak of 13.74% in 2018, and then a drop to 10.59% in 2019. This pattern indicates overall resilient profitability with some volatility across the years.
- Net Earnings Attributable to General Mills
- Net earnings attributable directly to the company follow a trend similar to total net earnings, starting at 10.19% in 2014, falling significantly in 2015, then increasing and peaking at 13.54% in 2018 before declining to 10.39% in 2019, reflecting core profitability performance fluctuations.