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General Mills Reports Fiscal 2013 Second Quarter Results

The reconciliation of International segment and region net sales growth rates as reported to growth rates excluding the impact of foreign currency exchange below demonstrates the effect of foreign currency exchange rate fluctuations from year to year. To present this information, current period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the average exchange rates in effect during the corresponding period of the prior fiscal year, rather than the actual average exchange rates in effect during the current fiscal year. Therefore, the foreign currency impact is equal to current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year.

   
Quarter Ended Nov. 25, 2012
Percentage Change in   Impact of Foreign   Percentage Change in
Net Sales Currency Net Sales on Constant
      as Reported (a)   Exchange   Currency Basis
Europe Flat (3

) pts

3 %
Canada 19 % 3 16
Asia/Pacific 8 - 8
Latin America     143     (25 )   168  
Total International     19 %   (3 ) pts   22 %
 
Six-Month Period Ended Nov. 25, 2012
Percentage Change in Impact of Foreign Percentage Change in
Net Sales Currency Net Sales on Constant
      as Reported (a)   Exchange   Currency Basis
Europe 15 % (8 ) pts 23 %
Canada 21 - 21
Asia/Pacific 12 (1 ) 13
Latin America     83     (16 )   99  
 
Total International     22 %   (6 ) pts   28 %
(a)   See Note 2.
 

A reconciliation of the effective income tax rate as reported to the effective income tax rate excluding certain items affecting comparability follows:

       
Quarter Ended Six-Month Period Ended
Nov. 25, 2012   Nov. 27, 2011 Nov. 25, 2012   Nov. 27, 2011
Pretax   Income Pretax   Income Pretax   Income Pretax   Income
In Millions     Earnings (a)   Taxes   Earnings (a)   Taxes     Earnings (a)   Taxes   Earnings (a)   Taxes
As reported $ 753.5 $   245.4 $ 629.7 $   209.4 $ 1,450.6 $   403.5 $ 1,183.2 $   386.9
Mark-to-market effects (b) 47.9 17.7 94.4 34.9 (33.7 ) (12.5 ) 132.1 48.9
Restructuring costs (c) 2.7 0.5 - - 11.7 2.0 - -
Acquisition integration costs (d) 4.8 1.4 3.9 0.9 5.3 1.4 4.0 0.9
Tax item (e)       -       -       -       -         -         66.7       -       -  
As adjusted     $ 808.9   $   265.0     $ 728.0   $   245.2       $ 1,433.9     $   461.1     $ 1,319.3   $   436.7  
Effective tax rate:
As reported 32.6 % 33.3 % 27.8 % 32.7 %
As adjusted             32.8 %           33.7 %             32.2 %           33.1 %
    (a)   Earnings before income taxes and after-tax earnings from joint ventures.
(b) See Note 5.
(c) See Note 4.
(d) Integration costs resulting from the acquisitions of Yoki, Yoplait S.A.S., and Yoplait Marques S.A.S.
(e) See Note 7.
 
(9)   Our consolidated results for fiscal 2013 include operating activity from the acquisitions of Yoki in Brazil (second quarter of fiscal 2013), Yoplait Ireland (first quarter of fiscal 2013), Food Should Taste Good in the United States (fourth quarter of fiscal 2012), Parampara Foods in India (first quarter of fiscal 2013), and the assumption of the Canadian Yoplait franchise license (second quarter of fiscal 2013). Also included in the first quarter of fiscal 2013 are two additional months of results from the acquisition of Yoplait S.A.S. (first quarter of fiscal 2012). Collectively, these items are referred to as “new businesses” in comparing our fiscal 2013 results to fiscal 2012 within this release.




Stock quotes in this article: GIS 

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