General Mills Growth Strategy:
Putting the Consumer First
We market a variety of well-known brands, including Cheerios, Betty Crocker, Pillsbury, Green Giant, Nature Valley, Old El Paso and Yoplait. Our
growing international business, which accounts for 30 percent of our total sales, includes brands like Wanchai Ferry dumplings in China and Yoki
products in Brazil. We’re also partners in two international joint ventures — Cereal Partners Worldwide (CPW) and Häagen-Dazs Japan (HDJ).
With our strong portfolio of brands, we’re focusing on four key consumer
groups that will drive future growth:
Middle Class Consumers
in Emerging Markets
Adults 55 and Older
In emerging markets such as Brazil,
Indonesia, India, and China, the middle
class is projected to grow by nearly 200
million from 2010 to 2020.
Adults ages 55 and older make up 25
percent of the U.S. population today, and
will grow to 30 percent of U.S. consumers
by 2020.
U.S. Multicultural
Consumers
The Millennial Generation
There are 80 million consumers ages
20 to 37 in the U.S. today. This is the
generation that is forming households and
starting families.
We’re concentrating on five large, global categories that meet the
needs of our target consumer groups and are projected to grow at
mid- to high-single-digit rates.
2013 Retail Sales
in Billions
Projected 5 year
CAGR
Ready-to-eat Cereal
$ 28
+5%
Ice Cream
$ 77
+7%
Yogurt
$ 80
+9%
Ready Meals
$ 91
+5%
Sweet and Savory Snacks
$305
+6%
Category
*Source: Euromonitor, calendar 2013. Sweet and Savory Snacks includes Bars, Salty,
Fruit, Nuts, Dessert Mixes, Cakes and Pastries
Multicultural consumers represent one
third of the U.S. population today. It’s
projected that by 2060, more than half the
U.S. population will be non-Caucasian, with
Hispanic consumers leading that growth.
Our Net Sales in Attractive Food Categories
Baking Products,
Dough, Vegetables,
Other
Ready-to-eat Cereal
$3.9 Billion
Super-premium
Ice Cream
$950 Million
Snacks
$3.2 Billion
Convenient Meals
$2.8 Billion
Yogurt
$3.0 Billion
Fiscal 2014 Worldwide Net Sales*: $19.2 Billion
* Non-GAAP measure. Includes $17.9 billion consolidated net sales plus $1.1 billion
proportionate share of of CPW (cereal) net sales plus $0.2 billion proportionate share
of HDJ (ice cream) net sales.
General Mills Delivers Strong
Returns to Shareholders
Dividends per Share
Total Shareholder Returns
We have a well-established tradition of returning cash to shareholders.
Over the past five years alone, our dividend has grown at a 13 percent
compound rate.
Over the last five, 10 and 20 years, we have delivered double-digit
shareholder returns, and outperformed the broader market.
Fiscal Years
General
Mills
Consumer
Products
Peer Group*
S&P 500
Packaged
Foods Index
S&P
500
1994 – 2014
+11%
+11%
+11%
+ 9%
2004 – 2014
+12%
+ 8%
+10%
+ 8%
2009 – 2014
+20%
+15%
+20%
+18%
Fiscal Year, in Dollars
2014
2013
2012
2011
2010
2009
1.55
1.32
1.22
1.12
0.96
Source: Bloomberg
0.86
General Mills has paid regular dividends
without interruption or reduction for 116 years.
*Includes Campbells, ConAgra, Danone, Hersheys, Kraft, Mondelēz, Nestlé, Unilever,
Clorox, Coca-Cola, Colgate-Palmolive, Kimberly-Clark, PepsiCo and Proctor & Gamble
Financial Performance
Financial Highlights
Global Net Sales Fiscal 2014
Consolidated Net Sales: $17.9 Billion
In Millions, Except per Share and Return on Capital Data
Fiscal Year Ending:
International
$5.4 Billion
U.S. Retail
$10.6 Billion
Convenience Stores
& Foodservice
$1.9 Billion
Our Long-term Growth Model
Growth Factor
Compound Annual Growth Target
Net Sales
Low single-digit
Segment Operating Profit
Mid single-digit
Adjusted Diluted Earnings
per Share
Total Return to Shareholders
May 2014
May 2013
May 2012
$17,910
$17,774
$16,658
Adjusted Segment Operating
Profit*
3,154
3,223
3,012
Net Earnings Attributable to
General Mills
1,824
1,855
1,567
Diluted Earnings per Share
(EPS)
2.83
2.79
2.35
Adjusted Diluted EPS,
Excluding Certain Items
Affecting Comparability*
2.82
2.72
2.56
Dividends per Share
1.55
1.32
1.22
Net Sales
*See page 87 of our 2014 Annual Report for discussion of these non-GAAP measures
High single-digit
Double-digit
Direct Stock Purchase Plan
This plan provides a convenient, economical way to invest in
General Mills stock. You can make an initial investment or increase
your ownership without paying brokerage commissions or other
fees on your purchases or reinvestment. For more information, go to
the Investors section of GeneralMills.com.
For more information on becoming a General Mills Shareholder
visit the Investor section of generalmills.com.
Investor Relations Contact:
Penny Leporte
Director, Investor Relations
Number One General Mills Boulevard
Minneapolis, MN 55426
763-764-4760
penny.leporte@genmills.com