KELLOGG CO FIVE YEAR SUMMARY DATE SALES (000$) NET INCOME EPS 1996 6,676,600 531,000 2.50 1995 7,003,700 490,300 2.24 1994 6,562,000 705,400 3.15 1993 6,295,400 680,700 2.94 1992 6,190,600 682,800 2.86 GROWTH RATE 1.9 -6.0 -3.3 BALANCE SHEET ANNUAL ASSETS (000$) FISCAL YEAR ENDING 12/31/96 12/31/95 12/31/94 12/31/93 CASH 243,800 221,900 266,300 98,100 MRKTABLE SECURITIES NA NA NA NA RECEIVABLES 592,300 590,100 564,500 536,800 INVENTORIES 424,900 376,700 396,300 403,100 RAW MATERIALS NA NA NA 148,500 WORK IN PROGRESS NA NA NA NA FINISHED GOODS NA NA NA 254,600 NOTES RECEIVABLE NA NA NA NA OTHER CURRENT ASSETS 267,600 240,100 206,400 207,100 TOTAL CURRENT ASSETS 1,528,600 1,428,800 1,433,500 1,245,100 PROP, PLANT & EQUIP 2,932,900 2,784,800 2,892,800 4,272,500 ACCUMULATED DEP NA NA NA 1,504,100 NET PROP & EQUIP 2,932,900 2,784,800 2,892,800 2,768,400 INVEST & ADV TO SUBS NA NA NA NA OTHER NON-CUR ASSETS NA NA NA NA DEFERRED CHARGES NA NA NA NA INTANGIBLES NA NA NA 59,100 DEPOSITS & OTH ASSET 588,500 201,000 141,000 164,500 TOTAL ASSETS 5,050,000 4,414,600 4,467,300 4,237,100 ANNUAL LIABILITIES (000$) FISCAL YEAR ENDING 12/31/96 12/31/95 12/31/94 12/31/93 NOTES PAYABLE 652,600 188,000 274,800 386,700 ACCOUNTS PAYABLE 335,200 370,800 334,500 308,800 CUR LONG TERM DEBT 501,200 1,900 900 1,500 CUR PORT CAP LEASES NA NA NA NA ACCRUED EXPENSES NA NA 575,000 451,700 INCOME TAXES NA NA NA 65,900 OTHER CURRENT LIAB 710,000 704,700 NA NA TOTAL CURRENT LIAB 2,199,000 1,265,400 1,185,200 1,214,600 MORTGAGES NA NA NA NA DEFERRED CHARGES/INC NA NA NA 188,900 CONVERTIBLE DEBT NA NA NA NA LONG TERM DEBT 726,700 717,800 719,200 521,600 NON-CUR CAP LEASES NA NA NA NA OTHER LONG TERM LIAB 841,900 840,500 755,400 598,600 TOTAL LIABILITIES 3,767,600 2,823,700 2,659,800 2,523,700 MINORITY INT (LIAB) NA NA NA NA PREFERRED STOCK NA NA NA NA COMMON STOCK NET 77,900 77,800 77,600 77,600 CAPITAL SURPLUS 123,900 105,200 68,600 72,000 RETAINED EARNINGS 4,150,300 3,963,000 3,801,200 3,409,400 TREASURY STOCK 2,903,400 2,361,200 1,980,600 1,653,100 OTHER EQUITIES -166,300 -193,900 -159,300 -192,500 SHAREHOLDER EQUITY 1,282,400 1,590,900 1,807,500 1,713,400 TOT LIAB & NET WORTH 5,050,000 4,414,600 4,467,300 4,237,100 ANNUAL INCOME (000$) FISCAL YEAR ENDING 12/31/96 12/31/95 12/31/94 12/31/93 NET SALES 6,676,600 7,003,700 6,562,000 6,295,400 COST OF GOODS 3,122,900 3,177,700 2,950,700 2,989,000 GROSS PROFIT 3,553,700 3,826,000 3,611,300 3,306,400 R & D EXPENDITURES NA NA NA NA SELL GEN & ADMIN EXP 2,458,700 2,566,700 2,448,700 2,237,500 INC BEF DEP & AMORT 1,095,000 1,259,300 1,162,600 1,068,900 DEPRECIATION & AMORT NA NA NA NA NON-OPERATING INC -169,500 -400,700 12,800 -1,500 INTEREST EXPENSE 65,600 62,600 45,400 33,300 INCOME BEFORE TAX 859,900 796,000 1,130,000 1,034,100 PROV FOR INC TAXES 328,900 305,700 424,600 353,400 MINORITY INT (INC) NA NA NA NA INVEST GAINS/LOSSES NA NA NA NA OTHER INCOME NA NA NA NA NET INC BEF EX ITEMS 531,000 490,300 705,400 680,700 EX ITEMS & DISC OPS NA NA NA NA NET INCOME 531,000 490,300 705,400 680,700 OUTSTANDING SHARES 209,648 216,705 221,701 227,920 CASH FLOW PROVIDED BY OPERATING ACTIVITY ($000S) Fiscal Year Ending 12/31/96 12/31/95 12/31/94 Net Income (Loss) 531,000 490,300 705,400 Depreciation/Amortization 251,500 258,800 256,100 Net Incr (Decr) Assets/Liabs 105,100 50,700 56,800 Cash Prov (Used) by Disc Oper NA NA NA Other Adjustments, Net -176,100 241,200 -51,500 Net Cash Prov (Used) by Oper 711,500 1,041,000 966,800 CASH FLOW PROVIDED BY INVESTING ACTIVITY ($000S) Fiscal Year Ending 12/31/96 12/31/95 12/31/94 (Incr) Decr in Prop, Plant -295,700 -309,400 -338,700 (Acq) Disp of Subs, Business -505,200 NA 95,500 (Incr) Decr in Securities Inv NA NA NA Other Cash Inflow (Outflow) 14,100 500 7,800 Net Cash Prov (Used) by Inv -786,800 -308,900 -235,400 CASH FLOW PROVIDED BY FINANCING ACTIVITY ($000S) Fiscal Year Ending 12/31/96 12/31/95 12/31/94 Issue (Purchase) of Equity -516,900 -337,900 -325,000 Issue (Repayment) of Debt 58,000 NA 200,000 Incr (Decr) In Borrowing 903,200 -87,200 -114,800 Dividends, Other Distribution -343,700 -328,500 -313,600 Other Cash Inflow (Outflow) -6,600 -5,600 -6,100 Net Cash Prov (Used) by Finan 94,000 -759,200 -559,500 Effect of Exchg Rate On Cash 3,200 -17,300 -3,700 Net Change in Cash or Equiv 21,900 -44,400 168,200 Cash or Equiv at Year Start 221,900 266,300 98,100 Cash or Equiv at Year End 243,800 221,900 266,300 KEY ANNUAL FINANCIAL RATIOS FISCAL YEAR ENDING 12/31/96 12/31/95 12/31/94 QUICK RATIO 0.38 0.64 0.70 CURRENT RATIO 0.70 1.13 1.21 SALES/CASH 27.39 31.56 24.64 SG & A/SALES 0.37 0.37 0.37 RECEIVABLES TURNOVER 11.27 11.87 11.62 RECEIVABLES DAYS SALES 31.94 30.33 30.97 INVENTORIES TURNOVER 15.71 18.59 16.56 INVENTORIES DAYS SALES 22.91 19.36 21.74 NET SALES/WORKING CAPITAL -9.96 42.86 26.43 NET SALES/PLANT & EQUIPMENT 2.28 2.51 2.27 NET SALES/CURRENT ASSETS 4.37 4.90 4.58 NET SALES/TOTAL ASSETS 1.32 1.59 1.47 NET SALES/EMPLOYEES 460106 483447 419110 TOTAL LIAB/TOTAL ASSETS 0.75 0.64 0.60 TOTAL LIAB/INVESTED CAPITAL 1.88 1.22 1.05 TOTAL LIAB/COMMON EQUITY 2.94 1.77 1.47 TIMES INTEREST EARNED 14.11 13.72 25.89 CURRENT DEBT/EQUITY 0.39 0.00 0.00 LONG TERM DEBT/EQUITY 0.57 0.45 0.40 TOTAL DEBT/EQUITY 0.96 0.45 0.40 TOTAL ASSETS/EQUITY 3.94 2.77 2.47 PRETAX INC/NET SALES 0.13 0.11 0.17 PRETAX INC/TOTAL ASSETS 0.17 0.18 0.25 PRETAX INC/INVESTED CAPITAL 0.43 0.34 0.45 PRETAX INC/COMMON EQUITY 0.67 0.50 0.63 NET INCOME/NET SALES 0.08 0.07 0.11 NET INCOME/TOTAL ASSETS 0.11 0.11 0.16 NET INCOME/INVESTED CAPITAL 0.26 0.21 0.28 NET INCOME/COMMON EQUITY 0.41 0.31 0.39