GENERAL MILLS INC FIVE YEAR SUMMARY DATE SALES (000$) NET INCOME EPS 1996 5,416,000 476,000 3.00 1995 5,027,000 367,000 2.33 1994 5,327,000 470,000 2.95 1993 5,138,000 506,000 3.10 1992 4,964,000 496,000 2.99 GROWTH RATE 2.2 -1.0 0.0 BALANCE SHEET ANNUAL ASSETS (000$) FISCAL YEAR ENDING 05/26/96 05/28/95 05/29/94 05/30/93 CASH 20,600 13,000 27,800 100,000 MRKTABLE SECURITIES NA NA NA NA RECEIVABLES 337,800 277,300 266,000 287,400 INVENTORIES 395,500 372,000 339,300 439,000 RAW MATERIALS NA NA NA NA WORK IN PROGRESS NA NA NA NA FINISHED GOODS NA NA NA NA NOTES RECEIVABLE NA NA NA NA OTHER CURRENT ASSETS 241,200 234,600 278,500 250,500 TOTAL CURRENT ASSETS 995,100 896,900 911,600 1,076,900 PROP, PLANT & EQUIP 1,312,400 1,456,600 1,503,200 2,859,600 ACCUMULATED DEP NA NA NA NA NET PROP & EQUIP 1,312,400 1,456,600 1,503,200 2,859,600 INVEST & ADV TO SUBS NA NA NA NA OTHER NON-CUR ASSETS NA NA 1,508,100 NA DEFERRED CHARGES NA NA NA NA INTANGIBLES NA NA NA NA DEPOSITS & OTH ASSET 987,200 1,004,700 881,100 714,300 TOTAL ASSETS 3,294,700 3,358,200 4,804,000 4,650,800 ANNUAL LIABILITIES (000$) FISCAL YEAR ENDING 05/26/96 05/28/95 05/29/94 05/30/93 NOTES PAYABLE 141,600 112,900 433,300 339,600 ACCOUNTS PAYABLE 590,700 494,000 513,900 617,000 CUR LONG TERM DEBT 75,400 93,700 115,100 64,300 CUR PORT CAP LEASES NA NA NA NA ACCRUED EXPENSES 249,000 227,000 268,300 298,500 INCOME TAXES NA NA NA NA OTHER CURRENT LIAB 135,200 293,300 210,700 239,400 TOTAL CURRENT LIAB 1,191,900 1,220,900 1,541,300 1,558,800 MORTGAGES NA NA NA NA DEFERRED CHARGES/INC 407,500 417,700 399,300 457,600 CONVERTIBLE DEBT NA NA NA NA LONG TERM DEBT 1,220,900 1,400,900 1,413,300 1,268,300 NON-CUR CAP LEASES NA NA NA NA OTHER LONG TERM LIAB 166,700 177,700 176,900 147,600 TOTAL LIABILITIES 2,987,000 3,217,200 3,530,800 3,432,300 MINORITY INT (LIAB) NA NA NA NA PREFERRED STOCK NA NA NA NA COMMON STOCK NET 384,300 379,500 251,000 358,700 CAPITAL SURPLUS NA NA NA NA RETAINED EARNINGS 1,408,600 1,233,300 2,457,900 2,284,500 TREASURY STOCK 1,367,400 1,372,100 1,334,400 1,196,400 OTHER EQUITIES -117,800 -99,700 -101,300 -228,300 SHAREHOLDER EQUITY 307,700 141,000 1,273,200 1,218,500 TOT LIAB & NET WORTH 3,294,700 3,358,200 4,804,000 4,650,800 ANNUAL INCOME (000$) FISCAL YEAR ENDING 05/26/96 05/28/95 05/29/94 05/30/93 NET SALES 5,416,000 5,026,700 5,327,200 5,138,400 COST OF GOODS 2,241,000 2,123,000 2,012,500 2,002,600 GROSS PROFIT 3,175,000 2,903,700 3,314,700 3,135,800 R & D EXPENDITURES NA NA NA NA SELL GEN & ADMIN EXP 2,128,300 2,008,300 2,350,500 2,213,700 INC BEF DEP & AMORT 1,046,700 895,400 964,200 922,100 DEPRECIATION & AMORT 186,700 191,400 173,800 153,300 NON-OPERATING INC NA -183,200 -146,900 -36,400 INTEREST EXPENSE 101,400 101,200 78,800 56,000 INCOME BEFORE TAX 758,600 419,600 564,700 676,400 PROV FOR INC TAXES 279,400 153,300 217,400 265,400 MINORITY INT (INC) NA NA NA NA INVEST GAINS/LOSSES NA NA NA NA OTHER INCOME -2,800 -6,600 -7,300 NA NET INC BEF EX ITEMS 476,400 259,700 340,000 411,000 EX ITEMS & DISC OPS NA 107,700 129,900 95,100 NET INCOME 476,400 367,400 469,900 506,100 OUTSTANDING SHARES 159,000 157,900 158,500 160,500 CASH FLOW PROVIDED BY OPERATING ACTIVITY ($000S) Fiscal Year Ending 05/26/96 05/28/95 05/29/94 Net Income (Loss) 476,400 259,700 336,500 Depreciation/Amortization 186,700 191,400 173,800 Net Incr (Decr) Assets/Liabs -25,900 -227,800 -79,100 Cash Prov (Used) by Disc Oper -16,600 210,100 259,300 Other Adjustments, Net 39,200 234,100 130,100 Net Cash Prov (Used) by Oper 659,800 667,500 820,600 CASH FLOW PROVIDED BY INVESTING ACTIVITY ($000S) Fiscal Year Ending 05/26/96 05/28/95 05/29/94 (Incr) Decr in Prop, Plant -122,600 -155,300 -209,200 (Acq) Disp of Subs, Business NA -169,200 -336,300 (Incr) Decr in Securities Inv -39,100 -21,400 -190,800 Other Cash Inflow (Outflow) -11,300 -27,500 -45,900 Net Cash Prov (Used) by Inv -173,000 -373,400 -782,200 CASH FLOW PROVIDED BY FINANCING ACTIVITY ($000S) Fiscal Year Ending 05/26/96 05/28/95 05/29/94 Issue (Purchase) of Equity 2,400 -33,400 -132,400 Issue (Repayment) of Debt 42,300 135,000 273,600 Incr (Decr) In Borrowing -207,100 -447,600 14,100 Dividends, Other Distribution -303,600 -297,200 -299,400 Other Cash Inflow (Outflow) -13,200 334,300 -4,200 Net Cash Prov (Used) by Finan -479,200 -308,900 -148,300 Effect of Exchg Rate On Cash NA NA NA Net Change in Cash or Equiv 7,600 -14,800 -109,900 Cash or Equiv at Year Start 13,000 27,800 137,700 Cash or Equiv at Year End 20,600 13,000 27,800 KEY ANNUAL FINANCIAL RATIOS FISCAL YEAR ENDING 05/26/96 05/28/95 05/29/94 QUICK RATIO 0.30 0.24 0.19 CURRENT RATIO 0.83 0.73 0.59 SALES/CASH 262.91 386.67 191.63 SG & A/SALES 0.39 0.40 0.44 RECEIVABLES TURNOVER 16.03 18.13 20.03 RECEIVABLES DAYS SALES 22.45 19.86 17.98 INVENTORIES TURNOVER 13.69 13.51 15.70 INVENTORIES DAYS SALES 26.29 26.64 22.93 NET SALES/WORKING CAPITAL -27.52 -15.51 -8.46 NET SALES/PLANT & EQUIPMENT 4.13 3.45 3.54 NET SALES/CURRENT ASSETS 5.44 5.60 5.84 NET SALES/TOTAL ASSETS 1.64 1.50 1.11 NET SALES/EMPLOYEES 552653 507747 42380 TOTAL LIAB/TOTAL ASSETS 0.91 0.96 0.73 TOTAL LIAB/INVESTED CAPITAL 1.95 2.09 1.31 TOTAL LIAB/COMMON EQUITY 9.71 22.82 2.77 TIMES INTEREST EARNED 8.48 5.15 8.17 CURRENT DEBT/EQUITY 0.25 0.66 0.09 LONG TERM DEBT/EQUITY 3.97 9.94 1.11 TOTAL DEBT/EQUITY 4.21 10.60 1.20 TOTAL ASSETS/EQUITY 10.71 23.82 3.77 PRETAX INC/NET SALES 0.14 0.08 0.11 PRETAX INC/TOTAL ASSETS 0.23 0.12 0.12 PRETAX INC/INVESTED CAPITAL 0.50 0.27 0.21 PRETAX INC/COMMON EQUITY 2.47 2.98 0.44 NET INCOME/NET SALES 0.09 0.07 0.09 NET INCOME/TOTAL ASSETS 0.14 0.11 0.10 NET INCOME/INVESTED CAPITAL 0.31 0.24 0.17 NET INCOME/COMMON EQUITY 1.55 2.61 0.37