Table of Contents
Fiscal 2003 Results 2004 Outlook
PPT Slide
IDENTIFIED ITEMS ($ in MM, Pre-tax)
4th QUARTER RESULTS GAAP vs. NON-GAAP RECONCILIATION
ANNUAL RESULTS GAAP vs. NON-GAAP RECONCILIATION
FISCAL 2003 RESULTS
4th QUARTER (As Reported, $ in MM Except Per Share)
ANNUAL RESULTS (As Reported, $ in MM Except Per Share)
ANNUAL RESULTS BEFORE IDENTIFIED ITEMS* ($ in MM Except Per Share)
ONE YEAR AGO OUR EXPECTATIONS FOR 2003
STRONG TOPLINE GROWTH (Comparable Basis)
OPERATING MARGIN IMPROVEMENT (EBIT, Before Identified Items*)
JOINT VENTURE PROFIT GROWTH ($ in MM, After Tax)
EARNINGS PER SHARE GROWTH
QUARTERLY EPS PROGRESS (Before Identified Items*)
STRONG RESULTS DESPITE EXTERNAL FACTORS
STRONG RESULTS DESPITE INTERNAL FACTORS
TOTAL RETURN TO SHAREHOLDERS FISCAL 2003
COMPONENTS OF NET SALES GROWTH IN 2003
NET SALES SEGMENT RESULTS (As Reported, $ in MM)
U.S. RETAIL SEGMENT UNIT VOLUME GROWTH (Comparable Basis)
RETAIL TAKEAWAY EXCEEDED SHIPMENT GROWTH (F03 Retail Dollar Sales Growth)
BAKERIES & FOODSERVICE UNIT VOLUME GROWTH (Comparable Basis)
INTERNATIONAL UNIT VOLUME GROWTH (Comparable Basis)
OPERATING PROFIT SEGMENT RESULTS (As Reported, $ in MM)
FISCAL 2003 OPERATING MARGIN IMPROVEMENTS
INTEREST EXPENSE ($ in MM)
JOINT VENTURE EARNINGS ($ in MM, After Tax)
EARNINGS PER SHARE (in dollars)
CORE WORKING CAPITAL ($ in MM)
TOTAL ADJUSTED DEBT ($ in MM)
FY 2003 CASH HIGHLIGHTS ($ in MM)
FISCAL 2004-06 GROWTH OUTLOOK
FISCAL 2004 KEY ASSUMPTIONS
FISCAL 2004 KEY ASSUMPTIONS
FISCAL 2004 EPS EXPECTATIONS
FISCAL 2004 EARNINGS PATTERN
FISCAL 2004 CASH FLOW EXPECTATIONS
FISCAL 04-06 OUTLOOK EPS GROWTH
Built for Superior Growth & Returns
EARNINGS PER SHARE (in dollars)
LAST FIVE YEARS TOTAL RETURN TO SHAREHOLDERS
GENERAL MILLS GROWTH DRIVERS
FASTER-GROWING U.S. RETAIL CATEGORIES (Retail $ Sales Growth)
GENERAL MILLS MARKET SHARE POSITIONS
NEW RETAIL CHANNELS
U.S. FOODSERVICE INDUSTRY DOLLAR SALES GROWTH (Sales $ in Billions)
CANNONDALE SURVEY ON FOODSERVICE Overall Composite Rating
INTERNATIONAL MARKETS (Unit Volume Growth)
JOINT VENTURE EARNINGS ($ in MM, After Tax)
MARGIN EXPANSION
PPT Slide
A WINNING CORPORATE CULTURE
EMPLOYEE SHARE OWNERSHIP
SUPERIOR LONG-TERM RETURNS TO SHAREHOLDERS (1983-2003)
Built for Superior Growth & Returns
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