General Mills Overview 2010
Trusted brands the world over Our brands are known around the world for quality, beginning with Gold Medal flour in 1880, which to this day remains the No. 1 selling flour in the United States. Several of our other brands also occupy the No. 1 or No. 2 market positions from Pillsbury refrigerated dough to Green Giant frozen vegetables, and from Cheerios cereal to Betty Crocker dessert mixes. We re one of the largest food companies in the world, marketing in more than 100 countries on six continents. About half of our 33,000 employees work outside the United States. In fiscal 2010, our global net sales were $16 billion (including our proportionate share of joint ventures). We categorize these sales into four business segments: U.S. Retail, International, Bakeries & Foodservice and Joint Ventures. Every day around the world, food made by General Mills is eaten for breakfast, lunch and dinner and as a snack sometime during the day or evening. It s a bowl of Cheerios or a cup of Yoplait yogurt for breakfast in the United States. Or a bowl of Fibre One cereal in Canada or Pillsbury frozen pancakes in Mexico. It s a sandwich with bread made from Gold Medal flour or a bowl of Progresso soup for lunch in the United States. Or Wanchai Ferry products in China or the United Kingdom. Or a Nature Valley granola bar eaten on the run in Argentina or in about 60 other countries. It s Hamburger Helper with a side of corn or green beans from Green Giant for dinner in the United States. Or an Old El Paso Mexican meal in Australia, Germany or Japan. And in many countries, a Pillsbury roll could be part of any meal. For an after-dinner treat, it could be a Betty Crocker cake or cookie in the United States. Or Häagen-Dazs ice cream in any number of countries, including Chile, Greece, Indonesia, Morocco and Russia. global net sales: $16 billion Fiscal 2010 U.S. Retail $10.3 billion International $2.7 billion Bakeries & Foodservice $1.8 billion Joint Ventures $1.2 billion
Nourishing Lives Our mission at General Mills is Nourishing Lives making lives healthier, easier and richer. Making lives healthier Making lives Easier Making lives Richer We make lives healthier with foods such as yogurt, soups, vegetables and whole grain breakfast cereals. Since fiscal 2005, we ve improved the health profile of products that comprise 60 percent of the company s U.S. retail sales. And we re working to develop more healthy products every day. We make lives easier with foods that are simple to prepare like a crescent dinner roll that can be baked in minutes or a frozen pizza that can be popped in the oven and served. With today s busy schedules, time is more valuable than ever. We make lives richer with foods to celebrate special moments whether it s a cake for a child s birthday, a savory snack to help unwind after work or the trimmings for a holiday family meal. General Mills around the world 33,000 employees Regions with General Mills presence
U.S. Retail Representing the lion s share of our net sales $10.3 billion in fiscal 2010 we divide U.S. Retail into seven business segments. U.S. Retail Net Sales (dollars in billions) Fiscal 2010 Meals 2.2 Pillsbury 1.9 Yoplait 1.5 Big G Cereals 2.4 Snacks 1.3 Baking Products 0.85 Small Planet Foods 0.2 Big G Cereals $2.4 billion Our breakfast lineup features several iconic brands, including Cheerios, Wheaties, Cinnamon Toast Crunch, Lucky Charms and Fiber One. Meals $2.2 billion Our convenient dinners provide choices for everyone, including Hamburger Helper, Old El Paso and Wanchai Ferry dinner kits; Green Giant vegetables; Betty Crocker side dishes; and Progresso soups. Pillsbury $1.9 billion We ve been making mealtimes special for over a century whether it s refrigerated dough, Grands! biscuits, dinner rolls or Totino s pizza and snacks. Yoplait $1.5 billion Our Yoplait yogurt is the No. 1 seller in the U.S. We offer several varieties from Original to Yoplait Light to Go-Gurt, yogurt for kids. And Yoplait Delights parfaits with just 100 calories are the perfect evening snack. Snacks $1.3 billion We re the leader in fruit and grain snacks with Nature Valley, Chex Mix and Fiber One brands, as well as fruitflavored snacks such as Fruit Roll-Ups. Baking Products $850 million Our baking products including Betty Crocker, Bisquick and Gold Medal flour have set the quality bar for generations. And our new gluten-free dessert mixes and Bisquick allow more people to enjoy these family favorites. Small Planet Foods $200 million We re a leader in organic foods, including products bearing the Cascadian Farm, Muir Glen and Lärabar brands.
International Including our share of joint ventures, 24 percent of our global sales are outside the U.S. About 17 percent $2.7 billion are from our wholly owned businesses. Our leading global brands are Häagen-Dazs ice cream, Old El Paso Mexican foods, Nature Valley granola bars, Cheerios cereal, Wanchai Ferry dumplings and meal kits, Green Giant vegetables, and Pillsbury and Betty Crocker products. In addition to our global brands, we also offer several local brands such as La Salteña pastas and tapas in Argentina and Jus-Rol pastries in the United Kingdom. Europe continues to be our largest international market, followed by our long-established operations in Canada. And all of our regional operations including those in Asia/ Pacific and Latin America continue to grow. international Net Sales: $2.7 billion Fiscal 2010 Asia/Pacific 27% Canada 26% Europe 32% Latin America 15% Joint Ventures We participate in two international joint ventures: Cereal Partners Worldwide and Häagen-Dazs Japan. Our proportionate share of these sales was $1.2 billion in fiscal 2010. Joint ventures $1.2 billion* Fiscal 2010 Cereal Partners Worldwide: CPW is a 50-50 partnership with Nestlé that markets breakfast cereals in 130 countries. It accounts for 85 percent of our joint venture sales. Häagen-Dazs Japan: This partnership operates our ice cream business in Japan and accounts for 15 percent of our joint venture sales. Cereal Partners Worldwide 85% *Not consolidated, proportionate share Häagen-Dazs Japan 15% Bakeries & Foodservice Bakeries & Foodservice is a $1.8 billion business with three distinct channels. 1 Bakeries & national restaurant accounts We provide baking mixes and flour to traditional bakeries and grocery store bakeries. ($997 million in sales) 2 Foodservice distributors We deliver branded cereals, yogurt, snacks and baked goods to schools, restaurants and hotels. ($560 million in sales) 3 Convenience stores We provide a wide variety of products to convenience stores and vending machines. ($213 million in sales) bakeries & foodservice Net Sales: $1.8 billion Fiscal 2010 Bakeries & national restaurant accounts 56% Foodservice distributors 32% Convenience Stores 12%
Strengthening families and communities At General Mills, Nourishing Lives is who we are and what we do. It s the whole-grain Cheerios that a mother gives her toddler. It s the Yoplait yogurt that brightens an afternoon. It s the birthday cake that a granddaughter bakes for her grandfather. Millions of times each day, families around the world trust our brands to nourish and delight the most important people in their lives. With leading brands such as Betty Crocker, Green Giant, Pillsbury, Progresso, Old El Paso, Wanchai-Ferry, Häagen-Dazs and more. In short, we care about our employees, our customers and shareholders, and our communities. And we care about the planet we share. We re constantly working to be a good steward of the earth whether it s reducing water use, using leftover oat hulls to create electricity, or using recycled paper in our packaging. Every day we work to enhance the nutrition we provide to better the lives of the people we serve and to protect the planet we share. It is about remaining worthy of that trust. It is about sharing not only what we have, but also what we know. It is about supporting healthy, active lifestyles partnering with farmers around the world and contributing time, money and resources to our communities and others in need. It is about Nourishing Lives. That is our mission. It is who we are, and it is what we do. General Mills Number One General Mills Boulevard Minneapolis, MN 55426-1347 Printed on recycled paper using soy inks. Contains 10 percent post-consumer waste. 2010 General Mills. Every day we work to enhance the nutrition we provide... to better the lives of the people we serve... and to protect the planet we share.