Chris O'leary
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Chris O’Leary Executive Vice President; Chief Operating Officer, International 1 General Mills International Segment Growing Sales and Earnings ($ in Millions) Net Sales Segment Operating Profit $2,876 $291 $2,685 $2,535 $2,572 $248 $239 $2,104 $201 $192 F07 F08 F09 F10 F11 F07 F08 F09 F10 F11 2 International Sales Growth Including Proportionate Share of Joint Ventures* ($ in Millions) $5,000+ 4-yr CGR = 7% $4,098 $3,865 $3,626 $3,704 $3,090 F07 F08 F09 F10 F11 F12 Proforma Consolidated Businesses Proportionate Share of Consolidated Yoplait Excluding Yoplait Int’l Ongoing Joint Ventures* International Sales *Non-GAAP Measure. See Appendix for Reconciliation 3 General Mills Fiscal 2011 Performance Europe • Net Sales: $905 Million • Constant Currency Sales Growth: +7%* • Growth Led by Häagen-Dazs, Old El Paso and Nature Valley • Yoplait Will Significantly Increase Scale *Non-GAAP Measure. See Appendix for Reconciliation 4 General Mills Fiscal 2011 Performance Greater China • Fiscal 2011 Net Sales: $440 Million • Constant Currency Sales Growth: +19%* • Strong Growth for Häagen-Dazs and Wanchai Ferry • Strong GDP Growth, Rising Disposable Incomes *Estimated Net Sales Converting Local Currency Data at a Fixed Exchange Rate. 5 Building Our Global Platforms SUPER-PREMIUM CEREAL ICE CREAM HEALTHY CONVENIENT YOGURT MEALS SNACKING 6 Canada – Strong Cereal Performance Value Market Share* 2012 Growth Drivers New Products Health News 27 28 26 25 24 F07 F08 F09 F10 F11 *Source: Nielsen 7 Continued Growth for CPW Net Sales – As Reported* 2012 Growth Drivers ($ in Millions) Core Growth New Products CGR = +6% F07 F08 F09 F10 F11 *F07 Does Not Conform to Current Income Statement Classification 8 Cereal – Strong Prospects for Future Growth Annual RTE Cereal Kg per Person 6.3 4.2 4.1 3.9 2.7 1.8 1.4 1.2 0.30 0.20 0.10 0.01 UK Canada Australia U.S. Mexico France Total Poland Russia Brazil Turkey SE Asia SWE 6% of World’s Population Source: Euromonitor 2010 Forecast 9 Häagen-Dazs Constant Currency Sales* 2012 Growth Drivers ($ in Millions) CGR = +7% Shops Expansion F07 F08 F09 F10 F11 New Platforms New Flavors *Estimated Net Sales Converting Local Currency Data at a Fixed Exchange Rate. 10 Driving Convenient Meals Growth in 2012 Int’l Old El Paso and Wanchai Ferry 2012 Growth Drivers Constant Currency Sales* ($ in Millions) CGR = +11% Old El Paso F07 F08 F09 F10 F11 Wanchai Ferry *Estimated Net Sales Converting Local Currency Data at a Fixed Exchange Rate. 11 2012 Wholesome Snack Bars Constant Currency Sales* 2012 Growth Drivers ($ in Millions) CGR = +14% Nature Valley F07 F08 F09 F10 F11 Fiber One *Estimated Net Sales Converting Local Currency Data at a Fixed Exchange Rate. 12 Yogurt is a Growing Global Business (Category Retail Sales, $ in Billions) CGR = +6% $88 $82 $77 CGR = +7% $73 $69 $65 $62 $59 $55 $50 $47 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Estimates Calendar Years Source: Euromonitor 13 Fragmented Global Yogurt Market 2010 Global Market Value Share 59 23 7 6 3 2 All Others Source: Euromonitor 14 Leading Global Product Portfolio 15 Yoplait International Current Business Portfolio Operator Business Key Franchise Business Canada France UK U. S. (Yoplait) Other Europe Canada Australia Mexico (Liberté) Consolidating Net Sales Royalty Fees 16 Operator Business: France France Yogurt Market Share* (Total Category = $6.3 Billion) 12% 11% 29% 37% 10% Yoplait Danone Nestle Private Label Other Branded Yogurt 5th largest food category in France** *IRI, 52-week Period as of 6/19/11 **Euromonitor 2010 17 Operator Business: UK UK Yogurt Market Share* (Total Category = $3.5 Billion) 9% 16% 17% 27% 7% 24% Yoplait Danone Nestle Muller Private Label Other Branded Yogurt 10th largest food category in UK** *IRI, 52-week Period as of 6/19/11 **Euromonitor 2010 18 Operator Business: Canada Canada Yogurt Market Share (Total Category = $1.2 Billion) 6% 4% 6% 30% 13% 41% Yoplait Danone Parmalat Liberté Private Label Other Branded Yogurt 8th largest food category in Canada Source: ACNielsen, 52 weeks ended 10/23/10 19 Franchise Businesses Key Highlights Market Share Position • Products Sold in Over 70 Countries #1 • Top 3 Share Position in Core Franchise Markets #2 #1 #3 Source: Euromonitor and ACNielsen 20 Future Growth Opportunity: Asia ($USD in Millions) China Yogurt Market India Yogurt Market China Player India Co-op Co-op 11% 17% 5% China Player China Player Danone 14% 10% 1% Nat’l Dairy Development India Co-op Board 12% 18% Nestlé7% All Other 64% All Other 41% 2010 Sales: $4,760 2010 Sales: $370 Drinkable 3,180 Drinkable 3 Spoonable 1,580 Spoonable 368 Source: Euromonitor, Market Shares are 2009 Data 21 Per Capita Consumption Still Low 2010 Yogurt Consumption Kg per Capita 17.8 11.5 9.9 9.1 8.5 5.9 5.2 3.7 2.3 0.3 0.2 France Ireland Canada UK Australia U.S. Brazil Russia China India Indonesia Developed Markets Emerging Markets Source: Euromonitor 22 Fiscal 2012 International Summary • Continuing Sales and Operating Profit Growth for Base Business – +HSD Net Sales Growth – +DD Growth in Operating Profits • Yoplait will Add Significant Net Sales and Profit • Good Growth for Cereal Partners Worldwide • Assuming Slow Business Recovery for Häagen- Dazs Japan 23 A Portfolio for Global Growth July 2011 Investor Day 24.