General Mills, Inc. · NYSE:GIS
General Mills — 2023 CAGNY Virtual Conference
79 slides from General Mills's conference presentation, Feb 21, 2023
Slide 1: General Mills
General
Slide 2: Jeff Harmening, Chairman and CEO
Jeff Harmening CHAIRMAN AND CEO 2
Slide 3: A Reminder on Forward-looking Statements
A Reminder on Forward-looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s current expectations and assumptions. These forward-looking statements are subject to certain risks
Slide 4: Key Messages
Key Messages Executing Our Accelerate Strategy is Making us Stronger Delivering Outstanding Results Today, Including Raising Fiscal 2023 Guidance Well Positioned to Drive Top-tier Shareholder Returns Tomorrow 2023 CAGNY CONFERENCE JEFF HARMENING: OUR ACCELERATE STRATEGY 4
Slide 5: Accelerate Strategy Overview
Agenda Accelerate Deep Dive Delivering Our Strategy on Key Shareholder Overview Businesses Return Model 2023 CAGNY CONFERENCE JEFF HARMENING: OUR ACCELERATE STRATEGY 5
Slide 6: Our Accelerate Strategy
Our Accelerate Strategy Our Purpose Core Global Local Portfolio Where to Play Markets Platforms Gems Reshaping Boldly Relentlessly Unleashing Standing How to Win Building Brands Innovating Our Scale for Good Driving Long-term Organic Net Sales¹ Adj. Op. Profit¹ Adj. Diluted EPS¹ Maintain Capital Sha
Slide 7: Where to Play
Where to Play Core Markets Global Platforms Local Gems 2023 CAGNY CONFERENCE JEFF HARMENING: OUR ACCELERATE STRATEGY 7
Slide 8: How to Win
How to Win 2023 CAGNY CONFERENCE JEFF HARMENING: OUR ACCELERATE STRATEGY 8
Slide 9: Billion Dollar Brands
Boldly Building Brands BILLION DOLLAR BRANDS Brands with $1B+ in retail sales, Source: NielsenIQ and Euromonitor 2023 CAGNY CONFERENCE JEFF HARMENING: OUR ACCELERATE STRATEGY 9
Slide 10: Boldly Building Brands
Boldly Building Brands 2023 CAGNY CONFERENCE JEFF HARMENING: OUR ACCELERATE STRATEGY 10
Slide 11: Relentlessly Innovating
Relentlessly Innovating Close In White Space Invest Acquire Core Platform Mergers & Innovation Acquisitions 2023 CAGNY CONFERENCE JEFF HARMENING: OUR ACCELERATE STRATEGY 11
Slide 12: Unleashing Our Scale Enabled by Digital & Technology
Unleashing Our Scale Connected Strategic Revenue Supply Holistic Margin Commerce Management Chain Digitization Management Enabled by Digital & Technology 2023 CAGNY CONFERENCE JEFF HARMENING: OUR ACCELERATE STRATEGY 12
Slide 13: Standing for Good
Standing for Good Four Priority Areas Progress on 10 Key Commitments SUSTAINABLE GHG SOURCING EMISSIONS HUMAN REGENERATIVE Regenerating Improving Food RIGHTS AGRICULTURE Our Planet Security RENEWABLE PACKAGING ELECTRICITY ANIMAL WATER WELFARE Protecting Our Strengthening Our People Communities FOOD
Slide 14: Driving Shareholder Value
Driving Shareholder Value Delivered Outstanding Strengthened Company Financial Performance for the Future 3-yr CGR Organic Net Sales1 + 5% Improved Competitiveness Reshaped Our Portfolio Adj. Operating Profit2 + 4% and Organization Adj. Diluted EPS2 Stepped up Investment in + 7% Brands and Capabi
Slide 15: Consistently Competing Effectively
General Mills % Priority Business Holding/Growing Share Consistently 67% 70% Competing 63% 64% 56%* Effectively F19 F20 F21 F22 F23 YTD Sources: Pet U.S. – NielsenIQ xAOC + Pet Retail F23 FTYD thru Jan, Brazil – NielsenIQ F23 FYTD thru Nov, China – NielsenIQ +SmartPath F23 FYTD thru Dec, Other Categ
Slide 16: We've Reshaped Our Portfolio for Growth
We’ve Reshaped Our Portfolio for Growth Turned Over Almost 20% of Our Business Since F18 Acquisitions ~20% Divestitures 2023 CAGNY CONFERENCE JEFF HARMENING: OUR ACCELERATE STRATEGY 16
Slide 17: Increased Net Sales Growth Exposure by >1pt
Net Sales Growth Exposure >1pt +2 to +3% Increased Net = Sales Growth + Exposure by >1pt F18 Portfolio Current Growth Reshaping Growth Exposure Impact Exposure 2023 CAGNY CONFERENCE JEFF HARMENING: OUR ACCELERATE STRATEGY 17
Slide 18: We've Reshaped Our Organization for Growth
We’ve Reshaped Our Organization for Growth Realigned Structure & Treats Streamlined Focus on Simplified Go-to-market New Team Enabling Resources Integration Foodservice & Structure Strategy Activation Results Improved Competitiveness, Agility, and Profitable Growth 2023 CAGNY CONFERENCE JEFF HARMENI
Slide 19: Four Levers to Deliver Top-tier Shareholder Returns
Four Levers to Deliver Top-tier Shareholder Returns Sales Margin Cash Cash Growth Expansion Conversion Retur ns 2023 CAGNY CONFERENCE JEFF HARMENING: OUR ACCELERATE STRATEGY 19
Slide 20: Two Key Elements of Our Sales Growth Story
Two Key Elements of Our Sales Growth Story Largest Business in Fastest Growing Largest Core Market Global Platform 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 20
Slide 21: NAR Has Been Consistently Competing Effectively
NAR Has Been Consistently Competing Effectively NAR % Priority Business Drivers of Strong Results in Holding/Growing Share North America Retail 70% 69%* Exceptional Brand Building 61% 62% 64% 50% Exceptional Innovation Exceptional Execution F18 F19 F20 F21 F22 F23 YTD Source: NielsenIQ xAOC F23 FYTD
Slide 22: Exceptional Brand Building
Exceptional Brand Building Increased Media Investment Compelling Campaigns NAR Media Spend $ in Millions +5% CGR +DD% F19 F22 F23 Target 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 22
Slide 23: NAR Brand Building Video
NAR Brand Building Video 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 23
Slide 24: Exceptional Innovation
Exceptional Innovation Remarkable Experience Framework Omnichannel Availability Product Packaging Brand Love Value 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 24
Slide 25: Minis Cereal Innovation
Top Turning Items First Months on Shelf Minis Cereal Innovation Source: NielsenIQ xAOC thru 1/28/23 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 25
Slide 26: Exceptional Execution
Beating Competition In 8 of Top 10 U.S. Categories On-shelf Availability Exceptional General Mills +/- Category Execution 1.3% 0.8% 1.6% 0.5% 0.6% 0.3% 0.4% 0.2% -0.4% -1.6% Cereal Ref. Snack Yogurt Soup Hot Fruit Desserts Mexican Salty Dough Bars Snacks Snacks Snacks Source: NielsenIQ On-shelf Avai
Slide 27: Leading Growth in Cereal
Leading Growth in Cereal +4% 5-yr CGR Retail Sales U.S. RTE Cereal Dollar Share 34.0% 31.4% F18 F19 F20 F21 F22 F23 YTD Replace AdjustedCTC Image Images Sources: NielsenIQ xAOC F23 FYTD thru Jan; 52wks ending 2/4/23 vs 52wks ending 2/3/18 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 27
Slide 28: Leading Growth in Ref. Dough
Leading Growth in Ref. Dough +10% 5-yr CGR Retail Sales U.S. Ref. Dough Dollar Share 74.1% 66.5% F18 F19 F20 F21 F22 F23 YTD Sources: NielsenIQ xAOC F23 FYTD thru Jan; 52wks ending 2/4/23 vs 52wks ending 2/3/18 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 28
Slide 29: Leading Growth in Fruit Snacks
Leading Growth in Fruit Snacks +11% 5-yr CGR Retail Sales U.S. Fruit Snacks Dollar Share 53.3% 49.2% F18 F19 F20 F21 F22 F23 YTD Sources: NielsenIQ xAOC F23 FYTD thru Jan; 52wks ending 2/4/23 vs 52wks ending 2/3/18 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 29
Slide 30: Leading Growth in Mexican Food
Leading Growth in Mexican Food +9% 5-yr CGR Retail Sales U.S. Mexican Dollar Share 18.0% 16.6% F18 F19 F20 F21 F22 F23 YTD Sources: NielsenIQ xAOC F23 FYTD thru Jan; 52wks ending 2/4/23 vs 52wks ending 2/3/18 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 30
Slide 31: Strong Growth in Hot Snacks
Strong Growth in Hot Snacks +8% 5-yr CGR Retail Sales U.S. Hot Snacks Dollar Share 11.9% 11.7% F18 F19 F20 F21 F22 F23 YTD Sources: Source: NielsenIQ xAOCNielsenIQ xAOC ¹ 52 weeks F23 ending FYTD thruvsJan; 11/26/22 52wks 52wks ending ending 2/4/23 vs 52wks ending 2/3/18 11/25/17 2023 CAGNY CONFEREN
Slide 32: More Work to Do on Snack Bars and Yogurt
More Work to Do on Snack Bars and Yogurt 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 32
Slide 33: Technology is Changing Consumer Behaviors
Technology is CHANGING Consumer Behaviors and the Operating Environment 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 33
Slide 34: Building New Capabilities for the Future in NAR
Building New Capabilities for the Future in NAR Connected Strategic Revenue Supply Commerce Management Chain Digitization Enabled by Digital & Technology 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 34
Slide 35: Connected Commerce
Connected Commerce Leveraging Data & Insights to Meet Consumers Across the Physical and Digital World 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 35
Slide 36: Excellence at the Digital Shelf
Excellence at the Digital Shelf Organically Improving Leadership in E-commerce Digital Visibility U.S. Retail E-commerce % of Retail Sales Fruit Snacks +3x +51% LDD% E-commerce Retail Sales FYTD¹ LSD% F19 F22 Source: E-commerce Retail Sales Nielsen IQ and other customer reporting, (1) F23 FYTD thru
Slide 37: Building 1:1 Relationships
Building 1:1 Relationships Growing Our Sources of New Loyalty Program 1st Party Data with Fetch 14MM Aggregate Monthly Active Users 2 MM Good Rewards Members 60 MM Lines of Data Per Day 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 37
Slide 38: Strategic Revenue Management
Strategic Revenue Optimal Promotion Price Leveraging Optimization Management Full Suite of Levers Mix Price Pack Management Architecture 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 38
Slide 39: Strategic Revenue Management Results
Strategic Revenue Management Results Driving SRM in Response to Delivering Increased Inflation Leading Elasticity North America Retail Organic Price/Mix Implied Elasticity in Top 10 U.S. Categories Key Branded +DD% Competitor General Mills +HSD% +LSD% F21 F22 F23 Target 27% Better Source: Nielsen IQ
Slide 40: Supply Chain Digitization
Supply Chain Digitization 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 40
Slide 41: Supply Chain Digitization
Supply Chain Digitization Sourcing Manufacturing Logistics Should Cost Modeling Real-time Line Analytics End-to-end Logistics Flow Current Cost Should Cost GAP 10101001011 11100101010 00101000101 Significant Opportunity to Eliminate Waste 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 41
Slide 42: Consistent, Profitable Growth Ahead for NAR
Consistent, Profitable Growth Ahead for NAR Continue to Compete Effectively in Growing Categories Invest in Bold Brand Building Delight Consumers with Remarkable Innovation Leverage Full Suite of Differentiated, Modern Capabilities Assess Opportunities for Further Portfolio Reshaping (Acquisitions a
Slide 43: Two Key Elements of Our Sales Growth Story
Two Key Elements of Our Sales Growth Story Largest Business in Fastest Growing Largest Core Market Global Platform 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 43
Slide 44: Attractive, Growing Global Pet Food Category
Attractive, Growing Global Pet Food Category Global Pet Food Large Pet Food Categories Across Category Our Core Markets +7% CGR Global Pet Category 2022 $119B China $84B United States Brazil U.K. France All Other Canada 2017 2022 Australia India Source: Euromonitor Current Prices 2023 CAGNY CONFEREN
Slide 45: U.S. Pet Food Also Growing Rapidly
U.S. Pet Food Also Growing Rapidly U.S. Pet Population Elevating Strong Growth in Consistently Growing 1-2% Role of Pets U.S. Pet Food U.S. Pet Population YOY Growth % of Pet Parents Who Say They Treat Dog or Cat Like a Child +4.5% CGR 63% 57% $44.3B 4% 45% $35.6B 2% 2013 2022 Boomers GenX Millennia
Slide 46: Blue Buffalo #1 Natural Pet Food Brand
Blue Buffalo #1 Natural Pet Food Brand Brand Most Likely to Recommend Brand Pet Parents Willing to Pay More For Most Loved & Trusted Natural Brand Sources: NielsenIQ xAOC + Pet Retail F23 FYTD thru Jan, General Mills Brand Equity Study, January - November 2022 n=18k 2023 CAGNY CONFERENCE JEFF HARMEN
Slide 47: Blue Buffalo Has Delivered Strong Growth
Blue Buffalo Has Delivered Strong Growth Distribution Household Penetration Net Sales Blue Buffalo % ACV in FDM Blue Buffalo Household Penetration +4x >+2x +15% CGR 88% 18% $2.3B² $1.3B¹ 8% 22% 2017 2022 2017 2022 F18 F22 Pro Forma Source: NielsenIQ xAOC Source: NielsenIQ Homescan (1) Blue Buffalo P
Slide 48: And is Well Positioned for Continued Growth
And is Well Positioned for Continued Growth $2B+ Blue Buffalo Retail Sales Opportunity in U.S. Pet Food U.S. Pet Food Category Retail Sales 2017 2022 Future 41% 45% 50% $31B Category $44B Category $60B Category Premium Segment Source: 2017 and 2022 – Euromonitor; Future - company estimates 2023 CAGN
Slide 49: Three Growth Drivers for Blue Buffalo in U.S.
Three Growth Drivers for Blue Buffalo in U.S. Blue Buffalo Growth Opportunities Lead Humanization in Dog Feeding Capitalize on #1 Natural Treating Brand 50% Naturalize Cat Feeding 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 49
Slide 50: Leading Humanization in Dog Feeding
Leading Humanization in Dog Feeding Wilderness Dry Dog Super-premium Fresh Dog Food Food Core Renovation Innovation for Pet 200 Store Test Specialty Channel 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 50
Slide 51: Capitalizing on #1 Natural Treating Brand
Capitalizing on #1 Natural Treating Brand #1 Natural Treating New Master Brand Human Food Inspired Portfolio Campaign Innovation 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 51
Slide 52: Naturalizing Cat Feeding
Naturalizing Cat Feeding Significant White Space for Fully Renovated Naturalization of Cat Food Cat Food Portfolio Natural Portion of Category (Retail Sales $) 51% 23% Dog Cat Source: NielsenIQ xAOC + Pet Retail 2022, Nielsen Natural Definition 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIV
Slide 53: Pet Brand Building Video
Pet Brand Building Video 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 53
Slide 54: Pet Segment F23 H2 Outlook
Pet Segment F23 H2 Outlook Strong Acceleration in Customer Orders QTD On Track to Deliver Double-digit Organic Net Sales Growth in Q3 and H2 Expect Improved H2 Segment Op. Profit Margin vs F23 Q2 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 54
Slide 55: Significant Opportunity to Expand Globally
Significant Opportunity to Expand Globally Large and Fast-growing Pet Food Core Market Dynamics Category in Our Core Markets Global Pet Category 2022 Growing Pet Populations China United States Brazil Humanization Trend Core Markets ex U.S. U.K. $31B, 5-yr CGR +8% France China is Most Attractive: Al
Slide 56: International a New Growth Vector for Pet
International a New Growth Vector for Pet Currently Testing Blue Buffalo in China F24 Plan: Expand in China and Test in Other Markets 2023 CAGNY CONFERENCE JEFF HARMENING: BUSINESS DEEP DIVES 56
Slide 57: Continued Differentiated Growth Ahead for Pet
Continued Differentiated Growth Ahead for Pet Attractive, Growing Global Pet Food Category Blue Buffalo Well Positioned for Continued Growth in U.S. Leading Humanization in Dog Feeding Extending #1 Position in Natural Treating Naturalizing Cat Feeding International a New Growth Vector 2023 CAGNY CON
Slide 58: Kofi Bruce, Chief Financial Officer
Kofi Bruce CHIEF FINANCIAL OFFICER 58
Slide 59: Four Levers to Drive Top-tier Shareholder Returns
Four Levers to Drive Top-tier Shareholder Returns Sales Margin Cash Cash Growth Expansion Conversion Retur ns Organic Net Sales¹ Adj. Operating Profit¹ FCF Conversion¹ Cash Returns to Shareholders +2 to +3% +MSD² 95%+ ~80-90% Adj. Diluted EPS¹ +MSD to +HSD² (1) Non-GAAP measures (2) Constant-currenc
Slide 60: Growing Sales
General Mills Organic Net Sales Growth Growing +5% CGR¹ Sales Recent Performance has Exceeded Our Long-term Target of +2 to +3% F19 F22 (1) Non-GAAP measure. See appendix for reconciliation 2023 CAGNY CONFERENCE KOFI BRUCE: SHAREHOLDER RETURN MODEL AND F23 OUTLOOK 60
Slide 61: Growth Exposure
Portfolio Reshaping Has Increased Our Growth Exposure Net Sales Growth Exposure >1pt +2 to +3% = Goal: Move to High End of Range + with Continued Portfolio Reshaping F18 Portfolio Current Growth Reshaping Growth Exposure Impact Exposure 2023 CAGNY CONFERENCE KOFI BRUCE: SHAREHOLDER RETURN MODEL AND
Slide 62: Growing Profit
General Mills Adj. Op. Profit Growth Growing +4% CGR¹ Profit Delivering on Long-term Target +MSD% F19 F22 (1) Constant-currency growth rate. Non-GAAP measure. See appendix for reconciliation 2023 CAGNY CONFERENCE KOFI BRUCE: SHAREHOLDER RETURN MODEL AND F23 OUTLOOK 62
Slide 63: Opportunity Ahead for Gross Margin Recovery
Opportunity Ahead for Gross Margin Recovery General Mills Margin Margin Opportunities Performance 34.4% 33.0% Reduce Supply Chain Disruption Costs 16.9% 16.9% Accelerate HMM Savings Near-term Improvement in International & Pet F19 F22 Adj. Gross Margin¹ Adj. Operating Margin¹ (1) Non-GAAP measures.
Slide 64: Growing Earnings
General Mills Adj. Diluted EPS Growing +7% CGR¹ Earnings Delivering on Long-term Target +MSD to +HSD F19 F22 (1) Constant-currency growth rate. Non-GAAP measure. See appendix for reconciliation 2023 CAGNY CONFERENCE KOFI BRUCE: SHAREHOLDER RETURN MODEL AND F23 OUTLOOK 64
Slide 65: Converting Earnings to Cash
General Mills Free Cash Flow¹ 3-Year Rolling, $ in Billions Converting $7.7 $7.9 $8.4 Earnings to Cash $6.2 Delivering on Long-term Target 127% 95%+ 120% 119% 109% F17-F19 F18-F20 F19-F21 F20-F22 Free Cash Flow Free Cash Flow Conversion¹ (1) Non-GAAP measures. See appendix for reconciliation 2023 CA
Slide 66: Balance Sheet Enabling Capital Allocation
Balance Sheet Enabling Capital Allocation Strong Balance Sheet Long-term Capital Position Allocation Priorities Net Debt to Trailing 12-Month Adj.-EBITDA Ratio¹ 4.2x CAPEX ~4% of Net Sales 3.9x 3.2x 2.9x 2.8x Grow Dividends with Earnings Strategic M&A Share Repurchases F18 F19 F20 F21 F22 Pro Forma
Slide 67: Long History of Generating Top-tier TSR
Long History of Generating Top-tier TSR Total Shareholder Return Stock Price Appreciation plus Dividends, CGR through 2/1/23 18% 17% 10% 10% 10% 9% 8% 6% 6% 2% 20 Years 10 Years 5 Years 3 Years 1 Year CPG Peer Median GIS Please see F22 proxy statement for list of peer companies 2023 CAGNY CONFERENCE
Slide 68: Raising Guidance for Fiscal 2023
Raising Guidance for Fiscal 2023 PREVIOUS UPDATED KEY FINANCIAL METRICS* F23 OUTLOOK F23 OUTLOOK Organic Net Sales Growth +8 to +9% ~+10% Adjusted Operating Profit Growth† +3 to +5%1,2 +6 to +7%1,2 Adjusted Diluted EPS Growth† +4 to +6%1,2 +7 to +8%1,2 Free Cash Flow Conversion 90%+ 90%+ 1 Includes
Slide 69: Key Messages
Key Messages Executing Our Accelerate Strategy is Making us Stronger Delivering Outstanding Results Today, Including Raising Fiscal 2023 Guidance Well Positioned to Drive Top-tier Shareholder Returns Tomorrow 2023 CAGNY CONFERENCE KOFI BRUCE: SHAREHOLDER RETURN MODEL AND F23 OUTLOOK 69
Slide 70: General Mills
General
Slide 71: A Reminder on Non-GAAP Guidance
A Reminder on Non-GAAP Guidance The company’s outlook for organic net sales growth, adjusted operating profit growth, adjusted diluted EPS growth, and free cash flow conversion are non-GAAP financial measures that exclude, or have otherwise been adjusted for, items impacting comparability, including
Slide 72: Reconciliation of Organic Net Sales Compound Growth Rates
Reconciliation of Organic Net Sales Compound Growth Rates *Table may not foot due to rounding 2023 CAGNY CONFERENCE 72
Slide 73: Reconciliation of Adjusted Operating Profit Constant-currency Growth Rates
Reconciliation of Adjusted Operating Profit Constant-currency Growth Rates ($ IN MILLIONS) *Table may not foot due to rounding 2023 CAGNY CONFERENCE 73
Slide 74: Reconciliation of Adjusted Diluted EPS and Related Constant-currency Growth Rates
Reconciliation of Adjusted Diluted EPS and Related Constant-currency Growth Rates *Table may not foot due to rounding ** See reconciliation of income taxes on adjusting items 2023 CAGNY CONFERENCE 74
Slide 75: Reconciliation of Adjusted Gross Margin
Reconciliation of Adjusted Gross Margin *Table may not foot due to rounding 2023 CAGNY CONFERENCE 75
Slide 76: Reconciliation of Adjusted Operating Profit Margin
Reconciliation of Adjusted Operating Profit Margin *Table may not foot due to rounding 2023 CAGNY CONFERENCE 76
Slide 77: Reconciliation of Free Cash Flow and Free Cash Flow Conversion
Reconciliation of Free Cash Flow and Free Cash Flow Conversion (FISCAL YEARS, $ IN MILLIONS) *Table may not foot due to rounding ** See reconciliation of income taxes on adjusting items 2023 CAGNY CONFERENCE 77
Slide 78: Reconciliation of Net Debt-to-Adjusted EBITDA Ratio
Reconciliation of Net Debt-to-Adjusted EBITDA Ratio ($ IN MILLIONS) *Table may not foot due to rounding ** On a Pro Forma basis 2023 CAGNY CONFERENCE 78
Slide 79: Reconciliation of Income Taxes on Adjusting Items
Reconciliation of Income Taxes on Adjusting Items ($ IN MILLIONS) *Table may not foot due to rounding ** Earnings before income taxes and after-tax earnings from joint ventures 2023 CAGNY CONFERENCE 79