General Mills, Inc. · NYSE:GIS
General Mills — Investor Day (July 2015)
27 slides from General Mills's investor day presentation, Jul 14, 2015
Slide 1: Chris O’Leary, EVP; COO — International
Chris O’Leary Executive Vice President; Chief Operating Officer — International
Slide 2: Strong Growth Performance
Strong Growth Performance International Segment International Segment Net Sales Operating Profit ($ in Billions) ($ in Millions) CGR= +14% ———_ CGR= +20% ——— lll lll 7990-71
Slide 3: Fiscal 2015 International Segment Performance
Fiscal 2015 International Segment Performance Net Sales Segment Operating Profit % Growth As Reported -5% -2% % Growth in Constant Currency* +6% +9% “Non-GAAP measure. See appendix for reconciliation. 7990-7:
Slide 4: International Segment Overview
International Segment Overview yopidit oplaits Latin America : $0.9 Billion Europe ’ $2.1 Billion Asia/Pacific $1.0 Billion Canada $1.1 Billion F15 Segment Net Sales = $5.1 Billion
Slide 5: Five Global Platforms for Growth
Tes } | i Five Global Platforms for Growth Global Category RTE Cereal Ice Cream Yogurt Convenient Meals Sweet & Savory Snacks 2014 Retail Sales $28 Billion $71 Billion $83 Billion $118 Billion $287 Billion Projected 5-Yr. CGR +4% +7% +8% +5% +6% Source: Euromonitor 2014
Slide 6: Opportunity to Increase Cereal Consumption Around the World
Opportunity to Increase Cereal _ Consumption Around the World Annual RTE Cereal Kg per Person 2.6 1.8 16 ll / ; 0.3 0.2 B 0.1 U oo NM Australia Canada Mexico France Spain Poland Russia Turkey Brazil Asia Pacific 6% of World’s Population Source: Euromonitor 2014 7990-75
Slide 7: Cereal Partners Worldwide
Cereal Partners Worldwide F15 Net Sales = $1.9 Billion * In 150 Markets * #2 Cereal Maker Outside North America *« Holds Leading Share Positions in Many Emerging Markets Source: Nielsen/IRI, Latest 52 weeks available through Mar. 2015
Slide 8: Consumer First News and Innovation From CPW
~ Consumer First News and Innovation From CPW More Protein, Less Sugar and Gluten Free Coming in 2016 JATUREVALLEY PROTEIN
Slide 9: New Product Innovation
a MERA, SAR, New Product Innovation Cereal News in Canada Core Brand Renovation
Slide 10: Old El Paso is a Multi-national Brand
Old El Paso is a Multi-national Brand (% of F15 Net Sales) Outside of U.S. 58% Australia 14%
Slide 11: Old El Paso Growing in Europe
Old El Paso Growing in Europe F15 Net Sales +14% Restaurant Quality Meals
Slide 12: 990-81
990-81
Slide 13: Wanchai Ferry in China
Wanchai Ferry in China Dumpling Innovation Tang Yuan Innovation 7990-82
Slide 14: Snacking is a Global Phenomenon
Snacking is a Global Phenomenon fermoms) (TREN Ice Cream Sweet Snacks Grain Snacks Voki yopicir= Savory rou Snacks
Slide 15: Nature Valley Around the World
Nature Valley Around the World — International Grain Snacks Net Sales New in F16 CGR = +8%
Slide 16: Yoki Snacks in Brazil
Yoki Snacks in Brazil ce CiOCKs Ready-to-eat Popcorn Sweet Snacking New in F1é in F16 7990-85
Slide 17: Snacking in AMEA
Snacking in AMEA * Sweet & Savory Snacks = $30 Billion Category * Projected Category 4-Year CGR = +9% ¢ Introducing Snack Cakes from Betty Crocker Source: Euromonitor 2014 7990-86
Slide 18: Haagen-Dazs
Haagen-Dazs Latin America IN THE NAME OF REAL iva © RT ge 06s ET Greater China F15 Wholly Owned Net Sales = $800 Million
Slide 19: Haagen-Dazs Product Innovation
Haagen-Dazs Product Innovation a <== New Flavors and Varieties
Slide 20: Haagen-Dazs Shops Renovation and Expansion
ys ey | = Ww Sy Se ee te Hdagen-Dazs Shops Renovation and Expansion China AMEA Enhance Shop 600 Shops by 2024 Experience
Slide 21: Constant-currency Net Sales Growth
Constant-currency Net Sales Growth +9% F13 = os Se +6% : i Fl4 F1I5 Hdagen-Dazs Japan
Slide 22: Flowering the World in More Than 50 Markets
ae nas SPY? aks Vian “ae ae ae “Flowering the World” in More Than 50 Markets a oe — = ~ —= ——
Slide 23: The Yogurt Category in China
The Yogurt Category in China % of Total Yogurt * $10 Billion Category Market Sales in China Growing at a Double- digit Pace Flavored Spoonable Yogurt 40% Fruited « Drinkable . Consumers Like Health Yogurt Benefits * Drinkables Largest Segment; Spoonables Growing the Fastest Plain Source: Euromonitor
Slide 24: Yoplait Launched June 2015 in China
Yoplait Launched June 2015 in China 2 fie" BS —. — ae + > A c ooo occonmsilll
Slide 25: Project Compass
Project Compass * Reorganization of International Businesses to Increase Organizational Effectiveness and Reduce Expense * Combine Haagen-Dazs and Yoplait International Into One Business Unit ¢ Fold Yoplait International’s Operations into Europe Region * Eliminate 675 to 725 Positions; $25 to $30 Mi
Slide 26: Margin Growth Opportunity
Margin Growth Opportunity International Segment Operating Profit Margin * HMM Project Boost 9.9% 10.2% Project Compass Expect to Exceed Goal of 150 bps Operating Margin Expansion by 2020 F20 Goal 7990-95
Slide 27: International Summary
International Summary * Focused on Five Key Platforms in Growing Categories ¢ Strong Levels of Consumer-focused Renovation and Innovation ¢ Funding our Future with Productivity; Margin Expansion Ahead ¢ Expect MSD Sales Growth and Margin Expansion in Flé