-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MVkQ/wJnVWKXQVZU98IM1+JziaXpOo4D/nGyGLmZm5IJ4k79X1j7H3INSW2jpWYf 18H9wRoXLng8qFlNUZUBYw== 0000040704-99-000017.txt : 19990409 0000040704-99-000017.hdr.sgml : 19990409 ACCESSION NUMBER: 0000040704-99-000017 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19990228 FILED AS OF DATE: 19990408 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL MILLS INC CENTRAL INDEX KEY: 0000040704 STANDARD INDUSTRIAL CLASSIFICATION: GRAIN MILL PRODUCTS [2040] IRS NUMBER: 410274440 STATE OF INCORPORATION: DE FISCAL YEAR END: 0525 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-01185 FILM NUMBER: 99589535 BUSINESS ADDRESS: STREET 1: NUMBER ONE GENERAL MILLS BLVD CITY: MINNEAPOLIS STATE: MN ZIP: 55426 BUSINESS PHONE: 6125402311 MAIL ADDRESS: STREET 1: P O BOX 1113 CITY: MINNEAPOLIS STATE: MN ZIP: 55440 10-Q 1 FORM 10-Q FOR QUARTER ENDED 2/28/99 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 1999 / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____ TO _____ Commission file number: 1-1185 GENERAL MILLS, INC. (Exact name of registrant as specified in its charter) Delaware 41-0274440 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Number One General Mills Boulevard Minneapolis, MN 55426 (Mail: P.O. Box 1113) (Mail: 55440) (Address of principal executive offices) (Zip Code) (612) 540-2311 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No___ As of March 24, 1999, General Mills had 152,829,648 shares of its $.10 par value common stock outstanding (excluding 51,323,684 shares held in treasury). Part I. FINANCIAL INFORMATION Item 1. Financial Statements
GENERAL MILLS, INC. CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) (In Millions, Except per Share Data) Thirteen Weeks Ended Thirty-Nine Weeks Ended February 28,February 22, February 28,February 22, 1999 1998 1999 1998 --------- --------- --------- --------- Sales $1,495.1 $1,424.7 $4,645.6 $4,479.5 Costs and Expenses: Cost of sales 618.8 587.7 1,901.5 1,859.8 Selling, general and administrative 618.8 599.6 1,920.7 1,845.5 Interest, net 31.4 26.8 90.6 85.3 Unusual items - - 51.6 166.4 ------- ------- ------- ------- Total Costs and Expenses 1,269.0 1,214.1 3,964.4 3,957.0 ------- ------- ------- ------- Earnings before Taxes and Earnings (Losses) from Joint Ventures 226.1 210.6 681.2 522.5 Income Taxes 79.5 77.3 246.3 190.4 Earnings(Losses)from Joint Ventures (5.5) (2.2) (5.2) (2.1) Net Earnings $ 141.1 $ 131.1 $ 429.7 $ 330.0 ======= ======= ======= ======= Earnings per Share $ .92 $ .83 $ 2.80 $ 2.08 ======= ======= ======= ======= Average Number of Common Shares 153.6 158.3 153.5 158.7 ======= ======= ======= ======= Earnings per Share-Assuming Dilution $ .89 $ .81 $ 2.73 $ 2.03 ======= ======= ======= ======= Average Number of Common Shares - Assuming Dilution 158.4 162.8 157.5 162.9 ======= ======= ======= ======= Dividends per Share $ .55 $ .53 $ 1.61 $ 1.59 ======= ======= ======= ======= See accompanying notes to consolidated condensed financial statements.
GENERAL MILLS, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (In Millions) (Unaudited) (Unaudited) February 28, February 22, May 31, 1999 1998 1998 ASSETS Current Assets: Cash and cash equivalents $ 18.9 $ 16.8 $ 6.4 Receivables 469.7 425.1 395.1 Inventories: Valued primarily at FIFO 190.4 203.8 168.3 Valued at LIFO (FIFO value exceeds LIFO by $39.1, $45.7 and $39.1, respectively) 251.9 243.8 221.4 Prepaid expenses and other current assets 83.1 102.0 107.2 Deferred income taxes 105.5 108.6 136.9 -------- ------- -------- Total Current Assets 1,119.5 1,100.1 1,035.3 -------- ------- -------- Land, Buildings and Equipment, at Cost 2,664.3 2,437.2 2,489.0 Less accumulated depreciation (1,396.3) (1,270.9) (1,302.7) Net Land, Buildings and Equipment 1,268.0 1,166.3 1,186.3 Intangibles 728.2 635.9 630.4 Other Assets 1,022.8 997.5 1,009.4 -------- ------- ------- Total Assets $4,138.5 $3,899.8 $3,861.4 ======== ======== ======== LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ 627.2 $ 619.5 $ 593.1 Current portion of long-term debt 91.3 153.6 153.2 Notes payable 414.3 34.2 264.1 Accrued taxes 155.3 128.8 148.5 Other current liabilities 401.3 294.7 284.8 -------- ------- -------- Total Current Liabilities 1,689.4 1,230.8 1,443.7 Long-term Debt 1,700.6 1,656.0 1,640.4 Deferred Income Taxes 285.3 277.3 284.8 Deferred Income Taxes - Tax Leases 115.8 132.8 129.1 Other Liabilities 179.5 169.8 173.2 -------- ------- -------- Total Liabilities 3,970.6 3,466.7 3,671.2 -------- ------- -------- Stockholders' Equity: Cumulative preference stock, none issued - - - Common stock, 204.2 shares issued 640.3 608.2 619.6 Retained earnings 1,721.7 1,614.1 1,622.8 Less common stock in treasury, at cost, shares of 50.7, 45.9 and 49.4, respectively (2,073.6) (1,675.3) (1,935.7) Unearned compensation (71.3) (76.5) (75.4) Accumulated other comprehensive income (49.2) (37.4) (41.1) -------- ------- -------- Total Stockholders' Equity 167.9 433.1 190.2 -------- ------- -------- Total Liabilities and Equity $4,138.5 $3,899.8 $3,861.4 ======== ======== ======== See accompanying notes to consolidated condensed financial statements.
GENERAL MILLS, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In Millions) Thirty-Nine Weeks Ended February 28, February 22, 1999 1998 Cash Flows - Operating Activities: Net earnings $429.7 $330.0 Adjustments to reconcile earnings to cash flow: Depreciation and amortization 142.4 144.2 Deferred income taxes 32.2 (3.2) Change in current assets and liabilities, net of effects from businesses acquired (98.4) (22.8) Unusual items 51.6 166.4 Other, net (38.9) (22.7) ----- ----- Cash provided by continuing operations 518.6 591.9 Cash used by discontinued operations (2.9) (4.8) ----- ----- Net Cash Provided by Operating Activities 515.7 587.1 ----- ----- Cash Flows - Investment Activities: Purchases of land, buildings and equipment (206.2) (122.7) Investments in businesses, intangibles and affiliates, net of investment returns and dividends (148.3) (3.5) Purchases of marketable investments (7.3) (8.1) Proceeds from sale of marketable investments 18.3 34.7 Other, net 48.1 (38.6) ----- ----- Net Cash Used by Investment Activities (295.4) (138.2) ------ ------ Cash Flows - Financing Activities: Change in notes payable 147.6 (165.4) Issuance of long-term debt 181.0 284.1 Payment of long-term debt (170.4) (135.8) Common stock issued 82.8 77.0 Purchases of common stock for treasury (189.2) (249.3) Dividends paid (247.5) (252.8) Other, net (12.1) (2.7) ----- ----- Net Cash Used by Financing Activities (207.8) (444.9) ------ ------ Increase in Cash and Cash Equivalents $12.5 $ 4.0 See accompanying notes to consolidated condensed financial statements.
GENERAL MILLS, INC. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited) (1) Background These financial statements do not include certain information and footnotes required by generally accepted accounting principles for complete financial statements. However, in the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. Operating results for the thirty-nine weeks ended February 28, 1999 are not necessarily indicative of the results that may be expected for the fiscal year ending May 30, 1999. These statements should be read in conjunction with the financial statements and footnotes included in our annual report for the year ended May 31, 1998. The accounting policies used in preparing these financial statements are the same as those described in our annual report. Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation. (2) Acquisitions On January 15, 1999, we acquired Lloyd's Barbeque Company of St. Paul, Minn. Lloyd's is a leading producer of high-quality, refrigerated convenience foods, with the top-selling national brand of ready-to-heat barbequed meats. On February 10, 1999, we acquired Farmhouse Foods of Union City, California, a West Coast marketer of rice and pasta side-dish mixes. These acquisitions, both of which were accounted for using the purchase method, totaled approximately $130 million in purchase price, subject to adjustments. Goodwill associated with these acquisitions is being amortized on a straight-line basis over 40 years. The results of the acquired businesses have been included in the consolidated financial statements since the respective acquisition dates. (3) Unusual Items In the second quarter of fiscal 1999, we recorded restructuring charges of $51.6 million pretax, $32.3 million after tax ($.21 per diluted share) primarily related to streamlining manufacturing and distribution activities that are expected to deliver significant cost savings and contribute to future earnings growth. The restructuring actions primarily reflect further streamlining of our supply chain as part of the broad consolidation of these activities announced in May 1998. Actions include consolidating manufacturing of certain products into fewer locations, and consolidating warehouse, distribution and sales activities across the company's packaged food, foodservice and milling operations. In addition, the second-quarter charge includes our share of restructuring by Snack Ventures Europe (SVE), our joint venture with PepsiCo, to improve its manufacturing cost structure. Slightly more than half of the total charge reflects write-down of assets; the remaining cash portion is primarily related to severance and asset redeployment expenses. We expect that these restructuring activities will be substantially completed by the end of fiscal 1999. Annual cost savings beginning in fiscal 2000 are estimated at $16.8 million after tax ($.11 per diluted share). In the second quarter of fiscal 1998, we recorded restructuring charges of $166.8 million pretax, $100.1 million after tax ($.62 per diluted share) primarily related to improving the cost structure of our North American cereal operations. We shut down one cereal system at our Lodi, California facility and closed our two smallest plants, located in South Chicago, Illinois and Etobicoke, Ontario. The charges included approximately $137 million in non-cash charges primarily related to asset write-offs, and approximately $30 million of cash charges, primarily related to costs to dispose of assets and pay severance. We expect that these restructuring activities will be substantially completed by the end of fiscal 1999. In the first quarter of fiscal 1998, we recorded several unusual items resulting in a net after-tax charge of $.1 million. We received an insurance settlement from one of our carriers related to costs incurred in fiscal 1995 and 1996 (charged against fiscal 1994) from the improper use of a pesticide by an independent contractor in treating some of the company's oat supplies. Our SVE joint venture recorded restructuring charges for productivity initiatives primarily related to production consolidation. We also recorded charges associated with restructuring our sales regions and our trade and promotion organization. (4) Statements of Cash Flows During the first nine months, we made interest payments of $88.3 million (net of amount capitalized) and paid $191.6 million in income taxes. (5) Comprehensive Income We adopted Statement of Financial Accounting Standards (SFAS) No. 130, "Reporting Comprehensive Income," effective June 1, 1998. SFAS No. 130 establishes standards for reporting and display of comprehensive income and its components, including all changes in equity during a period except those resulting from investments by owners or distributions to owners. The following table summarizes total comprehensive income for the periods presented (in millions): Thirteen Weeks Ended Thirty-Nine Weeks Ended Feb. 28 Feb. 22, Feb. 28, Feb. 22, 1999 1998 1999 1998 ---- ---- ---- ---- Net Earnings $141.1 $131.1 $429.7 $330.0 Other comprehensive income (loss): Unrealized gain on securities (4.1) 2.5 (.1) 8.4 Foreign currency translation adjustments (11.0) (5.3) (8.0) (8.9) ----- ----- ----- ----- (15.1) (2.8) (8.1) (.5) ----- ----- ----- ----- Total comprehensive income $126.0 $128.3 $421.6 $329.5 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FINANCIAL CONDITION Continuing operations generated $73.3 million less cash in the first nine months of fiscal 1999 than in the same prior-year period. The decrease in cash provided by operations as compared to last year was caused primarily by a $75.6 million increase in the working capital change. Fiscal 1999 capital expenditures are estimated to be approximately $240 million. During the first nine months, capital expenditures totaled $206.2 million. Our short-term outside financing is obtained through private placement of commercial paper and bank notes. Our level of notes payable fluctuates based on cash flow needs. Our long-term outside financing is obtained primarily through our medium-term note program. Activity through nine months under this program consisted of the issuance of $174.7 million in notes and debt payments of $167.8 million. RESULTS OF OPERATIONS All per share references in the following discussion are based on diluted shares, except where indicated. Third quarter sales of $1,495.1 million grew 5 percent from the prior year. Cumulative sales of $4,645.6 million grew 4 percent. Third quarter earnings from operations of $141.1 million ($.89 per share), increased by 8 percent from $131.1 million ($.81 per share) reported last year. Cumulative earnings from operations of $462.0 million ($2.93 per share) before unusual items of $32.3 million after tax ($.21 per share), were up 7 percent from last year's $430.2 million ($2.64 per share) before unusual items of $100.2 million after tax, ($.62 per share). Earnings per share of $.89 and $2.93 for the third quarter and first nine months were up 10 percent and 11 percent from $.81 and $2.64 before unusual items. Basic earnings per share of $.92 and $3.01 for the third quarter and first nine months were both up 11 percent from $.83 and $2.71 before unusual items. Including unusual items, nine-month earnings this year and last year were $429.7 million ($2.73 per share), and $330.0 million ($2.03 per share), respectively. Third-quarter earnings growth was driven by unit volume increases across the company's major businesses and by continued productivity gains. Results for the quarter met our expectations. Through nine months, our domestic volume is up more than 3 percent. Our domestic unit volume increased 5 percent in the quarter, with every major division reporting volume growth. The gain excludes unit volume contributions from Lloyd's and Farmhouse Foods, two businesses that were acquired during the quarter. The company's non-cereal businesses led volume growth in the quarter with units up 8 percent overall. Convenience foods volume (snacks and yogurt) increased 16 percent. Core Yoplait yogurt lines and new Go-Gurt portable yogurt, Chex Mix snacks, fruit snacks and Nature Valley granola bars led this volume growth. Volume for the Betty Crocker baking, dinner and side dish businesses was up 2 percent, with good contributions from the new Chicken Helper dinner mixes introduced in January 1999 and from the expanding line of smaller-sized, Betty Crocker pouch desserts. Foodservice volume was up 3 percent in the quarter on gains by cereals, snacks and refrigerated yogurt. Third-quarter unit volume for Big G cereals grew 1 percent, led by continued strong performance from established brands including Cheerios, Total, Trix, and Cinnamon Toast Crunch. New Honey Nut Chex, available in 20 percent of the country since August 1998, continued to post strong market shares and contributed to Big G volume growth. Cereal industry trends strengthened during the quarter, with category pound volume in all measured outlets up slightly for the period. Big G outpaced the category, increasing its third quarter pound market share to 26.5 percent from 26.1 percent a year earlier. Through nine months, Big G pound market share was 25.8 percent, and dollar share was 31.4 percent. On March 1, 1999, distribution of Honey Nut Chex was expanded to the remaining 80 percent of the U.S. and new Sunrise organic cereal was launched into nationwide distribution. Third-quarter unit volume for the company's international operations was down 2 percent on difficult comparisons. In Canada, quarterly unit volume was down 8 percent from record-level shipments generated by Winter Olympics marketing programs in the prior year. However, cereal market-share performance continued strong, as General Mills reclaimed the number two position in Canada with a year-to-date pound share of 17.1 percent. Quarterly volume for Cereal Partners Worldwide (CPW), the company's joint venture with Nestle, was down 1 percent compared to prior year results that included an extra week in CPW's fiscal quarter. For calendar 1998 in total, CPW unit volume grew 9 percent, worldwide sales reached approximately $830 million, and the venture posted its first operating profit. Third-quarter volume for Snack Ventures Europe was up 2 percent overall and up 5 percent for continuing businesses. As part of our ongoing share repurchase program, we repurchased 568,800 shares of common stock during the third quarter at an average price of $69.69 per share. Through nine months, share repurchases totaled 3.1 million shares at an average price of $66.47 per share. Average shares outstanding (basic) totaled 153.5 million for the first nine months compared to 158.7 million in the prior year, reflecting periodic repurchase of shares under the company's ongoing program. Interest expense in the first nine months totaled $90.6 million, up from $85.3 million last year due to higher debt levels associated with share repurchase activity and acquisitions. Our tax rates (excluding unusual items) for the third quarter and first nine months of fiscal 1999 were 35.2 percent and 36.2 percent, respectively, compared to 36.7 percent and 37.2 percent in last year's third quarter and first nine months. Our reported tax rates for the first nine months of fiscal 1999 and 1998 were 36.2 percent and 36.4 percent, respectively. The lower quarter and nine months effective tax rates in fiscal 1999 relate primarily to the impact of foreign and state income taxes. We believe the lower cumulative rate is sustainable in the near term. YEAR 2000 The year 2000 issue is the result of computer programs written using two digits (rather than four) to define years. Computers or other equipment with date-sensitive software may recognize "00" as 1900 rather than 2000. This could result in system failures or miscalculations. If we, or our significant customers, suppliers or other third parties fail to correct year 2000 issues, our ability to operate our businesses could be adversely affected. We have completed the assessment, inventory and classification of year 2000 issues on all of our information systems infrastructure and non-technical assets (e.g., plant production equipment). Any systems which are year 2000 deficient will be modified, upgraded or replaced and tested for compliance. We are concluding the testing of all existing, critical information systems infrastructure for year 2000 compliance. Project plans anticipate that all non-technical assets (including production equipment) will be year 2000 compliant by the middle of calendar 1999. Based on assessments and testing to date, we do not expect the financial impact of addressing internal system year 2000 issues will be material to our financial position, results of operations or cash flows. Total costs are estimated to be approximately $26 million, of which about three-fourths has been incurred to date. We have surveyed significant customers, suppliers and other third parties critical to our business operations to determine their year 2000 compliance. Contingency plans will be developed by the middle of calendar 1999 to address any third party failures that may disrupt our operations. These plans will continue to be evaluated and modified through the year 2000 transition period as additional information becomes available. However these contingency plans will not guarantee that circumstances beyond our control will not adversely impact our operations. Our year 2000 compliance program is an ongoing process and the risk assessments and timetable described above are forward-looking statements which are subject to change. Factors that may cause such changes include, among others, the ability to timely remediate all date-sensitive computer-related assets; the actions of third parties, such as public utilities; and the occurrence of broad-based systemic failures. PART II. OTHER INFORMATION Item 5. Other Information. This report contains certain forward-looking statements, which are based on management's current views and assumptions regarding future events and financial performance. These statements are qualified by reference to the section "Cautionary Statement Relevant to Forward-Looking Information" in Item 1 of our Annual Report on Form 10-K for the fiscal year ended May 31, 1998, that lists important factors that could cause actual results to differ materially from those discussed in this report. Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits Exhibit 11 Statement re Computation of Earnings per Share. Exhibit 12 Statement re Ratio of Earnings to Fixed Charges. Exhibit 27 Financial Data Schedule. (b) Reports on Form 8-K The Company did not file any reports on Form 8-K during the third quarter of fiscal 1999. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. GENERAL MILLS, INC. (Registrant) Date April 7, 1999 /s/ S. S. Marshall ------------- ---------------------------------- S. S. Marshall Senior Vice President, General Counsel Date April 7, 1999 /s/ K. L. Thome ------------- -------------------------------- K. L. Thome Senior Vice President, Financial Operations EX-11 2 EXHIBIT 11 TO FORM 10-Q, QUARTER ENDED 2/28/99 EXHIBIT 11
GENERAL MILLS, INC. COMPUTATION OF EARNINGS PER SHARE (In Millions, Except per Share Data) Thirteen Weeks Ended Thirty-Nine Weeks Ended February 28, February 22, February 28, February 22, 1999 1998 1999 1998 --------- --------- --------- --------- Net Earnings $141.1 $131.1 $429.7 $330.0 ====== ====== ====== ====== Average Number of Common Shares - Basic EPS (a) 153.6 158.3 153.5 158.7 Incremental Share Effect from: -Stock options (b) 4.8 4.4 3.9 4.1 -Restricted stock, stock rights and puts - .1 .1 .1 ------- ------ ------ ------ Average Number of Common Shares - Diluted EPS 158.4 162.8 157.5 162.9 ====== ====== ====== ====== Earnings per Share - Basic $ .92 $ .83 $ 2.80 $ 2.08 ======= ======= ====== ====== Earnings per Share - Assuming Dilution $ .89 $ .81 $ 2.73 $ 2.03 ====== ====== ====== ====== Notes to Exhibit 11: (a)Computed as weighted average of net shares outstanding on stock-exchange trading days. (b) Incremental shares from stock options are computed by the "treasury stock" method. This method first determines the number of shares issuable under stock options that had an option price below the average market price for the period, and then deducts the number of shares that could have been repurchased with the proceeds of options exercised.
EX-12 3 EXHIBIT 12 TO 10-Q FOR QUARTER ENDED 2/28/99 Exhibit 12 RATIO OF EARNINGS TO FIXED CHARGES Thirty-Nine Weeks Ended Fiscal Year Ended February 28, February 22, May 31, May 25, May 26, May 28, May 29, 1999 1998 1998 1997 1996 1995 1994 --------------------- ------------------------------------- Ratio of Earnings to Fixed Charges 7.10 5.97 5.63 6.54 6.94 4.10 6.18 For purposes of computing the ratio of earnings to fixed charges, earnings represent pretax income from continuing operations, plus pretax earnings or losses of joint ventures plus fixed charges (net of capitalized interest). Fixed charges represent interest (whether expensed or capitalized) and one-third (the proportion deemed representative of the interest factor) of rents of continuing operations. EX-27 4 FDS, FORM 10-Q FOR QUARTER ENDED 2/28/99
5 This schedule contains summary financial information extracted from our Form 10-Q for the thirty-nine week period ended February 28, 1999, and is qualified in its entirety by reference to such financial statements. 9-MOS MAY-30-1999 JUN-1-1998 FEB-28-1999 18,900,000 0 469,700,000 0 442,300,000 1,119,500,000 2,664,300,000 (1,396,300,000) 4,138,500,000 1,689,400,000 1,700,600,000 0 0 640,300,000 (472,400,000) 4,138,500,000 4,645,600,000 4,645,600,000 1,901,500,000 1,901,500,000 0 0 90,600,000 681,200,000 246,300,000 429,700,000 0 0 0 429,700,000 2.80 2.73
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