GENERAL MILLS INC | 2013 | FY | 3


NOTE 5. INVESTMENTS IN JOINT VENTURES

We have a 50 percent equity interest in Cereal Partners Worldwide (CPW), which manufactures and markets ready-to-eat cereal products in more than 130 countries and republics outside the United States and Canada. CPW also markets cereal bars in several European countries and manufactures private label cereals for customers in the United Kingdom. We have guaranteed a portion of CPW's debt and its pension obligation in the United Kingdom.

We also have a 50 percent equity interest in Häagen-Dazs Japan, Inc. (HDJ). This joint venture manufactures, distributes, and markets Häagen-Dazs ice cream products and frozen novelties.

 

Results from our CPW and HDJ joint ventures are reported for the 12 months ended March 31.

 

Joint venture related balance sheet activity follows:

In Millions May 26, 2013  May 27, 2012
Cumulative investments$ 478.5 $ 529.0
Goodwill and other intangibles  537.2   522.1
Aggregate advances  291.5   268.1

Joint venture earnings and cash flow activity follows:

 Fiscal Year
In Millions 2013  2012  2011
Sales to joint ventures$ 12.3 $ 10.4 $ 10.2
Net advances  36.7   22.2   1.8
Dividends received  115.7   68.0   72.7

Summary combined financial information for the joint ventures on a 100 percent basis follows:

 Fiscal Year
In Millions 2013  2012  2011
Net sales:        
CPW $ 2,132.2 $ 2,152.6 $ 2,067.2
HDJ  420.5   428.9   385.0
Total net sales  2,552.7   2,581.5   2,452.2
Gross margin  1,057.3   1,084.1   1,073.6
Earnings before income taxes  260.3   250.3   233.4
Earnings after income taxes  201.6   189.0   164.2

In Millions May 26, 2013  May 27, 2012
Current assets$ 976.7 $ 934.8
Noncurrent assets  1,088.2   1,078.0
Current liabilities  1,717.4   1,671.0
Noncurrent liabilities  115.1   91.0

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