Statement of Profit and Loss Profitability Ratios

2012 2013
(millions, except per share data) 2012 2011 Gross Margin 41%
Net Sales $ 14,197 $ 13,198 Operating Margin 19%
Cost of goods sold 8,763 8,046 Net Profit Margin 12%
Selling, general and administrative expense 3,872 3,725 ROE 60%
Operating Profit 1,562 1,427 ROA 12%
Interest expense 261 233
Other income (expense), net 24 (10) Profitability Ratios 2
Income before income taxes 1,325 1,184 2012 2013
Income taxes 364 318 EPS 4.98
Net Income 961 866 P/E 11.65
P 57.98
Balance Sheet
Leverage Measures
(millions, except per share data) 2012 2011 2012 2013
Cash and cash equivalents $ 281 $ 460 D/E 3.29
Accounts receivable 1,454 1,188 D/A 0.77
Inventories 1,365 1,174 ICR 12.09
Other current assets 280 247
Total Current Assets 3,380 3,069 Efficiency Measures
Property 3,782 3,281 2012 2013
Goodwill 5,053 3,623 Total Asset Turnover 0.96
Other Intangibles 2,359 1,454 Receivables Turnover 10.28
Other Assets 610 516 Average Collection Period 36
Total Non-Current Assets 11,804 8,874 Inventory Turnover 6.65
Total Assets 15,184 11,943 Days in Inventory 55

Current maturities of long-term debt $ 3,121 $ 2,124 Liquidity Measures

Accounts payable 1,402 1,189 2012 2013
Total Current Liabilities 4,523 3,313 Current Ratio 0.85
Long-term debt 6,082 5,037 Quick Ratio 0.53
Other Liabilities 2,099 1,795 Cash Ratio 0.07
Total Non-Current Liabilities 8,181 6,832
Total Liabilities 12,704 10,145

Total Equity $ 2,480 $ 1,798

Other Information
Average Basic Shares Outstanding 358 362
Share Price 56.52 -
Note: In 2013 Kellogg's Share price was $57.98

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