du pont 2001 Data Book

2,533 views
2,383 views

Published on

Published in: Business, Economy & Finance
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
2,533
On SlideShare
0
From Embeds
0
Number of Embeds
7
Actions
Shares
0
Downloads
34
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

du pont 2001 Data Book

  1. 1. 2001 DATA BOOK
  2. 2. NOTE FROM INVESTOR RELATIONS CONTENTS On February 11, 2002, DuPont announced the 1 DuPont Leadership alignment of its businesses into five market- and technology-focused Growth Platforms as well as 2 2001 @ a Glance the intention to create and ultimately separate a Textiles and Interiors subsidiary (DTI). These 4 Corporate Financial Data actions mark the next major step towards becom- ing a sustainable growth company. 15 The DuPont Commitment: In 2001 DuPont reported its financial results by Safety, Health and the Environment the nine reporting segments described in our 2001 Annual Report. Under the former reporting struc- 16 2001 Reporting Segments ture, the Strategic Business Units were the operat- Polyester Agriculture & Nutrition ing units. Going forward, the operating units of DuPont are the five Growth Platforms and DTI. Specialty Fibers Nylon Our 2002 financial reporting segments will coin- Specialty Polymers Performance Coatings cide with these new operating units and will & Polymers reflect how the businesses are now managed. Pharmaceuticals Pigments & Chemicals To help Data Book users better understand the Other transformation, we present 2001 performance information under both reporting structures. This 24 Organizing for Sustainable Growth year’s Data Book begins with corporate financial data and proceeds to segment overviews orga- 28 2002 Reporting Segments nized by the 2001 reporting segments – both of Agriculture & Nutrition Safety & Protection these sections parallel the 2001 Annual Report. The third section gives an overview of the realign- Coatings & Color Technologies Textiles & Interiors ment, and the fourth section presents reclassified Electronic & Communication Pharmaceuticals financial, product and operations data under the Technologies new reporting segments. Other Performance Materials By organizing the data this way, we have provided a guide to the operating transition that DuPont will 48 Sites and Principal Products undergo in 2002. We hope you find this useful. DUPONT INVESTOR RELATIONS Main Office Number: (302) 774-4994 Fax: (302) 773-2631 Internet: www.dupont.com Raymond G. Anderson Joyce A. McGhee Diane F. Eller Ann K. M. Gualtieri Director Manager Administrative Assistant Vice President (302) 774-1125 (302) 774-6088 (302) 774-9870 DuPont Investor Relations (302) 774-0583 DuPont DATA BOOK has been prepared to assist financial analysts, portfolio managers and others in understanding and evaluating the company. This book presents graphics, tabular and other statistical data about the consolidated company and its business segments. Dollars are in millions except per share or where otherwise indicated. Most notes to financial statements are not included. This information is only a summary and should be read in conjunction with the company’s audited consolidated financial statements and “Management’s Discussion and Analysis” located in the 2001 Annual Report and on Form 10K filed with the Securities and Exchange Commission. DuPont DATA BOOK is now available on the Web at www.dupont.com. The DuPont Oval Logo, DuPont TM, The miracles of science ® and all products denoted with TM or ® are trademarks or registered trademarks of E.I. du Pont de Nemours and Company or its affiliates. June 2002
  3. 3. SENIOR LEADERS BOARD OF DIRECTORS Alain J. P. Belda * †† Chairman and Chief Executive Officer, Alcoa Inc. Richard H. Brown * Chairman and Chief Executive Officer, EDS Thomas M. Connelly v Richard R. Goodmanson v Edward J. Donnelly Diane H. Gulyas Curtis J. Crawford † ††† Senior Vice President & Group Vice President Executive Vice President Group Vice President Chairman, Chief Science & DuPont Coatings & & Chief Operating Officer DuPont Electronic ON Semiconductor Company Technology Officer Color Technologies & Communication Technologies Louisa C. Duemling ** Edward B. du Pont ††† Charles O. Holliday, Jr. * Chairman of the Board and Chief Executive Officer Deborah C. Hopkins † Senior Advisor, Marakon Associates Charles O. Holliday, Jr. v John W. Himes John C. Hodgson W. Donald Johnson Lois D. Juliber * †† Senior Vice President Executive Vice President Chairman & Chief Group Vice President Chief Operating Officer, DuPont Corporate Strategy Executive Officer DuPont Operations Colgate-Palmolive Company & Services Göran Lindahl * ** Chairman, Alliance for Global Sustainability Masahisa Naitoh † Executive Vice Chairman, ITOCHU Corporation William K. Reilly ** ††† President and Chief Executive Officer, Aqua International Partners LP Former Administrator, Ellen J. Kullman George F. MacCormack Steven R. McCracken Howard L. Minigh U.S. Environmental Protection Agency Group Vice President Group Vice President Group Vice President Group Vice President DuPont Safety DuPont Textiles DuPont Textiles DuPont Agriculture H. Rodney Sharp, III † †† & Protection & Interiors & Interiors & Nutrition Charles M. Vest † President, Massachusetts Institute of Technology Board Committees: † Audit †† Compensation ††† Corporate Governance ** Environmental Policy * Strategic Direction Dennis Zeleny5 Stacey J. Mobley v Gary M. Pfeiffer v Craig G. Naylor Senior Vice President Group Vice President Senior Vice President Senior Vice President Chief Administrative DuPont Performance & Chief Financial Officer Global Human Resources Officer & General Counsel Materials v Member, Office of the Chief Executive D P 1 U ONT
  4. 4. 2001 @ A GLANCE DuPont entered a licensing and technology transfer agreement During 2001, DuPont continued its focus on strategic actions to with Osram Opto Semiconductors to manufacture polymer- strengthen its portfolio and to expand its growth technologies based organic light emitting displays (poly-OLEDs), based on and businesses, while executing against a challenging economic technology from UNIAX Corp., a subsidiary of DuPont. Flat environment. We continued our transformation to a sustainable panel displays is one of the fastest growing markets within growth company, pursuing the three strategic initiatives that both business and home electronics, providing increased have guided our direction since 1998: Integrated Science, benefits for end users in wireless applications, including light Knowledge Intensity and Productivity through Six Sigma. weight, increased contrast and brightness, and power During 2001, DuPont also took additional steps toward active efficiency. transformation of the company: APRIL DuPont Pharmaceuticals was sold to Bristol-Myers Squibb for s almost $8 billion. The cash payment provided the company DuPont announced that it will discontinue the manufacture of with the flexibility to further invest in its growth businesses, its fungicide benomyl and will phase out sales of Benlate® in all reduce net debt and complete the stock repurchase program forms from the global market by December 31, 2001. announced in 2000. MAY The Polyester business was repositioned further with a series s DuPont formed a new fabric trademark, of joint ventures, alliances and asset sales, reducing capital allocation from DuPont. NeotisTM, and created NeotisTM Studio, a global business unit and direct source for unconven- DuPont completed several smaller acquisitions designed to s tional engineered apparel fabric varieties. strengthen the company’s technology position in displays. NeotisTM Studio fabrics combine the 40-year Additional highlights of the year’s activities included: textile expertise of Lycra® with the distinctive attributes of nonwoven and other engineered JANUARY substrate technologies to add comfort and DuPont and Air Products and Chemicals, Inc. formed a joint performance features. venture to develop, manufacture and market colloidal silica- The BAX ® system helps JUNE based slurries for applications such as silicon wafer polishing protect food supplies. Further supporting DuPont’s efforts to and chemical mechanical planarization (CMP) of integrated circuits. These processes are critical to the manufacture of advance poly-OLED technology, DuPont signed a key semiconductors and represent markets that are growing on development agreement with Vitex, a developer of ultra-barrier average in excess of 25 percent per year. films, for the development of innovative plastic substrates and DuPont introduced the high-barrier materials for use in poly-OLED displays. DuPont agreed to acquire the Yun Meng Protein Co. in China as first fully integrated, production-capable digital part of the company’s strategy to expand its high-value soy textile printing solution for protein business in Asia. home furnishings and DuPont reached a definitive agreement to sell certain of its related industries, using U.S. Polyester Enterprise businesses and manufacturing assets proprietary Artistri TM to Alpek. technology and the JULY DuPont Ink Jet 3210 printer. DuPont and Shipley HD-MicroSystems, a joint venture of DuPont and Hitachi, Artistri TM technology for digital Microelectronics, a wholly expanded production of its HD-8000 series of photodefinable textile printing. owned subsidiary of Rohm polyimides for single mask, stress buffer passivation and Haas Company, agreed to jointly develop and produce fully applications on semiconductor devices. formulated 157 nanometer photoresists and anti-reflective DuPont began expansion of its Kevlar® fiber production facility coatings for future generations of semiconductor chips. in Richmond, Virginia, including a new production line based on proprietary DuPont fiber technology. Increased capacity should FEBRUARY be available by the end of 2002. DuPont dedicated the world’s first continuous polymerization DuPont reached agreement with Toray Industries and DuPont- plant for making its new SoronaTM 3GT polymer. The continuous Toray on a technical license to manufacture and market fibers process results in a uniform polymer that answers the demand- made from SoronaTM 3GT polymer. ing standards of textile fibers manufacturers, who require a uniform, consistent, high-quality polymer. 1,3 propanediol, or AUGUST PDO, which is a key ingredient in SoronaTM, is currently made DuPont launched a new consumer ingredient-branding via a petroleum-based process. However, DuPont is developing program for soy protein, introducing healthy food ingredients a biotechnology process using sugar from corn or other crops marketed under the brand name SolaeTM. as the raw material for PDO. 2 D P U ONT
  5. 5. DuPont formed a joint venture with Label DuPont SafeReturnsTM, an integrated Systems, Inc., DuPont Authentication Systems, safety program to reduce employee injuries, to provide enhanced security solutions for reached a significant milestone – coverage of the product authentication and personal 100,000 people – with the signing of a five-year security markets. contract with The Los Angeles County Metropolitan Transportation Authority DuPont introduced a new generation of (MTA) Board. protective body armor made with Kevlar® MTP TM (multiple threat protection) technology. DECEMBER The concealable, soft body armor is Growers planting Pioneer® brand hybrids specifically engineered to counter threats Conveyors made of Delrin ® acetal won 26 of 27 categories in the 2001 National from firearms and ice-pick type weapons. resin modified with Kevlar ® fiber run Corn Growers Association Yield Contest – without lubricants. SEPTEMBER including first place in all nine categories. DuPont and H Power Corp, a leading fuel cell development Pioneer ® hybrids out-yielded competitive brands nationally by company, signed a joint development agreement aimed at an average of 7.1 bushels per acre, and one grower broke the developing direct methanol fuel cells (DMFC) for portable and 400-bushel per acre mark for the first time in contest history. mobile applications. DuPont and MIECO Inc., a subsidiary of Tokyo-based general DuPont won several notable awards in 2001: trading company Marubeni Corporation, announced the first- ever transaction of greenhouse gas emissions allowances Ranked Number 1 as the most socially responsible U.S. under the United Kingdom’s newly developed program. The company in the Fortune survey of “America’s Most transaction marked an important milestone in the development Admired Companies.” of market mechanisms to limit greenhouse gas emissions. Received the prestigious “Kwaliteit van Werk, Kwaliteit OCTOBER van Leven” (“Quality of Work Means Quality of Life”) DuPont received $7.8 billion in cash with the completion of the award from the government of Belgium, recognizing sale of its Pharmaceuticals business to Bristol-Myers Squibb. DuPont as the country’s most employee-friendly company. DuPont maintained its interest in Cozaar® / Hyzaar®, anti- Ranked Number 5 on the list of most desirable places for hypertensive drugs discovered by DuPont and marketed by disabled persons to work in the United States, according Merck Co. to an annual survey by Careers the Disabled magazine. DuPont and Monsanto Company announced that they had Ranked DuPont Iberica as the most ethical and socially resolved, on mutually beneficial terms, the issues related to responsible company in Spain in a survey by Cinco Dias, Monsanto’s MON810 YieldGard® insect-protected corn trait a leading economic daily newspaper. used in Pioneer Hi-Bred’s corn hybrids. Ranked among the top U.S. employers for women DuPont and Cambridge Display Technology entered into a engineers in a survey by Woman Engineer magazine. strategic agreement to advance the commercialization of light Named to Fortune magazine’s list of the 50 best U.S. emitting polymer (LEP) displays, also known as polymer organic companies for minorities. light emissive displays. This venture is focused on furthering For the fourth consecutive year, named one of “The 50 the commercialization of LEPs used to create ultra-thin, Best Companies for Latinas to Work for in the U.S.” by lightweight and low-power displays for electronic LatinaStyle magazine. products such as mobile phones, hand-held Named as one of only five chemical companies to notebooks and other electronic products. London’s FTSE (Financial Times Stock Exchange) list of 100 socially responsible global companies. Highlighted DuPont TM Coolmax ®/X-Static ® as one of the “best of the new innovations” in the October edition of Money magazine. Honored DuPont Chairman and CEO Chad Holliday with the Government of Singapore’s National Day Award, a prestigious public service award that recognizes Surlyn Reflections ® ® individuals for their outstanding personal contributions supergloss alloys to Singapore’s economic well being and active promotion deliver scratch- resistant color. of the country’s interests. D P 3 U ONT
  6. 6. CORPORATE FINANCIAL DATA Corporate Highlights 2001 2000 (dollars in millions, except per share) Operating Results Sales 24,726 28,268 Underlying Income from Continuing Operations 1,251 2,878 Reported Income from Continuing Operations 4,328 1 2,314 Reported Income from Discontinued Operations – – Net Income 4,339 2,314 Depreciation 1,320 1,415 Cash Provided by Continuing Operations 2,419 5,070 Capital Expenditures 1,634 2,022 Research and Development Expense 4 1,588 1,776 Financial Position, Total Assets 40,319 39,426 Year End Working Capital 6,734 2,401 Total Debt 6,814 9,905 Stockholders’ Equity 14,452 13,299 Data Per Common Share Earnings from Continuing Operations – Underlying 5 1.19 2.73 Earnings from Continuing Operations – Reported 5 4.15 1 2.19 Earnings from Discontinued Operations – Reported 5 – – Earnings 5 4.16 2.19 Dividends 1.40 1.40 Market Price – Year-End Close 42.51 48.31 High-Low Range 49.88 – 32.64 74.00 – 38.19 Book Value at Year-End 14.20 12.57 Average Number of Shares (millions) – Diluted 1,041 1,051 Shares Outstanding – Year-End (millions) 1,002 1,039 Ratios Total Stockholder Return (9)% (24.5)% Dividend Yield 6 3.3% 2.9% Share Price Appreciation (12)% (26.7)% Continuing Operations P/E on Year-End Market Price – Underlying 36 18 Dividend Payout, as percentage of: Underlying Continuing Operations Earnings 117% 51% Cash Provided by Continuing Operations 62% 29% Cash Provided by Continuing Operations per Share 5 2.32 4.82 Return on Average Stockholders’ Equity – Underlying 9.4% 21.8% Return on Average Investors’ Capital – Underlying 7 6.8% 13.8% Cash Provided by Continuing Operations as Percentage of Total Debt 35% 51% Debt to Total Capital 29% 42% Current Ratio 1.8 1.3 Other Totals Number of Employees – Year-End (thousands) Continuing Operations 79 93 Discontinued Operations 8 – – Total 79 93 1 Excludes cumulative effect of a change in accounting principle. 2 Excludes extraordinary item. 3 Includes strategic acquisitions of $4,905, $3,177 and $4,736 in 1999, 1998 and 1997, respectively. 4 Excludes purchased in-process research and development. 5 Diluted, based on average number of common shares. 6 Based on year-end share price. 7 Proforma return on average investors’ capital reflecting the impact of the Conoco split-off on stockholders’ equity and debt equals 16% for 1999, and averaged 17% for 1995 to 1998. 8 Divestiture of Conoco completed August 6, 1999. 4 D P U ONT
  7. 7. 1999 1998 1997 26,918 24,767 24,089 Dividends Per Share Earnings Per Share – Diluted 2,843 2,913 3,108 Continuing Operations Before One-Time Items 219 1,648 1,432 (dollars) (dollars) 7,471 3,033 973 $1.50 $3.00 7,690 4,480 2,405 1,444 1,452 1,361 $2.50 4,840 4,132 4,027 $1.25 $2.00 6,988 3 5,480 3 7,075 3 1,617 1,308 1,072 $1.50 40,777 38,536 36,689 $1.00 $1.00 1,425 (2,374) (2,110) $0.50 11,566 11,124 12,049 12,875 13,954 11,270 1997 1998 1999 2000 2001 1997 1998 1999 2000 2001 2.58 2.55 2.70 0.19 1.43 2 1.24 6.80 2.65 0.84 6.99 4.08 2 2.08 1.40 1.365 1.23 65.88 53.06 60.06 75.19 – 50.06 84.44 – 51.69 69.75 – 46.38 Five-Year Performance 1997– 2001 12.09 12.18 9.77 1,098 1,145 1,150 Stockholder Return DuPont SP 500 1,045 1,126 1,130 Dividend Yield 2.6% 1.3% 26.8% (9.4)% 30.3% 2.1% 2.6% 2.0% Share Price Annual Appreciation (2)% 9.2% 24.1% (11.7)% 27.6% 26 21 22 Total Annual Return* 0.5% 10.7% Dividend Growth 4.7% 1.1% 53% 53% 45% 31% 37% 35% 4.41 3.61 3.50 Ten-Year Performance 1992–2001 21.5% 24.2% 27.5% 13.4% 12.4% 15.1% Stockholder Return DuPont SP 500 42% 37% 33% 46% 43% 51% Dividend Yield 2.9% 1.9% 1.1 0.8 0.8 Share Price Annual Appreciation 6.2% 10.7% 94 84 82 Total Annual Return* 9.3% 12.9% – 17 16 Dividend Growth 5.2% 2.6% 94 101 98 * Assumes a steady compounded rate of return over the period shown and includes reinvestment of dividends. D P 5 U ONT
  8. 8. CORPORATE FINANCIAL DATA Segment Information 1 2001 2000 1999 (dollars in millions) Sales Agriculture Nutrition 4,316 4,461 3,019 Nylon 2,696 3,149 3,068 Performance Coatings Polymers 5,754 6,485 6,111 Pharmaceuticals 902 1,487 1,630 Pigments Chemicals 3,554 3,907 3,660 Polyester 1,895 2,278 2,401 Specialty Fibers 4,418 4,959 5,080 Specialty Polymers 3,875 4,508 4,255 Other 279 443 480 Total Segment Sales 2 27,689 31,677 29,704 Elimination of Transfers (480) (642) (733) Elimination of Equity Affiliate Sales (2,493) (2,773) (2,057) Miscellaneous 10 6 4 Total Sales per Consolidated Financial Statements 24,726 28,268 26,918 After-Tax Operating Income – Underlying Agriculture Nutrition 244 345 158 Nylon 60 258 303 Performance Coatings Polymers 377 733 645 Pharmaceuticals 58 133 263 Pigments Chemicals 469 715 633 Polyester (74) 62 (53) Specialty Fibers 387 740 831 Specialty Polymers 402 714 666 Other (64) (23) 18 Total Underlying After-Tax Operating Income 1,859 3,677 3,464 (311) (493) (330) Interest and Exchange Gains (Losses) Corporate Expenses (281) (306) (291) Corporate Minority Interest (16) – – Underlying Income from Continuing Operations 1,251 2,878 2,843 Net One-Time Items 3 3,077 (564) (2,624) Reported Income from Continuing Operations 4,328 2,314 219 1 Based on 2001 Reporting Segments. 2 Sales include pro rata equity affiliate sales and transfers. 3 For complete details of net one-time items, see DuPont Annual Report. DuPont’s Share of DuPont’s Share of Equity Affiliate Sales Equity Affiliate Earnings 2001 2000 1999 2001 2000 1999 Equity Affiliate Analysis Agriculture Nutrition 188 190 548 (13) (13) 22 Nylon 160 118 113 (9) 33 29 Performance Coatings Polymers 627 726 681 13 67 60 Pharmaceuticals – – – – – – Pigments Chemicals 58 94 88 1 3 2 Polyester 868 970 114 (62) 23 (13) Specialty Fibers 285 336 298 3 36 42 Specialty Polymers 214 266 215 20 41 27 Other 93 73 – – 8 (4) Total Segments 2,493 2,773 2,057 (47) 198 165 6 D P U ONT
  9. 9. 2001 2000 1st 2nd 3rd 4th Full Yr. 1st 2nd 3rd 4th Full Yr. Sales Agriculture Nutrition 1,538 1,517 546 715 4,316 1,549 1,650 586 676 4,461 Nylon 674 708 675 639 2,696 749 804 807 789 3,149 Performance Coatings Polymers 1,458 1,514 1,381 1,401 5,754 1,653 1,716 1,572 1,544 6,485 Pharmaceuticals 205 304 393 – 902 389 394 389 315 1,487 Pigments Chemicals 951 952 866 785 3,554 960 1,038 974 935 3,907 Polyester 503 543 429 420 1,895 516 613 594 555 2,278 Specialty Fibers 1,186 1,141 1,060 1,031 4,418 1,316 1,284 1,213 1,146 4,959 Specialty Polymers 1,039 1,009 937 890 3,875 1,091 1,151 1,124 1,142 4,508 Other 81 81 67 50 279 123 143 105 72 443 Total Segment Sales 1 7,635 7,769 6,354 5,931 27,689 8,346 8,793 7,364 7,174 31,677 After-Tax Operating Income – Underlying Agriculture Nutrition 249 206 (118) (93) 244 233 278 (85) (81) 345 Nylon 17 2 25 16 60 67 74 58 59 258 Performance Coatings Polymers 132 77 75 93 377 179 190 170 194 733 Pharmaceuticals (64) 10 84 28 58 54 51 41 (13) 133 Pigments Chemicals 124 123 112 110 469 164 186 169 196 715 Polyester (8) (17) (20) (29) (74) 4 8 20 30 62 Specialty Fibers 151 104 65 67 387 227 191 182 140 740 Specialty Polymers 130 85 90 97 402 165 183 175 191 714 Other 3 (1) (29) (37) (64) – 6 (5) (24) (23) Total 734 589 284 252 1,859 1,093 1,167 725 692 3,677 Interest and Exchange Gain (Losses) (97) (88) (72) (54) (311) (123) (136) (122) (112) (493) Corporate Expenses (70) (69) (76) (66) (281) (72) (82) (66) (86) (306) Corporate Minority Interest – – (8) (8) (16) – – – – – Underlying Income from Continuing Operations 567 432 128 124 1,251 898 949 537 494 2,878 After-Tax Impact of One-Time Items In-Process Research Development 11 11 Gains/Losses on Business Divestitures, Restructuring Charges, etc. (679) 14 3,791 3,126 (123) (59) (29) (211) Interest, Exchange, Corporate and Tax Items – 19 19 Joint Ventures and Other Investments 34 34 78 (191) (113) Discontinuation of Certain Products, Misc. Asset Sales, Write-downs, and Other (83) (83) (106) (138) (13) (13) (270) Net Impact (83) (645) 14 3,791 3,077 (95) (261) 25 (233) (564) Reported Income from Continuing Operations 2 484 (213) 142 3,915 4,328 803 688 562 261 2,314 2001 2000 1st 2nd 3rd 4th Full Yr. 1st 2nd 3rd 4th Full Yr. Earnings Per Share of Common Stock – Diluted 3 Underlying Earnings from Continuing Operations .54 .41 .12 .12 1.19 .85 .90 .51 .47 2.73 One-Time Items (.08) (.62) .01 3.70 2.96 (.09) (.25) .02 (.22) (.54) Reported Earnings from Continuing Operations .46 (.21) .13 3.82 4.15 .76 .65 .53 .25 2.19 1 Sales include pro rata equity affiliate sales and intersegment transfers. 2 For complete details of earnings adjusted for one-time items, see the DuPont quarterly earnings releases. 3 Earnings per share for the year may not equal the sum of quarterly earnings per share due to changes in average share calculations. D P 7 U ONT
  10. 10. CORPORATE FINANCIAL DATA Consolidated Income Statement 2001 2000 1999 1998 1997 (dollars in millions, except per share) Sales 24,726 28,268 26,918 24,767 24,089 Other Income 1 644 934 974 981 1,005 Total 25,370 29,202 27,892 25,748 25,094 Cost of Goods Sold and Other Operating Charges 16,727 18,207 16,991 15,556 15,544 Selling, General and Administrative Expenses 2,925 3,041 2,595 2,115 2,061 Depreciation 1,320 1,415 1,444 1,452 1,361 Amortization of Goodwill and Other Intangible Assets 434 445 246 108 20 Research and Development Expense 1,588 1,776 1,617 1,308 1,072 Interest Expense 590 810 535 520 389 Purchased In-Process Research and Development – (11) 2,250 1,443 1,478 Employee Separation Costs and Write-Down of Assets 1,078 101 524 633 340 Gain on Sale of DuPont Pharmaceuticals (6,136) – – – – Gain on Issuance of Stock by Affiliates – Nonoperating – (29) – – – Total 18,526 25,755 26,202 23,135 22,265 Income from Continuing Operations Before Income Taxes and Minority Interests 6,844 3,447 1,690 2,613 2,829 Provision for Income Taxes 2,467 1,072 1,410 941 1,354 Minority Interests in Earnings of Consolidated Subsidiaries 49 61 61 24 43 Income from Continuing Operations 4,328 2,314 219 1,648 1,432 Discontinued Operations Income from Operations of Discontinued Business, Net of Taxes – – – 594 973 Gain on Disposal of Discontinued Business, Net of Taxes – – 7,471 2,439 – Income Before Extraordinary Item and Cumulative Effect of a Change in Accounting Principle 4,328 2,314 7,690 4,681 2,405 Extraordinary Charge from Early Extinguishment of Debt, Net of Taxes – – – (201) – Cumulative Effect of a Change in Accounting Principle, Net of Taxes 11 – – – – Net Income 4,339 2,314 7,690 4,480 2,405 Diluted Earnings (Loss) Per Share of Common Stock Continuing Operations Before Extraordinary Item and Cumulative Effect of a Change in Accounting Principle 4.15 2.19 .19 1.43 1.24 Discontinued Operations – – 6.80 2.65 .84 Before Extraordinary Item and Cumulative Effect of a Change in Accounting Principle 4.15 2.19 6.99 4.08 2.08 Extraordinary Charge – – – (.18) – Cumulative Effect of a Change in Accounting Principle .01 – – – – Net Income 4.16 2.19 6.99 3.90 2.08 1 Other Income: Equity in earnings (losses) of affiliates (43) 289 135 278 643 Royalty income 380 349 289 159 64 Interest income, net of miscellaneous interest expense 146 168 185 112 131 Gains (losses) on sales of assets 47 394 16 375 64 Miscellaneous income and expense – net 114 (266) 349 57 103 Total Other Income 644 934 974 981 1,005 8 D P U ONT
  11. 11. December 31 Consolidated Balance Sheet 2001 2000 1999 1998 1997 (dollars in millions) Assets Current Assets Cash and Cash Equivalents 5,763 1,540 1,466 1,059 1,004 Marketable Securities 85 77 116 10 142 Accounts and Notes Receivable 3,903 4,552 5,318 4,201 4,309 Inventories 4,215 4,658 5,057 3,129 2,792 Prepaid Expenses 217 228 202 192 169 Deferred Income Taxes 618 601 494 645 691 Total Current Assets 14,801 11,656 12,653 9,236 9,107 Property, Plant and Equipment 33,778 34,650 35,416 34,728 32,911 Less: Accumulated Depreciation 20,491 20,468 20,545 20,597 20,310 Net Property, Plant and Equipment 13,287 14,182 14,871 14,131 12,601 Goodwill and Other Intangible Assets 6,897 8,365 8,724 2,566 1,270 Investment in Affiliates 2,045 2,206 1,459 1,796 2,372 Other Assets 3,289 3,017 3,070 2,390 2,941 Net Assets of Discontinued Operations – – – 8,417 8,398 Total 40,319 39,426 40,777 38,536 36,689 Liabilities and Stockholders’ Equity Current Liabilities Accounts Payable 2,219 2,731 2,780 1,929 1,921 Short-Term Borrowings and Capital Lease Obligations 1,464 3,247 4,941 6,629 6,152 Income Taxes 1,295 250 359 130 120 Other Accrued Liabilities 3,089 3,027 3,148 2,922 3,024 Total Current Liabilities 8,067 9,255 11,228 11,610 11,217 Long-Term Borrowings and Capital Lease Obligations 5,350 6,658 6,625 4,495 5,897 Other Liabilities 7,336 7,729 7,872 7,640 7,444 Deferred Income Taxes 2,690 2,105 1,660 430 500 Total Liabilities 23,443 25,747 27,385 24,175 25,058 Minority Interests 2,424 380 517 407 361 Stockholders’ Equity 14,452 13,299 12,875 13,954 11,270 Total 40,319 39,426 40,777 38,536 36,689 D P 9 U ONT
  12. 12. CORPORATE FINANCIAL DATA Consolidated Statement of Cash Flows 2001 2000 1999 1998 1997 (dollars in millions) Cash Provided by Continuing Operations Net Income 4,339 2,314 7,690 4,480 2,405 Adjustments to Reconcile Net Income to Cash Provided by Continuing Operations: Net Income from Discontinued Operations – – (7,471) (3,033) (973) Extraordinary Charge from Early Retirement of Debt – – – 275 – Cumulative Effect of a Change in Accounting Principle (11) – – – – Depreciation 1,320 1,415 1,444 1,452 1,361 Amortization of Goodwill and Other Intangible Assets 434 445 246 108 20 Purchased In-Process Research and Development – (11) 2,250 1,443 1,478 Gain on Sale of DuPont Pharmaceuticals (6,136) – – – – Other Noncash Charges and Credits – Net 965 899 443 (319) 569 Decrease (Increase) in Operating Assets: Accounts and Notes Receivable 435 379 (21) (580) (783) Inventories and Other Operating Assets (362) (727) (384) (74) (355) Increase (Decrease) in Operating Liabilities: Accounts Payable and Other Operating Liabilities (634) 87 185 254 (20) Accrued Interest and Income Taxes 2,069 269 458 126 325 Cash Provided by Continuing Operations 2,419 5,070 4,840 4,132 4,027 Investment Activities of Continuing Operations Purchases of Property, Plant and Equipment (1,494) (1,925) (2,055) (2,240) (2,089) Investments in Affiliates (140) (97) (48) (63) (1,920) Payments for Businesses (Net of Cash Acquired) (78) (46) (5,073) (3,282) (1,238) Proceeds from Sales of Assets 253 703 609 946 558 Net Proceeds from Sale of DuPont Pharmaceuticals 7,798 – – – – Net Proceeds from Sale of Interest in Petroleum Operations – – – 4,206 – Net Decrease (Increase) in Short-Term Financial Instruments (2) 25 (258) 131 115 Miscellaneous – Net (117) 96 14 124 552 Cash Provided by (Used for) Investment Activities of Continuing Operations 6,220 (1,244) (6,811) (178) (4,022) Financing Activities Dividends Paid to Stockholders (1,460) (1,465) (1,511) (1,549) (1,401) Net Increase (Decrease) in Short-Term Borrowings (1,588) (95) (3,244) 1,574 1,737 Long-Term and Other Borrowings: Receipts 904 4,996 8,420 6,335 6,462 Payments (2,214) (6,574) (5,612) (8,966) (5,562) Acquisition of Treasury Stock (1,818) (462) (690) (704) (1,747) Proceeds from Exercise of Stock Options 153 63 168 257 116 Increase (Decrease) in Minority Interests 1,980 – 105 – (56) Cash Provided By (Used For) Financing Activities (4,043) (3,537) (2,364) (3,053) (451) Net Cash Flow from Discontinued Operations 1 (110) – 4,475 (568) 483 Effect of Exchange Rate Changes on Cash (263) (215) (108) 97 (99) Increase In Cash and Cash Equivalents 4,223 74 32 430 (62) Cash and Cash Equivalents at Beginning of Year 1,540 1,466 1,434 1,004 1,066 Cash and Cash Equivalents at End of Year 5,763 1,540 1,466 1,434 1,004 1 Includes payments of direct expenses related to the Conoco divestiture. 10 D P U ONT
  13. 13. Selected Additional Data 2001 2000 1999 1998 (dollars in millions) Effective Income Tax Rate Statutory U.S. Federal Income Tax Rate 35.0% 35.0% 35.0% 35.0% International Operations (0.8) (2.8) 4.2 2.0 Lower Effective Tax Rate on Export Sales (0.6) (1.7) (2.2) (1.9) In-Process Research Development* – – 46.6 1.7 Other – Net 2.4 0.6 (0.2) (0.8) Effective Income Tax Rate 36.0% 31.1% 83.4% 36.0% * The charge associated with the 1999 Pioneer transaction was not tax effected because the purchase was a stock acquisition rather than an asset purchase. 2001 2000 1999 1998 1997 As a Percentage of Sales: Cost of Goods Sold and Other Operating Charges 68% 64% 63% 63% 65% Selling, General and Administrative Expenses 12 11 10 9 9 Research and Development Expense 6 6 6 5 4 Underlying Income from Continuing Operations 5 10 11 12 13 Cash Provided by Continuing Operations 10 18 18 17 17 Times Interest Earned* 4.0 5.9 7.8 7.9 11.2 * Underlying income from continuing operations before income taxes, plus interest and debt expense, divided by the sum of interest and debt expense and capitalized interest. Research and Development Expenditures Amount 1,558 1,776 1,617 1,308 1,072 Breakdown by Product Area: Polymer Science 32% 30% 36% 47% 54% Health Science 28 32 29 14 – Agricultural Science 30 29 26 27 26 Electronic Materials 6 5 5 7 6 Chemicals 4 4 4 5 10 Other – – – – 4 Total 100% 100% 100% 100% 100% Selected Additional Data Annual Percent Change in Sales Versus Prior Year* (10)% 1% 0% (4)% 4% Portion due to Selling Prices (2) (1) (3) (2) (3) Portion due to Volume and Mix* (8) 2 3 (2) 7 Average Manufacturing Capacity Utilization 78% 81% 83% 82% 88% * Percentage changes are calculated using sales adjusted to exclude current-year sales from acquisitions when there are no comparable prior-year sales, and to exclude prior-year sales of businesses that have been divested. D P 11 U ONT
  14. 14. CORPORATE FINANCIAL DATA Selected Additional Data 2001 2000 1999 (dollars in millions) Financial Results Sales by Quarter 1st 6,859 7,593 6,295 2nd 6,997 7,914 7,024 3rd 5,641 6,445 6,459 4th 5,229 6,316 7,140 Total 24,726 28,268 26,918 Underlying Income from Continuing Operations 1st 567 898 749 2nd 432 949 886 3rd 128 537 625 4th 124 494 583 Total 1,251 2,878 2,843 Continuing Operations – Underlying Earnings Per Share by Quarter – Diluted 1st .54 .85 .66 2nd .41 .90 .78 3rd .12 .51 .59 4th .12 .47 .55 Total 1 1.19 2.73 2.58 1 Earnings per share for the year may not equal the sum of quarterly earnings per share due to changes in average share calculations. Geographic Information 2001 2000 1999 Net Net Net Net Net Net Sales* Property Sales* Property Sales* Property North America United States 12,054 8,167 14,509 8,887 13,656 8,977 Canada 918 536 1,074 538 989 482 Mexico 559 164 581 165 500 146 Other 82 85 76 151 114 150 Total 13,613 8,952 16,240 9,741 15,259 9,755 Europe, Middle East and Africa Germany 1,590 585 1,716 641 1,743 733 France 929 170 986 181 979 228 United Kingdom 704 709 783 721 960 965 Italy 854 25 915 29 884 29 Other 2,354 1,243 2,474 1,232 2,598 1,275 Total 6,431 2,732 6,874 2,804 7,164 3,230 Asia Pacific Japan 906 75 1,023 78 928 138 Taiwan 663 632 809 680 690 769 China 623 133 487 142 361 146 Singapore 110 325 134 345 112 379 Other 1,355 127 1,506 126 1,393 197 Total 3,657 1,292 3,959 1,371 3,484 1,629 South America Brazil 576 187 686 123 594 105 Argentina 223 102 243 118 172 126 Other 226 22 266 25 245 26 Total 1,025 311 1,195 266 1,011 257 Total 24,726 13,287 28,268 14,182 26,918 14,871 * Sales are attributed to countries based on location of customer. 12 D P U ONT
  15. 15. Net Sales to Customers Outside the United States as a Percentage of Sales 1 2001 2000 1999 Agriculture Nutrition 52% 50% 66% Nylon 36 35 35 Performance Coatings Polymers 62 60 58 Pharmaceuticals 34 27 22 Pigments Chemicals 45 46 44 Polyester 49 39 46 Specialty Fibers 56 54 54 Specialty Polymers 50 49 48 Other 62 34 22 Total 51% 49% 49% 1 Based on 2001 Reporting Segments. Exports from the United States 2001 2000 1999 Sales (dollars in millions) 4,639 5,091 4,331 As a Percentage of Total Sales 19% 18% 16% Purchased Materials and Energy Cost Index (1977 = 100; period average) 2001 2000 1999 1998 1997 Basic Materials 163 160 164 164 164 Precious Metals 289 324 240 224 184 Chemicals 178 174 157 170 185 Hydrocarbons 183 198 137 128 166 Energy 332 289 218 218 223 Total Purchased Index 200 198 164 168 181 Total Variable Cost of Goods Top Purchased Energy and Raw Materials Primary Uses Natural gas ........................... Nylon Paraxylene .................... Polyester Electricity ................... Various Cyclohexane .............. Nylon Ethane ......................... Packaging Polymers Butadiene ..................... Nylon Titanium ores .................. White Pigments Precious metals .................. Electronics Organic pigments .................. Performance Coatings Fiberglass ................................. Engineering Polymers Chlorine ........................................ White Pigments D P 13 U ONT
  16. 16. CORPORATE FINANCIAL DATA Selected Additional Data Price and Volume Change Summary Selling Price and Sales Volume Worldwide Selling Price and Sales Volume Worldwide Percentage Change from Prior Year Indices, 1990 = 100 150 10 145 8 140 135 6 130 4 125 120 2 115 0 110 105 -2 100 -4 95 90 -6 85 80 -8 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Price Volume Price Volume Selling Price % Change from Prior Year Sales Volume % Change from Prior Year* Year Worldwide U.S. Other Regions Year Worldwide U.S. Other Regions 1992 (1) (1) (2) 1992 4 4 6 1993 (3) 0 (7) 1993 2 1 2 1994 (1) (1) (2) 1994 9 5 15 1995 5 3 8 1995 4 1 7 1996 (1) 0 (3) 1996 3 3 4 1997 (3) 0 (7) 1997 7 5 10 1998 (2) (1) (2) 1998 (2) (3) (1) 1999 (3) (2) (4) 1999 3 1 6 2000 (1) 1 (3) 2000 2 (2) 6 2001 (2) (1) (4) 2001 (8) (12) (3) 2001 Selling Price % Change from Prior Year 2001 Sales Volume % Change from Prior Year* Qtr Worldwide U.S. Other Regions Qtr Worldwide U.S. Other Regions 1st (2) 1 (3) 1st (4) (9) (1) 2nd (1) 1 (4) 2nd (8) (14) (3) 3rd (3) (1) (5) 3rd (9) (12) (6) 4th (3) (3) (4) 4th (9) (14) (4) Year (2) (1) (4) Year (8) (12) (3) * Percentage changes are calculated using sales adjusted to exclude current-year sales from acquisitions when there are no comparable prior-year sales and to exclude prior-year sales of businesses that have been divested. 14 D P U ONT

×