du pont 2005 Annual Meeting Proxy Statement

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    du pont 2005 Annual Meeting Proxy Statement - Presentation Transcript

    1. 1 Actions to Increase Shareholder Value New York November 7, 2005
    2. Welcome Investment Community Meeting Carl Lukach Vice President, Investor Relations
    3. 3 Agenda 9:00 AM Opening Remarks Chad Holliday Productivity Advancement Richard Goodmanson Capital Deployment Gary Pfeiffer Growth Acceleration Tom Connelly Bio-Based Materials Expansion Tom Connelly 10:00 AM Q&A 10:30 AM Closing Remarks Chad Holliday
    4. 4 Emergency EXIT Emergency EXIT
    5. 5 Regulation G The attached charts include company information that does not conform to generally accepted accounting principles (GAAP). Management believes that an analysis of this data is meaningful to investors because it provides insight with respect to ongoing operating results of the company and allows investors to better evaluate the financial results of the company. These measures should not be viewed as an alternative to GAAP measures of performance. Furthermore, these measures may not be consistent with similar measures provided by other companies. This data should be read in conjunction with previously published company reports on forms 10-K, 10-Q and 8-K. These reports along with reconciliations of non-GAAP measures to GAAP are available on the investor center of www.dupont.com.
    6. 6 Forward-Looking Statement During the course of this presentation, I would like to remind you that we may make forward-looking statements. All statements that address expectations or projections about the future are forward-looking statements. Some of these statements include words such as ‘expects,’ ‘anticipates,’ ‘plans,’ ‘intends,’ ‘projects’ and ‘indicates.’ Although they reflect our current expectations, these statements are not guarantees of future performance, but involve a number of risks, uncertainties, and assumptions. We urge you to review DuPont's SEC filings, particularly its latest annual report on Form 10-K and quarterly reports on Form 10-Q, for a discussion of some of the factors which could cause actual results to differ materially.
    7. Actions to Increase Shareholder Value Chad Holliday Chairman & Chief Executive Officer
    8. 8 Dynamic Science Company Put Science To Work Go Where The Growth Is One DuPont - Productivity
    9. Productivity Advancement Richard Goodmanson Executive Vice President & Chief Operating Officer
    10. 10 Productivity Advancement Stake $1B cost improvement over 3 years $1B reduction in net working capital over 3 years Scope All supply chains All support functions Approach Significant down-payment in 2006 Extensive re-engineering for simplification and standardization (streamlining) Performance Quarterly Fixed Cost as % of Sales Metric
    11. 11 Discussion Structure 2006 2007 2008 Fixed Cost Tight Cost Control Momentum Streamline Lean Supply ‘05 Chain Costs Support Processes Support Processes
    12. 12 Total Fixed Cost* ($B) 2000 - 2004 $13.7 (2.5) (1.4) 1.1 0.3 0.7 $12.8 60 0.9 Volume 2000 Portfolio Pension/ Currency Inflation Cost 2004 OPEBS/ Reductions Stock Opts * Excludes Significant Items
    13. 13 Discussion Structure 2006 2007 2008 Tight Cost Fixed Cost Control Momentum Streamline Lean Supply ‘05 Chain Costs Support Processes Support Processes
    14. 14 ’06 Fixed Cost Momentum ($MM YOY) • Growth Investments: $ 220 - China capacity: $70 - Major programs (increases): $120 - Other (e.g. regulatory, security): $30 • Wage/Salary Increases 180 • Other People Costs 70 (e.g. health care, options expenses) • Depreciation 30 Prior year investments (e.g. SAP) • Currency Translation ? • Purchased Goods/Services Inflation ? ________ $ 500 MM+
    15. 15 Discussion Structure 2006 2007 2008 Tight Cost Fixed Cost Control Momentum Streamline Lean Supply ‘05 Chain Costs Support Processes Support Processes
    16. 16 Tight Cost Control ILLUSTRATIVE Platforms A&N Functions Corporate SBU SBU TOTALS Finance $ $+$ HR Set Non-Negotiable IT Stretch Goals Generate Options Optimize Trade-offs Sourcing __________ _________ Totals $ $+$ $
    17. 17 Generate Options Staffing Optimization $ 60 – 100 MM Other HR Opportunities 60 – 70 Functional Optimization 100 – 150 Strengthen Contract Mgt. 30 – 40 POTENTIAL $250 – 360 MM
    18. 18 Discussion Structure 2006 2007 2008 Tight Cost Fixed Cost Control Momentum Streamline Lean Supply ‘05 Chain Costs Support Processes Support Processes
    19. 19 The Bigger Opportunity – Streamline Core Processes Manage the Corporation & Business Portfolio Marketing Processes Develop New Technologies, Products, Services Sales Processes Provide Solutions (Supply Chain) Manage Physical Resources Accounting and Finance Manage People Resources Manage Information / Knowledge
    20. 20 Cost Of Complexity – Examples Process Status Goals Accounts Payable • 120 payment terms in U.S. alone • < 10 terms • Result = only 85% invoices paid w/o rework • 95+% w/o rework • 10,000 manual exceptions/month • ~ 1,000 • 27 different IT feeder systems • 5 systems • 63 used Procurement • < 20 Systems Compliance • 142 used (globally) • ~ 50 (regulations) Processes Custom Reports • 8,000 created (SAP) • 150 - 200
    21. 21 “Tried & True” Approach • Understand Current Processes Quick • Identify Performance Gaps Wins • Use Kaizen for Improvement • Define Simplified “Best” Process Standardized • Assess Conformance & Benchmarks Approach • Establish Standards & Metrics • Agree Entitlement • Shift Process Capability Transformation • Drive Uniformity Execution Through Six Sigma Project Teams Execution Through Six Sigma Project Teams
    22. 22 Lean Supply Chain The Destination: Transform capability over 3-4 years: • Retain differentiation at lower cost • Improve service level and response time • Be flexible / adaptive Examples of Benefits: Lean Supply Chain Expectations Lean Supply Chain Expectations 1200 • Waste elimination 1000 • Faster order lead times 800 Earnings • More capacity $M M 600 NWC Improvement • Less inventory/obsolescence 400 • Quicker changeovers 200 • More efficient warehousing 0 2006 2007 2008 • Transport optimization
    23. 23 Lean Example – One Business Unit Pre-Lean Situation To Date • Inventory: 103 days • 17% improved… $81MM cash freed • Service level outliers: 18.3% • 24% improved • 2nd Quality sales: 5% • 29% reduced • Distribution expenses: $145 MM • Saved $15MM YTD
    24. 24 Discussion Structure 2006 2007 2008 Tight Cost Fixed Cost Control Momentum Streamline Lean Supply ‘05 Chain Costs Support Processes Support Processes
    25. 25 HR Example Objectives • Outsource transaction activities Impact • Implement global SAP platform • Costs down 20-30% over • Strengthen HR role to create more contract life business impact • Costs variabilized • Stronger people Timing processes 11/04 - RFP 6/05 - Due Diligence 10/05 - Agreement 6/06 - Global blueprint 12/07 - Complete
    26. 26 G&A Benchmarking One SBU Key Efficiency Drivers + On-time project delivery Hackett IT Value Grid + Number of help desk calls + Number of programming languages, database platforms High + Number of network protocols and World data centers - Business standardization and Class adherence IT Business Impact - Technology infrastructure cost per (Effectiveness) end user - On-budget project delivery Key Effectiveness Drivers + Member of executive committee + Orders, payments remittances, expense reports transmitted electronically + Help desk call resolution + Number of hardware suppliers - Internal SLAs met - Project adhered to standard methodology Low - Planning and strategy staff and High costs IT Efficiency = SBU Companies in database
    27. 27 High Level Benchmarks DuPont vs. Median HR Staff/1000 HR Employees 20% IT Cost/User 30% Finance Cost/$Revenue 25% Sourcing Cost/$Spend 0% World Class Median DuPont
    28. 28 Streamlining Opportunity $MM PTOI Supply Chain Work Plan (over 3 years): - NWC improvement $1,000 - Annual earnings 600 Other Functions: Gap to Median - HR $ 60 - IT 200 - Finance 90 - Sourcing 0
    29. 29 Broad-Based Severance Not Required Expected Staffing Needs Headcount Annual attrition* ~2,000 Displacing variable staff ~1,000 Business growth & improvement projects ~1,000 Redeployment potential ~4,000 * e.g. U.S. – 2,500 fully pension eligible
    30. 30 Productivity Advancement Lead: Goodmanson Tight Cost “Best Quartile” 2006 Operational Streamline Projects Control Benchmarking Planning Hodgson Supply Chain: Johnson Operating Team Linsenmann Borel Sourcing: Coe Hackett Group Giblin Facilities: Porter Finance: Pfeiffer HR: Borel IT: Ridout Capital Innovation Deployment Choices Pfeiffer Connelly
    31. 31 Timeline ‘05 ‘06 G&A Benchmarking Oct Nov Dec 1Q06 2Q06 3Q06 4Q06 Pilot (Hackett) Execute Pilot Conduct Co-wide Program Execute Co-wide Projects Streamline Design Conduct Pilots Execute Pilots Extend Processes/Projects
    32. 32 Transparency – Metrics Reported Fixed Cost* as a percent of Segment Sales 50.7 46.7 47.0 48.7 43.1% 43.2 47.0 40.7 40.5 38.6 38.9 1 Qtr 2 Qtr 3 Qtr 4 Qtr 2003 2004 2005 * Excludes T&I segment and significant items
    33. 33 Productivity Advancement Stake $1B cost improvement over 3 years $1B reduction in net working capital over 3 years Scope All supply chains All support functions Approach Significant down-payment in 2006 Extensive re-engineering for simplification and standardization (streamlining) Performance Quarterly Fixed Cost as % of Sales Metric
    34. Capital Deployment Gary Pfeiffer Senior Vice President & Chief Financial Officer
    35. 35 Capital Deployment Stake Additional 3 point increase in ROIC Scope All businesses with RONA < 12% Approach Reallocation of resources (cost and capital) aligned with shifts in strategy, business model, mission. 18 month action plan. Performance After-Tax Operating Income Metric Return on Net Assets = Segment Net Assets
    36. 36 Return on Invested Capital* 20% GOAL 15% 10% 5% 0% 2001 2002 2003 2004 DuPont Proxy Frame of Reference *Before Significant Items
    37. 37 Current State Segment Net Assets* % with RONA Total >12% <12% Agriculture & Nutrition $ 7.2 74% 26% Coatings & Color Technologies $ 3.8 66% 34% Electronic & Communication Technologies $ 2.2 49% 51% Performance Materials $ 3.9 43% 57% Safety & Protection $ 2.6 72% 28% $19.7 64% 36% • 12 month average ending 9/30/05; excludes significant items.
    38. 38 Current State Return on Net Assets (RONA) Net Assets (1) RONA (2) Above (Below) $ % Total Average CoC Growth Platforms $19.7 100% 15% 3 pts (1) 12 month average ending 9/30/05 (2) 12 months ending 9/30/05; excludes significant items.
    39. 39 Current State Return on Net Assets (RONA) Net Assets (1) RONA (2) Above (Below) $ % Total Average CoC Growth Platforms $19.7 100% 15% 3 pts > 12% $12.5 64% 23% 11 pts (1) 12 month average ending 9/30/05 (2) 12 months ending 9/30/05; excludes significant items.
    40. 40 Current State Return on Net Assets (RONA) Net Assets (1) RONA (2) Above (Below) $ % Total Average CoC Growth Platforms $19.7 100% 15% 3 pts > 12% $12.5 64% 23% 11 pts 0 - 12% 5.0 25% 5% (7 pts) (1) 12 month average ending 9/30/05 (2) 12 months ending 9/30/05; excludes significant items.
    41. 41 Current State Return on Net Assets (RONA) Net Assets (1) RONA (2) Above (Below) $ % Total Average CoC Growth Platforms $19.7 100% 15% 3 pts > 12% $12.5 64% 23% 11 pts 0 - 12% 5.0 25% 5% (7 pts) < 0% 2.2 11% (6%) (18 pts) (1) 12 month average ending 9/30/05 (2) 12 months ending 9/30/05; excludes significant items.
    42. 42 Current State Return on Net Assets (RONA) Net Assets (1) RONA (2) Above (Below) $ % Total Average CoC Growth Platforms $19.7 100% 15% 3 pts > 12% $12.5 64% 23% 11 pts 0 - 12% 5.0 25% 5% (7 pts) < 0% 2.2 11% (6%) (18 pts) RONA < 12% Commonalities: - Dependence on U.S. Natural Gas - “Distressed” Market Space - Strong Commoditization Trend or - Embryonic (1) 12 month average ending 9/30/05 (2) 12 months ending 9/30/05; excludes significant items.
    43. 43 Range of Possible Actions 1. Adjust business strategy, business model and/or resource levels to earn RONA >12% across a business cycle or 2. Reduce resource levels – cost and capital – to support only “operate and maintain safely” (cash mission) or 3. Monetize
    44. 44 Capital Deployment Lead: Pfeiffer Execution Plans Execution Progress Tracking SWAT Teams (6) Donnelly Bery Business Leaders Fyrwald Keefer Kullman Naylor 2006 Operational Planning Operating Team
    45. 45 Tracking Progress Key Metric: RONA Timeline • Finalize ’06 Execution Plans 12/14/05 - Set Compensation Metrics • Report Progress on RONA Improvement 1/24/06 4/25/06 7/25/06 10/24/06
    46. 46 Capital Deployment Progress Report 0 – 12 % <0% Segment Net Assets Average Segment Net Assets Average $B % Total RONA $B % Total RONA 09/30/05 5.0 25% 5% 2.2 11% (6%) 12/31/05 03/31/06 06/30/06 09/30/06 12/31/06 Note: 12 months ending; excludes significant items.
    47. 47 Capital Deployment Stake Additional 3 point increase in ROIC Scope All businesses with RONA < 12% Approach Reallocation of resources (cost and capital) aligned with shifts in strategy, business model, mission. 18 month action plan. Performance After-Tax Operating Income Metric Return on Net Assets = Segment Net Assets
    48. Growth Acceleration Tom Connelly Senior Vice President & Chief Science and Technology Officer
    49. 49 Growth Acceleration Stake $850MM growth revenue in ’06 from new products Further 30% increase in innovation productivity by 2010 Scope All growth technology and marketing investments Approach Reprioritize for current realities: - Increase resourcing of critical projects - Shut down marginal projects Performance Percent of revenue from new products Metrics Growth revenue from new product sales
    50. 50 Innovation Choices: Examples Accelerated Growth Investments • Molecular Breeding • Bio-Materials/Fuels • GLY/SU Input Traits • BioSurfaces • CPP Late Pipeline • BioMedical • New Nonwovens • I/C Materials/Packaging • Asia Resourcing • PV Materials Restricted Growth Investments • Commodity Polymers • Commodity Coatings • Others Fewer, Better-Resourced Growth Projects • All SBUs
    51. 51 Clear Momentum Sales From New Products New Products Commercialized 8000 30% of Total Sales 7000 $ Millions 902 6000 774 3Q 2005 YTD 5000 2004 Total 4000 2000 2001 2002 2003 2004 $630 MM Top Line Growth Revenue from New Products Commercialized in 2004
    52. 52 Rich Innovation Pipeline Selected Examples Proof of Concept & Adv. Development Launched Early Development E2Y Insecticide GN2 Insecticides Steward ®/Avaunt® GLY/SU Traits SU Blends Broad Spec Fung. Ag Stalk Rot Resist. Herculex® ECB + CRW Yield Traits Herculex® XTRA + Herculex® XTRA Stacks Drought Tolerance GLY/SU Stacks Nutrium® Low–Lin SB Improved Feed+Fuel Enhanced Soy Texture/Flavor
    53. 53 Rich Innovation Pipeline Selected Examples Early Development Adv. Development Launched FED Materials Embedded Passives Cyrel® FAST/Digital Elect. Fodel® for PDP PV Enhancements Hydrogen FC PV Materials Thermal Color Filters Next Gen Refrig Pyralux® OLED Materials Refrig Blends DMFC C-cable Resins TYV 202 Tyvek® Roofing High performance Magellan M5 High Safety sheet structures and Tyvek® Flashing Strength Fiber filtration media Kevlar® Adv. Ballistic Chem/Bio Protection On-Site SAR Units Medical Fabrics Biofilm treatment / Power Systems elimination Clean & Disinfect
    54. 54 Rich Innovation Pipeline Selected Examples Early Development Adv. Development Launched Zytel® HTN Perf. Nanocomposites Green Hytrel® Blow Molded EP Mat. Sorona® EP SentryGlas® Plus Super High Solids New Ink Jet Coat. Global Waterborne Dispersions and Artistri™ Digital Technology Colorants HyperCure™ Clears Radiation Cure Laminate Grade TiO2 Powder Super Durable TiO2
    55. 55 “Top 75” Revenue Projections 3.5 Business Identified Opportunity Cumulative Top Line Growth 3.0 (Excludes replacement) Risk Adjusted 2.5 (Traction Index) 2.0 Ag & Nutrition $B 1.5 Safety & Protect 1.0 Electronics Coatings & Color 0.5 Perf Materials 0.0 2003A 2004A 2005 2006 2007
    56. 56 Growth Acceleration: Tracking Progress Actual Targets 2005 2006 2010 2004 • Total revenue from 30% 33% 34% 35% 5 year products (4 yrs) • Top line growth ($MM) 700 850 1,250 630 from new products* • Twice per year Pipeline updates * Net of cannibalization
    57. 57 Growth Acceleration Stake $850MM growth revenue in ’06 from new products Further 30% increase in innovation productivity by 2010 Scope All growth technology and marketing investments Approach Reprioritize for current realities: - Increase resourcing of critical projects - Shut down marginal projects Performance Percent of revenue from new products Metrics Growth revenue from new product sales
    58. Bio-Based Materials Expansion Tom Connelly Senior Vice President & Chief Science and Technology Officer
    59. 59 Bio-Based Materials Expansion Stake NPV > $ 3 Billion Scope Bio-Based materials, energy, surfaces, and medical Approach Create technology platform to accelerate alliances and internal partnering Performance Total revenue growth Metrics New products launched Pipeline advancements
    60. 60 Bio-Based Materials • Materials & Energy • Polymers • Fuels • Chemicals • BioSurfaces • Personal Care • Fabric and Home Care • BioMedical • Sealants & Adhesives • Interventional • Dental
    61. 61 DuPont Bio-Based Materials “The right science at the right time” U S N a t . Ga s Oi l ( WT I ) P r o p y l e n e Gl y c o l Cor n 800% 700% 600% 500% 400% 300% 200% 100% 0% 1995 2000 2005
    62. 62 Bio-Based Materials Strategy Focus on transformative opportunities: • Target areas of unique advantage • Shape the industry with integrated knowledge base • Establish partnerships to maximize value capture
    63. 63 Bio-PDO™ Strategy Apparel Sorona® Flooring Polymer Engineered Resins Bio-PDO™ Direct New since Applications 2004 Bio-PDO™ Coatings Cell software has been re-programmed to increase Polyols propanediol production by Elastomers New since 500 fold 2004 Fibers
    64. 64 DuPont Tate & Lyle BioProducts LLC TATE & LYLE Loudon Site Sept. 2005
    65. 65 Materials Pipeline • Sorona® Polymer NPV > $150 Million Extensions • Bio-PDO™ Extensions • Polyols • Aromatics • Sorona® Polymer • Bio-PDO™ 2007 2006 2008 2010 Source of Uniqueness • High performance market applications • Biocatalyst development know-how • Renewable and sustainable feedstocks
    66. 66 Bio-Based Economy Biomass Metabolic Feedstock Engineering Fuels, Materials, Chemicals • Environmental sustainability - energy security • Biomass - the only renewable source of carbon
    67. 67 Sustainable Energy DOE Vision of Oil Savings 35 EXISTING EMERGING ADVANCED Ethanol (Billions of gal/yr) Advanced Sugar Fundamental 30 Corn Platform Advances in Mills -New Enzymes Lignocellulose 25 -Pretreatment Processing -Fermentation and fermentation 20 15 Cellulose 10 5 Grain 0 2000 2005 2010 2015 2020 2025 Year Re: J.D. McMillan, NREL
    68. 68 Energy NPV >$1.5 Billion • Biomass • BioFuels III • BioRefinery • Oil Recovery • BioFuels II • BioFuels I 2011 Present - 2007 2009 - 2013 2015 Source of Uniqueness • Proprietary and economical biofuels • Sustainable biofeedstocks with full value chain integration • Novel bioprocesses as primary sources of innovation
    69. 69 BioSurfaces Combining DuPont’s Biotech & Coatings Know-How Desired Application Attribute • Uniquely specific to surfaces • Water-borne – no solvents Peptides/Proteins • Non-toxic Anchor • Programmable placement – On/off when desired • Novel functionality
    70. 70 BioSurfaces Opportunity / Strategy • Target high value-in-use – Personal care - hair, nails, oral, skin – Home & fabric care • Driven by unique technology • Maximize value capture – Partnerships
    71. 71 BioSurfaces NPV > $300 Million • Home & Personal Care • Skin Care Extensions • Hair Care Extensions • Oral Care • Skin Care Extensions • Hair Care Extensions • Skin Care • Hair Care 2010 2009 2011 2008 Source of Uniqueness • Transformational delivery systems that capture significant market value • Peptides/proteins improve product safety and effectiveness • Products leverage DuPont’s biology, materials and particle science know-how
    72. 72 BioMedical • Sealants & Adhesives • Dental Monomers • Interventional Products
    73. 73 DuPont ActaMax™ Surgical Sealants Sealants & Adhesives Simple, Tunable, IP Protected Tissue surface
    74. 74 ActaMax™ Performance Incumbent ActaMax™*** Products Surgeon Needs Prep time 30 minutes 30 sec Set time 10 minutes 15 sec Blood derived ingredients Viral carrier* Synthetic** Patient Benefits Performance 3 days 14 + days Inflammatory responses Severe Non-detectable Slow resorption Uncontrolled – variable Tunable 1 - 60 days * Risk of Hep C, HIV, or BSE ** No risk of viral contamination *** Based on pre-clinical studies
    75. 75 Dental Monomer Formulation Production Distribution Marketing Composite Manufacturers DuPont monomer advantage > 33% less shrinkage Dental composite manufacturers formulate Enabling proprietary technology for differentiation DuPont Ultramer
    76. 76 BioMedical NPV > $1.5 Billion • BioMedical II • Adhesives • Dental II • Interventional II • Sealants • Interventional • Dental I 2007 2011 2013 2009 Source of Uniqueness • Integrated science and engineering in very high value sectors • DuPont inventions & DuPont/MIT Alliance
    77. 77 Bio-Based Materials Rich Innovation Pipeline Early Development Adv. Development Launch 2010+ 2007-2009 2005-2006 Biomass BioRefinery BioFuels I BioFuels II Sorona® BioFuels III Engineered Sorona® Bio-Aromatics Polymers Flooring Oil Recovery Bio-PDO™ II Green Sorona® Hytrel® BioMedical II BioMedical – Interventional Apparel BioMedical - Sealant Bio-PDO™ Bio-PDO™ Polyols BioMedical – Dental Coatings Bio-PDO™ BioMedical – Dental II Derivatives BioSurfaces – PC I BioSurfaces – PC II BioSurfaces – PC III BioSurfaces – PC IV
    78. 78 Bio-Based Materials Summary NPV > $3 Billion Sorona® ext Bio-PDO™ ext Polyols BioFuels III Sorona® ext BioRefinery Bio-PDO™ ext Oil Recovery Polyols Sealant Dental II Sorona® ext Interventional II Biofuels I & II Bio-PDO™ ext Skin, Hair & Oral Care Adhesives Polyols Home & Sealant Dental I Personal Care Interventional I Biofuels I Sorona® Skin & Hair Care Bio-PDO™ 2006 2010 2012 2008 Source of Uniqueness • Integrated science and engineering in very high value sectors • IP and partnerships
    79. 79 Bio-Based Materials: Tracking Progress • Total revenue growth • New products launched • Pipeline advancements NPV >$3B from Materials, Energy, BioSurfaces and BioMedical
    80. 80 Bio-Based Materials Expansion Stake NPV > $ 3 Billion Scope Bio-Based materials, energy, surfaces, and medical Approach Create technology platform to accelerate alliances and internal partnering Performance Total revenue growth Metrics New products launched Pipeline advancements
    81. 81 Dynamic Science Company Put Science To Work Go Where The Growth Is One DuPont - Productivity
    82. 82
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