du pont 2006 Data Book

4,342 views

Published on

Published in: Economy & Finance
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
4,342
On SlideShare
0
From Embeds
0
Number of Embeds
4
Actions
Shares
0
Downloads
73
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

du pont 2006 Data Book

  1. 1. 2006 DuPont Data Book
  2. 2. Contents DuPont Investor Relations 1 2006 Summary 2 2006 At a Glance 4 Corporate Financial Data Carl Lukach Karen Fletcher Corporate Highlights Vice President Director Segment Information (302) 774-0001 (302) 774-1125 Consolidated Income Statements Consolidated Balance Sheets Consolidated Statements of Cash Flows Selected Additional Data 14 DuPont Core Values, Sustainability, and Six Sigma Laurie Conslato Jim Jacobson Pam Schools Manager Manager Investor Relations (302) 774-6088 (302) 774-0017 Coordinator 15 Industries, Regions, and Ingredients (302) 774-9870 16 DuPont Science & Technology 18 Business Segments DuPont Data Book has been prepared to assist financial analysts, portfolio managers and others in understanding and evaluating the company. This book presents graphics, Agriculture & Nutrition tabular, and other statistical data about the consolidated company and its business Coatings & Color Technologies segments. The information presented in this book is generally included in—or can be calculated from—previously issued press releases and published company reports on Electronic & Communication Technologies Forms 10K, 10Q, and 8K. In particular, segment data is consistent with the 8K furnished Performance Materials on April 4, 2007. 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 Safety & Protection and should be read in conjunction with the company’s audited consolidated financial statements and “Management’s Discussion and Analysis,” which is located in the 2006 Pharmaceuticals Form 10K filed with the Securities and Exchange Commission. Use of Non-GAAP Measures 39 Major Global Sites and Principal Products This data book presents certain non-GAAP (U.S. generally accepted accounting principles) measures that exclude significant items, including pretax operating income (PTOI), PTOI margin, earnings, earnings per share, fixed costs as a percent of sales, 40 Major U.S. Sites and Principal Products base income tax rate, and return on invested capital (ROIC). Additional non-GAAP measures include earnings before interest, taxes, and minority interests (EBIT), as defined by the company, and earnings before interest, taxes, minority interests, Inside Back Cover depreciation and amortization (EBITDA). Non-GAAP measures are not a substitute for GAAP results. Significant items represent special charges or credits that are Board of Directors and important to an understanding of the company’s ongoing operations. The company uses non-GAAP measures to evaluate and manage the company’s operations. DuPont Operating Team The company believes that a discussion of results excluding special items provides a useful analysis of ongoing operations. The determination of significant items may not be comparable to similarly titled measures used by other companies. A reconciliation of non-GAAP measures to GAAP results is provided on the Web at www.dupont.com. For complete details of significant items, see DuPont’s quarterly earnings news releases. DuPont Data Book is available on the Web at www.dupont.com. The DuPont Oval Logo, DuPont™, The miracles of science™, and all products denoted Main Office Number: (302) 774-4994 with ™ or ® are trademarks or registered trademarks of E.I. du Pont de Nemours and Fax: (302) 773-2631 Company or its affiliates. Internet: www.dupont.com April 2007
  3. 3. 2006 Summary EPS* ROIC** NetSales Net Sales EPS* ROIC** Executing Growth Strategies Pretax Operating Income Margin1 and Delivering Results nds) (dollars) (percentage) (percentage) (dollars in thousands) (dollars) (percentage) (dollars in billions) (percentage) $3.00 20% 20% $30 $3.00 20% In 2006, we remained focused on executing our three growth strategies and our $25 $2.50 $2.50 15% 15% 15% productivity initiatives. As a consequence, $20 $2.00 $2.00 we delivered strong results: • Average selling prices increased in each $15 $1.50 10% $1.50 10% 10% quarter compared with the prior year, partially $10 $1.00 $1.00 due to the launch of more than 1,100 new 5% 5% 5% products. This was the third consecutive year $5 $.50 $.50 in which we improved pricing. 2005• 2006 costs as a percent of sales declined 2006 Fixed 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 2002 2003 2004 2002 2003 2004 2005 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 Interiors, which was divested quarter versus the prior year, in each Textiles & Interiors, which was divested representing the third successive year of in 2004 cost productivity gains. Net Sales EPS* ROIC** • Pretax operating Sales (PTOI) margin Net income EPS* ROIC** Earnings Per Share1 Return on Invested Capital1, 2 increased 70 basisthousands) (bps) to 16.3 percent. (dollars points (dollars in in thousands) (dollars) (percentage) (percentage) (dollars) (percentage) (percentage) (dollars) (percentage) • Earnings per share (EPS) increased 63 $30 $3.00 20% 20% $30 $3.00 20% 20% percent to $3.38. Excluding significant items, $25 $2.50 $25 $2.50 EPS grew 23 percent to $2.88. 15% 15% 15% 15% $20 $2.00 • Return on invested capital (ROIC) increased $20 $2.00 700 bps to 18 percent. Excluding the impact $15 $1.50 $15 $1.50 10% 10% 10% 10% of SFAS No. 158 and significant items, ROIC improved 300 $10 to 16 percent. bps $10 $1.00 $1.00 5% 5% 5% 5% $5$5 $.50 $.50 Growth Strategies 2004 2005 2006 2002 2003 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 2002 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 2002 OurTextiles && Interiors, which was divested Science to Work was divested Textiles Interiors, which • Put 1 Before significant items inin 2004 2004 2 xcludes the effect of adopting SFAS No. 158 E • Go Where the Growth Is • Leverage the Power of One DuPont November 2005 Action Items 2006 Results Increase fixed cost productivity – Ahead of plan – Fixed costs as percent of sales On Track—Initiatives to down 200 bps Enhance Shareholder Value Improve return on capital – On track – ROIC increased 300 bps In November 2005, DuPont announced a four-part plan to enhance shareholder value: Accelerate return on innovation – On track – Sales from new products • Increase fixed cost productivity accounted for 34 percent of total • Improve return on capital company revenues • Accelerate return on innovation and – Pipeline advances • Repurchase $5 billion, or about 12 percent, – Commercialize bio-based materials of our shares. Repurchase shares – On track – Repurchased $3.3 billion with We are on track with these initiatives. remaining $1.7 planned for completion by December 2007 2006 DuPont Data Book
  4. 4. DuPont 2006 At a Glance In 2006, DuPont remained focused on its three growth strategies—put science to work, go where the growth is, and leverage the power of One DuPont. It was a successful year marked by strong financial performance, exciting scientific and business developments, and promising growth. DuPont named three new executive January April vice presidents—Thomas M. Connelly, DuPont announced that its DeLisle, DuPont and Syngenta announced a joint Jeffrey L. Keefer, and Ellen J. Kullman. Mississippi, titanium dioxide plant venture and licensing agreement that resumed operations less than five months will provide North American farmers DuPont and BP announced plans to after a direct hit from Hurricane Katrina. with broader access to the companies’ develop, produce, and market biobutanol, proprietary corn and soybean genetics a next generation biofuel, to help meet February and biotechnology traits. increasing global demand for renewable The Department of Commerce’s United transportation fuels. DuPont formed a new business unit— States Patent Trademark Office awarded DuPont Biofuels—to accelerate com- U.S. Patent No. 7 million to DuPont senior July mercialization of the company’s biofuels researcher Dr. John P. O’Brien for inventing DuPont completed an enhanced flood wall technologies and pipeline candidates. polysaccharide fibers, which are cotton- at its DeLisle titanium dioxide plant ahead like fibers derived from biologically based of schedule and under budget. May renewable resources. DuPont began construction of a new DuPont announced it will begin production DuPont and Syngenta announced a crop world-class coatings plant in the Jiading of an innovative high-performance protection technology exchange. Syngenta district of Shanghai. When completed, material with DuPont™ Kevlar® that acquired an exclusive worldwide license to it will serve a variety of automotive and will offer breakthroughs in a range of develop DuPont’s insecticide Rynaxypyr™. industrial markets in China. rubber-based products. DuPont acquired worldwide rights to The United Nations’ Food and Agriculture DuPont Electronic Technologies Syngenta’s fungicide Acanto®. Organization asked DuPont to provide established a semiconductor materials initial supplies of DuPont™ Virkon® S technical center in Taiwan, establishing March veterinary disinfectant to 69 nations to advanced semiconductor materials DuPont announced it will brand its new prevent avian flu from spreading. capabilities near its customers. glyphosate, ALS-tolerant trait Optimum™ GAT™. This trait is targeted for June August commercialization later in the decade The company opened the DuPont Korea The company announced plans to expand for multiple crops. Technology Center to support research two of its North American seed research DuPont Coatings Color Technologies and development needs of fast growing facilities, increasing the speed at which launched a global plan to reduce costs, major industries in Asia, including the company can bring enhanced improve productivity, and better serve its electronics, automotive, and construction. products to market. customers in its performance coatings DuPont and Alcoa introduced Reynobond® DuPont amended its U.S. defined benefit businesses. The segment will consolidate with Kevlar®, a durable architectural panel pension plan and its employee savings facilities and rebalance assets to faster system designed to withstand wind-borne plan, largely effective January 2008. These growing markets and geographies. These debris and wind speeds common in hur- steps are consistent with market trends in actions are anticipated to reduce annual ricanes up to a Category 3 storm. employee benefits and will enhance the costs by $165 million. company’s business competitiveness. DuPont introduced Spallshield®, a plastic The Ceres Report ranked DuPont first in composite that provides up to eight times the United States and second globally on the impact performance of standard climate change, citing DuPont’s greenhouse laminated automotive glass. gas reduction, its climate-related new prod- ucts, and its corporate sustainability goals. 2
  5. 5. Photos: (Left) DuPont is working to develop new biofuels. (Middle) DuPont is helping farmers increase yield. (Right) DuPont™ Nomex® and Kevlar® protect firefighters. DuPont announced a multiproduct, DuPont was recognized by the U.S. DuPont met an important milestone multiregion expansion plan for its high- Environmental Protection Agency as one toward the commercialization of its performance Nomex® brand fiber that of the 25 largest green power purchasers. Optimum™ GAT™ trait by completing will deliver a step change increase in U.S. regulatory submissions for approval The company announced broader sustain- worldwide capacity. The company will of the trait in soybeans. The company said ability commitments and said it expects to invest more than $100 million in the it expected commercialization of soybean derive additional revenues of $6 billion or three-part expansion that is scheduled products containing the trait by 2009. more by 2015 from its safety, environment, to begin late in 2006. energy, and climate efforts. December DuPont introduced Hybrid Membrane DuPont announced an agreement with DuPont Engineering Polymers broke Technology for significantly improved Zhangjiagang Glory Chemical Industry Co., ground in Singapore for new production air and liquid filtration that will fill the Ltd. to produce and distribute bio-based facilities for one of its highest growth performance gap between traditional DuPont™ Sorona® polymer throughout Asia. businesses—DuPont™ Vespel® parts nonwovens and microporous films. and shapes. November September DuPont Agriculture Nutrition launched DuPont introduced DuPont™ Tyvek® Nobel Laureates and professors of a plan to increase investment in plant ThermaWrap™, a breathable, metallized chemistry Drs. Robert H. Grubbs and genetics, biotechnology, and other high- housewrap designed to enhance the Richard R. Schrock—recipients of the value growth opportunities, while further thermal performance of walls. 2005 Nobel Prize for Chemistry for improving competitiveness in low-growth DuPont launched DuPont™ Premium the development of olefin metathesis— areas of its nutrition and crop protection Interior Air Filters, a new automotive celebrated the contributions of Dr. Herbert businesses, by reducing operating costs filtering technology that cleans the S. Eleuterio, a retired DuPont chemist who about $100 million a year. outside air before it enters the cabin was instrumental in the early development DuPont met an important milestone of the automobile. of this technology. toward the commercialization of its DuPont said its subsidiary Pioneer Hi-Bred DuPont received a 2006 Secretary of proprietary high oleic soybean oil trait by International, Inc. delivered strong product Defense Employer Support Freedom Award completing U.S. regulatory submissions. performance from its seed products in from the U.S. Department of Defense. The company remains on track for 2009 the 2006 North American harvest and commercialization of products containing DuPont was named one of the 100 Best continued to expand its share in Brazil. the trait. Companies for working mothers. DuPont Tate Lyle BioProducts, LLC, October a 50 – 50 joint venture of DuPont and DuPont and Broin announced a partner- Tate Lyle, announced the first ship to advance the development of commercial shipments of Bio-PDO™ cellulosic ethanol. from its $100 million facility in Loudon, Tennessee, making it the first in the The company launched DuPont™ Tyvek® world to manufacture this new AtticWrap™, the first breathable roofing bio-based product. membrane that prevents air and water intrusion and helps conserve energy. 2006 DuPont Data Book
  6. 6. Corporate Financial Data Corporate Highlights (dollars in millions, except per share) 2005 2006 Net sales $26,639 Operating Results $27,421 Income 1 2,056 3,148 Net income (loss) 2,056 3,148 Income before significant items 1 2,332 2,685 Depreciation 1,128 1,157 EBIT 3,884 3,667 EBITDA 5,209 5,019 Cash provided by operating activities 2,542 3,736 Capital expenditures 1,406 1,563 Research and development expense 4 1,336 1,302 Total assets $33,291 Financial Position, $31,777 5 Working capital 4,986 Year End 4,930 Total debt 8,180 7,530 Stockholders’ equity 8,962 9,422 5 Income 1, 7 $2.07 Data Per Common Share $3.38 Net income (loss) 7 $2.07 $3.38 Income before significant items 1, 7 $2.34 $2.88 Dividends $1.46 $1.48 Market price – Year-end close $42.50 $48.71 High-low range $54.90 – $37.60 $49.68 – $38.52 Book value at year-end $9.49 $9.96 Average number of shares (millions) – diluted 989 929 Shares outstanding – year-end (millions) 920 922 Total stockholder return (10.4)% Ratios 18.1% Dividend yield 3.4% 3.0% Share price increase (decrease) (13.4)% 14.6% P/E on income before significant items 1, 8 18 17 Dividend payout, as percentage of earnings per share before significant items 1 62.4% 51.4% Return on average stockholders’ equity before significant items 1 20.5% 27.8% Return on average investors’ capital before significant items 1 12.7% 15.9% Asset turnover ratio 80% 86% Cash provided by operating activities as a percentage of total debt 31.1% 49.6% Debt to total capital 6 46.4% 43.3% Interest coverage ratio 10 11.1 9.1 Current ratio 6 1.7 1.6 Exchange loss – net of tax $ (38) $ (30) Number of employees – year-end (thousands) 60 Employees 59 1 efore cumulative effect of changes in accounting principles. B 6 ncludes related assets and/or liabilities classified as held for sale within the I 2 ncludes a cumulative effect of a change in accounting principle charge of $29 and $0.03 I Consolidated Balance Sheets. per share (diluted). 7 iluted, based on average number of common shares. D 3 ncludes a cumulative effect of a change in accounting principle charge of $2,944 and I 8 ased on year-end share price. B $2.95 per share (diluted). 9 atio excludes increase in tax payments related to sale of DuPont Pharmaceuticals. R 4 xcludes purchased in-process research and development. E 10 ncome before significant items and income taxes, plus the sum of interest expense I 5 n December 31, 2006, the company adopted Statement of Financial Accounting O and amortization of capitalized interest less interest income, divided by the sum of Standards No. 158,“Employers’ Accounting for Defined Benefit Pension and Other interest expense and capitalized interest less interest income. Postretirement Plans, an amendment of FASB Statements No. 87, 88, 106 and 132(R).” Total assets and stockholders’ equity were reduced by $2,159 and $1,555, respectively, as a result of such adoption.
  7. 7. 2004 2003 2002 Cash Provided By Cash Returned to Shareholders Operating Activities $27,340 $26,996 $24,006 1,780 (dollars) 1,002 1,841 (dollars in millions) (dollars in millions) 1,780 973-2 (1,103) 3 $5,000 $3.00 $3,750 2,393 1,669 2,009 $2.50 1,124 1,355 1,297 $4,000 $3,000 1,687 407 2,343 $2.00 $3,000 $2,250 3,000 1,938 3,799 $1.50 3,231 2,589 2,439 $2,000 $1,500 1,298 $1.00 1,784 1,416 1,333 1,349 1,264 $750 $1,000 $0.50 $35,632 $37,039 $34,621 7,272 5,419 6,363 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 6,485-6 10,479-6 6,832 11,377 9,781 9,063 Dividends Share Repurchase $1.77 $0.99 $1.84 $1.77 $0.96-2 $(1.11)-3 Five Year Sources and Uses of Cash 2002–2006 $2.38 $1.66 $2.00 $1.40 $1.40 $1.40 (dollars in billions) $49.05 $45.89 $42.40 Cash From Operations $49.39 – $39.88 $46.00 – $34.71 $49.80 – $35.02 Asset Sales $11.20 $9.57 $8.88 1,003 1,000 999 Net Debt Increase 994 997 994 Other 9.9% 11.5% 3.0% Capex Investment in Affiliates 2.9% 3.1% 3.3% Dividends 6.9% 8.2% (0.3)% Share Repurchases 21 28 21 Acquisitions 58.8% 84.3% 70.0% Redemption of Minority Interests 23.0% 17.9% 17.4% Other 12.3% 9.0% 10.6% 77% 73% 69% -$10 -$5 $0 $5 $10 $15 49.8% 24.7% 65.1%-9 34.2% 50.3% 37.3% Five-Year Performance 2002–2006 11.5 7.9 9.7 1.9 1.2 1.9 Stockholder Return DuPont SP 500 $ (51) $ (3) $ (99) Dividend Yield1 3.14% 1.71% 60 81 79 Share Price Annual Appreciation 2.76% 4.32% 2 Total Annual Return 6.23% 6.19% 2, 3 Dividend Growth 1.12% 9.13% 2 Ten-Year Performance 1997–2006 Stockholder Return DuPont SP 500 Dividend Yield1 2.86% 1.52% Share Price Annual Appreciation2 0.35% 6.71% Total Annual Return2, 3 3.31% 8.42% Dividend Growth 1.87% 4.85% 2 1 Average annual dividend yield based on year-end stock price over the period shown. 2 Compound annual growth rate over the period shown. 3 Includes reinvestment of dividends. 2006 DuPont Data Book
  8. 8. Corporate Financial Data Segment Information (dollars in millions) 2005 2004 2006 Segment Sales 1 Agriculture Nutrition $ 6,090 $ 5,939 $ 6,008 Coatings Color Technologies 6,055 5,839 6,290 Electronic Communication Technologies 3,408 3,138 3,573 Performance Materials 6,062 5,863 6,179 Safety Protection 5,144 4,632 5,496 N/A Textiles Interiors N/A 2,319 Other 174 163 180 Total segment sales 26,933 27,893 27,726 Elimination of transfers (294) (553) (305) Net sales $26,639 $27,340 $27,421 Segment Pretax Operating Income – Before Significant Items Agriculture Nutrition $ 875 $ 818 $ 725 Coatings Color Technologies 649 814 827 Electronic Communication Technologies 510 377 572 Performance Materials 523 623 636 Pharmaceuticals 751 681 819 Safety Protection 1,016 914 1,107 Textiles Interiors N/A N/A 124 Other (129) (146) (173) Total segment pretax operating income – before significant items 4,195 4,205 4,513 Exchange gains (losses) 445 (411) (4) Corporate expenses and interest (1,049) (932) (1,047) Income before significant items, income taxes, and minority interests 2 3,591 2,862 3,462 Net significant items 3 (28) (1,420) (133) Income before income taxes and minority interests 2 $ 3,563 $ 1,442 $ 3,329 1 Sales include transfers. 2 Before cumulative effect of changes in accounting principles. 3 For complete details of significant items, see DuPont’s quarterly earnings news releases. DuPont’s Share of After Tax Equity Affiliate Earnings 2005 2004 2006 Equity Affiliate Analysis Agriculture Nutrition $ (3) $ (5) $ (3) Coatings Color Technologies 1 3 0 Electronic Communication Technologies 36 27 44 Performance Materials 21 (100)1 9 Safety Protection 18 13 20 Textiles Interiors N/A 71 N/A Other 10 (2) (5) Total segments $ 83 $ 7 $ 65 1 Includes a charge of $150 for antitrust litigation matters associated with DuPont Dow Elastomers LLC which was accounted for as an equity affiliate until April 30, 2004. 6
  9. 9. 2005 2006 1st 2nd 3rd 4th 1st 2nd 3rd 4th Full Yr. Full Yr. Segment Sales 1 Agriculture Nutrition $ 2,290 $2,021 $ 912 $ 867 $ 6,090 $ 2,174 $1,935 $ 885 $ 1,014 $ 6,008 Coatings Color Technologies 1,494 1,592 1,497 1,472 6,055 1,478 1,625 1,612 1,575 6,290 Electronic Communication Technologies 885 811 907 861 829 3,408 942 892 854 3,573 Performance Materials 1,611 1,665 1,378 1,408 6,062 1,541 1,556 1,559 1,523 6,179 Safety Protection 1,262 1,366 1,247 1,269 5,144 1,360 1,413 1,385 1,338 5,496 Other 41 42 43 48 174 46 48 47 39 180 $ 7,509 Total segment sales $7,593 $5,938 $5,893 $26,933 $ 7,484 $7,519 $6,380 $6,343 $27,726 Segment Pretax Operating Income – Before Significant Items Agriculture Nutrition $ 763 $ 514 $ (135) $ (267) $875 $ 597 $ 430 $ (154) $ (148) $725 Coatings Color Technologies 162 190 142 155 649 156 228 238 205 827 Electronic Communication Technologies 108 164 145 93 510 160 168 132 112 572 Performance Materials 207 186 78 52 523 155 191 169 121 636 Pharmaceuticals 159 192 197 203 751 169 200 210 240 819 Safety Protection 233 286 282 215 1,016 268 308 286 245 1,107 Other (24) (34) (16) (55) (129) (56) (32) (31) (54) (173) Total segment pretax operating 4,513 income – before significant items 1,449 1,608 1,498 693 396 4,195 1,493 850 721 Exchange gains and losses 111 183 71 80 445 (18) 26 (3) (9) (4) Corporate expenses and interest (225) (240) (266) (318) (1,049) (253) (264) (261) (269) (1,047) 3,462 Income before significant items 2 1,494 1,441 498 158 3,591 1,178 1,255 586 443 Pretax Impact of Significant Items 2 – Restructuring activities – – – – – (135) – (194) (329) – Hurricane insurance proceeds – – – – – – 50 93 143 Corporate tax – related items – 28 – – 28 7 – – 90 97 – – Asbestos insurance recoveries – – – – – – 61 61 Sale terms and expense accrual changes – – – – – – – – (58) (58) – – – Impairment loss on asset held-for-sale – – – – – (47) (47) – – – Hurricane losses – – (146) – (146) – – Sale of Photomasks stock – 48 – – 48 – – – – – Textiles Interiors – related items – 39 – – 39 – – – – – DDE – related items – 3 – – 3 – – – – – Net impact of significant items – 118 (146) – (28) (128) – 50 (55) (133) Income before income taxes and minority interests $ 1,494 $ 1,559 $ 352 $ 158 $ 3,563 $ 1,050 $ 1,255 $ 636 $ 388 $ 3,329 2005 2006 1st 2nd 3rd 4th 1st 2nd 3rd 4th Full Yr. Full Yr. Earnings Per Share of Common Stock – Diluted 3 Income before significant items $ 0.96 $ 0.90 $ 0.33 $ 0.13 $ 2.34 $ 0.93 $ 1.01 $ 0.49 $ 0.45 $ 2.88 Significant items 0.00 0.11 (0.42) 0.03 (0.27) (0.05) 0.03 0.03 0.49 0.50 Income (loss) $ 0.96 $ 1.01 $ (0.09) $ 0.16 $ 2.07 $ 0.88 $ 1.04 $ 0.52 $ 0.94 $ 3.38 1 Sales include transfers. 2 For complete details of significant items, see DuPont’s quarterly earnings news releases. 3 arnings per share for the year may not equal to sum of quarterly earnings per share due to changes in average share calculations. E 2006 DuPont Data Book
  10. 10. Corporate Financial Data Consolidated Income Statements (dollars in millions, except per share) For the year ended December 31 2005 2004 2003 2002 2006 Net sales $26,639 $27,340 $26,996 $24,006 $27,421 Other income, net 1 1,852 655 734 516 1,561 Total 28,491 27,995 27,730 24,522 28,982 Cost of goods sold and other operating charges 19,683 20,827 20,742 17,819 20,440 Selling, general and administrative expenses 3,223 3,141 3,067 2,763 3,224 Amortization of intangible assets 230 223 229 218 227 Research and development expense 1,336 1,333 1,349 1,264 1,302 Interest expense 518 362 347 359 460 Separation activities – Textiles Interiors (62) 667 1,620 – – Goodwill impairment – Textiles Interiors – – – 295 – Gain on sale of interest by subsidiary – nonoperating – – – (62) – Gain on sale of DuPont Pharmaceuticals – – – – (25) Total 24,928 26,553 27,587 22,398 25,653 Income before income taxes and minority interests 3,563 1,442 143 2,124 3,329 Provision for (benefit from) income taxes 1,470 (329) (930) 185 196 Minority interests in earnings (losses) of consolidated subsidiaries 37 (9) 71 98 (15) Income before cumulative effect of changes in 2,056 1,780 1,002 1,841 accounting principles 3,148 Cumulative effect of changes in accounting principles, net of income taxes – – – (29) (2,944) Net income (loss) $ 2,056 $ 1,780 $ 973 $ (1,103) $ 3,148 Diluted earnings per share of common stock Income before cumulative effect of changes in accounting principles $ 2.07 $ 1.77 $ 0.99 $ 1.84 $ 3.38 Cumulative effect of changes in accounting principles – – – (0.03) (2.95) Net income (loss) $ 2.07 $ 1.77 $ 0.96 $ (1.11) $ 3.38 1 Other income, net: $ 747 $ 675 $ 573 $ 469 $ 815 Cozaar®/Hyzaar® licensing income 130 151 141 128 120 Royalty income 244 188 70 97 219 Interest income, net of miscellaneous interest expense 108 (39) 10 36 50 Equity in earnings (losses) of affiliates 82 28 17 30 55 Net gains on sales of assets 423 (391) (134) (294) 16 Net exchange gains (losses) 118 43 57 50 286 Miscellaneous income and expenses – net $ 1,852 $ 655 $ 734 $ 516 $ 1,561 Total Other income, net
  11. 11. Consolidated Balance Sheets (dollars in millions) December 31 2005 2004 2003 2002 2006 Assets Current assets Cash and cash equivalents $ 1,736 $ 3,369 $ 3,273 $ 3,678 $ 1,814 Marketable debt securities 115 167 25 465 79 Accounts and notes receivable, net 4,801 4,889 4,218 3,884 5,198 Inventories 4,743 4,489 4,107 4,409 4,941 Prepaid expenses 199 209 208 175 182 Income taxes 828 1,557 1,141 848 656 Assets held for sale – 531 5,490 – – Total current assets 12,422 15,211 18,462 13,459 12,870 Property, plant and equipment 24,963 23,978 24,149 33,732 25,719 Less: Accumulated depreciation 14,654 13,754 14,257 20,446 15,221 Net property, plant and equipment 10,309 10,224 9,892 13,286 10,498 Goodwill 2,087 2,082 1,939 1,167 2,108 Other intangible assets 2,684 2,848 2,986 3,109 2,479 Investment in affiliates 844 1,034 1,304 2,047 803 Other assets 4,945 4,233 2,456 1,553 3,019 Total $33,291 $35,632 $37,039 $34,621 $31,7771 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 2,670 $ 2,661 $ 2,341 $ 2,636 $ 2,711 Short-term borrowings and capital lease obligations 1,397 936 5,914 1,185 1,517 Income taxes 294 192 60 47 178 Other accrued liabilities 3,075 4,054 3,034 3,228 3,534 Liabilities held for sale – 96 1,694 – – Total current liabilities 7,436 7,939 13,043 7,096 7,940 Long-term borrowings and capital lease obligations 6,783 5,548 4,301 5,647 6,013 Other liabilities 8,441 8,692 8,909 9,829 7,692 Deferred income taxes 1,179 966 508 563 269 Total liabilities 23,839 23,145 26,761 23,135 21,914 Minority interests 490 1,110 497 2,423 441 Stockholders’ equity 8,962 11,377 9,781 9,063 9,4221 Total $33,291 $35,632 $37,039 $34,621 $31,777 1 On December 31, 2006, the company adopted Statement of Financial Accounting Standards No. 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans, an amendment of FASB Statements No. 87, 88, 106 and 132(R).” Total assets and stockholders’ equity were reduced by $2,159 and $1,555, respectively, as a result of such adoption. 2006 DuPont Data Book

×