du pont data book

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du pont data book

  1. 1. 2007 Dupont Data Book
  2. 2. DuPont Investor Relations 1007 Market Street Wilmington, DE 19898 (302) 774 4994 Fax: (302) 773 2631 www.dupont.com Copyright© 2008 DuPont. All Rights Reserved. The DuPont Oval Logo, DuPont™, The miracles of science™ and all products denoted with ™ and ® are trademarks or registered trademarks of DuPont or its affiliates.
  3. 3. DuPont Investor Relations Contents 1 2007 Summary 2 2007 At a Glance 4 Corporate Financial Data Corporate Highlights Segment Information Carl Lukach Karen Fletcher Consolidated Income Statements Vice President Director Consolidated Balance Sheets (302) 774-0001 (302) 774-1125 Consolidated Statements of Cash Flows Selected Additional Data 14 DuPont Core Values, Sustainability and Six Sigma 15 Industries, Regions and Ingredients 16 DuPont Science & Technology Laurie Conslato Lisa Curran Pamela Schools Manager Manager, Agriculture Investor Relations (302) 774-6088 & Nutrition Coordinator 18 Business Segments (302) 774-1109 (302) 774-9870 Agriculture & Nutrition Coatings & Color Technologies Electronic & Communication Technologies Performance Materials DuPont DATA BOOK has been prepared to assist financial analysts, portfolio managers and others in understanding and evaluating the company. This book presents graphics, Safety & Protection tabular and other statistical data about the consolidated company and its business Pharmaceuticals 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 Forms 10K, 10Q and 8K. Dollars are in millions except per share or where otherwise 39 Major Global Sites and Principal Products 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 40 Major U.S. Sites and Principal Products financial statements and “Management’s Discussion and Analysis,” which is located in the 2007 Form 10K filed with the Securities and Exchange Commission. Inside Back Cover Use of Non-GAAP Measures As a supplement to DuPont’s financial results prepared in accordance with U.S. Board of Directors and generally accepted accounting principles (GAAP), this data book presents non-GAAP measures that exclude significant items. Non-GAAP measures include pretax operating DuPont Operating Team income (PTOI) and PTOI margin; earnings and earnings per share; return on invested capital (ROIC); earnings before interest, taxes, and minority interests (EBIT), as defined by the company; and earnings before interest, taxes, minority interests, depreciation and amortization (EBITDA). Non-GAAP measures are not a substitute for GAAP results. Significant items represent special charges or credits that are important to an understanding of the company’s ongoing operations. The company uses non-GAAP measures to evaluate and manage the company’s operations. 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. Main Office Number: (302) 774-4994 The DuPont Oval Logo, DuPont™, The miracles of science®, and all products denoted 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 2008
  4. 4. 2007 Summary Delivering EPS* Higher Profitability NetSales Net Sales ROIC** EPS* ROIC** Pretax Operating Income Margin1 and Capital Returns ands) (dollars) (dollars in thousands) (percentage) (dollars) (percentage) (percentage) (dollars in billions) (percentage) $3.50 $30 20% $3.50 20% 20% 2007 was a strong year. We executed our $3.00 $3.00 growth and productivity initiatives and delivered $25 15% 15% 15% results that exceeded our targets. In summary: $2.50 $2.50 $20 • et sales increased 7% with emerging market N $2.00 $2.00 sales increasing 18%. $15 10% 10% 10% $1.50 $1.50 • verage selling price increased in each A $10 $1.00 $1.00 quarter, representing the fourth consecutive 5% 5% 5% year of pricing gains. $5 $.50 $.50 • ixed cost as a percent of sales declined F 150 basis points versus the prior year, 2004 2005 2006 2007 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 2003 representing the fourth successive year of Interiors, which was divested Textiles & Interiors, which was divested in 2004 cost productivity gains. • retax operating income (PTOI) margin P Net Sales Net Sales EPS* EPS* Earnings Per Share1 ROIC** ROIC** Return on Invested Capital1, 2 increased 100 basis points (bps) to 17 percent. (dollars) (dollars inin thousands) (dollars thousands) (dollars) (dollars) (percentage) (percentage) (percentage) (percentage) (percentage) • arnings per share decreased 5%. Excluding E $30 $30 $3.50 $3.50 20% 20% 20% 20% significant items, EPS increased 14%. $3.00 $3.00 • eturn on Invested Capital (ROIC) 1,2 improved R $25 $25 15% 15% 15% 15% 90 bps to 16 percent. $2.50 $2.50 $20 $20 $2.00 $2.00 $15 $15 10% 10% 10% 10% Initiatives to Enhance $1.50 $1.50 Shareholder Value $10 $10 $1.00 $1.00 5% 5% 5% 5% In November 2005, DuPont announced a plan to $5 $5 $.50 $.50 enhance shareholder value over a three-year period. Our entire team is intensely focused on 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 2003 2003 delivering the plan and it shows in our progress Textiles & Interiors, which was divested Textiles & Interiors, which was divested Excludes the effect of OCI Before significant items 2 1 through 2007 (table2004 While we are on right). in 2004 in track and in some areas ahead of plan, it is time November 2005 Action Items 2007 Results to look forward and raise the bar again. In January 2008, DuPont outlined goals and Increase fixed cost productivity – Ahead of plan – Fixed costs as percent of sales objectives for 2008 through 2010 in a five point down 150 bps plan. The company sees potential for double – $400 million program savings delivered digit earnings growth driven by advances in – Confirmed early completion in 1Q 2008 several strategic areas: Improve return on capital – On track • ew science for growing agriculture markets N – ROIC increased 90 bps to 16 percent • rowing demand for Safety & Protection G Accelerate return on innovation – On track • pringboard position in emerging markets S – Sales from new products • xtend cost productivity gains E accounted for 36 percent of total company revenues • ccelerate commercialization of Applied A – Pipeline advances BioSciences pipelines – Continued progress DuPont Applied BioSceince™ Repurchase shares – Successful Completion – Repurchased $1.7 billion to complete the $5 billion program or about 12% of the shares outstanding. 2007 DuPont Data Book 1
  5. 5. DuPont 2007 At a Glance DuPont has long been at work to improve the margins in all platforms as well as to grow faster in high growth markets and geographies. Never has the work paid off so clearly as in 2007. Margins, return on capital and EPS were all up despite fast changing conditions. Specifically, raw material inflation outpaced expectations and North America auto and housing conditions deteriorated. These circumstances were effectively managed while growth in Agriculture, Safety and Security and emerging markets was driven by focused new product and application development and infrastructure investments. DuPont Packaging announced the expan- January March sion of its DuPont™ Biomax® Strong family The day after his State of the Union DuPont and Honeywell announced a of polymer additives to include a U.S. address, President George W. Bush global joint development agreement to Food and Drug Administration (FDA) com- toured the DuPont Experimental Station, accelerate the development and commer- pliant grade for food contact applications. the company’s global research and devel- cialization of next generation, low global opment facility, with a specific focus on warming refrigerants for the automotive DuPont commercialized a unique line DuPont’s leading-edge biofuels R&D and air conditioning industry. of anti-reflective film coatings to commercialization efforts. significantly improve the image contrast DuPont Tate & Lyle Bio Products LLC and color quality of Liquid Crystal DuPont announced the introduction of announced it is partnering with Cryotech Displays (LCDs). a new generation of DuPont™ Fodel® Deicing Technology, a world leader in deicing solutions, to introduce Susterra™ conductive pastes that provide the elec- June trical connections for millions of pixels propanediol, a new 100 percent renew- on the front and back glass used on ably sourced product. DuPont Tate & Lyle Bio Products, plasma display panels (PDPs). LLC, officially opened its $100 million DuPont™ SentryGlas Plus® was promi- Bio-PDO® facility – the world’s first to nently featured on the new U-shaped produce propanediol from corn sugar. February Grand Canyon West Skywalk observation Bio-PDO® is a versatile, biodegradable DuPont Crop Protection reached an platform, an all-glass flooring suspended and high-performance ingredient that can agreement with Valent U.S.A. Corporation 4,000 feet above the Colorado River. be used in cosmetics, liquid detergents to access flumioxazin to create new and industrial applications. combination herbicide products for soy- April beans marketed under the DuPont brand. DuPont announced it will invest $58 mil- DuPont introduced DuPont™ Energain®, This is another step in DuPont’s strategy lion in biofuel production assets at two an innovative concept in thermal mass to provide a wider range of solutions to facilities as part of a partnership with BP that provides a long-term sustainable meet farmers’ needs in conventional, and British Sugar. The investment marks solution to reduce energy consumption Roundup Ready®, and Optimum™ GAT™ the progress being made to meet the and greenhouse gas emissions in public, seed systems. growing demand for biobutanol. commercial and residential buildings. DuPont announced its first plant biotech- DuPont and Environmental Defense DuPont received a prestigious 2007 PACE nology research center outside the United issued a comprehensive framework to award for the company’s development States will be located at the new DuPont assist with the responsible development and commercialization of EcoConcept, a Knowledge Center in Hyderabad, India. and use of nanotechnology and to help finishing system that allows automobile inform global dialogue on its potential manufacturers to eliminate completely an risks. The framework is intended for entire coat in the painting process. use by companies, regulatory agencies, May universities and others with an interest in commercializing nanoscale materials. DuPont introduced DuPont™ Cromax® Pro and DuPont™ Imron® ZV HG, two new water-based finishes with reduced environmental impact. 2
  6. 6. Photos: (Left) DuPont-BP Biobutanol Program. (Middle) DuPont™ Nomex® in Electrical Worker Protection. (Right) DuPont Agriculture focused on increasing yields. July September November DuPont announced that it has completed DuPont announced a $500 million DuPont opened offices in Bulgaria and regulatory submissions for its Optimum™ production expansion plan for its high Serbia as part of its growth strategy for GAT™ trait in corn to the U.S. Food & Drug performance Kevlar® para-aramid brand emerging markets. Administration and the U.S. Department of fiber to serve the global marketplace for DuPont introduced QualiTrakSM, a new Agriculture. industrial and military applications. The measurement and reporting system expansion will increase Kevlar® capacity DuPont announced that it has signed a that helps increase ethanol production by more than 25 percent by 2010 and Space Act Agreement with the National for ethanol plants and corn growers. represents the largest expansion since Aeronautics and Space Administration QualitrakSM will help plants produce more Kevlar® was introduced in 1965. (NASA) to jointly develop urethane foam ethanol with the same amount of grain. insulation reinforced with DuPont™ DuPont introduced Accelerated Yield DuPont reviewed with Investors the Kevlar® fiber for use in a variety of future Technology™, a breakthrough commercial Applied BioSciences technology spacecraft, including the new launch technology that increases soybean yields platform. Products highlighted at the vehicle being designed to replace the by as much as 12 percent per acre. investor event included: Bio-PDO™, space shuttle. DuPont announced plans to collaborate Sorona® and Cerenol™ for a wide range DuPont announced that it will lead a with Plantic Technologies Ltd. in the of markets; biobutanol, an advanced $100 million U.S. government program development and sale of new, renewably biofuel; BioSurfaces and Omega-3, based to advance solar cell module research. sourced corn starch-based biomaterials on proprietary DuPont fermentation DuPont is focused on providing for food and other packaging uses. technology; and ActaMax™, a surgical renewable energy technologies to the sealant for medical applications. October photovoltaic market by developing DuPont introduced DuPont™ Protera™, new materials that make solar cells December a new line of inherently flame resistant smaller and lighter, more efficient and DuPont announced a joint venture with fabrics specifically engineered to cost effective. Beijing Weiming Kaituo Agriculture protect against electric arc hazards Biotechnology Co., Ltd. (BWK) to acceler- and meet NFPA 70E as well as the new August ate the discovery of genes for high-value National Electrical Safety Code (NESC) DuPont acquired from Process Dynamics, agronomic traits such as stress toler- requirements. Inc., certain business assets including ance and efficient nutrient utilization to its IsoTherming™ Technology and intel- improve the performance of important DuPont’s BAX® system was selected by lectual property. This leading technology crops for farmers in China and through- the Beijing Municipal Center for Food is used to dramatically reduce sulfur in out the world. Safety Monitoring to supervise food motor fuels. safety in 2008. The BAX® detection system DuPont Crop Protection received federal will be used to provide technical support DuPont signed an agreement with GC registration approval from the U.S. food safety management for the athletic Corporation of Tokyo, Japan, a major Environmental Protection Agency for sports competition in 2008. global manufacturer of dental materials DuPont™ Enlite™ and Envive™, two soy- and equipment, to provide next-generation bean pre-emergence herbicides designed dental monomer technology that reduces to provide growers with a better tool for the shrinkage of dental composites. managing weed resistance. 2007 DuPont Data Book 3
  7. 7. Corporate Financial Data Corporate Highlights (dollars in millions, except per share) 2006 2007 Net sales $ 27,421 Operating Results $ 29,378 Income 1 3,148 2,988 Net income 3,148 2,988 Income before significant items 1 2,685 3,043 Depreciation 1,157 1,158 EBIT 3,667 4,113 EBITDA 5,020 5,450 Cash provided by operating activities 3,736 4,290 Capital expenditures 1,563 1,698 Research and development expense 4 1,302 1,338 Total assets $ 31,777 5 Financial Position, $ 34,131 Working capital 4,930 Year End 4,619 Total debt 7,530 7,325 Stockholders’ equity 9,422 5 11,136 Income 1, 7 $3.38 Data Per Common Share $3.22 Net income 7 $3.38 $3.22 Income before significant items 1, 7 $2.88 $3.28 Dividends $1.48 $1.52 Market price – Year-end close $48.71 $44.09 High-low range $49.68 – $38.52 $53.90 – $42.25 Book value at year-end $9.96 $12.12 Average number of shares (millions) – diluted 929 925 Shares outstanding – year-end (millions) 922 899 Total stockholder return 18.1% Ratios (6.4)% Dividend yield 3.0% 3.4% Share price increase (decrease) 14.6% (9.5)% P/E on income before significant items 1, 8 17 13 Dividend payout, as percentage of earnings per share before significant items 1 51.4% 46.3% Return on average stockholders’ equity before significant items 1, 3 25.7% 25.6% Return on average investors’ capital before significant items 1, 3 15.3% 16.2% Asset turnover ratio 86% 86% Cash provided by operating activities as a percentage of total debt 49.6% 58.6% Debt to total capital 6 43.3% 38.8% Interest coverage ratio 9 9.1 11.0 Current ratio 6 1.6 1.5 Exchange loss – net of tax $ (30) $ (31) Number of employees – year-end (thousands) 59 Employees 60 1 Before cumulative effect of changes in accounting principles. 6 Includes related assets and/or liabilities classified as held for sale within the 2 Includes a cumulative effect of a change in accounting principle charge of $29 and $0.03 Consolidated Balance Sheets. per share (diluted). 7 Diluted, based on average number of common shares. 3 Amount presented ex-Other Comprehensive Income. 8 Based on year-end share price. 4 Excludes purchased in-process research and development. 9 Income before significant items and income taxes, plus the sum of interest expense 5 On December 31, 2006, the company adopted Statement of Financial Accounting 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. 4
  8. 8. 2005 2004 2003 Cash Provided By Cash Returned to Shareholders Operating Activities $ 26,639 $ 27,340 $ 26,996 2,056 (dollars) 1,780 1,002 (dollars in millions) (dollars in millions) 2,056 $3.00 1,780 973-2 $5,000 $4,500 2,332 2,393 1,669 $3,750 $2.50 1,128 1,124 1,355 $4,000 3,884 $2.00 1,687 407 $3,000 $3,000 5,209 3,000 1,938 $1.50 $2,250 2,542 3,231 2,589 $2,000 1,406 $1.00 1,298 1,784 $1,500 1,336 1,333 1,349 $1,000 $0.50 $750 $ 33,291 $ 35,632 $ 37,039 4,986 7,272 5,419 2002 2003 2004 2005 2006 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 8,180 6,485-6 10,479-6 8,962 11,377 9,781 Dividends Share Repurchase $2.07 $1.77 $0.99 $2.07 $1.77 $0.96-2 2003-2007 Cash Waterfall $2.34 $2.38 $1.66 $1.46 $1.40 $1.40 (dollars in billions) $25 $42.50 $49.05 $45.89 $54.90 – $37.60 $49.39 – $39.88 $46.00 – $34.71 $20 $9.49 $11.20 $9.57 989 1,003 1,000 920 994 997 $15 (10.4)% 9.9% 11.5% 3.4% 2.9% 3.1% $10 (13.4)% 6.9% 8.2% 18 21 28 $5 62.4% 58.8% 84.3% 19.6% 20.2% 14.1% $0 12.4% 11.5% 8% Cash Cash from Asset PPE & Dividends Stock Chg. in Debt/ Cash 80% 77% 73% 12/31/02 Operating Sales Affil. Invest. Repurchase All Other 12/31/07 Activities 31.1% 49.8% 24.7% 46.4% 34.2% 50.3% Five-Year Performance 2003–2007 11.1 11.5 7.9 1.7 1.9 1.2 Stockholder Return DuPont S&P 500 $ (38) $ (51) $ (3) Dividend Yield1 3.17% 1.74% 60 60 81 Share Price Annual Appreciation -1.00% 7.20% 2 Total Annual Return 4.16% 12.81% 2, 3 Dividend Growth 2.08% 14.16% 2 Ten-Year Performance 1998–2007 Stockholder Return DuPont S&P 500 Dividend Yield1 3.00% 1.56% Share Price Annual Appreciation2 -2.04% -0.01% Total Annual Return2, 3 -0.08% 5.90% Dividend Growth 1.20% 6.90% 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. 2007 DuPont Data Book 5
  9. 9. Corporate Financial Data Segment Information (dollars in millions) 2006 2005 2007 Segment Sales 1 Agriculture & Nutrition $ 6,008 $ 6,090 $ 6,842 Coatings & Color Technologies 6,290 6,055 6,609 Electronic & Communication Technologies 3,573 3,408 3,797 Performance Materials 6,179 6,062 6,630 Safety & Protection 5,496 5,144 5,641 Other 180 174 178 Total segment sales 27,726 26,933 29,697 Elimination of transfers (305) (294) (319) Net sales $27,421 $26,639 $29,378 Segment Pretax Operating Income – Before Significant Items Agriculture & Nutrition $ 725 $ 875 $ 894 Coatings & Color Technologies 827 649 840 Electronic & Communication Technologies 572 510 594 Performance Materials 636 523 811 Pharmaceuticals 819 751 949 Safety & Protection 1,107 1,016 1,199 Other (173) (129) (184) Total segment pretax operating income – before significant items 4,513 4,195 5,103 Exchange gains (losses) (4) 445 (85) Corporate expenses & interest (1,047) (1,049) (1,056) Income before significant items, income taxes and minority interests 3,462 3,591 3,962 Net significant items 2 (133) (28) (219) Income before income taxes and minority interests $ 3,329 $ 3,619 $ 3,743 1 Segment sales include transfers. 2 For complete details of significant items, see DuPont’s quarterly earnings news releases. DuPont’s Share of After Tax Equity Affiliate Earnings 2006 2005 2007 Equity Affiliate Analysis Agriculture & Nutrition $ (3) $ (3) $ 3 Coatings & Color Technologies 0 1 1 Electronic & Communication Technologies 48 39 36 Performance Materials 10 26 (155) Safety & Protection 20 18 22 Other (8) 11 (14) Total segments $ 67 $ 92 $ (107) 6
  10. 10. 2006 2007 1st 2nd 3rd 4th Full Yr. 1st 2nd 3rd 4th Full Yr. Segment Sales 1 Agriculture & Nutrition $ 2,174 $1,935 $ 885 $1,014 $ 6,008 $ 2,450 $2,074 $1,067 $1,251 $ 6,842 Coatings & Color Technologies 1,478 1,625 1,612 1,575 6,290 1,559 1,701 1,649 1,700 6,609 Electronic & Communication Technologies 920 885 942 892 854 3,573 979 935 963 3,797 Performance Materials 1,541 1,556 1,559 1,523 6,179 1,589 1,679 1,651 1,711 6,630 Safety & Protection 1,360 1,413 1,385 1,338 5,496 1,370 1,466 1,408 1,397 5,641 Other 46 48 47 39 180 43 50 43 42 178 Total segment sales $ 7,484 $7,519 $6,380 $6,343 $27,726 $ 7,931 $7,949 $6,753 $7,064 $29,697 Segment Pretax Operating Income – Before Significant Items Agriculture & Nutrition $ 597 $ 430 $ (154) $ (148) $ 725 $ 651 $ 428 $ (96) $ (89) $ 894 Coatings & Color Technologies 156 228 238 205 827 194 226 204 216 840 Electronic & Communication Technologies 160 168 132 112 572 124 176 138 156 594 Performance Materials 155 191 169 121 636 202 227 196 186 811 Pharmaceuticals 169 200 210 240 819 225 241 237 246 949 Safety & Protection 268 308 286 245 1,107 291 318 313 277 1,199 Other (56) (32) (31) (54) (173) (56) (37) (36) (55) (184) Total segment pretax operating income – before significant items 1,631 1,449 1,493 850 721 4,513 1,579 956 937 5,103 Exchange gains and losses (18) 26 (3) (9) (4) (28) 8 (30) (35) (85) Corporate expenses and interest (253) (264) (261) (269) (1,047) (239) (279) (256) (282) (1,056) Income before significant items 2 1,178 1,255 586 443 3,462 1,364 1,308 670 620 3,962 Pretax Impact of Significant Items 2 Impairment charge – – – – – – – – (165) (165) Litigation related items – – – – – (52) – (40) 32 (60) Restructuring activities (135) – – (194) (329) – – – – – Hurricane insurance proceeds – – 50 93 143 – – – – – Corporate tax-related items 7 – – 90 97 – – – 6 6 Asbestos insurance recoveries – – – 61 61 – – – – – Sales terms and expense accrual changes – – – (58) (58) – – – – – Impairment loss on asset held-for-sale – – – (47) (47) – – – – – Net impact of significant items (128) – 50 (55) (133) (52) – (40) (127) (219) Income before income taxes and minority interests $ 1,050 $ 1,255 $ 636 $ 388 $ 3,329 $ 1,312 $ 1,308 $ 630 $ 493 $ 3,743 2006 2007 1st 2nd 3rd 4th Full Yr. 1st 2nd 3rd 4th Full Yr. Earnings Per Share of Common Stock – Diluted 3 Income before significant items $ 0.93 $ 1.01 $ 0.49 $ 0.45 $ 2.88 $ 1.07 $ 1.04 $ 0.59 $ 0.57 $ 3.28 Significant items (0.05) 0.03 0.03 0.49 0.50 (0.06) 0.00 (0.03) 0.03 (0.06) Income (loss) $ 0.88 $ 1.04 $ 0.52 $ 0.94 $ 3.38 $ 1.01 $ 1.04 $ 0.56 $ 0.60 $ 3.22 1 Segment sales include transfers. 2 For complete details of significant items, see DuPont’s quarterly earnings news releases. 3 Earnings per share for the year does not equal to sum of quarterly earnings per share due to changes in average share calculations. 2007 DuPont Data Book 7
  11. 11. Corporate Financial Data Consolidated Income Statements (dollars in millions, except per share) For the year ended December 31 2006 2005 2004 2003 2007 $27,421 $26,639 $27,340 $26,996 Net sales $29,378 Other income, net 1 1,561 1,852 655 734 1,275 Total 28,982 28,491 27,995 27,730 $30,653 Cost of goods sold and other operating charges 20,440 19,683 20,827 20,742 21,565 Selling, general and administrative expenses 3,224 3,223 3,141 3,067 3,364 Amortization of intangible assets 227 230 223 229 213 Research and development expense 1,302 1,336 1,333 1,349 1,338 Interest expense 460 518 362 347 430 Separation activities – Textiles & Interiors – (62) 667 1,620 – Goodwill impairment – Textiles & Interiors – – – 295 – Gain on sale of interest by subsidiary – nonoperating – – – (62) – Total 25,653 24,928 26,553 27,587 26,910 3,329 3,563 1,442 143 Income before income taxes and minority interests 3,743 Provision for (benefit from) income taxes 196 1,470 (329) (930) 748 Minority interests in earnings (losses) of consolidated subsidiaries (15) 37 (9) 71 7 Income before cumulative effect of changes in 3,148 2,056 1,780 1,002 accounting principles 2,988 Cumulative effect of changes in accounting principles, net of income taxes – – – (29) – $ 3,148 $ 2,056 $ 1,780 $ 973 Net income $ 2,988 Diluted earnings per share of common stock Income before cumulative effect of changes in accounting principles $ 3.38 $ 2.07 $ 1.77 $ 0.99 $ 3.22 Cumulative effect of changes in accounting principles – – – (0.03) – Net income $ 3.38 $ 2.07 $ 1.77 $ 0.96 $ 3.22 1 Other income, net: $ 815 $ 747 $ 675 $ 573 $ 951 Cozaar®/Hyzaar® licensing income 120 130 151 141 125 Royalty income 129 227 191 129 154 Interest income 50 108 (39) 10 (130) Equity in earnings (losses) of affiliates 78 82 28 17 126 Net gains on sales of assets 16 423 (391) (134) (65) Net exchange gains (losses) 353 135 40 (2) 114 Miscellaneous income and expenses – net $ 1,561 $ 1,852 $ 655 $ 734 $ 1,275 Total Other income, net 8
  12. 12. Consolidated Balance Sheets (dollars in millions) December 31 2006 2005 2004 2003 2007 Assets Current assets Cash and cash equivalents $ 1,814 $ 1,736 $ 3,369 $ 3,273 $ 1,305 Marketable debt securities 79 115 167 25 131 Accounts and notes receivable, net 5,198 4,801 4,889 4,218 5,683 Inventories 4,941 4,743 4,489 4,107 5,278 Prepaid expenses 182 199 209 208 199 Income taxes 656 828 1,557 1,141 564 Assets held for sale – – 531 5,490 – Total current assets 12,870 12,422 15,211 18,462 13,160 25,719 24,963 23,978 24,149 Property, plant and equipment 26,593 Less: Accumulated depreciation 15,221 14,654 13,754 14,257 15,733 Net property, plant and equipment 10,498 10,309 10,224 9,892 10,860 2,108 2,087 2,082 1,939 Goodwill 2,074 2,479 2,684 2,848 2,986 Other intangible assets 2,856 803 844 1,034 1,304 Investment in affiliates 818 3,019 4,945 4,233 2,456 Other assets 4,363 $31,7771 $33,291 $35,632 $37,039 Total $34,131 Liabilities and Stockholders Equity Current liabilities Accounts payable $ 2,711 $ 2,670 $ 2,661 $ 2,341 $ 3,172 Short-term borrowings and capital lease obligations 1,517 1,397 936 5,914 1,370 Income taxes 178 294 192 60 176 Other accrued liabilities 3,534 3,075 4,054 3,034 3,823 Liabilities held for sale – – 96 1,694 – Total current liabilities 7,940 7,436 7,939 13,043 8,541 6,013 6,783 5,548 4,301 Long-term borrowings and capital lease obligations 5,955 7,692 8,441 8,692 8,909 Other liabilities 7,255 269 1,179 966 508 Deferred income taxes 802 Total liabilities 21,914 23,839 23,145 26,761 22,553 441 490 1,110 497 Minority interests 442 9,4221 8,962 11,377 9,781 Stockholders’ equity 11,136 $31,777 $33,291 $35,632 $37,039 Total $34,131 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. 2007 DuPont Data Book 9

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