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www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
The ISG Outsourcing Index (formerly the TPI Index) provides a quarterly review of the latest sourcing industry data and trends for clients, service providers, analysts and the media. For more than a decade, it has been the authoritative source for marketplace intelligence related to outsourcing transaction structures and terms, industry adoption, geographic prevalence and service provider performance.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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Investor presentation-oct15-with-bookmarks
1. John Deere
Committed to Those
Linked to the Land
Investor Presentation
Deere & Company
October 2015
2. | Deere & Company | October 2015
Safe Harbor Statement & Disclosures
This presentation includes forward-looking comments subject to important risks
and uncertainties. It may also contain financial measures that are not in
conformance with accounting principles generally accepted in the United States
of America (GAAP).
Refer to Deere’s reports filed on Forms 8-K (current), 10-Q (quarterly), and
10-K (annual) for information on factors that could cause actual results to differ
materially from information in this presentation and for information reconciling
financial measures to GAAP. Past performance may not be representative of
future results.
Guidance noted in the following slides was effective as of the company’s most
recent earnings release and conference call (21 August 2015). Nothing in this
presentation should be construed as reaffirming or disaffirming such guidance.
This presentation is not an offer to sell or a solicitation of offers to buy any of
Deere’s securities.
2
3. |
Table of Contents
Slide
John Deere Strategy 4
Use-of-Cash 14
Global Markets 19
John Deere Financial Services 30
John Deere Power Systems 35
Market Fundamentals 39
Appendix 46
Deere & Company | October 20153
5. |5 Deere & Company | October 2015
* SVA: Shareholder Value Added
*
*
The John Deere Strategy
6. |
The John Deere Strategy
Adapting to Win
Developing global talent
Integrated solutions
Industry leading innovation
Distinctive quality
Markets worth winning
Deere & Company | October 20156
7. | Deere & Company | October 2015
* OROA: Operating Return on Operating Assets
** SVA: Shareholder Value Added
*** Excludes fiscal 2009 expenses related to goodwill impairment and voluntary employee-separation. For reconciliations to GAAP see “2009 OROA*
Reconciliation to GAAP” and “SVA* Reconciliation to GAAP” slides in Appendix.
The John Deere Strategy
Foundational Success Factors
Exceptional Operating Performance - Equipment Operations
27.7% OROA* in 2014
12%
20%
28%
2001
2002
2003
2004
20052006
2007
2008
2009
2009, adjusted***
2010
2011 2012
2013
2014
-5%
0%
5%
10%
15%
20%
25%
30%
35%
% of Normal Volume
80%
Low
100%
Normal
120%
High
12% OROA (SVA** Neutral)
7
8. | Deere & Company | October 2015
Exceptional Operating Performance - Equipment Operations
Higher Net Cash Flow, More Consistently
The John Deere Strategy
Foundational Success Factors
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
$Millions
Sale of Trade Receivables to
John Deere Financial
Adoption of SVA* Model
Over $8 billion in Pension/OPEB contributions, 2001-2014
8
* SVA: Shareholder Value Added
9. |
-1,600
-1,200
-800
-400
0
400
800
1,200
1,600
2,000
2,400
2,800
3,200
3,600
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Deere & Company | October 2015
SVA($millions)
* SVA: Shareholder Value Added
Note: For reconciliation of SVA to GAAP, please see “SVA* Reconciliation to GAAP” slide in Appendix
Disciplined SVA* Growth - Equipment Operations
SVA Journey, 1993 - 2014
9
The John Deere Strategy
Foundational Success Factors
Adoption of SVA Model
10. | Deere & Company | October 2015
Asset Management
Dramatic Reduction in Asset Intensity
20%
25%
30%
35%
40%
45%
50%
55%
60%
2001 2003 2005 2007 2009 2011 2013 2015*
Prior Year
Current Year
Trade Receivables and Net Sales
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
Trade Receivables Net Sales
$Millions 1998 2014
• Avoided ~ $8.8 billion in working capital in 2014 vs. 1998
• Receivable level in 2014 consistent with 1998, with almost 3x the sales
Quarterly Receivables & Inventory as a % of Previous 12 Months Sales
10
*Through 3rd quarter 2015
11. | Deere & Company | October 2015
Productivity Improvement
~ 6% CAGR over 30 Years
• Deere’s net sales and revenues per employee have increased at a CAGR
of ~ 6% over last 30 years
Net Sales and Revenues per Employee
$0
$100
$200
$300
$400
$500
$600
$700
1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
$Thousands
11
12. | Deere & Company | October 2015
Investment in New Products and Technologies
R&D as Percent of Net Sales
Source: Deere & Company and competitor SEC filings
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Deere R&D $ Deere % Competitor A % Competitor B %
12
13. |
Net Sales by Product Category
Equipment Operations - Fiscal Year 2014
Deere & Company | October 2015
Agriculture & Turf – $26.4B Construction & Forestry – $6.6B
Construction
Forestry
Commercial
Worksite
Products
Other
Large Ag
Small Ag
Turf
Other
13
15. | Deere & Company | October 2015
Deere Use-of-Cash Priorities
Manage the balance sheet, including liquidity, to support a rating
that provides access to low-cost and readily available short- and
long-term funding mechanisms
Reflects the strategic nature of our financial services operation
Committed to “A” Rating
Cash from Operations
Fund Operating and Growth Needs
Common Stock Dividend
Share Repurchase
Fund value-creating investments in our businesses
Consistently and moderately raise dividend targeting a 25%-
35% payout ratio of mid-cycle earnings
Consider share repurchase as a means to deploy excess cash
to shareholders, once above requirements are met and
repurchase is viewed as value-enhancing
15
16. | Deere & Company | October 2015
Deere Quarterly Dividends Declared*
Q1 2003 – Q4 2015
* Adjusted for 2 for 1 stock split on 26 November 2007
** See slide 5 for John Deere Strategy
16
$0.11
$0.14
$0.16
$0.20
$0.22
$0.25
$0.28
$0.30
$0.35
$0.41
$0.46
$0.51
$0.60
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Dividend raised 114%
since launch of the
revised John Deere
Strategy in 2010**
17. | Deere & Company | October 201517
Share Repurchase
As Part of Publicly Announced Plans
Cumulative cost of repurchases 2004-3Q2015: ~ $15.3 billion
Amount remaining on December 2013 authorization of $8 billion: ~ $4.4 billion
31 July 2015 period ended basic shares: ~ 328.2 million
3Q2015 average diluted shares: ~ 334.1 million
Shares repurchased 2004-3Q2015: ~ 230.8 million
Average repurchase price 2004-3Q2015: $66.15
Actual
Shares
Repurchased*
(in millions)
Total Amount**
(in billions)
2004 5.9 $0.2
2005 27.7 $0.9
2006 34.0 $1.3
2007 25.7 $1.5
2008 21.2 $1.7
2009 0.0 $0.0
2010 5.2 $0.4
2011 20.8 $1.7
2012 20.2 $1.6
2013 18.2 $1.5
2014 31.5 $2.7
2015 YTD 20.4 $1.8
* All shares adjusted for two-for-one stock split effective 26 November 2007
** Rounded totals for each period – sum may not tie to cumulative cost of repurchases 2004-3Q2015
18. | Deere & Company | October 201518
Sources and Uses of Cash Fiscal 2004–2014
Equipment Operations
Source: Deere & Company SEC filings
= Source of Cash
= Use of Cash
(1) Other includes proceeds from maturities and sales of marketable securities and purchases of marketable securities and reconciliation for non-cash
items including excess tax benefits from share-based compensation and the effect of exchange rates on cash and cash equivalents
$4,287
$28,527
$953
$8,731
$1,269
$3,172
$5,506
$11,659
$861
$0
$3,000
$6,000
$9,000
$12,000
$15,000
$18,000
$21,000
$24,000
$27,000
$30,000
$33,000
Beginning
Cash & Cash
Equivalents
(10/31/03)
Cash From
Operations
Divestitures,
net of
Acquisitions
Capital
Expenditures
Investment in
Financial
Services
Net Change in
Debt and
Intercompany
Balances
Dividends Share
Repurchase,
net of
Common
Stock
Issuances
Other Ending Cash &
Cash
Equivalents
(10/31/14)
(1)
$Millions
~60% of cash from operations
returned to shareholders
$2,569
20. | Deere & Company | October 2015
Net Sales by Major Markets
Equipment Operations
20
$13.8
$15.1
$13.0
$14.8
$17.4
$20.8
$21.8
$20.2
2007
2008
2009
2010
2011
2012
2013
2014
U.S. & Canada
6% CAGR
$3.9
$4.6
$3.4 $3.4
$4.4 $4.3 $4.4 $4.4
2007
2008
2009
2010
2011
2012
2013
2014
Western Europe
2% CAGR
$1.0
$1.9
$0.7 $0.7
$1.4
$1.7 $1.6 $1.4
2007
2008
2009
2010
2011
2012
2013
2014
Central Europe & CIS
5% CAGR
$1.6
$2.6
$1.8
$2.6
$3.6 $3.6
$4.3 $4.1
2007
2008
2009
2010
2011
2012
2013
2014
Latin America
14% CAGR
$0.8
$1.1 $1.2 $1.4
$1.9 $2.1 $2.1 $2.0
2007
2008
2009
2010
2011
2012
2013
2014
Asia, Africa & Middle East
14% CAGR
$0.4 $0.6 $0.6 $0.6 $0.8 $1.0 $0.8 $0.8
2007
2008
2009
2010
2011
2012
2013
2014
Asia Pacific, Australia & New
Zealand
10% CAGR
$ Billions
21. |
U.S. and Canada
Factory Locations
Deere & Company | October 201521
Iowa, USA
• Cotton Harvesting Equipment
• Planting Equipment
• Spraying Equipment
• Tillage Equipment
• Ag Tractors
• Components
• Foundry
• Engines
• Hay & Forage Equipment
• Articulated Dump Trucks
• 4WD Loaders
• Motor Graders
• Skidders
• Wheeled Feller Bunchers
• Backhoes
• Compact Tracked Loaders
• Crawler Dozers
• High-Speed Dozers
• Knuckleboom Loaders
• Skid Steer Loaders
• Tracked Feller Bunchers
• Tracked Harvesters
Illinois, USA
• Combine Harvesters
• Headers
• Planting Equipment
• Hydraulic Cylinders
North Dakota, USA
• Air Seeding Equipment
• Electronics
• Tillage Equipment
North Carolina, USA
• Commercial Mowers
• Golf & Turf Mowers
• Utility Vehicles
• Hydraulic Excavators
Alberta, Canada
• Remanufactured Components
British Columbia, Canada
• Log Loaders & Specialty Products
California, USA
• Satellite Receivers
Kansas, USA
• Power Transmission Equipment
Missouri, USA
• Remanufactured Components
Louisiana, USA
• Sugarcane Harvesting Equipment
• Tractor Loaders
• Scrapers
• Cotton Strippers
Georgia, USA
• Utility Tractors
• Compact Utility Tractors
Tennessee, USA
• Lawn Tractors
Wisconsin, USA
• Lawn & Garden Equipment
• Utility Vehicles
• Golf & Turf Reel Mowers
22. | Deere & Company | October 2015
EU 28
Factory Locations
Joensuu, Finland
• Wheel Forwarders
• Wheel Harvesters
• Forestry Attachments
Bruchsal, Germany
• Tractor, Harvesting & Forestry Cabs
Mannheim, Germany
• Tractors
Zweibrücken, Germany
• Combines & Forage Harvesters
Arc-les-Gray, France
• Balers
• Ag Loaders
Saran, France
• Engines
Madrid, Spain
• Components
Horst, The Netherlands
• Spraying Equipment
Stadtlohn, Germany
• Headers
Gummersbach, Germany
• Walk-Behind Mowers
22
23. |
Brazil
Factory Locations
Deere & Company | October 2015
Catalão, Brazil
• Sugarcane Harvesters
• Sprayers
Montenegro, Brazil
• Tractors
Horizontina, Brazil
• Combine Harvesters
• Planters
Indaiatuba, Brazil
• Backhoe Loaders
• 4WD Loaders
Indaiatuba, Brazil (JV)
• Excavators
23
24. |
CIS
Factory Locations
Deere & Company | October 201524
Orenburg, Russia
• Seeding Equipment
• Tillage Equipment
Domodedovo, Russia
• Tractors
• Combine Harvesters
• Motor Graders
25. |
China
Factory Locations
Deere & Company | October 2015
Ningbo, China
• Tractors (28-70 hp)
Tianjin (TEDA), China
• Tractors (75-135 hp)
Jiamusi, China
• Large Combine Harvesters
• Corn Pickers
• Cotton Pickers
Harbin, China
• Combine Harvesters
• Tractors (150+ hp)
• Sprayers
Tianjin (TEDA), China
• 4WD Loaders
• Excavators
Tianjin (TEDA), China
• Engines (50-220 hp)
25
26. |
India
Factory Locations
Deere & Company | October 2015
Gummidipoondi, India (JV)
• Side-Shift Backhoes
Pune, India
• Engines
• Transmissions
• Tractors (36-75 hp)
• Electronics
Sirhind, India
• Combine Harvesters
Dewas, India
• Tractors (36-50 hp)
26
27. |
Other Regions
Factory Locations
Deere & Company | October 201527
Kibbutz Beit Hashita, Israel
• Cotton Picker Components
Rosario, Argentina
• Engines
• Tractors
• Combines
Monterrey, Mexico
• Rotary Cutters
• Implements
• Components
Ramos, Mexico
• Ag Loaders
• Compact Utility Tractor Loaders
• Utility Tractor Cabs
• Hydraulic Cylinders
Saltillo, Mexico
• Ag Tractors
• Transaxles
Torreon, Mexico
• Axles
• Engines
• Electronics Tokoroa, New Zealand
• Forestry Harvester Heads
28. |
Worldwide Parts Services
Supporting the Global Growth of Our Equipment Operations
Deere & Company | October 201528
Highlights:
Campinas, Brazil
Expansion of existing facility… operational March 2015
Nagpur, India
India Parts Distribution Center opened Nov 2014
Johannesburg, South Africa
New, larger Regional Distribution Center opened 4Q 2012
Rosario, Argentina
New, larger Regional Distribution Center opened 4Q 2012
Stockholm, Sweden
New, larger Regional Distribution Center serving C&F and A&T opened May 2012
Bruchsal, Germany
E-PDC deconsolidation & packaging facility opened Nov 2011
Anchor Parts Distribution Centers
Regional Parts Distribution Centers
or Depots
Distribution Centers under
construction
29. |
John Deere Precision Ag
Machine Optimization
Ensure that machines function as expected
Maximize machine performance
Increase operator consistency
Job Optimization
Achieve quality outcomes for each job
Coordinate machines to execute jobs more
effectively and efficiently
Monitor job progress and adjust operational
plans
Agronomic Decision Support
Provide a single, secure place to visualize,
analyze and collaborate with trusted advisors
using an open data management platform
Automate the collection and transfer of data
from the machine to the platform
Make decisions and take action with greater
ease and confidence
CROP PRODUCTION
SYSTEM
Deere & Company | October 201529
31. |
John Deere Financial Services
Supporting the Global Growth of Our Equipment Operations
Deere & Company | October 201531
Owned Operations
Bank/Finance Company Partners
Retail programs through JDF not currently offered
32. | Deere & Company | October 2015
Portfolio Composition by
Market
John Deere Financial Services
$40.0 Billion Owned Portfolio at 31 October 2014
Portfolio Composition by
Geography
Portfolio Composition by
Product
Information above includes all Deere lending activities worldwide. John Deere Capital Corporation is the largest lending operation of Deere & Company.
Ag & Turf
87%
C&F
13%
U.S.
73%
Canada
11%
Europe
6%
Latin America
7%
Australia
3%
32
Installment
Financing
57%
Wholesale /
Floorplan
22%
Leasing
14%
Revolving
Credit
7%
34. | Deere & Company | October 2015
John Deere Capital Corporation Retail Notes
60+ Days Past Due vs. Write-offs
Agriculture & Turf1
• Continued extremely low write-offs
• Average write-offs less than 5 bps over last
10 years
Construction & Forestry
• Extremely low write-offs in
2014
(1) 1983 – 1985 includes Construction; 1986 - 1994 includes Lawn & Grounds Care; beginning in 2009 includes both Ag and Turf equipment; As %
of Owned Losses After Dealer Reserve Charges
Source: 1983 – 1994 internal reporting, 1995 - 2011 JDCC 10-K filings, 2012-2014 internal reporting
34
-0.05%
0.45%
0.95%
1.45%
1.95%
2.45%
2.95%
3.45%
3.95%
'83 '86 '89 '92 '95 '98 '01 '04 '07 '10 13
Net Write-offs (Ag) Installments 60+DPD (Ag)
-0.05%
0.45%
0.95%
1.45%
1.95%
2.45%
2.95%
3.45%
3.95%
'95 '98 '01 '04 '07 '10 13
Net Write-offs (C&F) Installments 60+DPD (C&F)
37. |
Engine Emissions
Final Tier 4 (FT4)/Stage IV
Deere & Company | October 201537
• Over 12.5 million hours in the field*
• FT4/Stage IV technologies deliver excellent
performance and low operating costs
• More applications transitioning to FT4/Stage
IV than IT4/Stage IIIB emission programs
• Maintain earlier tier solutions for global
markets
Interim Tier 4 (IT4)/Stage IIIA created foundation for FT4/Stage IV
delivery
• * As of October 2015
38. |
Engine Emissions
2015 Worldwide Off-Road Emissions Regulations > 75hp
Deere & Company | October 201538
Stage II/Tier 2
Stage IIIA/Tier 3/TREM 3A (> 50hp)
Stage IV/Final Tier 4 (> 75-750hp)
• *Includes some non-EU28 countries that follow EU28 emissions regulations
U.S. and Canada
Final Tier 4
EU28*
Stage IV
Russia
Transition to Stage IIIB:
Ag tractors - 2017
China
Stage IIIA
Brazil
Stage IIIA:
• Construction equipment - January 2015
• Ag equipment - January 2017
India
TREM 3A
47. | Deere & Company | October 2015
2009 OROA* Reconciliation to GAAP
Equipment Operations
Equipment Operations
2009, as
Reported
Exclude Goodwill
Impairment &
Voluntary Employee-
Separation
2009, as
Adjusted
Net Sales 20,756 20,756
Average Identifiable Assets
With Inventories at LIFO 9,647 9,647
With Inventories at Standard Cost 10,950 10,950
Operating Profit 1,365 380 1,745
Percent of Net Sales 6.6% 8.4%
Operating Return on Assets
With Inventories at LIFO 14.1% 18.1%
With Inventories at Standard Cost 12.5% 15.9%
(millions of dollars unless stated otherwise)
47
* OROA: Operating Return on Operating Assets
48. | Deere & Company | October 2015
SVA* Reconciliation to GAAP
Equipment Operations
Equipment Operations 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Net Sales 6,479 7,663 8,830 9,640 11,082 11,926 9,701 11,169 11,077 11,703 13,349
Average Identifiable Assets
With Inventories at LIFO 5,449 5,551 6,187 6,502 6,682 7,672 7,724 8,069 8,743 6,229 5,965
With Inventories at Standard Cost 6,442 6,494 7,131 7,488 7,703 8,711 8,739 9,039 9,678 7,147 6,925
Operating Profit 242 847 1,006 1,125 1,402 1,476 272 693 (46) 401 708
Percent of Net Sales 3.7% 11.1% 11.4% 11.7% 12.6% 12.4% 2.8% 6.2% -0.4% 3.4% 5.3%
Operating Return on Assets
With Inventories at LIFO 4.4% 15.3% 16.3% 17.3% 21.0% 19.3% 3.5% 8.6% -0.5% 6.4% 11.9%
With Inventories at Standard Cost 3.8% 13.0% 14.1% 15.0% 18.2% 16.9% 3.1% 7.7% -0.5% 5.6% 10.2%
SVA Cost of Assets (773) (780) (856) (898) (924) (1,045) (1,049) (1,085) (1,162) (858) (831)
SVA (531) 67 150 227 477 431 (776) (392) (1,208) (457) (123)
Equipment Operations 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Net Sales 17,673 19,401 19,884 21,489 25,803 20,756 23,573 29,466 33,501 34,998 32,961
Average Identifiable Assets
With Inventories at LIFO 6,482 7,248 7,546 8,092 9,652 9,647 9,196 11,516 13,594 14,569 14,113
With Inventories at Standard Cost 7,477 8,312 8,634 9,205 10,812 10,950 10,494 12,875 14,965 15,924 15,493
Operating Profit 1,905 1,842 1,905 2,318 2,927 1,365 2,909 3,839 4,397 5,058 4,297
Percent of Net Sales 10.8% 9.5% 9.6% 10.8% 11.3% 6.6% 12.3% 13.0% 13.1% 14.5% 13.0%
Operating Return on Assets
With Inventories at LIFO 29.4% 25.4% 25.2% 28.6% 30.3% 14.1% 31.6% 33.3% 32.3% 34.7% 30.4%
With Inventories at Standard Cost 25.5% 22.2% 22.1% 25.2% 27.1% 12.5% 27.7% 29.8% 29.4% 31.8% 27.7%
SVA Cost of Assets (897) (998) (1,036) (1,094) (1,284) (1,301) (1,259) (1,545) (1,795) (1,911) (1,860)
SVA 1,008 844 869 1,224 1,643 64 1,650 2,294 2,602 3,147 2,437
(millions of dollars unless stated otherwise)
48
* SVA: Shareholder Value Added