EXHIBIT 99.5
MONSANTO COMPANY AND SUBSIDIARIES
UPDATED HISTORICAL PRO FORMA STATEMENT OF CONSOLIDATED OPERATIONS
(Dollars in millions, except per share amounts)
Unaudited
| | | | | | | | | | | | | | | | | | | | | |
| | | Three | | Three | | Three | | Three | | Twelve |
| | | Months | | Months | | Months | | Months | | Months |
| | | Ended | | Ended | | Ended | | Ended | | Ended |
| | | Nov 30, | | Feb 28, | | May 31, | | Aug 31, | | Aug. 31, |
| | | 2002
| | 2003
| | 2003
| | 2003
| | 2003
|
| Net Sales | | $ | 846 | | | $ | 1,293 | | | $ | 1,468 | | | $ | 1,303 | | | $ | 4,910 | |
Cost of Goods Sold(1) | | | 496 | | | | 654 | | | | 742 | | | | 716 | | | | 2,608 | |
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| Gross Profit | | | 350 | | | | 639 | | | | 726 | | | | 587 | | | | 2,302 | |
| Operating Expenses: | | | | | | | | | | | | | | | | | | | | |
| Selling, general and administrative expenses | | | 217 | | | | 241 | | | | 299 | | | | 278 | | | | 1,035 | |
| Bad-debt expense | | | 20 | | | | 14 | | | | 5 | | | | 33 | | | | 72 | |
| Research and development expenses | | | 116 | | | | 127 | | | | 117 | | | | 124 | | | | 484 | |
| Restructuring charges (reversals) — net | | | 8 | | | | 31 | | | | — | | | | (5 | ) | | | 34 | |
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| Total Operating Expenses | | | 361 | | | | 413 | | | | 421 | | | | 430 | | | | 1,625 | |
| Income (Loss) From Operations | | | (11 | ) | | | 226 | | | | 305 | | | | 157 | | | | 677 | |
| Interest Expense | | | (22 | ) | | | (22 | ) | | | (21 | ) | | | (22 | ) | | | (87 | ) |
| Interest Income | | | 7 | | | | 3 | | | | 3 | | | | 5 | | | | 18 | |
| PCB Litigation Settlement Expense | | | — | | | | — | | | | — | | | | (396 | ) | | | (396 | ) |
| Other Income (Expense) — Net | | | 1 | | | | (20 | ) | | | (21 | ) | | | (35 | ) | | | (75 | ) |
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| Income (Loss) From Continuing Operations Before Income Taxes | | | (25 | ) | | | 187 | | | | 266 | | | | (291 | ) | | | 137 | |
| Income Tax Expense (Benefit) | | | (8 | ) | | | 72 | | | | 87 | | | | (109 | ) | | | 42 | |
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| Income (Loss) From Continuing Operations | | | (17 | ) | | | 115 | | | | 179 | | | | (182 | ) | | | 95 | |
| Discontinued Operations: | | | | | | | | | | | | | | | | | | | | |
| Loss from operations of discontinued businesses | | | (2 | ) | | | (5 | ) | | | (8 | ) | | | (8 | ) | | | (23 | ) |
| Income tax benefit | | | (1 | ) | | | (2 | ) | | | (3 | ) | | | (2 | ) | | | (8 | ) |
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| Loss on Discontinued Operations | | | (1 | ) | | | (3 | ) | | | (5 | ) | | | (6 | ) | | | (15 | ) |
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| Income (Loss) Before Cumulative Effect of Accounting Change | | | (18 | ) | | | 112 | | | | 174 | | | | (188 | ) | | | 80 | |
| Cumulative Effect of a Change in Accounting Principle — Net of Tax Benefit of $7 | | | — | | | | (12 | ) | | | — | | | | — | | | | (12 | ) |
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| Net Income (Loss) | | $ | (18 | ) | | $ | 100 | | | $ | 174 | | | $ | (188 | ) | | $ | 68 | |
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Basic Earnings (Loss) per Share: | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from continuing operations | | $ | (0.07 | ) | | $ | 0.44 | | | $ | 0.69 | | | $ | (0.70 | ) | | $ | 0.36 | |
| Loss on discontinued operations | | | — | | | | (0.01 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.05 | ) |
| Cumulative effect of a change in accounting principle | | | — | | | | (0.05 | ) | | | — | | | | — | | | | (0.05 | ) |
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| Net Income (Loss) | | $ | (0.07 | ) | | $ | 0.38 | | | $ | 0.67 | | | $ | (0.72 | ) | | $ | 0.26 | |
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Diluted Earnings (Loss) per Share: | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from continuing operations | | $ | (0.07 | ) | | $ | 0.44 | | | $ | 0.68 | | | $ | (0.70 | ) | | $ | 0.36 | |
| Loss on discontinued operations | | | — | | | | (0.01 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.05 | ) |
| Cumulative effect of a change in accounting principle | | | — | | | | (0.05 | ) | | | — | | | | — | | | | (0.05 | ) |
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| Net Income (Loss) | | $ | (0.07 | ) | | $ | 0.38 | | | $ | 0.66 | | | $ | (0.72 | ) | | $ | 0.26 | |
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Weighted Average Shares Outstanding: | | | | | | | | | | | | | | | | | | | | |
| Basic | | | 261.4 | | | | 261.4 | | | | 261.4 | | | | 262.1 | | | | 261.6 | |
| Diluted | | | 261.4 | | | | 261.4 | | | | 261.7 | | | | 262.1 | | | | 261.8 | |
(1) There were $6 million and $4 million in restructuring charges recorded in cost of goods sold for the quarters ended Nov. 30, 2002, and Feb. 28, 2003, respectively. There were $3 million in restructuring reversals recorded in the three months ended Aug. 31, 2003.
