Exhibit 99.1
FIVE-YEAR FINANCIAL REVIEW
(dollar amounts in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | |
| | 2006 | | | 2005 | | | 2004 | | | 2003 | | | 2002 | |
FOR THE YEAR | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | 14,751,270 | | | $ | 12,700,999 | | | $ | 11,376,828 | | | $ | 6,265,823 | | | $ | 4,801,777 | |
Costs, expenses and other: | | | | | | | | | | | | | | | | | | | | |
Cost of products sold | | | 11,284,606 | | | | 10,108,805 | | | | 9,174,611 | | | | 5,993,492 | | | | 4,335,409 | |
Marketing, administrative and other expenses | | | 592,473 | | | | 459,460 | | | | 374,730 | | | | 165,369 | | | | 175,589 | |
Interest (income) expense, net | | | (37,365 | ) | | | 4,201 | | | | 22,352 | | | | 24,627 | | | | 14,286 | |
Minority interests | | | 219,121 | | | | 110,650 | | | | 80,840 | | | | 23,904 | | | | 79,408 | |
Other income | | | — | | | | (9,200 | ) | | | (1,596 | ) | | | (11,547 | ) | | | (29,900 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | 12,058,835 | | | | 10,673,916 | | | | 9,650,937 | | | | 6,195,845 | | | | 4,574,792 | |
Earnings before income taxes | | | 2,692,435 | | | | 2,027,083 | | | | 1,725,891 | | | | 69,978 | | | | 226,985 | |
Provision for income taxes | | | 935,653 | | | | 709,834 | | | | 607,906 | | | | 5,181 | | | | 66,899 | |
| | | | | | | | | | | | | | | | | | | | |
Net earnings | | | 1,756,782 | | | | 1,317,249 | | | | 1,117,985 | | | | 64,797 | | | | 160,086 | |
Net earnings per share: | | | | | | | | | | | | | | | | | | | | |
Basic(1) | | | 5.73 | | | | 4.19 | | | | 3.53 | | | | 0.21 | | | | 0.51 | |
Diluted(1) | | | 5.68 | | | | 4.15 | | | | 3.50 | | | | 0.21 | | | | 0.51 | |
Dividends declared per share(1) | | | 2.15 | | | | 0.93 | | | | 0.24 | | | | 0.20 | | | | 0.19 | |
Percentage of net earnings to net sales | | | 11.9 | % | | | 10.4 | % | | | 9.8 | % | | | 1.0 | % | | | 3.3 | % |
Return on average equity | | | 38.3 | % | | | 33.8 | % | | | 38.2 | % | | | 2.7 | % | | | 7.0 | % |
Capital expenditures | | | 338,404 | | | | 331,466 | | | | 285,925 | | | | 215,408 | | | | 243,598 | |
Depreciation | | | 363,936 | | | | 375,054 | | | | 383,305 | | | | 364,112 | | | | 307,101 | |
Sales per employee | | | 1,273 | | | | 1,159 | | | | 1,107 | | | | 637 | | | | 528 | |
| | | | | |
AT YEAR END | | | | | | | | | | | | | | | | | | | | |
Current assets | | $ | 4,683,065 | | | $ | 4,081,611 | | | $ | 3,182,132 | | | $ | 1,639,784 | | | $ | 1,429,305 | |
Current liabilities | | | 1,421,917 | | | | 1,228,618 | | | | 1,042,776 | | | | 615,067 | | | | 573,697 | |
| | | | | | | | | | | | | | | | | | | | |
Working capital | | | 3,261,148 | | | | 2,852,993 | | | | 2,139,356 | | | | 1,024,717 | | | | 855,608 | |
Cash provided by operating activities | | | 2,251,233 | | | | 2,136,615 | | | | 1,024,756 | | | | 493,801 | | | | 497,220 | |
Current ratio | | | 3.3 | | | | 3.3 | | | | 3.1 | | | | 2.7 | | | | 2.5 | |
Property, plant and equipment, net | | | 2,856,415 | | | | 2,855,717 | | | | 2,818,307 | | | | 2,817,135 | | | | 2,932,058 | |
Total assets | | | 7,893,018 | | | | 7,148,845 | | | | 6,140,391 | | | | 4,511,577 | | | | 4,394,944 | |
Long-term debt | | | 922,300 | | | | 923,550 | | | | 923,550 | | | | 903,550 | | | | 894,550 | |
Percentage of debt to capital | | | 15.3 | % | | | 17.0 | % | | | 20.2 | % | | | 26.1 | % | | | 25.8 | % |
Stockholders’ equity | | | 4,857,351 | | | | 4,312,049 | | | | 3,481,281 | | | | 2,370,873 | | | | 2,349,770 | |
Per share | | | 16.14 | | | | 13.90 | | | | 10.91 | | | | 7.54 | | | | 7.51 | |
Shares outstanding | | | 300,949 | | | | 310,220 | | | | 319,024 | | | | 314,361 | | | | 312,720 | |
Employees | | | 11,900 | | | | 11,300 | | | | 10,600 | | | | 9,900 | | | | 9,800 | |
(1) | Per share and shares outstanding amounts have been adjusted to reflect the two-for-one stock split effective May 2006. |