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. |