THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
---------------------------------------------------------------------------------------
Three Months Ended September 30
---------------------------------------------------------------------------------------
% Change Earnings % Change % Change
Versus Before Versus Net Versus
Net Sales Year Ago Income Taxes Year Ago Earnings Year Ago
---------------------------------------------------------------------------------------
FABRIC & HOME CARE $ 3,132 9% $ 809 22% $ 547 22%
BABY AND FAMILY CARE 2,426 5% 400 10% 241 8%
BEAUTY CARE 3,123 27% 804 25% 548 23%
HEALTH CARE 1,410 20% 275 31% 196 40%
SNACKS AND BEVERAGES 822 3% 122 8% 91 23%
---------------------------------------------------------------------------------------
TOTAL BUSINESS SEGMENT 10,913 13% 2,410 21% 1,623 22%
CORPORATE (excluding restructuring costs) (112) n/a (121) n/a (46) n/a
---------------------------------------------------------------------------------------
TOTAL COMPANY - CORE 10,801 11% 2,289 18% 1,577 18%
RESTRUCTURING COSTS (5) n/a (151) n/a (113) n/a
--------------------------------------------------------------------------------------
TOTAL COMPANY - REPORTED $ 10,796 11% $ 2,138 31% $1,464 33%
======================================================================================
JULY - SEPTEMBER NET SALES INFORMATION
(Percent Change vs. Year Ago) **
Volume
-------------------------------
With Without
Acquisitions/ Acquisitions/ Total Total Impact
Divestitures Divestitures FX Price Mix/Other Impact Ex-FX
----------------------------------------------------------------------------------------------------
FABRIC AND HOME CARE 11% 12% 1% 0% -3% 9% 8%
BABY AND FAMILY CARE 6% 6% 1% -3% 1% 5% 4%
BEAUTY CARE 32% 10% 2% -1% -6% 27% 25%
HEALTH CARE 19% 19% 1% 1% -1% 20% 19%
SNACKS AND BEVERAGES 4% 4% 2% -2% -1% 3% 1%
TOTAL COMPANY (CORE) 13% 10% 1% -1% -2% 11% 10%
** These sales percentage changes are approximations based on quantitative formulas that are consistently applied.
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
----------------------------------------------------------------
JAS QUARTER
----------------------------------------------------------------
W/O Restructuring Chgs
JAS 02 JAS 01 % CHG JAS 02 JAS 01 % CHG
-------- ------- ----- -------- ------- -----
NET SALES $ 10,796 $ 9,766 11 % $ 10,801 $ 9,742 11 %
COST OF PRODUCTS SOLD 5,489 5,111 7 % 5,406 4,991 8 %
-------- ------- -------- -------
GROSS MARGIN 5,307 4,655 14 % 5,395 4,751 14 %
MARKETING, RESEARCH & ADMINISTRATION 3,128 2,893 8 % 3,065 2,679 14 %
-------- ------- -------- -------
OPERATING INCOME 2,179 1,762 24 % 2,330 2,072 12 %
TOTAL INTEREST EXPENSE 144 157 144 157
OTHER NON-OPERATING INCOME, NET 103 22 103 22
-------- ------- -------- -------
EARNINGS BEFORE INCOME TAXES 2,138 1,627 31 % 2,289 1,937 18 %
INCOME TAXES 674 523 712 595
-------- ------- -------- -------
NET EARNINGS $ 1,464 $ 1,104 33 % $ 1,577 $ 1,342 18 %
======== ======= ======= =======
EFFECTIVE TAX RATE 31.5 % 32.1 % 31.1 % 30.7 %
PER COMMON SHARE:
BASIC NET EARNINGS $ 1.10 $ 0.83 33 % $ 1.19 $ 1.01 18 %
DILUTED NET EARNINGS $ 1.04 $ 0.79 32 % $ 1.12 $ 0.96 17 %
DIVIDENDS $ 0.41 $ 0.38 $ 0.41 $ 0.38
AVERAGE DILUTED SHARES OUTSTANDING 1,407.3 1,400.8 1,407.3 1,400.8
Basis Pt Basis Pt
COMPARISONS AS A % OF NET SALES Chg Chg
- ------------------------------- -------- --------
COST OF PRODUCTS SOLD 50.8 % 52.3 % 50.0 % 51.2 %
GROSS MARGIN 49.2 % 47.7 % 150 50.0 % 48.8 % 120
MARKETING, RESEARCH & ADMINISTRATION 29.0 % 29.6 % (60) 28.4 % 27.5 % 90
OPERATING MARGIN 20.2 % 18.0 % 220 21.6 % 21.3 % 30
EARNINGS BEFORE INCOME TAXES 19.8 % 16.7 % 21.2 % 19.9 %
NET EARNINGS 13.6 % 11.3 % 14.6 % 13.8 %
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Cash Flows Information
Three Months Ended September 30
-------------------------------
2002 2001
-------------------------------
OPERATING ACTIVITIES
NET EARNINGS $ 1,464 $ 1,104
DEPRECIATION AND AMORTIZATION 410 382
DEFERRED INCOME TAXES 142 78
CHANGES IN:
ACCOUNTS RECEIVABLE (44) (96)
INVENTORIES (105) (273)
ACCOUNTS PAYABLE, ACCRUED AND OTHER LIABILITIES (15) 269
OTHER OPERATING ASSETS & LIABILITIES 65 (342)
OTHER 93 207
------------ ------------
TOTAL OPERATING ACTIVITIES 2,010 1,329
------------ ------------
CAPITAL EXPENDITURES (281) (352)
------------ ------------
FREE CASH FLOW BEFORE DIVIDENDS $ 1,729 $ 977
============ ============
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Balance Sheet Information
September 30, June 30,
2002 2002
------------- ------------
CASH AND CASH EQUIVALENTS $ 4,703 $ 3,427
INVESTMENTS SECURITIES 186 196
ACCOUNTS RECEIVABLE 3,110 3,090
TOTAL INVENTORIES 3,559 3,456
OTHER 2,005 1,997
------------ ------------
TOTAL CURRENT ASSETS 13,563 12,166
NET PROPERTY, PLANT AND EQUIPMENT 13,049 13,349
NET GOODWILL AND OTHER INTANGIBLE ASSETS 13,395 13,430
OTHER NON-CURRENT ASSETS 1,843 1,831
------------ ------------
TOTAL ASSETS $ 41,850 $ 40,776
============ ============
ACCOUNTS PAYABLE $ 2,015 $ 2,205
ACCRUED AND OTHER LIABILITIES 4,997 5,330
TAXES PAYABLE 1,860 1,438
DEBT DUE WITHIN ONE YEAR 4,199 3,731
------------ ------------
TOTAL CURRENT LIABILITIES 13,071 12,704
LONG-TERM DEBT 11,263 11,201
OTHER 3,277 3,165
------------ ------------
TOTAL LIABILITIES 27,611 27,070
------------ ------------
------------ ------------
TOTAL SHAREHOLDERS' EQUITY 14,239 13,706
------------ ------------
------------ ------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 41,850 $ 40,776
============ ============