SCHEDULE A (Dollars in Thousands, except per share data and ratios)
For the Nine Months
PIONEER HI-BRED INTERNATIONAL --------------For the Years Ended August 31,-------------------- Ended May 31, Sep 21
1992 1993 1994 1995 1996 1997 1997 1998 1998
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SELECTED BALANCE SHEET ITEMS (Unaudited)
Accounts Receivable $163,000 $208,000 $256,000 $ 561,000
Inventory 426,000 382,000 440,000 414,000
Current Assets 703,000 717,000 742,000 770,000 784,000 901,000 1,326,000
Current Liabilities 286,000 261,000 282,000 280,000 288,000 329,000 479,000
Working Capital 417,000 456,000 460,000 490,000 496,000 572,000 847,000
Short Term Debt 58,000 13,000 91,000 56,000
Current Maturities LTD 53,000 12,000 6,000 4,000
L T Debt and Preferred St 74,000 68,000 66,000 18,000 25,000 19,000 17,000
Com Stckhldrs' Equity 799,000 825,000 881,000 913,000 1,018,000 1,148,000 1,399,000
Total Capitalization 873,000 893,000 947,000 931,000 1,043,000 1,167,000 1,416,000
Total Assets 1,216,000 1,221,000 1,253,000 1,293,000 1,422,000 1,603,000 2,013,000
SELECTED INCOME STATEMENT ITEMS
Sales 1,262,000 1,343,000 1,479,000 1,532,000 1,721,000 1,784,000 1,642,000 1,698,000
Cost of Goods Sold 622,000 643,000 606,000 642,000 727,000 771,000 700,000 716,000
Gross Profit 640,000 700,000 873,000 890,000 994,000 1,013,000 942,000 982,000
Other Income 19,000 24,000 22,000 22,000 16,000 50,000
Interest Expense 11,000 13,000 11,000 8,000 6,000 9,000
Deprec and Amor Exp 75,000 74,000 77,000 89,000 64,000 64,000
Sell, Gen & Admin Exp 458,000 480,000 511,000 504,000 401,000 420,000
Other Operating Expenses 69,000 130,000 136,000 146,000 103,000 115,000
Other Expenses 7,000 2,000 8,000 7,000 2,000 3,000
Pre-Tax Income 239,000 223,000 347,000 289,000 350,000 370,000 446,000 485,000
Taxes 87,000 86,000 134,000 106,000 127,000 127,000 161,000 166,000
N I From Continuing Ops 152,000 137,000 213,000 183,000 223,000 243,000 285,000 319,000
Dis Ops Extrao 0 (17,000) 0 0 0 0 0 0
Net Income 152,000 120,000 213,000 183,000 223,000 243,000 285,000 319,000
EBITDA 433,000 376,000 438,000 467,000 516,000 558,000
SELECTED LIQUIDITY, COVERAGE & LEVERAGE RATIOS
Current Ratio 2.46 2.75 2.63 2.75 2.72 2.74 2.77
Collection Period (Days) 38.83 39.34 47.47 * 81.03 *
Inventory Turnover 1.51 1.80 1.88 * 1.84 *
Sales/Assets (Avg.) 1.04 1.10 1.20 1.20 1.27 1.18 * 1.02 *
EBIT/Interest 32.55 23.23 32.82 47.25 * 38.18 *
EBITDA/CMLTD+Interest 5.70 19.04 33.36 * 33.93 *
Equity/Assets (Avg.) 0.66 0.67 0.69 0.70 0.71 0.72 0.70
Equity/Ttl.Capitalization 0.92 0.92 0.93 0.96 0.98 0.98 0.99
SELECTED PROFITABILITY RATIOS
N I Cont. Ops./Sales 12.04% 10.20% 14.40% 11.95% 12.96% 13.62% 13.72%* 15.05%*
N I Cont. Ops./Avg. Equit 19.02% 16.87% 24.97% 20.40% 23.10% 22.44% * 21.75%*
N I Cont. Ops/Avg. Assets 12.50% 11.24% 17.22% 14.38% 16.43% 16.07% * 15.32%*
Gross Profit/Sales 50.71% 52.12% 59.03% 58.09% 57.76% 56.78% 57.37% 57.83%
Operating Expenses/Sales 35.63% 39.82% 37.59% 36.43% 30.69% 31.51%
Taxes/Pre-Tax Income 36.40% 38.57% 38.62% 36.68% 36.29% 34.32% 36.10% 34.23%
SELECTED EARNINGS AND PRICING RATIOS (Unaudited)
LTM EPS From Cont Ops $0.56 $0.51 $0.80 $0.72 $0.89 $0.98 $1.01 $1.09 $1.09 **
Wtd Avg EPS Cont Ops5 Yr $0.85 $0.85 ***
Forecasted Next Year EPS (8/99) $1.31
Fully Diluted EPS (As Rep $0.56 $0.45 $0.80 $0.72 $0.89 $0.98 $1.15 $1.26
Dividend Per Share $0.13 $0.17 $0.20 $0.24 $0.28 $0.32 $0.23 $0.26 $0.36 ****
Dividend Yield 1.11% 1.15%
Percentage Payout 23.81% 37.31% 24.58% 32.87% 30.97% 32.20% 20.00% 20.63% 32.93%
Last 12 Months Sales / Sh $4.63 $4.97 $5.56 $6.04 $6.90 $7.23 $7.27 $7.27 **
Last 12 Months EBITDA / Share $1.63 $1.48 $1.75 $1.89 $2.01 $2.01 **
Book Value Per Share $2.95 $3.08 $3.41 $3.65 $4.12 $4.65 $5.79 $5.79 **
Price Per Share $28.56 $31.44
Invested Capital Per Share $29.03 $31.76
Price / Share - LTM EPS Contin Ops 29.05 x 28.75 x
Price / Share - Wt Avg EPS Cont Ops 5 yrs 33.58 x 36.96 x
Price / Share - Forecasted EPS 24.00 x
Price / Share - Book Value / Share 6.14 x 5.43 x
Price / Share - Sales / Share LTM 3.95 x 4.33 x
Price / Share - EBITDA / Share LTM 15.10 x 15.64 x
Invest Cap / Share - Sales / Share LTM 4.02 x 4.37 x
Invest Cap / Share - EBITDA / Share LTM 15.35 x 15.80 x
End of Period Shares Outstanding 250,460,487 247,166,634 246,668,805 241,580,492
Wtd Aver Shs Outstand 272,400,000 270,300,000 265,800,000 253,500,000 249,600,000 246,900,000 247,600,000 253,200,000
SELECTED GROWTH RATE CALCULATIONS
CAGR in Assets (1,2,3,4,5 Yrs.) 0.41% 1.51% 2.07% 3.99% 5.68%
CAGR in Sales (1,2,3,4,5 Yrs.) 6.42% 8.26% 6.68% 8.06% 7.17%
CAGR in FD EPS Con Ops 1,2,3,4,5 Yrs -8.93% 19.52% 8.74% 12.38% 11.92%
EPS Cont Ops 5 Year Aver $0.78
EPS Cont Ops - 5 Year Std Dev $0.16
CAGR in F.D. EPS 1,2,3,4,5 Yrs -20.24% 19.52% 8.74% 12.38% 11.92%
EPS 5 Year Aver $0.77
EPS 5 Year Std Dev $0.18
EPS Cont. Ops. - Earnings per share before discontinued
operations and/or extraordinary and nonrecurring items
nmf - Not meaningful
n/a - Not available
* Annualized
** As of 5/31/98
*** As of 8/31/97
**** Indicated dividend rate