EXHIBIT 99
FISCAL YEARS 2005-2007 GUIDANCE
Ongoing EPS and Free Cash Flow: The presentations of ongoing EPS and free cash
flow are not intended to replace net income (loss), cash flows, financial
position or comprehensive income (loss), and they are not measures of financial
performance as determined in accordance with generally accepted accounting
principles (GAAP) in the United States. The following tables reconcile ongoing
EPS and free cash flow to the respective most directly comparable financial
measure calculated in accordance with GAAP.
Reconciliation of EPS to Ongoing EPS: Ongoing EPS is calculated excluding
certain after-tax items which Monsanto does not consider part of ongoing
operations.
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Third
Quarter Fourth Quarter
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Total Monsanto Company and Subsidiaries: 2005 2005 2005 2006 2007
Target Target Target Target Target
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Diluted Earnings per Share $0.15-$0.22 $(0.53)-$(0.48) $0.85-$0.97 $2.34 $2.81-$2.93
Estimated In-Process R&D and Other $0.78-$0.85 -- $0.78-$0.85 -- --
Purchase Accounting Adjustments
Solutia-Related Charge -- -- $0.67 -- --
Tax Benefit on Loss from European Wheat and -- -- $(0.39) -- --
Barley Business
Restructuring Charges - Net -- -- $0.03 -- --
(Income) Loss on Discontinued Operations and -- -- $(0.01) -- --
Related Restructuring
Impairment of Goodwill -- -- -- -- --
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Diluted Earnings per Share from Ongoing $1.00 $(0.53)-$(0.48) $2.00-$2.05 $2.34 $2.81-$2.93
Operations
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Reconciliation of Free Cash Flow: Free cash flow represents the total of cash
flows from operations and investing activities. With respect to projected free
cash flow guidance, Monsanto does not include any estimates or projections of
Net Cash Provided (Required) by Financing Activities because in order to prepare
any such estimate or projection, Monsanto would need to rely on market factors
and conditions that are outside of its control.
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Fiscal Year Fiscal Year Fiscal Year
2005 2006 2007
Total Monsanto Company and Subsidiaries: Target Target Target
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Net Cash Provided by Operations $1,200 $1,125-$1,200 $1,125-$1,225
Net Cash Provided (Required) by Investing Activities (2,100) $(300) $(300)
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Free Cash Flow $(900) $825-$900 $825-$925
Net Cash Required by Financing Activities N/A N/A N/A
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Net Increase in Cash and Cash Equivalents N/A N/A N/A
Cash and Cash Equivalents at Beginning of Period N/A N/A N/A
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Cash and Cash Equivalents at End of Period N/A N/A N/A
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