[INTRODUCTION] [HIGHLIGHTS] [LETTER TO THE STAKEHOLDERS] [DAIRY FOODS] [AG SERVICES] [BOARD OF DIRECTORS] [FINANCIAL REVIEW] [SENIOR STRATEGY TEAM]
Financial Overview
Consolidated Statements of Operations
Consolidated Balance Sheets
Consolidated Statements of Cash Flows
Consolidated Statements of Equities
Notes to Consolidated Financial Statements
Report of Management
Independent Auditors Report
Ten Years in Review
Ten Years in Review

($ in millions)

  2001 2000 1999 1998 1997 1996 1995 1994 1993 1992

Operations:  
Net sales $ 5,973 $ 5,769 $ 5,616 $ 5,174 $ 4,195 $ 3,486 $ 3,014 $ 2,859 $ 2,733 $ 2,562
Earnings before income taxes and  
    extraordinary item 90 86 21 70 107 129 132 82 51 65
Net earnings 71 103 21 69 95 119 121 75 47 57
Allocated patronage refunds 71 142 35 76 84 101 104 66 41 48
Cash returned to members 47 54 49 40 59 53 46 41 40 37

Financial Position:  
Working capital $ 445 $ 324 $ 362 $ 305 $ 228 $ 199 $ 185 $ 151 $ 151 $ 158
Investments 568 466 460 397 242 240 184 152 129 125
Plant and equipment 675 489 462 450 283 218 205 180 165 153
Total assets 3,091 2,473 2,700 2,292 1,566 1,235 1,149 943 866 841
Long-term debt (including capital securities) 1,147 663 683 547 297 212 180 155 160 147
Equities 837 805 769 781 539 480 417 353 326 318

Financial Measures:  
Return on equity 9% 13% 3% 13% 20% 29% 34% 23% 15% 19%
Return on invested capital 9% 9% 5% 10% 16% 21% 24% 17% 12% 16%
Long-term debt (including capital securities)-  
    to-capital 56% 44% 47% 41% 35% 30% 30% 30% 33% 31%
Current ratio 1.48 1.36 1.31 1.34 1.34 1.40 1.36 1.38 1.42 1.44

INTRODUCTION | HIGHLIGHTS OF 2001 | LETTER TO THE STAKEHOLDERS | DAIRY FOODS | AG SERVICES
BOARD OF DIRECTORS | FINANCIAL REVIEW | SENIOR STRATEGY TEAM