| |
Ten Years in Review
($ in millions)
|
|
| |
|
2003 |
|
2002 |
|
2001 |
|
2000 |
|
1999 |
|
1998 |
|
1997 |
|
1996 |
|
1995 |
|
1994 |
|
|
|
| Operations: |
|
|
| Net sales |
$ |
6,320 |
$ |
5,847 |
$ |
5,865 |
$ |
5,673 |
$ |
5,616 |
$ |
5,174 |
$ |
4,195 |
$ |
3,486 |
$ |
3,014 |
$ |
2,859 |
|
| Earnings before income taxes |
102 |
97 |
66 |
90 |
21 |
70 |
107 |
129 |
132 |
82 |
|
| Net earnings |
84 |
99 |
71 |
103 |
21 |
69 |
95 |
119 |
121 |
75 |
|
| Allocated patronage refunds |
40 |
97 |
71 |
142 |
35 |
76 |
84 |
101 |
104 |
66 |
|
| Cash returned to members |
24 |
38 |
47 |
54 |
49 |
40 |
59 |
53 |
46 |
41 |
|
|
|
| Financial Position: |
|
|
| Working capital |
$ |
459 |
$ |
209 |
$ |
405 |
$ |
324 |
$ |
362 |
$ |
305 |
$ |
228 |
$ |
199 |
$ |
185 |
$ |
151 |
|
| Investments |
507 |
546 |
568 |
466 |
460 |
397 |
242 |
240 |
184 |
152 |
|
| Property, plant and equipment, net |
625 |
580 |
675 |
489 |
462 |
450 |
283 |
218 |
205 |
180 |
|
| Property under capital lease, net |
109 |
106 |
– |
– |
– |
– |
– |
– |
– |
– |
|
| Total assets |
3,398 |
3,246 |
3,091 |
2,473 |
2,700 |
2,292 |
1,566 |
1,235 |
1,149 |
943 |
|
| Long-term debt |
1,065
|
1,007
| 1,147 |
663 |
683 |
547 |
297 |
212 |
180 |
155 |
|
| Equities |
897 |
912 |
837 |
805 |
769 |
781 |
539 |
480 |
417 |
353 |
|
|
|
| Financial Measures: |
|
|
| Return on equity |
9% |
12% |
9% |
13% |
3% |
13% |
20% |
29% |
34% |
23% |
|
| Return on invested capital |
8% |
9% |
9% |
9% |
5% |
10% |
16% |
21% |
24% |
17% |
|
| Long-term debt-to-capital |
53%
|
51% |
56% |
44% |
47% |
41% |
35% |
30% |
30% |
30% |
|
| Current ratio |
1.42
|
1.18 |
1.44 |
1.36 |
1.31 |
1.34 |
1.34 |
1.40 |
1.36 |
1.38 |
|
|
|
| Senior
Strategy Team--> |
|
|
