monsanto-2012-annual-report

MONSANTO COMPANY 2012 FORM 10-K
ITEM 6. SELECTED FINANCIAL DATA
SELECTED FINANCIAL DATA (1)
Year Ended Aug. 31,
(Dollars in millions, except per share amounts) 2012 2011 2010 2009 2008
Operating Results:
Net sales $13,504 $11,822 $10,483 $11,685 $11,365
Income from operations 3,148 2,502 1,603 3,061 2,721
Income from continuing operations 2,087 1,657 1,111 2,105 2,027
Income on discontinued operations 6 2 4 11 17
Net income attributable to Monsanto Company 2,045 1,607 1,096 2,092 2,024
Basic Earnings per Share Attributable to Monsanto Company:
Income from continuing operations $ 3.82 $ 2.99 $ 2.01 $ 3.80 $ 3.66
Income on discontinued operations 0.01 0.01 0.01 0.02 0.03
Net income 3.83 3.00 2.02 3.82 3.69
Diluted Earnings per Share Attributable to Monsanto Company:
Income from continuing operations $ 3.78 $ 2.96 $ 1.99 $ 3.75 $ 3.59
Income on discontinued operations 0.01 — — 0.02 0.03
Net income 3.79 2.96 1.99 3.77 3.62
Financial Position at End of Period:
Total assets $20,224 $19,844 $17,852 $17,831 $17,991
Working capital (2) 5,437 4,080 3,494 4,056 3,170
Current ratio (2) 2.29:1 1.86:1 1.98:1 2.09:1 1.71:1
Long-term debt 2,038 1,543 1,862 1,724 1,792
Debt-to-capital ratio (3) 15% 16% 17% 15% 16%
Other Data:
Dividends per share $ 1.28 $ 1.14 $ 1.08 $ 1.04 $ 0.83
Stock price per share:
High $ 89.73 $ 77.09 $ 87.06 $121.32 $145.80
Low $ 58.89 $ 47.07 $ 44.61 $ 63.47 $ 69.22
End of period $ 87.11 $ 68.93 $ 52.65 $ 83.88 $114.25
Basic shares outstanding 534.1 536.5 543.7 547.1 548.9
Diluted shares outstanding 540.2 542.4 550.8 555.6 559.7
(1) For comparative purposes, the following factors have an effect on certain line items within the years specified below:
In 2008, we acquired De Ruiter, Cristiani, and Agroeste. In 2009, we acquired Aly Participacoes Ltda. and WestBred, LLC. In 2010, we acquired Seminium and a corn and
soybean processing plant in Paine, Chile. In 2011, we acquired Divergence and Pannon Seeds. In 2012, we acquired Precision Planting, Inc. and Beeologics. See
Note 4 — Business Combinations — for further details on the more recent acquisitions.
In 2008, we entered into an agreement to sell the Dairy business. Accordingly, this business has been presented as discontinued operations in the Statements of
Consolidated Operations for all periods presented above. In 2009, we divested the Dairy business.
Effective Sept. 1, 2009, we retrospectively adopted a FASB-issued standard that requires unvested share-based payment awards that contain rights to receive non-forfeitable
dividends or dividend equivalents to be included in the two-class method of computing earnings per share as described in the Earnings Per Share topic of the ASC.
Effective Sept. 1, 2009, we retrospectively adopted the new accounting guidance related to the Consolidation topic of the ASC as it relates to non-controlling interest.
Fiscal years 2009 and 2010 include restructuring charges. See Note 5 — Restructuring.
Effective Sept. 1, 2010, we prospectively adopted the new accounting guidance related to the Consolidation topic of the ASC as it relates to variable interest entities (VIEs).
(2) Working capital is total current assets less total current liabilities; current ratio represents total current assets divided by total current liabilities.
(3) Debt-to-capital ratio is the sum of short-term and long-term debt, divided by the sum of short-term and long-term debt and shareowners’ equity.
See Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations — for information regarding the
factors that have affected or may affect the comparability of our business results.
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