ECOLAB

 
Ecolab 2 0 0 3

 
Annual Report

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summary operating and financial data

December 31 (thousands, except per share) 2003     2002     2001     2000     1999     1998     1997     1996     1995     1994     1993   
OPERATIONS    
Net Sales    
  United States   $ 2,014,767      $ 1,923,500      $ 1,821,902      $ 1,746,698      $ 1,605,385      $ 1,429,711      $ 1,251,517      $ 1,127,281      $ 1,008,910      $     923,667      $ 850,648   
  International (at average rates of currency
    exchange during the year)		   1,747,052      1,480,085      498,808      483,963      444,413      431,366      364,524      341,231      310,755      265,544      234,981   
  Total   3,761,819      3,403,585      2,320,710      2,230,661      2,049,798      1,861,077      1,616,041      1,468,512      1,319,665      1,189,211      1,085,629   
Cost of sales (including special charges
   (income) of $(76) in 2003, $8,977 in 2002,
   $(566) in 2001 and $1,948 in 2000)		   1,845,202      1,687,597      1,120,254      1,056,263      963,476      874,793      745,256      694,791      622,342      550,308      505,836   
Selling, general and administrative expenses   1,433,551      1,283,091      881,453      851,995      796,371      724,304      652,281      588,404      534,637      493,939      450,342   
Special charges, sale of business and
  merger expenses		   408      37,031      824      (20,736)                                   8,000         
Operating income   482,658      395,866      318,179      343,139      289,951      261,980      218,504      185,317      162,686      136,964      129,451   
Gain on sale of equity investment   11,105                                                               
Interest expense, net   45,345      43,895      28,434      24,605      22,713      21,742      12,637      14,372      11,505      12,909      21,384   
Income from continuing operations before
  income taxes, equity earnings and
  changes in accounting principle		   448,418      351,971      289,745      318,534      267,238      240,238      205,867      170,945      151,181      124,055      108,067   
Provision for income taxes   171,070      140,081      117,408      129,495      109,769      101,782      85,345      70,771      59,694      50,444      33,422   
Equity in earnings of Henkel-Ecolab               15,833      19,516      18,317      16,050      13,433      13,011      7,702      10,951      8,127   
Income from continuing operations   277,348      211,890      188,170      208,555      175,786      154,506      133,955      113,185      99,189      84,562      82,772   
Gain from discontinued operations         1,882                        38,000                                 
Changes in accounting principles         (4,002)           (2,428)                                         715   

Net income, as reported   277,348      209,770      188,170      206,127      175,786      192,506      133,955      113,185      99,189      84,562      83,487   
Pro forma adjustments               18,471      17,762      16,631      14,934      11,195      10,683      8,096      12,757      3,658   
Adjusted net income   $    277,348      $    209,770      $    206,641      $    223,889      $    192,417      $    207,440      $    145,150      $    123,868      $    107,285      $       97,319      $   87,145   
Income per common share, as reported    
  Basic – continuing operations   $           1.07      $           0.82      $           0.74      $           0.82      $           0.68      $           0.60      $           0.52      $           0.44      $           0.38      $            0.31      $        0.31   
  Basic – net income   1.07      0.81      0.74      0.81      0.68      0.75      0.52      0.44      0.38      0.31      0.31   
  Diluted – continuing operations   1.06      0.81      0.72      0.79      0.65      0.58      0.50      0.43      0.37      0.31      0.30   
  Diluted – net income   1.06      0.80      0.72      0.78      0.65      0.72      0.50      0.43      0.37      0.31      0.30   
Adjusted income per common share    
  Basic – continuing operations   1.07      0.82      0.81      0.89      0.74      0.66      0.56      0.48      0.41      0.36      0.32   
  Basic – net income   1.07      0.81      0.81      0.88      0.74      0.80      0.56      0.48      0.41      0.36      0.32   
  Diluted – continuing operations   1.06      0.81      0.80      0.86      0.72      0.63      0.54      0.47      0.40      0.35      0.31   
  Diluted – net income   $           1.06      $           0.80      $           0.80      $           0.85      $           0.72      $           0.77      $           0.54      $           0.47      $           0.40      $            0.35      $        0.32   
Weighted-average common shares
  outstanding – basic		   259,454      258,147      254,832      255,505      259,099      258,314      258,891      257,983      264,387      270,200      270,112   
Weighted-average common shares
  outstanding – diluted		   262,737      261,574      259,855      263,892      268,837      268,095      267,643      265,634      269,912      274,612      274,842   

SELECTED INCOME STATEMENT RATIOS		    
Gross profit   50.9%   50.4%   51.7%   52.6%   53.0%   53.0%   53.9%   52.7%   52.8%   53.7%   53.4%
Selling, general and administrative expenses   38.1      37.7      38.0      38.2      38.9      38.9      40.4      40.1      40.5      41.5      41.5   
Operating income   12.8      11.6      13.7      15.4      14.1      14.1      13.5      12.6      12.3      11.5      11.9   
Income from continuing operations before
  income taxes		   11.9      10.3      12.5      14.3      13.0      12.9      12.7      11.6      11.5      10.4      10.0   
Income from continuing operations   7.4      6.2      8.1      9.3      8.6      8.3      8.3      7.7      7.5      7.1      7.6   
Effective income tax rate   38.1%   39.8%   40.5%   40.7%   41.1%   42.4%   41.5%   41.4%   39.5%   40.7%   30.9%

FINANCIAL POSITION		    
Current assets   $ 1,150,340      $ 1,015,937      $    929,583      $    600,568      $    577,321      $    503,514      $    509,501      $    435,507      $    358,072      $    401,179      $ 311,051   
Property, plant and equipment, net   736,797      680,265      644,323      501,640      448,116      420,205      395,562      332,314      292,937      246,191      219,268   
Investment in Henkel-Ecolab                     199,642      219,003      253,646      239,879      285,237      302,298      284,570      255,804   
Goodwill, intangible and other assets   1,341,781      1,169,705      951,094      412,161      341,506      293,630      271,357      155,351      107,573      88,416      105,607   
Total assets   $ 3,228,918      $ 2,865,907      $ 2,525,000      $ 1,714,011      $ 1,585,946      $ 1,470,995      $ 1,416,299      $ 1,208,409      $ 1,060,880      $ 1,020,356      $ 891,730   
Current liabilities   $    851,942      $    853,828      $    827,952      $    532,034      $    470,674      $    399,791      $    404,464      $    327,771      $    310,538      $    253,665      $ 201,498   
Long-term debt   604,441      539,743      512,280      234,377      169,014      227,041      259,384      148,683      89,402      105,393      131,861   
Postretirement health care and pension
  benefits		   249,906      207,596      183,281      117,790      97,527      85,793      76,109      73,577      70,666      70,882      72,647   
Other liabilities   227,203      164,989      121,135      72,803      86,715      67,829      124,641      138,415      133,616      128,608      93,917   
Shareholders' equity   1,295,426      1,099,751      880,352      757,007      762,016      690,541      551,701      519,963      456,658      461,808      391,807   
Total liabilities and shareholders' equity   $ 3,228,918      $ 2,865,907      $ 2,525,000      $ 1,714,011      $ 1,585,946      $ 1,470,995      $ 1,416,299      $ 1,208,409      $ 1,060,880      $ 1,020,356      $ 891,730   

SELECTED CASH FLOW INFORMATION		    
Cash provided by operating activities   $    529,199      $    423,326      $    364,481      $    315,486      $    293,494      $    235,642      $    235,098      $    254,269      $    166,463      $    169,346      $ 175,674   
Depreciation and amortization   229,656      223,428      162,990      148,436      134,530      121,971      100,879      89,523      76,279      66,869      60,609   
Capital expenditures   212,035      212,757      157,937      150,009      145,622      147,631      121,667      111,518      109,894      88,457      68,321   
Cash dividends declared per common share   $      0.2975      $      0.2750      $      0.2625      $      0.2450      $      0.2175      $      0.1950      $    0.16750      $      0.1450      $      0.1288      $      0.1138      $   0.0988   

SELECTED FINANCIAL MEASURES/OTHER		    
Total debt   $    674,644      $    699,842      $    745,673      $    370,969      $    281,074      $    295,032      $    308,268      $    176,292      $    161,049      $    147,213      $ 151,281   
Total debt to capitalization   34.2%   38.9%   45.9%   32.9%   26.9%   29.9%   35.8%   25.3%   26.1%   24.2%   27.9%
Book value per common share   $           5.03      $           4.23      $           3.44      $           2.98      $           2.94      $           2.67      $           2.14      $           2.01      $           1.76      $           1.71      $        1.45   
Return on beginning equity   25.2%   23.8%   24.9%   27.1%   25.5%   34.9%   25.8%   24.8%   21.5%   21.6%   23.3%
Dividends per share/diluted net income per
  common share		   28.1%   34.4%   36.2%   31.4%   33.2%   27.1%   33.5%   34.1%   35.3%   36.7%   32.4%
Annual common stock price range   $27.92-23.08      $25.20-18.27      $22.10-14.25      $22.85-14.00      $22.22-15.85      $19.00-13.07      $14.00-9.07      $9.88–7.28      $7.94-5.00      $5.88-4.82      $5.96-4.54   
Number of employees   20,826      20,417      19,326      14,250      12,870      12,007      10,210      9,573      9,026      8,206      7,822   

The former Henkel-Ecolab is included as a consolidated subsidiary effective November 30, 2001. Adjusted results for 1993 through 2001 reflect the effect of retroactive application of the discontinuance of the amortization of goodwill as if SFAS No. 142 had been in effect since January 1, 1993. For 1993 through 1994 the adjustments also reflect adjustments to eliminate unusual items associated with Ecolab's acquisition of Kay Chemical Company in December 1994. All per share, shares outstanding and market price data reflect the two-for-one stock splits declared in 2003, 1997 and 1993. Return on beginning equity is net income divided by beginning shareholders' equity.





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