BMO CAPITAL MARKETS 11TH ANNUAL FARM TO

BMO CAPITAL MARKETS 11TH ANNUAL FARM TO MARKET
CONFERENCE
Brett Begemann, President and Chief Operating Officer
May 18, 2016
Forward-Looking Statements
Certain statements contained in this release are "forward-looking statements," such as statements concerning the company’s anticipated
financial results, current and future product performance, regulatory approvals, business and financial plans and other non-historical facts.
These statements are based on current expectations and currently available information. However, since these statements are based on
factors that involve risks and uncertainties, the company’s actual performance and results may differ materially from those described or
implied by such forward-looking statements. Factors that could cause or contribute to such differences include, among others: continued
competition in seeds, traits and agricultural chemicals; the company’s exposure to various contingencies, including those related to
intellectual property protection, regulatory compliance and the speed with which approvals are received, and public understanding and
acceptance of our biotechnology and other agricultural products; the success of the company’s research and development activities; the
outcomes of major lawsuits; developments related to foreign currencies and economies; pursuit of acquisitions or other transactions;
fluctuations in commodity prices; compliance with regulations affecting our manufacturing; the accuracy of the company’s estimates related
to distribution inventory levels; the recent increases in and expected higher levels of indebtedness; the company’s ability to fund its shortterm financing needs and to obtain payment for the products that it sells; the effect of weather conditions, natural disasters, accidents, and
security breaches, including cybersecurity incidents, on the agriculture business or the company’s facilities; and other risks and factors
detailed in the company’s most recent periodic report to the SEC. Undue reliance should not be placed on these forward-looking statements,
which are current only as of the date of this release. The company disclaims any current intention or obligation to update any forward-looking
statements or any of the factors that may affect actual results.
Trademarks
Trademarks owned by Monsanto Company and its wholly-owned subsidiaries are italicized in this presentation. All other trademarks are the
property of their respective owners.
Fiscal Year
References to year, or to fiscal year, are on a fiscal year basis and refer to the 12-month period ending August 31.
© 2016 Monsanto Company
2
Non-GAAP Financial Information
This presentation may use the non-GAAP financial measures of “free cash flow,” earnings per share (EPS) on an ongoing basis, EPS growth on an
ongoing basis, EBIT and EBITDA on an ongoing basis, EBITDA on an as reported basis, gross profit on an ongoing basis, operating expenses on an
ongoing basis, net income (loss) attributable to Monsanto Company on an ongoing basis, net debt, and adjusted return on capital. We define free
cash flow as the total of cash flows from operating activities and investing activities. A non-GAAP EPS financial measure, which we refer to as
ongoing EPS, excludes certain after-tax items that we do not consider part of ongoing operations, which are identified in the reconciliation. EBIT is
defined as earnings (loss) before interest and taxes, ongoing EBITDA is defined as earnings (loss) before interest, taxes, depreciation and
amortization and excludes certain after-tax items that we do not consider part of ongoing operations, as defined in the reconciliation, and as
reported EBITDA is defined as earnings (loss) before interest, taxes, depreciation and amortization. Earnings (loss) is intended to mean net
income (loss) attributable to Monsanto Company as presented in the Statements of Consolidated Operations under GAAP. Net debt is defined as
the sum of both short-term debt and long-term debt, less cash and cash equivalents. Ongoing gross profit, ongoing operating expenses, and
ongoing other expense, net, exclude certain pretax items that we do not consider part of ongoing operations, which are identified in the
reconciliations. Ongoing net income (loss) attributable to Monsanto Company is defined as net income (loss) attributable to Monsanto Company
excluding the cumulative after-tax impact of certain items we do not consider part of ongoing operations. Adjusted return on capital means net
income (excluding certain pretax items that we do not consider part of ongoing operations) exclusive of after-tax interest expense, divided by the
average of the beginning of year and end of year net capital.
Our presentation of non-GAAP financial measures is intended to supplement investors’ understanding of our operating performance, not replace
net income (loss) attributable to Monsanto Company, cash flows, financial position, or comprehensive income (loss), as determined in accordance
with GAAP. Furthermore, these non-GAAP financial measures may not be comparable to similar measures used by other companies. The nonGAAP financial measures used in this presentation are reconciled to the most directly comparable financial measures calculated and presented in
accordance with GAAP.
3
Demand-Driven Need for Grain Sets Compelling Runway for Ag
Monsanto Uniquely Positioned to Address Key Global Challenges, Generate Significant
Value for Farmer Customers, and Return Value to Shareowners
DEMAND FOR FOOD
LIMITED RESOURCES
7.3
8.5
2015
2030
Middle Class Expected to Increase by 2X
to Nearly 5 Billion by 20302
CORN DEMAND
(IN BILLION BUSHELS)
GLOBAL MACRO TRENDS
Global Population to Increase to 8.5 Billion
by 20301
2.4
4.9
2015
2030
Actual
1/2 an acre of arable land per person
today, declining to 1/3 of an acre per
person by 2050
Climate Change
Monsanto maintains broadest,
deepest and most integrated
pipeline focused on productivity
DATA
SCIENCE
Agriculture’s role in reducing carbon in
our atmosphere
CARBON NEUTRAL CROP PRODUCTION
Demand Trends Remain Robust3
60
Acre Expansion Limited
INNOVATIVE SOLUTIONS
Forecast
IMPROVING AGRICULTURAL PRODUCTIVITY
Trendline
40
CHEMISTRY
PLANT
BREEDING
INTEGRATED
YIELD
SOLUTIONS
BIOLOGICALS
BIOTECHNOLOGY
HALTING DEFORESTATION
USING WATER MORE EFFICIENTLY
PROMOTING BEST PRACTICES
20
04/05
07/08
10/11
13/14
16/17
19/20
22/23
Partner of choice for leading Ag
technologies
Innovation leadership uniquely positions Monsanto in meeting global macro trends affecting agriculture
1. United Nations 2. OECD & Rubico 3. USDA historical data for Actual and trendline – WASDE May 2016; future forecast and projections represent Monsanto internal estimates
4
Farmer Needs Define Integrated Solutions
FARMER NEEDS
INTEGRATED
Goal to Maximize Yields and Return Per Acre through Technology
Driven Inputs and Season-Long Advice
MONSANTO’S INNOVATION
PLATFORM ADVANTAGES
YIELD
INSECT
CONTROL
BREEDING
CHEMISTRY
• Leading Share Positions
• Proven Product
Performance Advantage
• Unique Germplasm
Libraries
• Breeding 3.0
•
•
•
•
•
•
WEED
CONTROL
DISEASE
& OTHER
FERTILITY
BIOLOGICALS
Roundup Ready Crop System ~350M acres
Roundup Ready Xtend Crop System
Dicamba Investment
NEMASTRIKE phase 4 nematicide $1B NPV
Acceleron Seed Applied Solutions on >75M acres
Roundup Ready PLUS solutions on >50M Acres
• Industry-leading BioAg Alliance with
Novozymes
• Break-through RNAi technology
potential with BioDirect technology
platform
DATA SCIENCE
BIOTECH
• ~400M Acre Seed & Trait Footprint
• Multi-Generation Insect/Weed Control Traits
• 14-Gene Stack in Corn and 9-Gene Stack in
Soybeans in Development
• Industry-leading Digital Platform
• Highest Adoption Rates
• Leading Connectivity and Reach
through Retail and Ag Equipment
• Plant Health & Nitrogen Advisors
5
Strategic Portfolio Management
Maximizing Value through Strategic Management of
Industry-Leading Integrated Solutions Portfolio
SEEDS & GENOMICS CORE
NEW PLATFORMS
Strategic Objective: Develop & commercialize
new digital ag & biological solutions
Strategic Objective: Develop & commercialize
next-gen seed technologies
Portfolio Highlights:
 35M Intacta RR2 PRO acres in FY16
NEW
15M U.S. acre
target for 2017
NEW 2017 planned launch of new
Dekalb Disease Shield hybrids in
the U.S.
Portfolio Highlights:
Biologicals
Plant
breeding
NEW
Data
 Climate FieldView connectivity expansion
science
CHEMISTRY
Strategic Objective: Expand chemistry
element of integrated solutions through
targeted, collaborative, asset-light approach
SEEDS & GENOMICS NON-CORE
Strategic Objective: Use
partnerships and collaborations to
optimize and focus investment
>12M paid acre services in Climate
FieldView in FY16
Biotechnology
Portfolio Highlights:
 Exit of sugarcane business to provide focus
NEW Commercial & Research Agreements with Forage
Genetics International for alfalfa seed technologies;
includes upfront license payment of $210M to Monsanto
1. Estimated non risk-adjusted net present value 2. Pending Regulatory Approvals
Chemistry
Portfolio Highlights:
NEW
>$1 Billion
opportunity nearing commercialization1,2
 Parallel development of next-gen weed control
systems with next-gen chemistry mechanisms
 Nimbus Collaboration for novel fungicide development
6
Core Business Drives Near-Term Growth
New Platforms Provide Additional Layers of Long-Term Growth as
Integrated Solutions Strategy Implemented
CORE
BUSINESS
LONGER TERM (2020+)
NEXT-GEN CROP
PROTECTION SOLUTIONS
BIOLOGICALS
(Enhanced-Corn Inoculant Lead)
DIGITAL AG SOLUTIONS
(Sub-Field Nitrogen, Assisted
Scripts, Enhanced Imagery)
COMPLEMENTARY CROPS: Bollgard II XtendFlex cotton, vegetables (
SOYBEANS: Intacta RR2 PRO & Roundup Ready 2 Xtend expansion
,Cotton Lygus)
(3rd-Gen. Weed Control, 2nd-Gen.
Insect Protection)
CORN: Global germplasm refresh, footprint expansion & next-gen traits
GROSS PROFIT GROWTH
DRIVERS
NEW
PLATFORMS
NEAR TERM (FY17-FY19)
FOUNDATION OF FINANCIAL DISCIPLINE AMPLIFIES GROSS PROFIT GROWTH DRIVERS
① RESTRUCTURING TRANSFORMATION
② BALANCED CAPITAL ALLOCATION
③ DISCIPLINED MANAGEMENT OF CORE AG PRODUCTIVITY SEGMENT
7
Global Corn Portfolio
Next Generation Hybrids, Global Share Growth and Licensing
Opportunities Drive Expected Long-Term Growth Opportunities
GLOBAL SEED & TRAIT UPGRADES
CORN LICENSING
OPPORTUNITIES
2025 TARGET:
~240M Acres Global Seed & Trait Upgrades
FY2016 KEY GLOBAL CORN REGIONS
MID-YEAR PERFORMANCE HIGHLIGHTS
Germplasm
1 U.S.
SmartStax PRO
Position: #1
Share: Mid-30’s%
Climate Advisors
Trecepta1
2 Brazil
Position: #1
Share: ~40%
Next Generation
Biotech Weed
Control
3 Argentina
Position: #1
Share: >50%
NEMASTRIKE
phase 4
nematicide
4 Eastern Europe
Acceleron
Position: #1
Share: >20%
Seed Applied Solutions
with Enhanced Disease
Control1
5 Western Europe
Enhanced-Corn
Inoculant
Position: #2
Share: Mid-teens
1.
Licensing opportunity limited to Corn States licensees and our brands.
8
Intacta RR2 PRO Soybeans
First Generation Expected to Rapidly Penetrate 100M
Acre Opportunity; Second Generation Already in Phase 4
INTACTA RR2 PRO
2025 TARGET:
INTACTA RR2 PRO:
RECORD TECHNOLOGY ADOPTION RATE
Intacta RR2 PRO penetration
exceeded target; tracking to
35M acres in FY16
100
ACRES (IN MILLIONS)
90
80
70
100M
ACRES
75M
ACRE
TARGET
FASTEST RAMP OF ANY
SOYBEAN TRAIT
60
GENETIC DIVERSITY
DRIVES ADOPTION
~35M
50
ACRE
FORECAST
40
30
15
20
10
0
3
2014
2015
2016F
2019F
TRAIT PENETRATION STARTING WITH PRODUCT LAUNCH
MARKET
OPPORTUNITY
~145M Acres of Trait Upgrades
GROWTH PROFILE:
Next decade is a period of rapid acceleration
with new technology penetration
• Market opportunity of 100M acres; 2ndgeneration technology in Phase 4 of
development – expected to commercially
launch by 2019-2020
KEY MILESTONES:
• Expect 35M acres across South America in FY16
UPDATE
•
To date, unable to come to a
mutually agreeable soybean technology royalty
system for our patented Intacta RR2 PRO
technology in Argentina; moving forward with
efforts to enforce private contracts and
intellectual property rights and delaying launch
of Roundup Ready Xtend soybeans in Argentina
• Full review of Argentina business plans
continues, along with assessment of related
financial implications, in light of continued
dynamic business environment
9
Strong Third-Year Yield Performance
Results for INTACTA RR2 PRO Soybeans
Results Validate Yield Benefits and Growth Opportunity
UPDATE
INTACTA RR2 PRO FY16 FIELD PERFORMANCE
BRAZIL THIRD-YEAR COMMERCIAL YIELD
DATA1
FIELD PERFORMANCE: PRIMAVERA DO LESTE, MT. JAN 2016
>4
BUSHELS/ACRE
60
BU/AC
55
55.7
YIELD
ADVANTAGE
51.6
50
Roundup Ready
Soybeans
WITH INSECTICIDE TREATMENT
COMPARISONS:
WIN RATE:
INTACTA RR2 PRO
ROUNDUP READY PLOT WITH 2
INSECTICIDE APPLICATIONS
INTACTA RR2 PRO is showing exceptional performance for control of the key
insects that damage soybean crops in Brazil
359
77%
2016 PERFORMANCE
• With 67% harvested, yield performance
shows a >4 Bu/Ac average advantage.
1. Yield data based on approximately 67 percent of harvest data in commercial field strip trials across 145 locations comparing top Roundup Ready varieties for each region managed with
insecticides as needed, compared to untreated Intacta varieties.
10
Roundup Ready Xtend Crop System
Upgrade of Industry’s Largest Seed Technology Platform Underway
China Import Approval Received; EPA Comment Period for In-Crop Use of Dicamba Opened
ROUNDUP READY XTEND CROP SYSTEM
2025 TARGET:
SOURCES OF VALUE IN ROUNDUP READY XTEND CROP SYSTEM
200M-250M Acres of Trait Upgrades Across Crops
Next decade is a period of rapid acceleration with
new technology penetration
LAUNCH PLANS IN PROGRESS
Innovative Traits in
Leading Germplasm
Enhanced Chemistry
Options
Greater Flexibility,
Weed Control and Yield
Potential
ROUNDUP READY 2 XTEND SOYBEANS:
U.S. ACREAGE PENETRATION TARGETS
ACRES (IN MILLIONS)
~80M
80
70
60
50
40
30
20
10
0
~55M
DELAYED
EU IMPORT
APPROVAL
LIMITS
LAUNCH
BELOW
2M
ACRES
2016F
•
•
•
ACRES
ACRE
TARGET
$5-10/acre premium vs. Roundup Ready 2 Yield varieties;
offering introductory $5/unit price reduction
DICAMBA
•
ACRE
TARGET
•
2017F
Now trending to less than 2M acres in the U.S. in FY16; still
awaiting EU import approval for the stack after unexpected
administrative delays following EFSA positive opinion last June
>70 products across all relative maturity zones; 6x the products
in Roundup Ready 2 Yield~40M
launch
ACRES
Targeting seed companies with > 90% U.S. soybean seed share
EPA comment period opened for the in-crop use of dicamba on
March 31st; registration expected by late summer to early fall
PRICING
•
15M
TRENDING
•
2019F
MARKET
OPPORTUNITY
Initial supply agreements secured to cover first 3-5 years postlaunch
BOD approved $975M investment in manufacturing plant
expected to supply 25-35% of the fully mature demand
1. USDA deregulation received. EPA approval for in-crop use of dicamba is pending.
11
Dicamba Plant Investment to Enable Upgrade of
Industry’s Largest Seed Technology Platform
Supports Commercialization of the Next-Generation in Weed Control
ROUNDUP READY XTEND CROP SYSTEM
2025 TARGET:
200M-250M Acres of Trait Upgrades Across Crops
DICAMBA INVESTMENT1
DICAMBA OPPORTUNITY1:
CURRENT INDUSTRY PRODUCTION CAPACITY
TO MEET EXISTING MARKET NEEDS
BOD approved $975M investment in
manufacturing plant in Luling, LA.
Investment expected to provide:
Conventional uses to control broadleaf weeds
~40M
ACRES
MONSANTO PLANT
INVESTMENT
Investment targeting ~80M to 100M
acres of capacity; ~25-to-35% of
the fully mature demand
CURRENT & EXPECTED
INDUSTRY CAPACITY
EXPANSION FOR ROUNDUP
READY XTEND CROP SYSTEM
Starting to see industry capacity
expansion driven by broad-sourcing
agreements in support of early expected
demand
1. Monsanto internal estimates
1
Economies
of scale
with
proximity
to the
Luling, LA
plant
2
Logistical
advantages
with convenient
access to the
Americas
3
Strong
formulation
pipeline to
deliver crop
safety and
convenience to
growers
Value Creation:
• Total Roundup Ready Xtend crop system
expected to drive 30%+ returns; dicamba plant
alone expected to drive mid-teens return
12
Climate FieldView Strategic Differentiators
Unique Capabilities and Broad Commercial Reach Establish
Climate as “THE” Digital Ag Platform
BROAD REACH
UNIQUE CAPABILITIES
DATA
ANALYTICS
PROPRIETARY
SCIENCE
DATA ANALYTICS
• Widest breadth of data and
analytics methodology
• Data spans weather, field,
research, satellite, soil, and
customer field information
FIELD
RESEARCH
FIELD RESEARCH
• Data science driven field
experiments
• Broad, integrated field
testing with Climate and
Monsanto
PROPRIETARY SCIENCE
• Exclusive access to Monsanto
germplasm data
• Proprietary models and imagery
processing
ACCESS TO
FARMERS
CONNECTIVITY
ACCESS TO FARMERS
• >3,000 trusted advisor sellers with strategic
retail partners
• Three equipment collaborations
• Monsanto seed and chemistry sales organization
CONNECTIVITY
• Proprietary connectivity with Climate
Fieldview Drive
• Near-real time, in-cab visualization
with John Deere agreement
• Data flow enabled for 80% of top
retailers in Corn Belt
13
The Digital Ag Platform
Near-Term Strategy and Expansion Plans Unlock Path to Broad
Acre Platform Adoption
2016 OPERATIONAL PRIORITIES
PRODUCT HIGHLIGHT
Climate FieldView Platform Launched as Tiered Offering to Drive
Adoption, Connect Cabs and Deliver Insights
Advisor Tools Provide New
Benefits to Farmers
① PAID SERVICES:
Nitrogen Advisor2:
• Over 50% of US Corn
fields have
opportunities to
optimize nitrogen
application based on
2015 sample across
>3,800 fields
NEW
• On Track to Exceed 12M
Paid Acre Services in US
In cab visualization
Data Connectivity
Climate Fieldview
Drive
② PLATFORM ADOPTION1:
• In line to exceed 90 Million Acres
across Climate Fieldview
③ GEOGRAPHIC EXPANSION:
N Advisor
Field Health
Script
Creator
Field-level weather
Notifications
Scouting
Beta Testing
Locations
Expanded in-field beta testing in Brazil & Canada
for 2017;first product launch expected in the next 2 years
• FieldView Pro available on 120M acres across corn and soy
in the U.S, 50% increase vs FY15
•
1.
NEW
Field Health Advisor:
• Informed scouting
• In-season images on
average, about every
10 days
• Whole-farm overview
tool
Platform includes Climate Fieldview Prime, Pro and Plus acres.
2. Representative and random sample of >3,800 Nitrogen Advisor Fields where main Nitrogen application
was the mineral fertilizer. Assumes $4/bushel corn, $.40/lb-N fertilizer costs and average yield of 168 bushels per acre.
14
NEMASTRIKE Technology Estimated $1 Billion NPV3
Broad Spectrum Nematode Control Resulting In Improved Emergence,
Plant Health and Yield Protection; Launch Planned for 2018
2025 TARGET:
BLOCKBUSTER PRODUCT ESTIMATED $1B IN NPV3
• Followed closely by
soybeans
• Value also exists
for other crops
~$1B
NPV
VALUE
• Yield benefits
derived from reduced root damage
2015 MONSANTO TRIALS - AVERAGE YIELD ADVANTAGE
CORN
SOY
58
~9
205
BUSHELS PER ACRE
• Corn represents greatest
opportunity area
125 Million Acres in New Crop Protection Solutions
BU/AC
BUSHELS PER ACRE
SEED CARE: NEMATICIDE
YIELD
200
ADVANTAGE
195
190
185
COMPETITIVE
STANDARD
ACCELERON SAS2 +
NEMASTRIKE
TECHNOLOGY
57
~2
BU/AC
YIELD
ADVANTAGE
56
55
54
COMPETITIVE
STANDARD
ACCELERON SAS2 +
NEMASTRIKE
TECHNOLOGY
PROJECT HIGHLIGHTS:
• NEMASTRIKE technology is currently in Phase 4
• Novel nematode-control technology with a fit on 125M acres of opportunity across corn, soy and other crops
• Licensing structure in place to allow for broad commercial access
• Planning for launch in the U.S. in 20181
1. Product is subject to regulatory approvals and is expected to be branded as Nemastrike Technology
2. Acceleron SAS = Acceleron Seed Applied Solutions
3. Estimated non risk-adjusted value
15
Foundation of Financial Discipline
Amplifies Growth Drivers, Reflected in Industry-Leading
Margins & Adjusted Return on Capital
RETURN ON INDUSTRY-LEADING INNOVATION + FINANCIAL DISCIPLINE + BALANCED CAPITAL ALLOCATION
Return on industry-leading innovation, financial discipline
and balanced capital allocation drive industry-leading
margins & adjusted ROC
ONGOING EBITDA MARGINS1
ADJUSTED RETURN ON CAPITAL1
FISCAL YEARS 2013 – 2015
30%
27%
29%
32%
25%
20%
15%
10%
5%
0%
FY13
25%
ADJUSTED
RETURN ON CAPITAL1
ONGOING EBITDA AS % OF
NET SALES
35%
FISCAL YEARS 2013 – 2015
FY14
FY15
22%
23%
23%
FY13
FY14
FY15
20%
15%
10%
5%
0%
1. Components of calculation and related reconciliations provided in the non-GAAP financial measures reconciliations at the end of the presentation.
16
Innovation and Financial Discipline Create Growth Opportunity
New Platforms Provide Additional Layers of Long-Term Growth as
Integrated Solutions Strategy Implemented

Demand growth for corn and soybeans remains strong, highlighting the need to
help farmers meet that demand through sustainable productivity solutions

Innovation is the critical differentiator in unlocking incremental productivity and
Monsanto is the partner of choice for leading Ag technologies

Monsanto is maximizing value through strategic management of its industryleading integrated solutions portfolio and financial discipline

Delivery on key milestones sets up next-gen platforms across weed, insect,
disease & nutrition management – reinforcing confidence in Monsanto’s
innovation-based growth drivers…poised to deliver growth in FY17 and beyond
17
Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF ONGOING EBITDA
RECONCILIATION OF EBITDA
Fiscal Year
$ Millions
2015
2014
2013
$2,314
$2,740
$2,482
Restructuring Charges
$338
--
--
Income on Discontinued Operations
As Reported Net Income Attributable
to Monsanto Company
$(28)
$(13)
$(11)
Environmental and Litigation Matters
$54
$20
--
SEC Settlement Matters
$80
--
--
--
--
$(11)
Ongoing Net Income
$2,758
$2,747
$2,460
Interest Expense – Net
$328
$146
$80
$1,053
$1,088
$926
$(24)
$(19)
$(22)
$4,115
$3,962
$3,444
$716
$691
$615
$4,831
$4,653
$4,059
Resolution of Legacy Tax Matters
Income Tax Provision
Tax Expense Related to Noncontrolling
Interest
Ongoing EBIT
Depreciation and Amortization
Ongoing EBITDA
Fiscal Year
$ Millions
2015
2014
2013
$2,314
$2,740
$2,482
Interest Expense – Net
$328
$146
$80
Income Tax Provision1
$858
$1,066
$898
Depreciation and
Amortization
$716
$691
$615
$4,216
$4,643
$4,075
As Reported Net Income
Attributable to
Monsanto Company
As Reported EBITDA
ONGOING EBITDA AS A PERCENT OF NET SALES
Fiscal Year
$ Millions
As Reported Net Sales
EBITDA as a % of Net Sales
1. Includes the income tax provision attributable to Monsanto
2015
2014
2013
$15,001
$15,855
$14,861
32%
29%
27%
18
18
Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF ADJUSTED RETURN ON CAPITAL
Fiscal Year
$ Millions
Fiscal Year End
2015
2014
2013
$2,314
$2,740
$2,482
-
-
$(11)
$338
-
-
Environmental & Litigation Matters
$54
$20
-
SEC Settlement Matters
$80
-
-
$(28)
$(13)
$(11)
$2,758
$2,747
2,460
$238
$94
59
$2,996
$2,841
$2,519
As Reported Net Income Attributable to
Monsanto Company
Adjustment for certain items, after-tax:
Resolution of Legacy Tax Matter
Restructuring Charges
Income on Discontinued Operations
Ongoing Net Income
Interest (income) Expense – Net of taxes
Operating Profit After-tax (excluding certain
items)
$ Millions
2015
2014
2013
Short-Term and Long-Term
Debt
$9,044
$7,698
$2,099
Shareowners’ Equity
$7,005
$7,914
$12,728
Cash and Cash Equivalents
$(3,701)
$(2,367)
$(3,668)
Cash for Operations
$400
$400
$400
Total Capital
$12,748
$13,645
$11,559
Prior Period Capital
$13,645
$11,559
$11,227
Average Capital
$13,197
$12,602
$11,393
Fiscal Year
$ Millions
Operating Profit After-tax (excluding certain items)
2015
2014
2013
$2,996
$2,841
$2,519
Average Capital
$13,197
$12,602
$11,393
Adjusted Return on Capital
22.7%
22.5%
22.1%
1919