| Year(2) ($ millions except where otherwise indicated) |
2006 | 2005 | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|
Operating Results |
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| Sales(4) | 28,640 | 27,627 | 26,030 | 25,066 | 22,953 |
| Sales excluding the impact of VIEs(3)(4) | 28,257 | 27,212 | 26,030 | 25,066 | 22,953 |
| Adjusted EBITDA(3) | 1,892 | 2,132 | 2,125 | 1,881 | 1,671 |
| Operating income | 289 | 1,401 | 1,652 | 1,467 | 1,303 |
| Adjusted operating income(3) | 1,326 | 1,600 | 1,652 | 1,488 | 1,317 |
| Interest expense | 259 | 252 | 239 | 196 | 161 |
| Net (loss) earnings | (219) | 746 | 968 | 845 | 728 |
Financial Position |
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| Working capital | 675 | 539 | 290 | 356 | 320 |
| Fixed assets | 8,055 | 7,785 | 7,113 | 6,390 | 5,557 |
| Goodwill | 794 | 1,587 | 1,621 | 1,607 | 1,599 |
| Total assets | 13,486 | 13,761 | 12,949 | 12,113 | 11,047 |
| Net debt(3) | 3,891 | 3,901 | 3,828 | 3,707 | 2,932 |
| Shareholders' equity | 5,441 | 5,886 | 5,414 | 4,690 | 4,082 |
Cash Flow |
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| Cash flows from operating activities | 1,180 | 1,489 | 1,443 | 1,032 | 998 |
| Free cash flow(3) | 70 | 103 | (24) | (437) | (208) |
| Capital investment | 937 | 1,156 | 1,258 | 1,271 | 1,079 |
Per Common Share($) |
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| Basic net (loss) earnings | (.80) | 2.72 | 3.53 | 3.07 | 2.64 |
| Adjusted basic net earnings(3) | 2.72 | 3.35 | 3.48 | 3.10 | 2.68 |
| Dividend rate at year end | .84 | .84 | .76 | .60 | .48 |
| Cash flows from operating activities | 4.31 | 5.43 | 5.26 | 3.75 | 3.61 |
| Capital investment | 3.42 | 4.22 | 4.59 | 4.62 | 3.91 |
| Book value | 19.85 | 21.48 | 19.74 | 17.07 | 14.79 |
| Market price at year end | 48.79 | 56.37 | 72.02 | 67.85 | 54.00 |
Financial Ratios |
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| Adjusted EBITDA margin (%)(3) | 6.7 | 7.8 | 8.2 | 7.5 | 7.3 |
| Operating margin (%) | 1.0 | 5.1 | 6.3 | 5.9 | 5.7 |
| Adjusted operating margin (%)(3) | 4.7 | 5.9 | 6.3 | 5.9 | 5.7 |
| Return on average total assets (%)(3) | 2.3 | 11.2 | 14.2 | 13.9 | 13.8 |
| Return on average shareholders' equity (%) | (3.9) | 13.2 | 19.2 | 19.3 | 19.0 |
| Interest coverage | 1.0 | 5.1 | 6.4 | 6.4 | 6.8 |
| Net debt(3) to equity | .72 | .66 | .71 | .79 | .72 |
| Cash flows from operating activities to net debt(3) | .30 | .38 | .38 | .28 | .34 |
| Price/net earnings ratio at year end | (61.0) | 20.7 | 20.4 | 22.1 | 20.5 |
| Market/book ratio at year end | 2.5 | 2.6 | 3.6 | 4.0 | 3.7 |
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(1) For financial definitions and ratios refer to the Glossary of Terms.
(2) 2003 was a 53 week year.
(3) See Non-GAAP Financial Measures (51 KB PDF).
(4) During 2006, the Company implemented Emerging Issues Committee Abstract 156, "Accounting by a Vendor for Consideration Given to a Customer (Including a Reseller of the Vendor's Products)" on a retroactive basis. Accordingly certain sales incentives paid to independent franchisees, associates and independent accounts for prior years have been reclassified between sales and cost of sales, selling and administrative expenses. For a further discussion, see the Accounting Standards Implemented in 2006 (45 KB PDF) section in the Management's Discussion and Analysis of this Financial Report.
(5) Certain prior years' information was reclassified to conform with current year's presentation.
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