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Monsanto Company 2016 Annual Report

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Monsanto Company 2016 Annual Report 2016 ANNUAL REPORT A LIMITLESS PERSPECTIVE MAKING LIMITED RESOURCES WORK FOR 9 BILLION PEOPLE Water, air and soil are as relevant as they’ve ever been. And with the growing demand on them for nourishment of an increasing population, sustainability is more than a buzzword—it’s a priority, and an opportunity to unlock possibilities. We’ve always needed our world’s finite resources. With 9 billion people, our global resources will have to work harder and deliver more value in the face of climate change as we work to conserve and preserve our planet. Local challenges call for creative problem solving. Today and in the future, those who act as good stewards of our resources can discover the infinite possibilities within them. 2016 FINANCIAL HIGHLIGHTS (in millions, except per share amounts) Years ended Aug. 31 2016 2015 2014 % Change 2016 vs. 2015 OPERATING RESULTS Net Sales $ 13,502 $ 15,001 $ 15,855 (10%) EBIT1 $ 2,408 $ 3,500 $ 3,952 (31%) Net Income Attributable to Monsanto Company $ 1,336 $ 2,314 $ 2,740 (42%) Diluted Earnings per Share2 $ 2.99 $ 4.81 $ 5.22 (38%) OTHER SELECTED DATA Free Cash Flow 3 $ 1,724 $ 2,089 $ 959 (17%) Capital Expenditures $ 923 $ 967 $ 1,005 (5%) Depreciation and Amortization $ 727 $ 716 $ 691 2% Diluted Shares Outstanding2 447.1 481.4 524.9 (7%) 15.85 5.73 2.09 15 5.22 5.23 13.5 4.81 1.72 4.48 2.99 0.96 AS REPORTED ONGOING AS REPORTED ONGOING AS REPORTED ONGOING 2014 2015 2016 2014 2015 2016 2014 2015 2016 NET SALES EARNINGS PER SHARE FREE CASH FLOW In billions of dollars, In dollars, In billions of dollars, for years ended Aug. 31 for years ended Aug. 31 for years ended Aug. 31 2 See page 8 for Notes to 2016 Financial Highlights and Charts DEAR SHAREOWNERS, In my 35 years with Monsanto and my 13 years The transaction brings together two complementary as chairman and CEO, the challenges within the businesses that will benefit farmers by accelerating agriculture industry have never been greater— innovation and providing a broad range of enhanced and neither have the possibilities. solutions in seeds and traits, digital agriculture and crop protection. Bayer shares our foundational mission of From the Earth’s deepest roots to its highest satellites, helping farmers feed the growing population, and it we are more connected than ever to our planet and shares our commitment to safety, sustainability and the food it produces. At Monsanto, we believe these collaboration. We continue to move toward closing connections hold the key to unlocking positive the deal by the end of calendar year 2017. potential for growers and consumers. In the area of sustainability, Monsanto took an In fiscal 2016, we helped to unlock that potential for unprecedented step in 2016 to solidify our commitment farmers around the globe. In the face of unprecedented to carbon-neutral agriculture, pledging to work with headwinds, your company successfully helped farmers farmers on emissions-reducing sustainable agriculture sustainably increase their productivity, delivered on key systems and to make our own operations carbon milestones and created positive momentum moving neutral by 2021. into 2017. Our farmer customers know well the challenging limits We delivered on the company’s revised EPS guidance, on our natural resources. They’ve seen the effects of which reflected headwinds on pricing and currency. climate change, water scarcity and food insecurity. And Driving this performance were strong penetration they continue to look to our platforms and pipeline for of INTACTA RR2 PRO™ soybeans in South America, tools to produce more sustainably and unlock value continued global corn germplasm upgrades and a for generations to come. They know that while Earth’s disciplined approach to spending. In its third selling natural resources are limited, with the right tools and season, adoption of the Climate FieldView™ platform collaboration, our potential for innovation is limitless. grew from 5 million paid acres in 2015 to more than 14 million in 2016. To further reinforce our innovation On behalf of the board of directors and the employees platform leadership, we recently expanded capabilities of Monsanto, thank you for your continued support. in genome editing to unlock a wide array of crop improvements for the global agriculture industry. In early fiscal year 2017, we entered into a definitive merger agreement under which Bayer will acquire Monsanto in an all-cash transaction unanimously Hugh Grant approved by Monsanto’s Board of Directors, representing a premium of approximately 42 percent Chairman of the to the closing price on May 11, 2016, the last trading Board of Directors and day prior to the release of press reports regarding Chief Executive Officer a potential offer by Bayer to acquire Monsanto. MONSANTO 2016 ANNUAL REPORT 3 BOARD OF DIRECTORS PICTURED FROM LEFT TO RIGHT: Jon R. Moeller, Marcos M. Lutz, Laura K. Ipsen, Robert J. Stevens, Janice L. Fields, Arthur H. Harper, Hugh Grant, C. Steven McMillan, David L. Chicoine, Patricia D. Verduin, Gregory H. Boyce, Dwight M. Barns, George H. Poste Dwight M. “Mitch” Barns, 53, is the chief executive officer Dr. Chicoine was elected to the Monsanto board in April and a director of Nielsen Holdings plc, a global performance 2009 and is a member of the Science and Technology management company that provides a comprehensive Committee and of the Sustainability and Corporate understanding of what consumers watch and buy. He joined Responsibility Committee. Nielsen in 1997 and has served in various senior positions Janice L. Fields, 61, is a former president of McDonald’s for the company in the United States, Europe and Asia. He USA, LLC, a subsidiary of McDonald’s Corporation, the world’s served as Nielsen’s president, global client service from 2013 leading global foodservice retailer. She served as president to 2014, was president of Nielsen’s U.S. media business from of McDonald’s USA from 2010 to 2012, and was executive 2011 to 2013 and was president of Nielsen’s Greater China vice president and chief operating officer from 2006 to 2010. business from 2008 to 2011. Mr. Barns was elected to the Her career with McDonald’s USA spans more than 35 years. Monsanto board March 2016 and is a member of the People Ms. Fields was elected to the Monsanto board in April 2008. and Compensation Committee and the Sustainability and She chairs the board’s Sustainability and Corporate Corporate Responsibility Committee. Responsibility Committee, and is a member of the Executive Gregory H. Boyce, 62, is a retired executive chairman of Committee, the Nominating and Corporate Governance the board and chief executive officer of Peabody Energy Committee and the People and Compensation Committee. Corporation, the world’s largest private-sector coal company Ms. Fields also serves on the board of Chico’s FAS, Inc. and a global leader in sustainable mining, energy access Hugh Grant, 58, is chairman of the board and chief and clean coal solutions. Mr. Boyce joined Peabody Energy executive officer of Monsanto. He has worked in agriculture in 2003 as president and chief operating officer, became since 1981 and has held a variety of management positions, president and chief executive officer in 2006, and was most recently chairman of the board, president and chief appointed chairman in 2007. He also served as executive executive officer. Mr. Grant chairs the Executive Committee. chairman of the board from January 2015 to December 2015. He also serves on the board of PPG Industries, Inc., where Mr. Boyce was elected to the Monsanto board in April 2013 he chairs the Nominating and Governance Committee and and is a member of the Audit and Finance Committee and he serves as PPG’s lead director. He has lived and worked in the Science and Technology Committee. He also serves a number of locations outside the United States, including on the boards of Marathon Oil Corporation, where he Asia and Europe. chairs the Compensation Committee, and Newmont Mining Corporation. Arthur H. Harper, 60, is managing partner of GenNx360 Capital Partners, a private equity firm focused on business- David L. Chicoine, Ph.D., 69, is professor of economics to-business companies. He served as president and chief at South Dakota State University, South Dakota’s land grant executive officer — Equipment Services Division, General research institution and was also president of the university Electric Corporation from 2002 to 2005 and executive from 2007-2016. Prior to 2007, he was professor of vice president — GE Capital Services, General Electric agricultural economics at the University of Illinois at Corporation from 2001 to 2002. Mr. Harper was elected Urbana-Champaign and held various positions of increasing to the Monsanto board in October 2006 and is a member administrative responsibility with the University of Illinois, of the Audit and Finance Committee and the People including department head and dean, and most recently as and Compensation Committee. vice president for technology and economic development. 4 Laura K. Ipsen, 52, is the senior vice president and general George H. Poste, Ph.D., D.V.M., 72, is chief executive of manager of Oracle Marketing Cloud, for Oracle Corporation. Health Technology Networks, a consulting group specializing In this capacity, Ms. Ipsen leads a team of 2,000 sales, in the application of genomics technologies and computing services, customer success and marketing experts that sell in health care. In February 2009, he assumed the post of MarTech and AdTech solutions for marketing automation Chief Scientist, Complex Adaptive Systems Initiative at Arizona and leveraging big data analytics. She served as senior vice State University. From May 2003 to February 2009, he was president & general manager of the Global Industry Solutions director of the Arizona Biodesign Institute at Arizona State Group from September 2014 to July 2016.
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