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PRAXAIR 2003 ANNUAL REPORT Financial Highlights (Dollar Amounts in Millions, Except Per Share Data)

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PRAXAIR 2003 ANNUAL REPORT Financial Highlights (Dollar Amounts in Millions, Except Per Share Data) PRAXAIR 2003 ANNUAL REPORT financial highlights (Dollar amounts in millions, except per share data) year ended december 31, 2 0 0 3 2 0 0 2 2 0 0 1 (a) Sales $5,613 $5,128 $5,158 Operating Profi t $ 922 $ 923 $ 800 Income before accounting changes $ 585 $ 548 $ 432 Diluted earnings per share (b) $ 1.77 $ 1.66 $ 1.32 OTHER INFORMATION AND RATIOS Cash fl ow from operations $ 1.137 $1,001 $1,020 Capital expenditures (c) $ 983 $ 498 $ 595 Cash fl ow from operations-to-debt ratio 40.4% 36.4% 34.1% After-tax return on capital (c, d) 12.8% 13.4% 12.7% Return on equity (d) 21.6% 22.8% 21.6% (a) 2001 includes goodwill amortization of $38 million ($33 million after tax or $0.10 per diluted share) and special charges of $70 million ($57 million after tax or $0.17 per diluted share). (b) Diluted earnings per share have been adjusted to reflect the December 15, 2003 two-for-one stock split which was effected as a stock dividend (see Note 1 to the consolidated financial statements). (c) Capital expenditures for 2003 include the purchase of previously leased assets for $339 million (see Note 5 to the consolidated financial statements). Consequently, after-tax return on capital for 2003 was reduced by 0.4%. (d) Refer to the Appendix on page 65 for definitions and reconciliation to reported amounts. 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ACCOMPLISH MORE IN A DISCIPLINED WAY; TO TACKLE PROBLEMS AND COME IMPROVING OPERATIONS AND SHAREHOLDER RETURNS Lore dui blaorpe iusci iureet adionse molor sum ipsuscidunt lam irilluptat, volortio velisciduntUP WITH WIN-WIN praesequat SOLUTIONS; lutpat. Ut vel TO ute STAY magnisit FOCUSED ex enit loboremON THEIR zzrit CUSTOMERS utpat, quisit in ut vel ullandigna con hent iuscil ulputat. Ut ut vullandrer accum ver quam zzriure er suscilla feugiam vele ex eummod modit praestin si. Dui tem doloborem velit exerosto AND EXCEED THEIR EXPECTATIONS. THEY OUTPERFORMED OUR COMPETITION, commoloreet, vel ullandrem velisi blaor sectet, sustincinit atio ex euguer ad etue feumsandre velit diamcon eniamet aci esto conulla feummy num nonullutatue dolorer at,REWARDED quipsustrud OUR tio SHAREHOLDERSconsenit niamcon HANDSOMELY henim iriliquat, AND quat, POINTED quat. PRAXAIR Duissi. Lore esse conulpu atumod eummy nonsecte euisismodiam velesto eummy nonulpute miniam velit la facilit wis am quisciduip er sequamet loborper iusto IN THE RIGHT DIRECTION FOR EVEN BIGGER THINGS IN THE YEARS AHEAD. consed ex elit dolor suscincincil ullutat, corperos numsandrem zzrit, sed ea faciduisit EXTERNAL RECOGNITION “quatthe ametbest lorem ceo’s zzrilissim in america, vel elent” institutional landiam, commodo investor obore magnibh magazine er ipit — praxair luptat. ’s ceo dennisLore reilley mod tet wissi tops te the mincilit basic venis materials et, commolorpero category. er aute January veros 2004 non “utthe lumsandigna best cfo’ facings in america, erostrud dolor” institutional er iureet utpatem investor er adipiss magazine quat, summoluptat — praxair’s cfo, james sawyer is among the top ten. February 2004 at etum in hent utpate consent am do odolorem irit lore dit ad er ad digna faccum “best managed companies in america,” forbes magazine — praxair headlinesvolobor sequam the accum chemical vel diamete company tate min section. hendreetum January er zzrilis 2004 nis niscipit vulla dunt diamete periuscipis. “leaders for the 21st century, ” treasury and risk management magazine — praxair’s cfo, james sawyer, is one of three selected. January 2004 dow jones sustainability index — praxair selected as an index component.Ut vel September dunt quis 2003 nit tate min consent am hendreetum er zzrilis nis niscipit volortop governance periuscipis molobor practices aute mincipit rating quis — governancemetrics nit lorper sissecte facilla international. dignis nim nim July 2003 and February 2004 del faccum del ute velenibh exerciduis doloreet, sequatuero dion vulputem vercin credit rating upgrade to a minus — standard & poor’s rating services.utpat aliquisl April diat, 2003 con at utat. Ut velesequisl dolorer ipsusci luptat. governance rating in the top 25 s &p 500 companies — institutional shareholderA DISCIPLINED APPROACH services. April 2003 “Loresenior dui blaorpefinancial iusci officer iureet adionse of the molor year, sum” chemicalipsuscidunt weeklam irilluptat, magazine volortio — velisciduntpraxair’s praesequatcfo, james lutpat. sawyer. Ut vel April ute magnisit 2003 ex enit loborem zzrit utpat, quisit in “utmost vel ullandigna admired concompanies, hent iuscil” ulputat.fortune Ut magazineut vullandrer — accu praxairm ver quamranked zzriure third er among chemical companies. March 2003 and March 2004 suscilla feugiam vele ex eummod modit praestin si. Dui tem doloborem velit exerosto commoloreet, vel ullandrem velisi blaor sectet, sustincinit atio ex euguer ad etue Clockwise from top left; DENNIS H. REILLEY, Chairman, President and Chief Executive Offi cer, STEPHEN F. ANGEL, Executive Vice President, RICARDO S. MALFITANO, Senior Vice President and JAMES S. SAWYER, Senior Vice President and Chief Financial Offi cer. 2 to our shareholders If the true test of an organization is how well it performs in tough times, the Praxair team did very well in 2003. Although they might sound like old-fashioned concepts in the vernacular of today’s business world, the primary factors that led to this perfor- mance were innovation and an acute focus on disciplined execution. Innovation is often the result of a passionate belief that there really is a better, easier, cheaper or faster way to achieve a particular goal. And, although these breakthroughs are frequently buried deep in arcane processes or technologies, they can make a real difference to a customer’s performance as well as to our environment. That is good for everyone: it is good for business and, during 2003, it was very good for Praxair. Partnering with customers, we developed and commercialized several new products to improve semiconductor production; we introduced new technology to reduce the release of environmental pollutants by electric utilities; and we developed a process for oil refi ners to signifi cantly increase effi ciency and reduce emissions. These innovations and others will be discussed in the pages that follow. When it came to executing our business plans, the Praxair team concen- trated on four key areas: operational discipline, capital discipline, customers’ needs and safety. Operational discipline ensured the consistent, reliable, cost-effi cient operation of our plants and facilities all day, everyday. From capital discipline came carefully selected fi rst-class projects and investments that provided returns far in excess of the cost of capital. And providing valued service to customers in a safe and effi cient manner continued to be the underpinning of our successful enterprise. What we did not do last year was almost as important for our business as what we actually did. Strategic acquisitions can certainly play a role in growing our business, but we resisted the prohibitive prices that were being asked in several markets, such as home healthcare. And we remained prudent in the authorization of capital expendi- tures for organic growth in order to avoid over-investment in capacity additions. These management principles were important in our 2003 performance. And, I believe they will be a major factor in continuing to drive us in the right direction in the years ahead. In 2003, Praxair led the industrial gases industry in earnings growth and return on capital. Net income was up 7% excluding the impact of an accounting change in 2002, and after-tax return on capital was 12.8%. Refl ecting our strong cash fl ow and capital discipline, our debt-to-capital ratio fell to 46.2% at year-end, the lowest level since 1995. Praxair’s total return to shareholders of 34% outperformed that of its competitors and the Standard and Poor’s 500. These results refl ect the skill and hard work of Praxair employees around the world who strove constantly to offset slow economic growth in many major markets. They also refl ect astute
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