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2006 Annual Report 2006 Financial Highlights It All Starts Today Monsanto Company 2006 Annual Report 2006 Financial Highlights Years ended Aug. 31 (in millions, except per share amounts) 2004 2005 2006 % Change Operating Results Net Sales $5,423 $6,294 $7,344 17% EBIT(1) $ 445 $ 347 $1,095 216% Net Income $ 267 $ 255 $ 689 170% Diluted Earnings Per Share(2) $ 0.50 $ 0.47 $ 1.25 166% Other Selected Data Free Cash Flow (3) $ 999 $ 70 $1,049 NM Capital Expenditures $ 210 $ 281 $ 370 32% Depreciation and Amortization $ 452 $ 488 $ 519 6% Diluted Shares Outstanding(2) 538.4 545.3 551.6 1% See page 22 for notes 1, 2 and 3 on this page. NM = Not meaningful Net Sales Earnings Per Share(2) Free Cash Flow (3) (in billions of dollars As Reported Ongoing (in millions of dollars for years ended Aug. 31) (in dollars for years ended Aug. 31) for years ended Aug. 31) 7.3 1.31 1,049 6.3 999 5.4 1.04 1.25 .80 .50 .47 70 04 05 06 04 05 06 04 05 06 Backed by higher sales of In 2006, Monsanto realized Lower acquisition spending our seeds and traits products, a greater than 25 percent in 2006 generated free cash Monsanto realized record increase in ongoing EPS for flow that was used to return net sales in 2006. a second consecutive year. value to our shareowners. About the Cover Mateo Sanchez is one of several thousand farmers throughout Europe that already use Monsanto seed and technologies to protect and maximize yields. Sanchez, who farms in the Albacete province of Spain, uses a DEKALB corn hybrid protected by our YieldGard insect-protected corn technology to ensure his yield is protected before it’s even grown. Sanchez understands what many European farmers may know soon: Insect-protected corn works — it reduces crop loss and pesticide use on farm. The growing acceptance of biotechnology in international markets is creating new growth opportunities for Monsanto. 1 4 6 20 23 Inside Back Cover Letter to Monsanto Company Driving Growth Board of Directors and Financial Shareowner Shareowners At a Glance Today for Continued Executive Officers Section Information Success Tomorrow Letter to Shareowners Our performance in 2006 represented another outstanding year for our company. We had record financial results. We saw strong strategic progress in our key crops, solid performance from our 2005 acquisitions, and record adoption of our seed and trait technologies in key global markets. This year’s performance provides us with a solid to help farmers produce more food to meet platform for future growth. Our success begins with this demand. Our work begins by delivering our ability to look forward from today. It begins crops which can offer farmers higher yield and with our ability to build on our near-term success, greater value, and lead to healthier food options by refusing to be content in our leadership position for consumers. and by capitalizing on new-emerging opportunities. Growth in our business is ongoing and it all Meeting the Needs of Our Customers starts today. From our vantage point, the Americas continue to drive global production of plant protein that Supporting the Demands of Agriculture helps feed this growing world. It’s why we need to be in markets like Argentina and Brazil, Our successful transition from an agricultural despite their ongoing challenges. company led by our chemical business to one led by our growing global seed business is complete. In just three years, from 2003 to 2006, we’ve seen sales from our seeds and genomics segment more than double from $1.9 billion in 2003 to $4 billion Gross Profit this year. Concurrently, our gross profit has Actual Target increased, as illustrated in the box on this page. (in billions of dollars) Our recent growth underscores the value that 3.80 our seed and trait technologies are providing to 3.55 3.00 farmers throughout the world. Farmers are 2.27 2.53 rewarding us for our ability to discover and deliver innovative products that address the challenges they face on their farms. From a distance, little seems to change in agricul- 03 04 05 06 07 ture. Up close, however, agriculture is a dynamic, Backed by solid performance in our business constantly evolving industry. Our business is segments, Monsanto’s gross profit increased for expanding to meet the needs of the world’s a fourth consecutive year in fiscal year 2006. The growing population, which is estimated to grow increase has occurred as we’ve realized continued from 6 billion people today to 8 billion by 2025. adoption of our products, including seed and trait technologies. The adoption, including higher-margin Agriculture will be at the heart of feeding our offerings like stacked traits, has contributed to an increased gross profit opportunity — a trend we hungry planet. Monsanto is uniquely positioned expect to continue heading into the 2007 fiscal year. 2 Meeting the needs of this growing population also preserve the inherent yield potential of that seed means supporting trends like health-conscious diets or unlock its value even further. and renewable energy resources, like biofuels. Both are trends we anticipated and ones we’re actively Delivering Yield, Delivering Value supporting while recognizing there may be more we Our continued progress in breeding led to remarkable can do. Both trends underscore the increased demand new growth in our branded corn business this year. for better performing, higher-yielding crops, which In 2006, in many parts of the world, corn farmers is precisely what our research looks to deliver. increased their plantings of Monsanto’s branded corn Whether our farmer customer is in central Iowa, seeds. Their purchase represents an endorsement of outside Bangalore, or in the Albacete province of the hard work of our plant scientists and commercial Spain, their seed purchase is based on how they teams throughout the world. It is a vote of confi- believe that seed will yield. When we satisfy that dence in our ability to bring a better seed product need, our customers win and our business wins. than the competitive offerings available to them. Today, the vast majority of our business is focused This confidence is evident in the continued success on that yield proposition. Our breeding research and adoption of our branded corn seed products, aims to develop a better, higher-yielding seed for both in the United States and abroad. Our growth farmers while our work in biotechnology aims to in these markets is highlighted in the scorecard on this page. While these gains are significant for our business, they have yet to fully reflect the application of tools like marker-assisted breeding, which offers our scientists a new way to unlock the genetic potential Scorecard of our seed offerings. This approach, expected to (1) GRowIng OUR Global CORN SEED BUSINEss double the rate of genetic gain versus traditional E breeding methods, has our business poised to realize new growth in key corn-growing regions between hang FY04 FY05 FY06 C (’04-’06) now and the end of the decade. North America Region 4% 16% 19% + 5% Protecting Seeds for Better Yields United States(2) 4% 16% 19% + 5% Our work in biotechnology provides farmers with Europe-Africa Region 3% 15% 15% + 2% seed-based options to protect their yield, and this France 0% 14% 15% + 5% year our business witnessed record adoption across our trait portfolio because of the value these products Italy 4% 17% 2% + 7% are providing farmers. Some of our key highlights Hungary 26% 30% 32% + 6% this year included: Turkey 7% 23% 23% + 6% A more than 300 percent increase in U.S. corn South Africa 38% 44% 49% +11% acres, or 5.8 million, planted to our higher-margin, triple-trait technology which offers weed control Asia-Pacific Region 35% 37% 35% flat and above and below ground insect-protection in India 29% 34% 35% + 6% a single seed. More than 2 million smallholder cotton farmers Latin America Region 37% 38% 38% + % in India planted our Bollgard insect-protected Mexico 58% 57% 60% + 2% cotton technology on more than 8 million acres. Brazil 35% 35% 34% – % Record adoption of our Roundup Ready soybean technology in Brazil, as it was used on more Argentina 35% 37% 35% flat than 19 million soybean acres. (1) Market share is for hybrid corn seed market only. Increased plantings of our YieldGard insect- (2) U.S. market share is for Asgrow and DEKALB brands only; not inclusive of ASI companies. protected corn technology within six European countries. 3 As leaders, we remain focused on stacking and upgrading our products so farmers can get more out of each seed. By delivering improved next-generation products to the farm, farmers are willing to pay a premium for the enhanced products because they offer greater benefits. The enhanced premium repre- sents new value for our business — value that we can Hugh Grant return to you as shareowners or invest in additional Chairman, President and Chief Executive Officer growth opportunities. Sharing Success with Our Owners Our success across our business this year drove will be shaped by six key growth contributors: improvement in our financial results. This year our corn business, both in the United States and marked the second consecutive year that our abroad; our international traits business; our cotton ongoing earnings per share (EPS) grew by more business; our Seminis business; and our research- than 25 percent. More importantly, in 2006, we and-development (R&D) pipeline. were able to convert our earnings growth to solid You’ll see that we’ve structured the remainder of free cash flow in excess of one billion dollars.
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