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The table below sets forth our
selected consolidated financial data for each of the years in the five-year
period ended December 31, 2001. Such data have been derived from our
consolidated financial statements. Consolidated audited financial statements
for each of the years in the three-year period ended December 31, 2001,
including the Notes thereto (collectively, the “Consolidated Financial
Statements”), are included elsewhere in this annual report. The following
information should be read in conjunction with “Operating and Financial
Review and Prospects” and the Consolidated Financial Statements and the
related Notes thereto included elsewhere in this annual report. |
 |
Year Ended
December 31,
(in millions, except per share and ratio data) |
1997 |
1998(1) |
1999(1) |
2000(1) |
2001(1) |
|
|
| Consolidated Statement of Income Data: |
| Net sales |
$3,969.8 |
$4,210.6 |
$5,023.1 |
$7,764.4 |
$6,303.9 |
| Other revenues
|
49.4 |
37.2 |
33.2 |
48.8 |
53.0 |
|
Net revenues |
$4,019.2 |
$4,247.8 |
$5,056.3 |
$7,813.2 |
6,356.9 |
| Cost of sales
|
(2,457.4) |
(2,623.0) |
(3,054.5) |
(4,216.9) |
(4,047.0) |
|
| Gross profit |
1,561.8 |
1,624.8 |
2,001.8 |
3,596.3 |
2,309.9 |
| Operating
expenses: |
|
|
|
|
|
| Selling, general and
administrative |
(454.3) |
(488.1) |
(534.2) |
(703.7) |
(641.4) |
| Research and development(2)
|
(610.9) |
(689.8) |
(836.0) |
(1,026.3) |
(977.9) |
| Other income and
expenses(2) |
23.2 |
76.5 |
39.9 |
(83.6) |
(6.1) |
|
| Total
operating expenses |
(1,042.0) |
(1,101.4) |
(1,330.3) |
(1,813.6) |
(1,970.9) |
|
| Operating
income |
519.8 |
523.4 |
671.5 |
1,782.7 |
339.0 |
| Net interest
income (expense) |
(2.6) |
8.7 |
35.6 |
46.7 |
(13.0) |
| Gain on disposal
of investment |
--- |
--- |
--- |
--- |
(4.8) |
|
| Income before
income taxes and minority interests |
517.2 |
532.1 |
707.1 |
1,829.4 |
321.2 |
| Income tax
expense |
(113.0) |
(120.4) |
(157.2) |
(375.1) |
(61.1) |
|
| Income before minority interests |
404.2 |
411.7 |
549.9 |
$1,454.3 |
260.1 |
| Minority
interests |
2.4 |
(0.6) |
(2.6) |
(2.2) |
(3.0) |
|
| Net income |
$406.6 |
$411.1 |
$547.3 |
$1,452.1 |
$257.1 |
|
| Earnings per share (basic)(3) |
$0.49 |
$0.49 |
$0.64 |
$1.64 |
$0.29 |
|
| Earnings per share (diluted)(3) |
$0.48 |
$0.48 |
$0.62 |
$1.58 |
$0.29 |
|
| Number of shares used in calculating earnings per
share (basic) |
834.6 |
845.1 |
859.1 |
885.7 |
893.3 |
|
| Number of shares used in
calculating earnings per share (diluted) |
839.1 |
864.3 |
901.2 |
936.1 |
902.0 |
|
| Ratio of earnings to fixed
charges(4) |
13.4 |
12.7 |
16.3 |
29.3 |
3.8 |
| Dividends per
share(3) |
--- |
--- |
$0.027 |
$0.03 |
$0.04 |
|
| Consolidated Balance Sheet Data (end of
period): |
| Cash, cash equivalents and
marketable securities(1) |
$702.2 |
$1,100.7 |
$1,823.1 |
$2,330.9 |
$2.444.2 |
| Working
capital(5) |
443.5 |
855.1 |
398.5 |
372.5 |
555.4 |
| Total assets |
5,445.7 |
6,434.0 |
7,930.3 |
11,880.5 |
10,797.5 |
| Short-term debt (including
current portion of long-term debt) |
424.6 |
191.2 |
123.2 |
141.6 |
129.3 |
| Long-term debt (excluding
current portion)(1) |
356.4 |
755.8 |
1,348.5 |
2,700.5 |
2,771.5 |
| Shareholders'
equity(1) |
3,307.4 |
4,083.3 |
4,563.9 |
6,124.6 |
6,074.7 |
| Capital
Stock(6) |
2,004.9 |
2,232.3 |
2,508.0 |
2,823.6 |
2,978.3 |
|
| Consolidated Operating Data: |
| Capital
expenditures(7) |
$1,035.4 |
$947.3 |
$1,347.5 |
$3,327.6 |
$1,699.8 |
| Net cash provided
by operating activities |
983.8 |
1,012.5 |
1,469.3 |
2,431.8 |
2,052.0 |
| Depreciation and
amortization(7) |
608.1 |
704.0 |
806.8 |
1,108.2 |
1,320.2 |
|
| |
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(1) On November 16, 2000,
we issued $1,480.0 million initial aggregate principal amount of zero-coupon
unsubordinated convertible notes, due 2010, for net proceeds of $1,457.8
million. On September 22, 1999, we completed an equity offering of 8,970,000
shares of capital stock at $24.88 per share (adjusted for the 3-for-1 stock
split) for net proceeds of $216.8 million. On September 22, 1999, we also
completed a debt offering of $720.9 million initial aggregate principal amount
of zero-coupon convertible Liquid Yield Option™ Notes, due 2009, for net
proceeds of $708.3 million. On June 10, 1998, we completed an equity offering
of 18,000,000 shares of capital stock at $12.03 per share (adjusted for the
2-for-1 stock split in June 1999 and 3-for-1 stock split in May 2000) for net
proceeds of $208.8 million. On June 10, 1998, we also completed a debt offering
of $431.7 million initial aggregate principal amount of zero-coupon convertible
Liquid Yield Option™ Notes (LYONs), due 2008, for net proceeds of $421.8
million. On April 27, 2001, we issued a redemption notice for the remaining
outstanding LYONs, due 2008, which were redeemed and converted into common
shares in May and June 2001; the residual aggregate princi-pal amount converted
into common shares was $51.7 million. In 2001, we repurchased 9,400,000 common
shares for $233.3 million and we have reflected these purchases at cost as a
reduction of shareholders’ equity. The repurchased shares have been
desig-nated to fund our most recent employee stock option plan. |
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(2) Other income and
expenses includes, among other things, funds received through gov-ernment
agencies for research and development expenses, the cost of new plant
start-ups, foreign currency gains and losses, gains on sales of marketable
securities, the costs of certain activities relating to intellectual property
and goodwill amortization. Our reported research and development expenses do
not include design center, process engineering, preproduction or
industrialization costs. |
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(3) All share information
has been adjusted to reflect the 2-for-1 stock split effected in June 1999 and
the 3-for-1 stock split effected in May 2000. See Notes 2.10, 2.20 and 13 to
the Consolidated Financial Statements. |
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(4) For purposes of
calculating the ratio of earnings to fixed charges, earnings consist of income
before income taxes and minority interests, plus fixed charges. Fixed charges
consist of interest expenses. |
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(5) Working capital is
calculated as current assets (excluding cash, cash equivalents and mar-ketable
securities) less current liabilities (excluding bank overdrafts and current
portion of long-term debt). |
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(6) Capital stock consists
of common stock and capital surplus. |
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(7) Capital expenditures
are net of certain funds received through government agencies, the effect of
which is to decrease depreciation. |
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