John DeereOther Financial Information 2006 1st

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Information about John DeereOther Financial Information 2006 1st
Finance

Published on February 24, 2009

Author: finance11

Source: slideshare.net

Deere & Company Other Financial Information Commercial and Consumer For the Three Months Ended January 31, Equipment Operations Agricultural Equipment Construction and Forestry Equipment Dollars in millions 2006 2005 2006 2005 2006 2005 2006 2005 $ 3,691 $ 3,526 $ 1,894 $ 2,010 $ 628 $ 523 $ 1,169 $ 993 Net Sales Average Identifiable Assets $ 7,240 $ 6,867 $ 3,525 $ 3,397 $ 1,570 $ 1,448 $ 2,145 $ 2,022 With Inventories at LIFO $ 8,326 $ 7,919 $ 4,238 $ 4,095 $ 1,775 $ 1,643 $ 2,313 $ 2,181 With Inventories at Standard Cost $ 261 $ 262 $ 106 $ 163 $ 19 $ (2) $ 136 $ 101 Operating Profit (Loss) 7.1% 7.4% 5.6% 8.1% 3.0 % (.4)% 11.6% 10.2% Percent of Net Sales Operating Return on Assets 3.6% 3.8% 3.0% 4.8% 1.2 % (.1)% 6.3% 5.0% With Inventories at LIFO 3.1% 3.3% 2.5% 4.0% 1.1% (.1)% 5.9% 4.6% With Inventories at Standard Cost $ (250) $ (238) $ (127) $ (123) $ (53) $ (49) $ (70) $ (66) SVA Cost of Assets $ 11 $ 24 $ (21) $ 40 $ (34) $ (51) $ 66 $ 35 SVA The Company evaluates its business results on the basis of generally accepted For the Three Months Ended January 31, Financial Services accounting principles. In addition, it uses a metric referred to as Shareholder Dollars in millions 2006 2005 Value Added (SVA), which management believes is an appropriate measure for $ 97 $ 88 Net Income the performance of its businesses. SVA is, in effect, the pretax profit left over $ 2,438 $ 2,155 Average Equity after subtracting the cost of enterprise capital. The Company is aiming for a 4.0 % 4.1 % Return on Equity sustained creation of SVA and is using this metric for various performance $ 129 $ 126 Operating Profit goals. Certain compensation is also determined on the basis of performance $ (1 ) $ (11 ) Change in Allowance for Doubtful Receivables using this measure. For purposes of determining SVA, each of the equipment $ 128 $ 115 SVA Income segments is assessed a pretax cost of assets, which on an annual basis is 12 percent of the segment’ average identifiable operating assets during the s $ 2,301 $ 2,046 Average Equity Continuing Operations applicable period with inventory at standard cost. Management believes that $ 145 $ 156 Average Allowance for Doubtful Receivables valuing inventories at standard cost more closely approximates the current cost $ 2,446 $ 2,202 SVA Average Equity of inventory and the Company’ investment in the asset. Financial Services is s $ (110) $ (99 ) Cost of Equity assessed a pretax cost of equity, which on an annual basis is approximately 18 $ 18 $ 16 SVA Continuing Operations percent of its average equity during the period excluding the allowance for $ 0 $ 6 SVA Discontinued Operations doubtful receivables. The cost of assets or equity, as applicable, is deducted $ 18 $ 22 SVA Total from the operating profit or added to the operating loss of the equipment segments or Financial Services to determine the amount of SVA. For this purpose, the operating profit of Financial Services is net income before income taxes, changes to the allowance for doubtful receivables and discontinued operations. The average equity and operating profit of Financial Services is adjusted for the allowance for doubtful receivables in order to more closely reflect credit losses on a write-off basis.

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