MONSANTO COMPANY

2014 FORM 10-K

RESULTS OF OPERATIONS
Year Ended Aug. 31,
(Dollars in millions, except per share amounts)

Change

2014

2013

2012

2014 vs. 2013

2013 vs. 2012

$15,855
7,281
8,574

$14,861
7,208
7,653

$13,504
6,459
7,045

7%
1%
12%

10%
12%
9%

2,774
1,725

2,550
1,533

2,380
1,517

9%
13%

7%
1%

Total Operating Expenses

4,499

4,083

3,897

10%

5%

Income from Operations

Interest expense
Interest income
Other expense, net

4,075
248
(102)
102

3,570
172
(92)
61

3,148
191
(77)
46

14%
44%
11%
67%

13%
(10)%
19%
33%

Income from Continuing Operations Before Income Taxes

Income tax provision

3,827
1,078

3,429
915

2,988
901

12%
18%

15%
2%

Income from Continuing Operations Including Portion Attributable to Noncontrolling Interest

2,749

2,514

2,087

9%

20%

22
9

17
6

10
4

NM
NM

NM
NM

Net Sales
Cost of goods sold
Gross Profit
Operating Expenses:
Selling, general and administrative expenses
Research and development expenses

Discontinued Operations:
Income from operations of discontinued businesses
Income tax provision
Income on Discontinued Operations
Net Income
Less: Net income attributable to noncontrolling interest

13

11

NM

NM

$ 2,762

$ 2,525

$ 2,093

9%

21%

22

43

48

(49)%

(10)%

Net Income Attributable to Monsanto Company

$ 2,740

$ 2,482

$ 2,045

10%

21%

Diluted Earnings per Share Attributable to Monsanto Company:

Income from continuing operations
Income on discontinued operations

$ 5.19
0.03

$ 4.58
0.02

$ 3.78
0.01

13%
NM

21%
NM

Net Income Attributable to Monsanto Company

$ 5.22

$ 4.60

$ 3.79

13%

21%

28%

27%

30%

46%
54%
17%
11%
28%
24%
17%

49%
51%
17%
10%
27%
23%
17%

48%
52%
18%
11%
29%
22%
15%

NM = Not Meaningful
Effective Tax Rate
Comparison as a percent of Net Sales:
Cost of goods sold
Gross profit
Selling, general and administrative expenses
Research and development expenses
Total operating expenses
Income from continuing operations before income taxes
Net income attributable to Monsanto Company

18