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2005 Annual Report
| Excellent Sales and Unit Volume Growth Worldwide |
 |
|
|
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| (Dollars in Millions Except Per Share Amounts) |
|
| |
2005* |
2004† |
Change |
|
| Unit Volume, Excluding Divested Businesses |
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+6.5% |
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| Worldwide Sales |
$11,396.9 |
$10,584.2 |
+7.5% |
| |
| Gross Profit Margin |
54.4% |
55.1% |
–70 basis
points |
| |
| Operating Profit |
$2,215.0 |
$2,122.1 |
+4% |
| |
| Operating Profit Margin |
19.4% |
20.0% |
–60 basis
points |
| |
| Net Income |
$1,351.4 |
$1,327.1 |
+2% |
| |
| Percent to Sales |
11.9% |
12.5% |
–60 basis
points |
| |
| Diluted Earnings Per Share |
$2.43 |
$2.33 |
+4% |
| |
| Dividends Paid Per Share |
$1.11 |
$0.96 |
+16% |
| |
| Operating Cash Flow |
$1,784.4 |
$1,754.3 |
+2% |
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Number of Registered
Common Shareholders |
35,000 |
36,500 |
–4% |
| |
| Number of Common Shares Outstanding (in millions) |
516 |
527 |
–2% |
| |
| Year-end Stock Price |
$54.85 |
$51.16 |
+7% |
*Net income and diluted earnings per share in 2005 include an aftertax charge of $145.1 million related to the 2004 Restructuring Program, partially offset by the net aftertax impact of certain Other Items which increased net income $29.9 million (excluding these net charges, diluted earnings per share would have been $2.64).
†Net income and diluted earnings per share in 2004 include an aftertax charge of $48.0
million related to the 2004 Restructuring Program (excluding this charge, diluted earnings
per share would have been $2.42).
A complete reconciliation between reported results and results excluding the 2004
Restructuring Program and Other Items is available on Colgate’s web site.
- Every operating division participated in the strong 6.5% unit volume growth.
- Worldwide sales rose 7.5%, the fastest growth rate in ten years.
- Global advertising increased 12% to an all-time record level of $1,194 million, on top of double-digit growth in the prior year.
- Operating cash flow reached an all-time record level of $1,784 million for the year.
- The quarterly dividend rate was increased by 21% in 2005.
- In December 2004, the Company announced a four-year restructuring program projected to result in cumulative charges of between $550 and $650 million aftertax with annual aftertax savings projected to be in the range of $250 to $300 million by the fourth year of the program.
Growth Highlights of Five Divisions (% of sales)
North America
- Sales and unit volume grew 8.0% and 6.5%, respectively, excluding the divested heavy-duty detergent business in North America.
- Colgate expanded its Number One position in the U.S. toothpaste market to a record 35.3% market share.
- Sales and operating profit increased 5.5% and 3%, respectively, as higher sales were partially offset by an increased level of advertising and higher raw and packaging material costs.
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Latin America
- Unit volume grew 7.5%, excluding divestments.
- Sales and operating profit increased 16.0% and 11%, respectively.
- Growth was boosted by an array of new products, including Colgate Max Fresh and Colgate Sensitive toothpastes and Colgate MicroSonic battery-powered toothbrush.
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Europe
- Unit volume grew 6.5%, excluding divestments, and sales as reported increased 4.5%.
- The GABA acquisition added 4.0% to both sales and volume growth for the region.
- Operating profit increased 2% reflecting volume growth and increased gross profit margins partially offset by an increased
level of advertising.
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Asia/Africa
- Unit volume grew 6.0% in 2005.
- Sales and operating profit grew 6.5% and 3%, respectively, as a result of volume growth, which more than offset an increased level of advertising and higher shipping and handling costs.
- Colgate Max Fresh and Colgate Vitamin C Fresh toothpastes, and the Colgate 360° manual toothbrush drove growth in oral care throughout the region.
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Hill's Pet Nutrition
- World leader in specialty pet food, Hill’s increased unit volume 4.0% in 2005.
- Sales and operating profit increased 6.0% and 6%, respectively.
- Veterinary endorsements and innovative new products, including Prescription Diet Canine j/d and Science Diet Lamb & Rice line extensions continue to drive growth at Hill’s.
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About Colgate
Colgate-Palmolive is an $11.4 billion global company serving people in more than 200 countries and territories with consumer products that make lives healthier and more enjoyable. The Company focuses on strong global brands in its core businesses—Oral Care, Personal Care, Home Care and Pet Nutrition. Colgate is delivering strong global growth by following a tightly defined strategy to increase market leadership positions for key products, such as toothpaste, toothbrushes, bar and liquid soaps, deodorants/antiperspirants, dishwashing detergents, household cleaners,
fabric conditioners and specialty pet food.
 Highlights
Dear Colgate Shareholder
Colgate's Corporate Governance Commitment
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Dynamic 2005 Annual Report
Download 2005 Annual Report -pdf
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