Archer Daniels Midland 2006 Annual Report Download - page 5

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the desire and ability to drive growth simultaneously in both food and biofuels. Without
question, we have that desire and ability. Clearly, this is the opportunity we see.
Record Performance
Our performance last year provides strong momentum to capitalize on these
opportunities. In fiscal 2006, we achieved our second consecutive year of record
earnings and extended our record of uninterrupted dividends to 74 years. Net earnings
increased 26% to $1.3 billion, or $2.00 per share.
Credit for this performance goes to ADM employees. In a year of change, they continued
to focus on capturing opportunities through market insight, technological savvy and
commitment to customers’ needs. Their efforts—aligned with our Company’s sound
strategy, well-positioned portfolio of global assets and strong leadership team—enhanced
our foundation for future growth.
Strategic Progress
In 2006, we executed strongly against our key business strategies.
We announced expansion of our U.S. ethanol capacity to 1.65 billion gallons annually,
building new dry-milling facilities adjacent to existing corn wet-milling plants.
Leveraging our experience and success in the biodiesel market in Europe, we are
building biodiesel plants in the U.S. and South America.
We continue to increase the flexibility of our processing capabilities to meet changing
market conditions. In Europe, we are modifying our Netherlands soybean crushing
facility to process both rapeseed and soybeans. We are also building a palm oil refinery
at our facility in Hamburg, Germany, which will become Europe’s largest refinery
capable of simultaneously refining rapeseed, soy and palm oils.
We continue to enhance our strong, legacy position in food processing through
investments to serve growing markets, including building a new cocoa processing facility
in the U.S. to meet increasing needs for high-quality cocoa ingredients.
We are also investing in new areas that have the potential to grow into legacy
positions. The convergence of factors that is stimulating the quest for renewable fuel
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Archer Daniels Midland Company / 2006 Annual Report