CHS 2013 Annual Report Download - page 3

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Our success is measured not only by our ability
to deliver value through the products, services and
market opportunities we provide daily, but also by
executing well-thought-out strategies that will help
our owners and customers keep growing tomorrow.
But keeping the future in mind isn’t just about
what we do — it’s also about what our owners and
customers want. We asked producers, co-op leaders
and customers from throughout our system to share
their thoughts on what CHS and this cooperative
system must do to help them grow in the years
ahead. You’ll see some of their responses in this
report and hear more from them in 2014.
Fiscal 2013 was an outstanding year for CHS. Our
$992.4 million in earnings was the second highest
in our history and revenues reached a record $44.5
billion. More important, in fiscal 2013 we returned a
record $598.9 million in cash to our owners in the
form of patronage, equity redemptions and preferred
stock dividends based on fiscal 2012 earnings. That
brings to $1.8 billion the amount of cash returned
over the past five years and sets a new mark for
cooperative businesses. We continue to examine and
adjust our equity management policy to balance
returns to our owners and investments in a manner
that will benefit our system’s stakeholders for
the long term.
In reporting these results, we recognize that our
achievements in fiscal 2013 are rooted in bold
decisions made five and even 10 years ago to
ensure CHS would continue to meet its owners’
and customers’ needs in a rapidly changing global
marketplace. Those include decisions to invest in
our refining operations, decisions to build a global
platform in grain and crop nutrients, and decisions
to grow our food and food ingredients businesses.
As we enter fiscal 2014, we will continue maximizing
the value of today’s CHS, and we will ensure our
owners continue to grow for many tomorrows.
In fact, over the past 36 months, we’ve made or
committed to more than $4 billion in acquisitions
and in expansions and upgrades at our existing
operations. These investments — and those that lie
ahead — will help us capture the essential speed
and space we need in the global grains and foods
sectors to ensure dependable energy supplies and
to provide our owners with access to fertilizer and
other crop inputs for success in the coming decade.
PUTTING YOUR FUTURE FIRST
By its nature, an annual report focuses on the past, recapping financial results
and logging highlights for a 12-month period. But at CHS, we recognize that
tomorrow starts today. Each announcement, operational highlight and financial
measurement catalogued in this 2013 annual report reflects our commitment
to putting the future first for our owners and customers every day.