Proctor and Gamble 2005 Annual Report Download

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©฀2005฀Procter฀&฀Gamble
0038-7123
P&G฀ ฀ 2005฀Annual฀Report
Balance฀and฀Leadership
2005฀Annual฀Report
Every฀day…
P&G฀makes฀everyday฀life
just฀a฀little฀better.

Table of contents

  • Page 1
    Balance฀and฀Leadership 2005฀Annual฀Report

  • Page 2
    Table฀of฀Contents Letter฀to฀Shareholders฀ Integrating฀Gillette฀ P&G's฀Billion-Dollar฀Brands฀ Global฀Business฀Unit฀Perspective฀ ฀1 10 12 14 Financial฀Contents฀ Corporate฀Officers฀ Board฀of฀Directors฀ Shareholder฀Information฀ 22 62 64 65 Financial฀...

  • Page 3
    ... per฀Share P&G's฀lineup฀of฀17฀billion-dollar฀brands฀delivered฀ high฀single-digit฀volume฀growth฀in฀fiscal฀2005. Every฀Global฀Business฀Unit฀and฀Market฀Development฀ Organization฀delivered฀volume฀growth฀in฀fiscal฀2005. This฀Annual฀Report...

  • Page 4
    .... •฀ We฀have฀decreased฀P&G's฀Global฀Business฀Services฀(GBS)฀ costs฀by฀more฀than฀15%฀on฀base฀business฀services฀฀ since฀2000.฀ •฀ We฀have฀grown฀the฀productivity฀of฀P&G's฀Product฀Supply฀ organization฀at฀a฀high฀single-digit฀rate...

  • Page 5
    ...of฀businesses,฀brands,฀markets,฀and฀customers฀provide฀ ï¬,exibility฀to฀deliver฀results฀reliably,฀in฀good฀times฀and฀ challenging฀times฀alike.฀ P&G฀Report฀Card Growth฀Goals Sales฀Growth Earnings-per-Share฀ Growth Free฀Cash฀Flow฀ Productivity Goal...

  • Page 6
    ...businesses.฀ Beauty Health Baby Family Household We฀have฀a฀uniquely฀balanced฀combination฀of฀businesses฀and฀ brands.฀With฀the฀planned฀acquisition฀of฀Gillette...year฀in฀P&G฀products.฀We฀have฀...in฀fiscal฀ 2005฀-฀and฀yet฀we...Competitive฀price฀...

  • Page 7
    ...the฀leading฀consumer฀products฀company฀in฀ sales...brand฀building฀and฀ strengthens฀the฀value฀we฀bring฀to฀retail฀partners. We฀translate฀this฀understanding฀into฀innovation฀that฀improves฀ consumers'฀lives...฀management,฀best฀category฀management,฀and...

  • Page 8
    ...higher-margin,฀more฀asset-efficient฀ businesses:฀beauty฀and฀health.฀We฀are฀bringing฀together฀ many฀of฀the฀industry's฀most฀successful฀brands;฀with฀Gillette,฀ P&G฀will฀have฀22฀billion-dollar฀brands.฀ As฀a฀combined฀company,฀we฀will฀offer...

  • Page 9
    ...฀new฀brands.฀No฀other฀consumer฀products฀ company฀is฀creating฀entirely฀new฀businesses฀at฀the฀rate฀we฀ are.฀We฀have฀generated฀nearly฀$5฀billion฀of฀retail฀sales฀in฀ P&G's฀organic฀growth฀ will฀come฀from฀ continued฀share฀ growth...

  • Page 10
    ...and฀Gillette's฀ existing฀businesses฀healthy฀...price฀competitively฀to฀ensure฀ consumer฀value฀and฀to฀protect฀P&G฀brand฀market฀shares...฀in฀higher฀product฀costs.฀We฀will฀continue฀to฀ take฀pricing฀actions฀to฀...manage฀ through฀tough฀challenges.

  • Page 11
    ...฀and฀ stay฀with฀the฀business฀strategy฀that฀is฀working.฀Above฀all,฀we฀ must฀serve฀consumers฀as฀our฀boss.฀Only฀by฀improving฀ consumers'฀lives฀in฀meaningful฀ways฀every฀day฀-฀with฀P&G฀ brands฀of฀superior฀performance,฀quality,฀and...

  • Page 12
    ...฀back-office฀support฀for฀the฀ new฀acquisitions฀while฀also฀raising฀service฀levels฀and฀lowering฀ costs฀for฀P&G's฀base฀business.฀No฀other฀consumer฀products฀ company฀has฀created฀similar฀organization฀capabilities.฀ Gillette's฀businesses฀will...

  • Page 13
    ...reason฀big฀mergers฀or฀ acquisitions฀don't฀work฀out.฀Are฀the฀cultures฀of฀Gillette฀and฀ P&G฀compatible?฀Absolutely.฀Our฀companies฀are฀more฀alike฀ than฀different.฀We're฀both฀in฀the฀business฀of฀improving฀ consumers'฀lives฀every฀day...

  • Page 14
    17 Billion-Dollar Brands P&G's฀Billion-Dollar฀ Brands฀are฀platforms฀฀ for฀innovation.฀They฀฀ are฀global฀leaders.฀ ...฀effectively,฀ efficiently,฀and฀profitably. They฀make฀consumers'฀ lives฀a฀little฀better,฀฀ every฀day.฀ -฀A.G.฀Laï¬,ey

  • Page 15

  • Page 16

  • Page 17

  • Page 18
    ...฀organic฀growth฀across฀geographies฀and฀brands.฀...PRODUCT฀INNOVATIONS฀ON฀LEADING฀ BRANDS฀IN฀NORTH฀AMERICA. WELLA'S฀PROFESSIONAL฀ HAIR฀CARE฀BUSINESS฀ DELIVERED฀8%฀SALES฀ GROWTH฀IN฀FISCAL฀YEAR฀ 2005฀-฀THE฀SECOND฀YEAR฀ FOLLOWING฀ACQUISITION...

  • Page 19
    ...are฀growing฀our฀P&G฀Beauty฀business฀in฀every฀ region฀of฀the฀world.฀ We฀continue,฀as฀well,฀to฀complement฀organic฀innovation฀with฀ strategic฀acquisitions฀and฀licensing฀arrangements.฀The฀Clairol฀ and฀Wella฀acquisitions฀have฀expanded฀our...

  • Page 20
    ...Charmin,฀Puffs,฀and฀Tempo฀brands฀in฀all฀ regions฀where฀we฀operate.฀In฀the฀core฀market฀of฀the฀U.S.,฀ Family฀Care฀market฀share฀rose฀to฀over฀30%.฀In฀addition,฀ Baby฀Care฀and฀Family฀Care฀have฀successfully฀executed฀price฀ increases...

  • Page 21
    ...we฀know฀we฀need฀to฀have฀฀ best-in-class฀structural฀costs.฀We฀are฀focusing฀on฀tight฀฀ control฀of฀capital฀spending,฀improved฀inventory฀control,฀฀ and฀lower฀product฀and฀manufacturing฀costs฀through฀ standardized฀manufacturing฀platforms...

  • Page 22
    ...Care฀business฀in฀developing฀markets,฀ particularly฀Russia฀and฀China,฀by฀designing฀unique฀product฀ formulations฀to฀meet฀the฀needs฀of฀consumers฀across฀more฀ pricing฀tiers฀than฀ever฀before.฀ Pringles฀Snack฀฀ Stacks฀led฀the฀brand฀ to...

  • Page 23
    ...฀32%฀share.฀And฀...brands฀from฀those฀that฀compete฀on฀the฀basis฀of฀low฀price.฀ Consumers฀who฀shop฀at฀all฀price฀points฀have฀high฀product฀ performance฀expectations.฀ We฀are฀focusing฀on฀optimizing฀our฀cost฀structure...of฀the฀Board, P&G฀...

  • Page 24
    ...José,฀ Costa฀Rica Manila, Philippines P&G's฀best-in-class฀Global฀Business฀Services฀organization฀ is฀based฀in฀three฀high-quality,฀low-cost฀hubs:฀San฀José,฀ Costa฀Rica;฀Manila,฀Philippines;฀Newcastle,฀UK. Fiscal฀Year฀2005฀Results Our฀focus฀on...

  • Page 25
    ...integration฀of฀Gillette's฀brands,฀people,฀go-tomarket฀plans,฀and฀business฀services฀needs.฀These฀strong฀ capabilities฀also฀give฀us฀confidence฀that฀P&G฀can฀continue฀฀ to฀grow฀its฀base฀business,฀improve฀its฀cost฀structure฀and฀ delight...

  • Page 26
    22 The฀Procter฀&฀Gamble฀Company฀and฀Subsidiaries Management's฀Discussion฀and฀Analysis Management's฀Responsibility฀for฀Financial฀Reporting At฀Procter฀&฀Gamble,฀we฀take฀great฀pride฀in฀our฀long฀history฀of฀doing฀ what's฀right.฀If฀you฀...

  • Page 27
    ...Integrated฀ Framework฀issued฀by฀the฀Committee฀of฀Sponsoring฀Organizations฀ of฀the฀Treadway฀Commission฀and฀our฀report฀dated฀August฀9,฀2005฀ expressed฀an฀unqualified฀opinion฀on฀management's฀assessment฀of฀the฀ effectiveness฀of฀the฀Company...

  • Page 28
    ...฀August฀9,฀2005฀expressed฀an฀ ฀ unqualified฀opinion฀on฀those฀financial฀statements. ฀ To฀the฀Board฀of฀Directors฀and฀Shareholders฀of The฀Procter฀&฀Gamble฀Company We฀have฀audited฀management's฀assessment,฀included฀in฀Management's฀ Report...

  • Page 29
    ...฀markets.฀ We฀ compete฀ in฀ multiple฀ product฀ categories฀ and฀ have฀ three฀ Global฀ Business฀ Units฀ (GBUs):฀ P&G฀ Beauty,฀ P&G฀ Family฀ Health฀ and฀P&G฀Household฀Care.฀We฀manage฀and฀report฀business฀and฀ ฀ financial฀results฀on฀this...

  • Page 30
    ...฀and฀Health฀brands.฀Gillette฀is฀a฀leader฀ in฀several฀global฀product฀categories฀including฀blades฀and฀razors,฀ oral฀care฀and฀batteries.฀Pending฀regulatory฀approval,฀we฀expect฀ this฀acquisition฀to฀close฀in฀Fall฀of฀2005.฀We฀expect...

  • Page 31
    ...฀ two฀share฀position.฀Our฀Pharmaceuticals฀business฀has฀approximately฀ 33%฀of฀the฀global฀bisphosphonates฀market฀for฀the฀treatment฀of฀ osteoporosis฀under฀the฀Actonel฀brand.฀Actonel,฀along฀with฀Crest฀and฀ Iams,฀each฀have฀annual฀sales...

  • Page 32
    ...฀our฀business฀plans.฀Since฀ our฀goals฀include฀a฀growth฀component฀tied฀to฀acquisitions,฀we฀must฀ manage฀and฀integrate฀key฀acquisitions,฀such฀as฀the฀Wella฀acquisition฀ and฀the฀pending฀acquisition฀of฀The฀Gillette฀Company,฀including...

  • Page 33
    Management's฀Discussion฀and฀Analysis The฀Procter฀&฀Gamble฀Company฀and฀Subsidiaries 29 exchange฀increased฀8%,฀well฀above฀the฀Company's฀target.฀Organic฀ sales,฀which฀exclude฀the฀effects฀of฀acquisitions,฀divestitures฀and฀foreign฀ exchange,฀...

  • Page 34
    ...฀product฀initiatives฀and฀base฀business฀ growth.฀The฀acquisition฀of฀Wella฀had฀no฀material฀impact฀on฀earnings฀in฀ 2004.฀2003฀results฀include฀$538฀million฀of฀after-tax฀charges฀related฀to฀the฀ Company's฀Organization฀2005฀Restructuring...

  • Page 35
    ...฀year฀includes฀two฀additional฀months฀of฀Wella฀acquisition฀ volume฀compared฀to฀the฀base฀period.฀P&G฀Beauty฀organic฀unit฀volume฀ grew฀behind฀base฀business฀growth฀and฀several฀new฀product฀initiatives฀ including฀Olay฀Anti-Aging,฀Olay...

  • Page 36
    ...฀ by฀a฀positive฀2%฀foreign฀exchange฀impact.฀Pricing฀in฀Pet฀Health฀and฀ Nutrition฀and฀Pharmaceuticals฀added฀1%฀to฀sales,฀while฀product฀ mix฀reduced฀sales฀by฀2%฀due฀to฀the฀shift฀of฀Macrobid฀branded฀sales฀ to฀generic฀sales฀and...

  • Page 37
    Management's฀Discussion฀and฀Analysis The฀Procter฀&฀Gamble฀Company฀and฀Subsidiaries 33 profit฀growth฀from฀higher฀volume฀and฀product฀cost฀savings.฀Family฀ Care฀earnings฀declined฀slightly฀due฀to฀increases฀in฀commodity฀costs฀ (both฀pulp฀and...

  • Page 38
    ...฀for฀the฀acquisition฀of฀Wella.฀ Acquisitions.฀Acquisitions฀(net฀of฀cash฀acquired)฀used฀$572฀million฀of฀ cash฀in฀the฀current฀year฀which฀includes฀acquisitions฀of฀a฀Pharmaceuticals฀ business฀in฀Spain,฀Fabric฀Care฀businesses฀in฀Europe...

  • Page 39
    ...increased฀by฀$3.49฀billion฀in฀2005฀ to฀$24.33฀billion.฀The฀increase฀was฀primarily฀due฀to฀additional฀debt฀to฀ finance฀share฀repurchases฀announced฀concurrently฀with฀our฀planned฀ acquisition฀of฀The฀Gillette฀Company. In฀2004,฀total฀debt...

  • Page 40
    ...฀of฀the฀agreement฀to฀acquire฀Gillette฀and฀the฀stock฀ buyback฀plan. Treasury฀Purchases.฀During฀the฀past฀year,฀we฀substantially฀increased฀our฀ level฀of฀share฀repurchases.฀Total฀share฀repurchases฀in฀2005฀were฀$5.03฀ billion,฀of...

  • Page 41
    ...,฀consisting฀primarily฀ of฀customer฀pricing฀allowances,฀merchandising฀funds฀and฀consumer฀ coupons.฀The฀cost฀of฀these฀programs฀is฀recorded฀as฀a฀reduction฀of฀sales.฀ Given฀the฀nature฀of฀our฀business,฀revenue฀recognition฀practices฀do...

  • Page 42
    ...,฀brands฀and฀businesses฀ may฀be฀acquired,฀which฀generally฀results฀in฀intangible฀assets฀recognized฀in฀ the฀financial฀statements.฀These฀intangibles฀may฀represent฀indefinite-lived฀ assets฀(e.g.,฀certain฀trademarks฀or฀brands),฀definite-lived...

  • Page 43
    ...reporting฀unit฀level.฀We฀test฀individual฀ indefinite-lived฀intangibles฀at฀least฀annually฀by฀reviewing฀the฀individual฀ book฀values฀compared฀to฀the฀fair฀value.฀Considerable฀management... assets฀from฀recently-acquired฀businesses฀are฀derived฀from...

  • Page 44
    ...Gamble฀Company฀and฀Subsidiaries Management's฀Discussion฀and฀Analysis Restructuring฀Program In฀1999,฀concurrent฀with฀a฀reorganization฀of฀our฀operations฀into฀ product-based฀GBUs,฀we฀initiated฀a฀multi-year฀Organization฀2005... cost฀structure,฀including...

  • Page 45
    The฀Procter฀&฀Gamble฀Company฀and฀Subsidiaries 41 Consolidated฀Statements฀of฀Earnings ฀ Amounts฀in฀millions฀except฀per฀share฀amounts฀ Years฀Ended฀June฀30 Net฀Sales฀ Cost฀of฀products฀sold฀ Selling,฀general฀and฀administrative฀expense฀ ...

  • Page 46
    ...Gamble฀Company฀and฀Subsidiaries Consolidated฀Balance฀Sheets Assets ฀ Amounts฀in฀millions฀ June฀30 Current฀Assets฀ Cash฀and฀cash฀equivalents฀ Investment฀securities฀ Accounts฀receivable฀ Inventories... ฀ ฀ ฀ ฀ ฀ ฀ 2005฀ $6,389฀ 1,744฀ 4,185฀ ...

  • Page 47
    The฀Procter฀&฀Gamble฀Company฀and฀Subsidiaries 43 Consolidated฀Balance฀Sheets ...stock, ฀ stated฀value฀$1฀per฀share฀ ฀ (200฀shares฀authorized)฀ ฀ Common฀stock,฀stated฀value฀$1฀per฀share ฀ (10,000฀shares฀authorized;฀shares฀outstanding:฀2005...

  • Page 48
    44 The฀Procter฀&฀Gamble฀Company฀and฀Subsidiaries Consolidated฀Statements฀of฀Shareholders'฀Equity Dollars฀in฀millions/฀ Shares฀in฀thousands Common฀ ฀ Shares฀ ฀ Outstanding฀ ฀ Common฀ Stock Additional฀ Preferred฀ Paid-In฀ Stock฀ Capital฀ ฀ ...

  • Page 49
    ...฀&฀Gamble฀...Change฀in฀inventories฀ Change฀in...฀ Acquisitions฀ Change...฀from฀the฀exercise฀of฀stock฀options฀ Treasury฀purchases฀ Total... Income฀taxes฀ Non-cash฀capital฀leases฀acquired฀by฀assuming฀debt฀ 2005฀ $4,232฀ ฀ 7,257฀ 1,884฀...

  • Page 50
    ...Policies Nature฀of฀Operations The฀Procter฀&฀Gamble฀Company's฀(the฀"Company,"฀"we"฀or฀"us")฀ ฀ business฀is฀focused฀on฀providing฀consumer฀branded฀products...฀management฀to฀make฀estimates฀and฀assumptions฀ that฀affect฀the฀amounts฀reported฀...

  • Page 51
    ...method. Inventory฀Valuation Inventories฀are฀valued฀at฀cost,฀which฀is฀not฀in฀excess฀of฀current฀market฀ prices.฀Product-related฀inventories...lived฀intangibles,฀primarily฀brand฀names฀and฀trademarks,฀ are฀not฀amortized,฀but฀are฀evaluated฀annually...

  • Page 52
    ...the฀average฀Company฀ stock฀prices฀beginning฀two฀days฀before฀and฀ending฀two฀days฀after฀ ฀ January฀28,฀2005,฀the฀date฀the฀acquisition฀was฀announced.฀ The฀Gillette฀Company฀is฀a฀leader฀in฀several฀global฀product฀categories฀ including...

  • Page 53
    ...฀facility฀will฀be฀ managed฀within฀our฀overall฀interest฀rate฀management฀policies฀described฀ in฀Note฀6. Wella฀Acquisition฀ On฀September฀2,฀2003,฀we฀acquired฀a฀controlling฀interest฀in฀Wella.฀ Through฀a฀stock฀purchase฀agreement฀with฀the...

  • Page 54
    ...Gamble฀Company฀and฀Subsidiaries Notes฀to฀Consolidated฀Financial฀Statements Management's฀Discussion฀and฀Analysis Other฀minor฀business฀purchases฀and฀intangible฀asset฀acquisitions฀ ฀ totaled฀$572,฀$384฀and฀$61฀in฀2005...Lives...Gillette฀acquisition...Wella...

  • Page 55
    ...฀ As฀a฀multinational฀company฀with฀diverse฀product฀offerings,฀we฀are฀ ฀ exposed฀to฀market฀risks,฀such฀as฀changes฀in฀interest฀rates,฀currency฀ ฀ exchange฀rates฀and฀commodity฀pricing.฀To฀manage฀the฀volatility฀related฀ to฀these...

  • Page 56
    ...฀net฀ balances฀were฀a฀$451฀and฀$586฀after-tax฀loss฀in฀2005฀and฀2004,฀ respectively. ฀ Commodity฀Price฀Management Raw฀materials฀are฀subject฀to฀price฀volatility฀caused฀by฀weather,฀supply฀ conditions,฀political฀and฀economic฀variables...

  • Page 57
    ...฀Compensation We฀have฀a฀primary฀stock-based฀compensation฀plan฀under฀which฀stock฀ options฀are฀granted฀annually฀to฀key฀managers฀and฀directors฀with฀ exercise฀prices฀equal฀to฀the฀market฀price฀of฀the฀underlying฀shares฀on฀the฀ date฀of...

  • Page 58
    54 The฀Procter฀&฀Gamble฀Company฀and฀Subsidiaries Notes฀to฀Consolidated฀Financial฀Statements Management's฀Discussion฀and฀Analysis Stock฀options฀outstanding฀at฀June฀30,฀2005฀were฀in฀the฀following฀ exercise฀price฀ranges:฀ Range฀of฀Prices฀ ...

  • Page 59
    ...฀Benefits 2005฀ Change฀in฀benefit฀obligation Benefit฀obligation฀at฀ beginning฀of฀year 1฀ $4,616฀ Service฀cost฀ 162฀ Interest฀cost฀ 241฀ Participants' contributions฀ 18฀ Amendments฀ 45฀ Actuarial฀loss฀(gain)฀฀ 807฀ Acquisitions฀(divestitures...

  • Page 60
    ...Gamble฀Company฀and฀Subsidiaries Notes฀to฀Consolidated฀Financial฀Statements Management's฀Discussion฀and฀Analysis The฀accumulated฀benefit฀obligation฀for฀all฀defined฀benefit฀retirement฀ plans฀was฀$4,610฀and฀$3,822฀at฀June฀30,฀2005...annual...stock...

  • Page 61
    ...Gamble฀Company฀and฀Subsidiaries 57 of฀favorable฀returns฀on฀the฀Company's฀stock฀relative฀to฀broader฀market฀ indices฀(e.g.,฀S&P฀500). Assumed฀health฀care฀cost฀trend฀rates฀could฀have฀a฀significant฀effect฀on฀ the฀amounts฀reported...2005...shares...

  • Page 62
    ...Gamble฀Company฀and฀Subsidiaries Notes฀to฀Consolidated฀Financial฀Statements Management...share.฀The฀liquidation฀value฀is฀$12.96฀ ฀ per฀share. As฀ permitted฀ by฀ Statement฀ of฀ Position฀ (SOP)฀ 93-6,฀"Employers฀ Accounting฀for฀Employee฀Stock...2005.฀...

  • Page 63
    Management's฀Discussion฀and฀Analysis Notes฀to฀Consolidated฀Financial฀Statements The฀Procter฀&฀Gamble...tax฀has฀been฀provided฀decreased฀in฀2005฀due฀to฀our฀repatriation฀plan฀ ...the฀exercise฀of฀stock฀options.฀ The฀...share฀amounts฀or฀otherwise฀speci...

  • Page 64
    ...฀and฀commercial฀products.฀ Under฀U.S.฀GAAP,฀we฀have฀five฀reportable฀segments:฀P&G฀Beauty;฀ Health฀Care;฀Baby฀Care฀and฀Family฀Care;฀Fabric฀Care฀and฀Home฀Care;฀ and฀Snacks฀and฀Coffee.฀The฀accounting฀policies฀of฀the฀businesses฀are...

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    Management's฀Discussion฀and฀Analysis Notes฀to฀Consolidated฀Financial฀Statements The฀Procter฀&฀Gamble฀Company฀and฀Subsidiaries 61 ...Earnings฀Per฀Common฀Share 1฀ 2004-2005฀ 2003-2004฀ 2004-2005฀ 2003-2004฀ 2004-2005฀ 2003-2004฀ 2004-2005฀ 2003-2004฀...

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    ...฀experience,฀including฀four฀ years฀outside฀the฀USA,฀and฀ assignments฀in฀Household฀and฀ Beauty฀Care฀and฀Mergers฀and฀ Acquisitions.฀Place฀of฀Birth:฀USA฀ Steven฀W.฀Jemison of฀business฀experience,฀collectively. 1100฀years James฀J.฀Johnson...

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    ...฀experience,฀ and฀assignments฀as฀Country฀and฀ General฀Manager฀Egypt,฀General฀ Manager฀China฀and฀Asia,฀President฀ Greater฀China฀and฀Central฀&฀Eastern฀ Europe,฀Middle฀East฀and฀Africa.฀Place฀ of฀Birth:฀Tanzania ฀ Group฀President...

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    64 The฀Procter฀&฀Gamble฀Company฀and฀Subsidiaries Management's฀Discussion฀and฀Analysis Board฀of฀Directors Norman฀R.฀Augustine Joseph฀T.฀Gorman Lynn฀M.฀Martin Ralph฀Snyderman,฀M.D. Retired฀Chairman฀and฀Chief฀฀ Executive฀Officer,฀Lockheed฀Martin...

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    ...฀Philanthropy฀and฀Contributions฀Report฀to฀learn฀more฀฀ about฀our฀commitment฀to฀help฀children฀in฀need฀Live,฀Learn฀and฀Thrive฀at฀ pg.com/contributionsreport. Common฀Stock฀Price฀and฀Dividends Price฀Range Quarter฀Ended 2004-2005 High 2004-2005...

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    ...Gamble฀Company฀and฀Subsidiaries Management's฀Discussion฀and฀Analysis 10-Year฀Financial฀Summary฀(Unaudited)฀ Amounts฀in฀millions except฀per฀share...762 2,179 4,678 11,722 $- 1 ฀ Organization฀2005฀restructuring฀program฀charges,฀on฀an฀after-tax฀basis,฀...

  • Page 71
    ...,฀Ariel,฀Downy,฀Lenor,฀Pringles,฀Folgers,฀Dawn,฀Fairy,฀Joy,฀Gain,฀Ace,฀Swiffer,฀ Mr.฀Clean,฀Febreze,฀Dash,฀Bold,฀Cascade,฀Cheer,฀Bounce,฀Millstone,฀Bonux,฀ Linidor,฀Daz,฀Era,฀Flash,฀Dreft,฀Vizir,฀Salvo,฀Viakal,฀Myth,฀Alomatik Recognition...

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    P&G฀ ฀ 2005฀Annual฀Report Every฀day...P&G฀makes฀everyday฀life just฀a฀little฀better. ©฀2005฀Procter฀&฀Gamble 0038-7123