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Management’s฀Discussion฀and฀AnalysisThe฀Procter฀&฀Gamble฀Company฀and฀Subsidiaries
66
10-Year฀Financial฀Summary฀(Unaudited)฀
Amounts฀in฀millions
except฀per฀share฀amounts  2004 2003 2002 2001
Net฀Sales  $51,407 $43,377 $40,238 $39,244
Gross฀Margin  26,331 21,236 19,249 17,142
Operating฀Income  9,827 7,853 6,678 4,736
Net฀Earnings  6,481 5,186 4,352 2,922
Net฀Earnings฀Margin  12.6% 12.0% 10.8% 7.4%
Basic฀Net฀Earnings฀per฀Common฀Share  $2.46 $1.95 $1.63 $1.08
Diluted฀Net฀Earnings฀per฀Common฀Share  2.32 1.85 1.54 1.03
Dividends฀per฀Common฀Share  0.93 0.82 0.76 0.70
Research฀and฀Development฀Expense  1,802 1,665 1,601 1,769
Advertising฀Expense  5,504 4,373 3,773 3,612
Total฀Assets  57,048 43,706 40,776 34,387
Capital฀Expenditures  2,024 1,482 1,679 2,486
Long-Term฀Debt  12,554 11,475 11,201 9,792
Shareholders’฀Equity  17,278 16,186 13,706 12,010
Restructuring฀Program฀Charges1 $– $751 $958 $1,850
1฀ Organization฀2005฀restructuring฀program฀charges,฀on฀an฀after-tax฀basis,฀totaled฀$538,฀$706,฀$1,475,฀$688฀and฀$285฀for฀2003,฀2002,฀2001,฀2000฀and฀1999฀respectively.
Amounts฀in฀millions
except฀per฀share฀amounts 2000 1999 1998 1997 1996
Net฀Sales $39,951 $38,125 $37,154 $35,764 $35,284
Gross฀Margin 18,437 17,098 16,258 15,254 14,346
Operating฀Income 5,954 6,253 6,055 5,488 4,815
Net฀Earnings 3,542 3,763 3,780 3,415 3,046
Net฀Earnings฀Margin 8.9% 9.9% 10.2% 9.5% 8.6%
Basic฀Net฀Earnings฀per฀Common฀Share $1.30 $1.38 $1.37 $1.22 $1.07
Diluted฀Net฀Earnings฀per฀Common฀Share 1.23 1.29 1.28 1.14 1.00
Dividends฀per฀Common฀Share 0.64 0.57 0.51 0.45 0.40
Research฀and฀Development฀Expense 1,899 1,726 1,546 1,469 1,399
Advertising฀Expense 3,793 3,639 3,801 3,574 3,374
Total฀Assets 34,366 32,192 31,042 27,598 27,762
Capital฀Expenditures 3,018 2,828 2,559 2,129 2,179
Long-Term฀Debt 9,012 6,265 5,774 4,159 4,678
Shareholders’฀Equity 12,287 12,058 12,236 12,046 11,722
Restructuring฀Program฀Charges1$814 $481 $– $– $–