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2013 Annual Report 1
2013 2012
Net Sales (dollars in millions) $ 57,080 $ 56,786
Net Income Available for Common Shareholders (dollars in millions) $ 4,447 $ 842
Net Income, Excluding Certain Items1 (dollars in millions) $ 2,981 $ 2,249
Earnings per Share - Diluted $ 3.68 $ 0.70
Earnings per Share - Diluted, Excluding Certain Items1 $ 2.48 $ 1.90
Dividends Declared per Share $ 1.28 $ 1.21
Net Debt to Capital Ratio2 30.0% 43.1%
n ghghts
Earnings – Diluted
Dividends Declared
13
1.28
3.68
2.48
0.60
0.60
09
0.32
10
0.63
1.72
11
1.97
0.90
2.05
2.54
12
1.21
0.70
1.90
13
4,447
Excluding Certain Items1Earnings – Diluted, Excluding Certain
Items and Discontinued Operations1
From Continuing Operations
09 10
566
955
11
2,321
2,614
2,784
12
842
3,341
2,249
2,981
Net Income
(dollars in millions)
Per Share Data
(dollars)
13
57,080
09 10 11
53,674
44,875
59,985
12
56,786
Net Sales
(dollars in millions)
2013 Sales by Operating Segment
(dollars in millions)
Total Sales
$57,080
Electronic and
Functional Materials
$4,591
Coatings and
Infrastructure Solutions
$7,132
Agricultural Sciences
$7,137
Performance Materials
$13,415
Performance Plastics
$14,645
Feedstocks and Energy
$9,854
Corporate: $306
1 For a reconciliation to the most directly comparable U.S. GAAP measure, see supplemental information located in the Appendix on pages 18 and 19, or visit
www.dow.com/investors/earnings.
2 Net Debt equals total debt (“Notes payable” plus “Long-term debt due within one year” plus “Long-term debt”) minus “Cash and cash equivalents.” “Capital”
is defined as “Total Equity” plus “Redeemable Noncontrolling Interest” plus “Net Debt.”
Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to business plans, objectives,
and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934.
Forward-looking statements may appear throughout this report. These forward-looking statements are generally identified by the words “believe,” “project,”
“expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely
result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties
which may cause actual results to differ materially from the forward-looking statements. The Dow Chemical Company undertakes no obligation to update or
revise any forward-looking statements whether because of new information, future events or otherwise, except as required by securities and other applicable
laws. References to “Dow” or the “Company” mean The Dow Chemical Company and its consolidated subsidiaries, unless otherwise expressly noted.