Dow Chemical 2015 Annual Report Download - page 4

2 The Dow Chemical Company
Dear Shareholders,

of Dow ... a year that demonstrated the strength and resiliency of our enterprise and set the foundation
for the Company’s future success.

commitment the Company set out to achieve and then some – driving progress in our business portfolios,
higher return on capital and productivity improvement across the enterprise – the results of which are
(1) results
and our record returns to shareholders.
We have transformed our Company through a series of exceptional landmark portfolio and investment

purposely architected over the past decade to release maximum shareholder value while building a
long-term sustainable market leader. We thank all of our employees and shareholders for their steadfast
support of the Company to achieve these ambitious goals now being realized.
HIGHLIGHTS

as a result of the actions taken to institute a productivity culture and advance a portfolio that is proving resilient to today’s macro volatility.
To give you a sense of the exceptional pace of achievements that Dow is delivering, consider these highlights from 2015:
• Delivered year-over-year improvements in operating
earnings per share(2) and operating EBITDA margin(3)
expansion – with our fourth quarter results marking
the 13th consecutive quarterly achievement.
• Achieved highest results in Company history with
$9.6 billion of operating EBITDA.
• Increased the annual dividend to a new historical high
of $1.84/share and share buybacks of $2.7 billion.(4)
• Received six 2015 R&D 100 Awards: 21 Dow
technologies were selected as finalists – the greatest
number of any company recognized this year.
• Progressed significant growth project milestones, with first
product delivered on plan from our Sadara joint venture and
the successful startup of the world’s largest on-purpose
propylene production facility in Freeport, Texas.
• Completed the highly complex separation of the Dow
Chlorine Products transaction ahead of schedule – while
realizing significant valuation and changing the portfolio
to enable higher return on capital for our owners.
• Streamlined the Company with value-releasing
transactions for ANGUS, AgroFresh and Sodium
Borohydride.
• Signed a definitive agreement with DuPont to
combine through a merger of equals with the intent
to subsequently separate to create three leading,
independent, science-based companies.
• Advanced our drive to consolidate or deconsolidate
our major joint ventures by:
-
Signing a definitive agreement to restructure Dow
Corning ownership;
- Executing the step acquisition of Univation
Technologies, LLC; and
- Selling our ownership interest in MEGlobal to EQUATE.
• Successfully closed out our 2015 Sustainability
Goals and celebrated the launch of our new 2025
Sustainability Goals.