Dow Chemical 2015 Annual Report Download - page 5
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2015 Annual Report 3
Operating EBITDA margin(3) expansion
as compared to the prior year
basis
points
up from 10.8 percent in 2014
operating return
on capital(5)
in productivity improvements
by harmonizing work processes,
streamlining functional business support
and optimizing our asset footprint
$345MM
12.1%
$7.5B
Cash provided by
operating activities
NINTH
Consecutive
Quarter
of volume growth, excluding
divestitures and acquisitions,
despite a perpetually slow-
growth world
THIRD
Consecutive Year
of operating return on
capital increase
$4.6B
Paid to Shareholders
in the form of share buybacks(4)
and dividends
360
DELIVERING HIGHER VALUE
Through it all, Dow has maintained its unwavering focus on increasing returns. Again this year, our steady
(1) Operating EBITDA is defined as EBITDA excluding the impact of “Certain Items.”
(2) Operating earnings per share is defined as earnings per share excluding the impact of “Certain Items.”
(3) Operating EBITDA margin is defined as EBITDA excluding the impact of “Certain Items” as a percentage of reported sales.
(4) Includes $1.5 billion in non-cash share repurchases related to the Dow Chlorine Products transaction.
(5) Operating Return on Capital is defined as Adjusted Net Operating Profit After Tax divided by Average Total Capital. “Adjusted Net Operating Profit After Tax” is defined as Adjusted Net Income
plus Preferred Stock Dividends plus Net Income Attributable to Noncontrolling Interests plus gross interest expense less tax on gross interest expense. “Adjusted Net Income” is defined as Net
Income excluding the impact of “Certain Items.” “Total Capital” is defined as Total Debt plus The Dow Chemical Company’s Stockholders’ Equity plus Redeemable Noncontrolling Interest plus
Non-redeemable Noncontrolling Interests.
Howard I. Ungerleider
Vice Chairman and Chief
Financial Officer
Andrew N. Liveris
Chief Executive Officer
and Chairman of
the Board
James R. Fitterling
President and Chief
Operating Officer