DuPont 2012 Annual Report Download - page 25
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continued
(Dollars in millions)
$ 1,180 $ 705 $ —
$168 $(1) $ —
14%— % —%
Price (4)% —%
Volume 8 % —%
Portfolio / Other 63 % —%
Total change 67 % —%
2012 versus 2011 Sales were up primarily due to the Danisco enzyme business acquisition. Volume growth reflects strong sales of Sorona® polymer for
carpeting, while lower price relates to unfavorable currency impact.
2012 PTOI and PTOI margin increased reflecting benefits of the acquisition and the absence of a $70 million charge recorded in the prior year for the fair
value step-up of inventories acquired.
2011 versus 2010 Sales and PTOI primarily reflects the Danisco acquisition. 2011 PTOI included a $70 million charge for the fair value step-up of
inventories that were acquired as part of the acquisition and a $9 million restructuring charge. PTOI also included $12 million of amortization expense
associated with the fair value step-up of the acquired intangible assets.
Outlook Sales are expected to increase in 2013 as a result of continued strong demand for Sorona ® polymer for carpeting and the introduction of new
products in most enzyme markets. Demand for enzymes for ethanol production will remain soft until producer margins improve. Segment earnings are
expected to increase consistent with volume growth, pricing gains and cost synergies derived from integration.
(Dollars in millions)
$3,422 $ 2,460 $ 1,240
$299 $44 $62
9%2%5%
Price 1%5%
Volume 3%1%
Portfolio / Other 35%92%
Total change 39%98%
2012 versus 2011 Sales were up primarily due to the Danisco specialty food ingredients business acquisition. Higher volume reflects strong demand for
enablers, probiotics and cultures, particularly in North America. Higher local prices more than offset unfavorable currency impact.
2012 PTOI and PTOI margin increased reflecting benefits of the acquisition and the absence of a $112 million charge recorded in the prior year for transaction
related costs and the fair value step-up of inventories acquired, partially offset by increased restructuring charges in 2012 as described above.
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