United Healthcare 2004 Annual Report Download - page 22

Download and view the complete annual report

Please find page 22 of the 2004 United Healthcare annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 72

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72

20 UNITEDHEALTH GROUP
For the Year Ended December 31,
(in millions, except per share data) 200412003 2002 2001 2000
CONSOLIDATED OPERATING RESULTS
Revenues
$37,218
$28,823 $25,020 $23,454 $21,122
Earnings From Operations
$4,101
$2,935 $2,186 $1,566 $1,200
Net Earnings
$2,587
$1,825 $1,352 $913 $736
Return on Shareholders’ Equity
31.4 %
39.0 % 33.0 % 24.5 % 19.8%
Basic Net Earnings
per Common Share
$4.13
$3.10
$
2.23
$
1.46
$
1.14
Diluted Net Earnings
per Common Share
$3.94
$2.96
$
2.13
$
1.40
$
1.09
Common Stock Dividends per Share
$0.03
$0.015
$
0.015
$
0.015
$
0.008
CONSOLIDATED CASH FLOWS FROM (USED FOR)
Operating Activities
$4,135
$3,003
$
2,423
$
1,844
$
1,521
Investing Activities
$(1,644)
$(745)
$
(1,391)
$
(1,138)
$
(968)
Financing Activities
$(762)
$(1,126)
$
(1,442)
$
(585)
$
(739)
CONSOLIDATED FINANCIAL CONDITION
(As of December 31)
Cash and Investments
$12,253
$9,477
$
6,329
$
5,698
$
5,053
Total Assets
$27,879
$17,634
$
14,164
$
12,486
$
11,053
Debt
$4,023
$1,979
$
1,761
$
1,584
$
1,209
Shareholders’ Equity
$10,717
$5,128
$
4,428
$
3,891
$
3,688
Debt-to-Total-Capital Ratio
27.3 %
27.8 % 28.5 % 28.9 % 24.7 %
Financial Highlights and Results of Operations should be read together with the accompanying Consolidated Financial Statements and Notes.
1UnitedHealth Group acquired Oxford Health Plans, Inc. (Oxford) in July 2004 for total consideration of approximately $5.0 billion
and acquired Mid Atlantic Medical Services, Inc. (MAMSI) in February 2004 for total consideration of approximately $2.7 billion. These
acquisitions affect the comparability of 2004 financial information to prior fiscal years. The results of operations and financial condition
of Oxford and MAMSI have been included in UnitedHealth Group’s consolidated financial statements since the respective acquisition
dates. See Note 3 to the consolidated financial statements for a detailed discussion of these acquisitions.
FINANCIAL HIGHLIGHTS