United Healthcare 2004 Annual Report Download - page 69

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UNITEDHEALTH GROUP 67
GROWTH & PROFITS — CONSOLIDATED
(in millions, except per share data) 2004 2003 2002
Revenues
$37,218
$28,823 $25,020
Earnings From Operations
$4,101
$2,935 $2,186
Operating Margin
11.0%
10.2% 8.7%
Return on Net Assets
35.3%
43.7% 37.5%
Net Earnings
$2,587
$1,825 $1,352
Net Margin
7.0%
6.3% 5.4%
Diluted Net Earnings per Common Share
$3.94
$2.96 $2.13
GROWTH & PROFITS — BY SEGMENT
(in millions) 2004 2003 2002
HEALTH CARE SERVICES
Revenues
$32,673
$24,807 $21,552
Earnings From Operations
$2,810
$1,865 $1,328
Operating Margin
8.6%
7.5% 6.2%
Return on Net Assets
30.1%
40.5% 35.5%
UNIPRISE
Revenues
$3,365
$3,107 $2,725
Earnings From Operations
$677
$610 $517
Operating Margin
20.1%
19.6% 19.0%
Return on Net Assets
58.2%
55.2% 48.7%
SPECIALIZED CARE SERVICES
Revenues
$2,295
$1,878 $1,509
Earnings From Operations
$485
$385 $286
Operating Margin
21.1%
20.5% 19.0%
Return on Net Assets
66.5%
59.1% 50.7%
INGENIX
Revenues
$670
$574 $491
Earnings From Operations
$129
$75 $55
Operating Margin
19.3%
13.1% 11.2%
Return on Net Assets
16.7%
9.7% 7.6%
CAPITAL ITEMS
(in millions, except per share data) 2004 2003 2002
Cash Flows From Operating Activities
$4,135
$3,003 $2,423
Capital Expenditures
$350
$352 $419
Consideration Paid or Issued for Acquisitions
$7,782
$590 $869
Debt-to-Total-Capital Ratio
27.3%
27.8% 28.5%
Return on Shareholders’ Equity
31.4%
39.0% 33.0%
Year-End Market Capitalization
$56,603
$33,896 $25,005
Year-End Common Share Price
$88.03
$58.18 $41.75
FINANCIAL PERFORMANCE AT A GLANCE