United Healthcare 2005 Annual Report Download - page 19

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ITEM 6. SELECTED FINANCIAL DATA
Financial Highlights
For the Year Ended December 31,
(in millions, except per share data) 20051200412003 2002 2001
Consolidated Operating Results
Revenues ........................................ $45,365 $37,218 $28,823 $25,020 $23,454
Earnings From Operations ........................... $ 5,373 $ 4,101 $ 2,935 $ 2,186 $ 1,566
NetEarnings...................................... $ 3,300 $ 2,587 $ 1,825 $ 1,352 $ 913
Return on Shareholders’ Equity ....................... 27.2% 31.4% 39.0% 33.0% 24.5%
Basic Net Earnings per Common Share2................ $2.61$ 2.07 $ 1.55 $ 1.12 $ 0.73
Diluted Net Earnings per Common Share2.............. $2.48$ 1.97 $ 1.48 $ 1.06 $ 0.70
Common Stock Dividends per Share2.................. $ 0.015 $ 0.015 $ 0.008 $ 0.008 $ 0.008
Consolidated Cash Flows From (Used For)
Operating Activities ............................ $ 4,326 $ 4,135 $ 3,003 $ 2,423 $ 1,844
Investing Activities ............................ $ (3,489) $ (1,644) $ (745) $ (1,391) $ (1,138)
Financing Activities ............................ $ 593 $ (762) $ (1,126) $ (1,442) $ (585)
Consolidated Financial Condition
(As of December 31)
Cash and Investments ............................... $14,982 $12,253 $ 9,477 $ 6,329 $ 5,698
Total Assets ...................................... $41,374 $27,879 $17,634 $14,164 $12,486
Debt ............................................ $ 7,111 $ 4,023 $ 1,979 $ 1,761 $ 1,584
Shareholders’ Equity ............................... $17,733 $10,717 $ 5,128 $ 4,428 $ 3,891
Debt-to-Total-Capital Ratio .......................... 28.6% 27.3% 27.8% 28.5% 28.9%
Financial Highlights and Management’s Discussion and Analysis of Financial Condition and Results of
Operations should be read together with the accompanying Consolidated Financial Statements and Notes.
1UnitedHealth Group acquired PacifiCare Health Systems, Inc. (PacifiCare) in December 2005 for total consideration of
approximately $8.8 billion, Oxford Health Plans, Inc. (Oxford) in July 2004 for total consideration of approximately $5.0
billion and Mid Atlantic Medical Services, Inc. (MAMSI) in February 2004 for total consideration of approximately $2.7
billion. These acquisitions affect the comparability of 2005 and 2004 financial information to prior fiscal years. The
results of operations and financial condition of PacifiCare, 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.
2In May 2005, our board of directors declared a two-for-one stock split. All share and per share amounts have been
restated to reflect the stock split.
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