3M Reports Higher First-Quarter Sales and Earnings; Q1 2005 EPS Increases 14.4 Percent.ST. PAUL St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minn. -- 3M (NYSE NYSE See: New York Stock Exchange :MMM MMM Myeloid metaplasia with myelofibrosis, see there ) today announced a 14.4 percent increase in first-quarter earnings per share. The company reported net income of $809 million, or $1.03 per share, versus $722 million, or $0.90 per share in the first quarter of 2004. Net income increased 12.0 percent. "Broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased productivity improvements achieved through our corporate initiatives and solid growth in key areas, like optical films and health care, helped us deliver over 14 percent earnings per share growth in the first quarter," said W. James McNerney Walter James "Jim" McNerney, Jr., is an American businessman. On June 30, 2005 he was named the CEO of The Boeing Company. Prior to that, McNerney was the Chairman and Chief Executive of 3M. He had been a member of the Boeing board of directors since 2001. , Jr., 3M chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Improved operational efficiency, sales growth, and pricing were key to overcoming slow economic growth in Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). and Japan and continued raw material price pressure." Worldwide sales in the first quarter totaled $5.17 billion, 4.6 percent higher than in the year-earlier quarter. Local currency sales increased 2.3 percent, with selling prices contributing 0.5 percent. Currency effects increased sales by 2.3 percent. Local-currency sales increased 5.2 percent in Health Care; 4.5 percent in Transportation; 3.0 percent in Safety, Security and Protection Services; 2.6 percent in Industrial; and 0.6 percent in Display and Graphics; and declined 0.5 percent in Consumer and Office, and 1.4 percent in Electro E`lec´tro n. 1. An electrotype. and Communications. "Looking ahead, we will continue to leverage sales growth and productivity improvements into sustainable earnings growth despite continued slow growth in the mature economies," McNerney said. "We expect to deliver higher organic growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. the rest of this year through new product sales enabled by our diverse technology platforms; our Acceleration acceleration, change in the velocity of a body with respect to time. Since velocity is a vector quantity, involving both magnitude and direction, acceleration is also a vector. In order to produce an acceleration, a force must be applied to the body. initiative; growth drivers, like LCD (Liquid Crystal Display) A display technology that uses rod-shaped molecules (liquid crystals) that flow like liquid and bend light. Unenergized, the crystals direct light through two polarizing filters, allowing a natural background color to show. films; and our strong presence in fast-growth markets like China and Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. ." 3M also reaffirmed its earnings guidance for 2005. For the year, the company expects earnings to be within a range of $4.15 to $4.25 per share. The company expects full-year local currency growth of 5 to 8 percent. Second-quarter earnings are expected to be in the range of $1.08 to $1.10 per share, with local currency growth of 4 to 7 percent. Patrick D. Campbell Campbell, city, United States Campbell, city (1990 pop. 36,048), Santa Clara co., W Calif., in the fertile Santa Clara valley; founded 1885, inc. 1952. , senior vice president and chief financial officer, will conduct an investor teleconference at 9 a.m. Eastern Time (8 a.m. Central Time) today. Investors can access a webcast of this conference, along with related charts and materials, at http://investor.3M.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release contains forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information (within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995) about the company's financial results and estimates, business prospects, and products under development that involve substantial risks and uncertainties. You can identify these statements by the use of words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic conditions; (2) foreign currency exchange rates and fluctuations in those rates; (3) the timing and acceptance of new product offerings; (4) the availability and cost of purchased components and materials, including oil-derived compounds; (5) 3M's ability to successfully integrate and obtain the anticipated synergies from acquisitions and strategic alliances; (6) generating less operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from its corporate initiatives than estimated; and (7) legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. , including the outcome of and information derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from pending Congressional action concerning asbestos-related litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and other significant developments that could occur in the legal proceedings described in the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 2004 (the "Report"). Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located in the Report. The information contained in this news release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this release as a result of new information or future events or developments. About 3M - A Global, Diversified diversified (di·verˑ·s Technology Company Every day, 3M people find new ways to make amazing a·maze v. a·mazed, a·maz·ing, a·maz·es v.tr. 1. To affect with great wonder; astonish. See Synonyms at surprise. 2. Obsolete To bewilder; perplex. v.intr. things happen. Wherever they are, whatever they do, the company's customers know they can rely on 3M to help make their lives better. 3M's brands include Scotch scotch 1 tr.v. scotched, scotch·ing, scotch·es 1. To put an abrupt end to: The prime minister scotched the rumors of her illness with a public appearance. 2. , Post-it, Scotchgard Scotchgard is a 3M brand of products used to protect fabric, furniture, and carpets. Like other fluorochemicals, Scotchgard is mostly inert, so by applying it to fabric, the fabric can be protected from stains and soiling. , Thinsulate Thinsulate is a synthetic fibre used for thermal insulation in clothing. The word is a portmanteau of thin and insulate, and is a trademark of the 3M Corporation. The material was first sold in about 1980. , Scotch-Brite, Filtrete, Command and Vikuiti. Serving customers in more than 200 countries around the world, the company's 67,000 people use their expertise, technologies and global strength to lead in major markets including consumer and office; display and graphics; electronics and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. ; safety, security and protection services; health care; industrial and transportation. For more information, including the latest product and technology news, visit www.3M.com. Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti are trademarks of 3M.
3M Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
(Millions, except per-share amounts)
(Unaudited)
Three-months ended
March 31
-----------------------
2005 2004
------- -------
Net sales $5,166 $4,939
------- -------
Operating expenses
Cost of sales 2,537 2,436
Selling, general and administrative
expenses 1,114 1,104
Research, development and related
expenses 291 282
------- -------
Total 3,942 3,822
------- -------
Operating income 1,224 1,117
------- -------
Interest expense and income
Interest expense 20 19
Interest income (16) (10)
------- -------
Total 4 9
------- -------
Income before income taxes and minority
interest 1,220 1,108
Provision for income taxes 396 366
Minority interest 15 20
------- -------
Net income $ 809 $ 722
======= =======
Weighted average common shares
outstanding - basic 771.7 782.9
Earnings per share - basic $ 1.05 $ 0.92
======= =======
Weighted average common shares
outstanding - diluted 787.0 799.5
Earnings per share - diluted $ 1.03 $ 0.90
======= =======
Cash dividends paid per common share $ 0.42 $ 0.36
======= =======
3M Company and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEET
(Dollars in millions)
(Unaudited)
Mar. 31, Dec. 31, Mar. 31,
ASSETS 2005 2004 2004
Current assets -------- -------- --------
Cash and cash equivalents $ 2,669 $ 2,757 $ 1,818
Accounts receivable - net 2,899 2,792 2,904
Inventories 1,980 1,897 1,880
Other current assets 1,374 1,274 1,461
-------- -------- --------
Total current assets 8,922 8,720 8,063
Investments 280 227 211
Property, plant and equipment - net 5,624 5,711 5,512
Goodwill, intangible assets and other
assets 5,929 6,050 4,192
-------- -------- --------
Total assets $20,755 $20,708 $17,978
======== ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Short-term borrowings and current
portion of long-term debt $ 2,201 $ 2,094 $ 1,106
Accounts payable 1,201 1,168 1,066
Accrued payroll 492 487 471
Accrued income taxes 950 867 986
Other current liabilities 1,393 1,455 1,534
-------- -------- --------
Total current liabilities 6,237 6,071 5,163
Long-term debt 707 727 1,718
Other liabilities 3,521 3,532 2,996
-------- -------- --------
Total liabilities 10,465 10,330 9,877
-------- -------- --------
Total stockholders' equity - net 10,290 10,378 8,101
Shares outstanding
March 31, 2005: 769,570,205 shares
December 31, 2004: 773,518,281 shares
March 31, 2004: 782,114,154 shares -------- -------- --------
Total liabilities and stockholders'
equity $20,755 $20,708 $17,978
======== ======== ========
3M Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in millions)
(Unaudited)
Three-months ended
March 31
2005 2004
-------- --------
SUMMARY OF CASH FLOW:
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 1,003 $ 942
-------- --------
Cash flows from investing activities:
Purchases of property, plant and equipment (235) (158)
Acquisitions, net of cash acquired - (80)
Other investing activities (67) 19
-------- --------
NET CASH USED IN INVESTING ACTIVITIES (302) (219)
-------- --------
Cash flows from financing activities:
Change in debt 107 (133)
Purchases of treasury stock (671) (438)
Reissuances of treasury stock 195 134
Dividends paid to stockholders (324) (282)
Other financing activities (57) (12)
-------- --------
NET CASH USED IN FINANCING ACTIVITIES (750) (731)
-------- --------
Effect of exchange rate changes on cash (39) (10)
-------- --------
Net increase (decrease) in cash and cash equivalents (88) (18)
Cash and cash equivalents at beginning of period 2,757 1,836
-------- --------
Cash and cash equivalents at end of period $ 2,669 $ 1,818
======== ========
3M Company and Subsidiaries
SUPPLEMENTAL CASH FLOW AND
OTHER SUPPLEMENTAL FINANCIAL INFORMATION
(Dollars in millions)
(Unaudited)
Three-months ended
March 31
2005 2004
-------- --------
NON-GAAP MEASURES
Free Cash Flow:
Net cash provided by operating activities $1,003 $ 942
Purchases of property, plant and equipment (235) (158)
-------- --------
Free Cash Flow (a) $ 768 $ 784
======== ========
Net Working Capital Turns (b) 5.6 5.3
======== ========
(a) Free cash flow is not defined under GAAP. Therefore, it is
considered a non-GAAP measure. Non-GAAP measures should not be
considered a substitute for income or cash flow data prepared in
accordance with U.S. GAAP and may not be comparable to similarly
titled measures used by other companies. The company defines free cash
flow as net cash provided by operating activities less purchases of
property, plant and equipment. It should not be inferred that the
entire free cash flow amount is available for discretionary
expenditures. The company believes free cash flow is a useful measure
of performance and uses this measure as an indication of the strength
of the company and its ability to generate cash.
(b) The company uses non-GAAP measures that place emphasis and focus
on certain working capital assets and liabilities. 3M's net working
capital index is defined as quarterly net sales multiplied by four,
divided by ending net accounts receivable plus inventory less accounts
payable. This measure is not recognized under U.S. generally accepted
accounting principles and may not be comparable to similarly titled
measures used by other companies.
3M Company and Subsidiaries
SALES CHANGE ANALYSIS
(Unaudited)
Three-Months Ended March 31, 2005
Sales Change Analysis United Inter-
By Geographic Area States national Worldwide
--------- --------- ---------
Volume - core 1.1% 1.8% 1.5%
Volume - acquisitions 0.4 0.2 0.3
--------- --------- ---------
Volume - total 1.5 2.0 1.8
Price 1.7 (0.2) 0.5
--------- --------- ---------
Total local-currency sales 3.2 1.8 2.3
Translation - 3.7 2.3
--------- --------- ---------
Total sales change 3.2% 5.5% 4.6%
========= ========= =========
Worldwide Local- Total
Sales Change Analysis currency Trans- Sales
By Business Segment Sales lation Change
--------- --------- ---------
Health Care 5.2% 2.7% 7.9%
Industrial 2.6 2.9 5.5
Display and Graphics 0.6 1.4 2.0
Consumer and Office (0.5) 2.3 1.8
Safety, Security and
Protection Services 3.0 2.6 5.6
Electro and Communications (1.4) 2.4 1.0
Transportation 4.5 2.8 7.3
3M Company and Subsidiaries
BUSINESS SEGMENTS
(Dollars in millions)
(Unaudited)
Effective January 1, 2005, as part of the continuing effort to drive
growth by aligning businesses around markets and customers, the
Electronics Markets Materials Division and certain high temperature
and display tapes (2004 sales of approximately $350 million) within
the Industrial Business transferred to the Electro and Communications
Business, and the converter markets product line (2004 sales of
approximately $10 million) within the Transportation Business
transferred to the Display and Graphics Business. Internal management
reporting for these business segment transfers commenced January 1,
2005, with segment information for all periods presented adjusted to
reflect the new segment structure.
BUSINESS
SEGMENT Three-months ended
INFORMATION March 31
(Millions) 2005 2004
------- -------
NET SALES
Health Care $1,113 $1,031
Industrial 904 856
Display and Graphics 862 845
Consumer and Office 699 686
Safety, Security and Protection Services 557 527
Electro and Communications 557 551
Transportation 467 435
Corporate and Unallocated 7 8
------- -------
Total Company $5,166 $4,939
------- -------
OPERATING INCOME
Health Care $ 309 $ 262
Industrial 184 154
Display and Graphics 286 294
Consumer and Office 122 122
Safety, Security and Protection Services 133 125
Electro and Communications 103 77
Transportation 126 119
Corporate and Unallocated (39) (36)
------- -------
Total Company $1,224 $1,117
------- -------
3M Company and Subsidiaries
SUPPLEMENTAL UNAUDITED BUSINESS SEGMENT INFORMATION
(Dollars in millions)
(Unaudited)
3M is also including supplemental unaudited business segment
information on both an annual and quarterly basis for the years ended
December 31, 2004, 2003 and 2002 reflecting adjusted historical
information for the new segment structure. The company has begun
reporting results under this new structure effective January 1, 2005.
Supplemental Unaudited Annual Business Segment Information Based on
Structure Effective January 1, 2005:
Business Segment Depr. Capital
Information Net Operating and Expendi-
(Millions) Sales Income Assets Amort. tures
Health Care 2004 $4,230 $1,123 $2,636 $179 $165
2003 3,995 1,027 2,544 169 144
2002 3,560 900 2,409 166 183
Industrial 2004 3,444 610 2,451 181 154
2003 3,070 425 2,390 185 139
2002 2,943 478 2,447 168 154
Display and Graphics 2004 3,416 1,133 2,647 178 261
2003 2,970 886 2,570 159 126
2002 2,237 535 2,476 135 84
Consumer and Office 2004 2,861 542 1,468 104 106
2003 2,607 460 1,378 108 86
2002 2,444 448 1,354 108 90
Safety, Security and 2004 2,125 491 1,317 101 99
Protection Services 2003 1,928 437 1,139 100 46
2002 1,686 338 1,097 97 105
Electro and 2004 2,224 342 1,801 163 95
Communications 2003 2,101 288 1,833 165 65
2002 2,034 262 1,871 158 81
Transportation 2004 1,674 426 887 63 56
2003 1,531 388 872 68 64
2002 1,380 331 846 66 58
Corporate and 2004 37 (89) 7,501 30 1
Unallocated 2003 30 (198) 4,874 10 7
2002 48 (246) 2,829 56 8
Total Company 2004 $20,011 $4,578 $20,708 $999 $937
2003 18,232 3,713 17,600 964 677
2002 16,332 3,046 15,329 954 763
Segment assets for the seven operating business segments (excluding
Corporate and Unallocated) primarily include accounts receivable;
inventory; property, plant and equipment - net; goodwill and
intangible assets; and other miscellaneous assets. Assets included in
Corporate and Unallocated principally are cash and cash equivalents;
insurance receivables; deferred income taxes; certain investments and
other assets, including prepaid pension assets; and certain
unallocated property, plant and equipment. Corporate and Unallocated
assets increased approximately $2.6 billion in 2004, primarily due to
increases in prepaid pension assets ($2.0 billion) and increases in
cash and cash equivalents ($0.9 billion), with partial offsets in
other asset accounts. Corporate and Unallocated assets increased
approximately $2.0 billion in 2003 due to increases in cash and cash
equivalents ($1.2 billion), increases in other current assets and
other assets primarily related to higher insurance receivables and
prepaid items ($500 million), and goodwill increases related to the
2003 acquisition of an additional 25% of Sumitomo 3M ($300 million).
For management reporting purposes, corporate goodwill (which at
December 31, 2004, totaled approximately $360 million), is not
allocated to the seven operating business segments. Corporate goodwill
has been allocated to the respective market segments as required by
SFAS No. 142 for impairment testing.
Corporate and Unallocated operating income principally includes
corporate investment gains and losses, certain derivative gains and
losses, insurance-related gains and losses, certain litigation
expenses, corporate restructuring program charges and other
miscellaneous items. Because this category includes a variety of
miscellaneous items, it is subject to fluctuation on a quarterly and
annual basis. In 2004, Corporate and Unallocated operating income
includes increases of $40 million in the respirator mask/asbestos
litigation reserves, partially offset by a $20 million increase in the
associated receivables resulting in a net cost of $20 million, and
also includes a $6 million increase in implant litigation reserves and
a $10 million decrease in implant receivables resulting in a net cost
of $16 million. In 2003, this includes a pre-tax charge of $93 million
recorded during the first quarter related to an adverse ruling
associated with a lawsuit filed against 3M in 1997 by LePage's Inc.
Corporate and unallocated operating income in 2003 also includes
increases of $231 million in the respirator mask/asbestos litigation
reserves, partially offset by a $205 million increase in the
associated receivables, resulting in a net cost of $26 million. In
2002, Corporate and Unallocated operating income includes charges of
$202 million related to the 2001/2002 corporate restructuring program.
Depreciation and amortization of $954 million included accelerated
depreciation (shortened lives) of $47 million related to the
restructuring plan (recorded in Corporate and Unallocated).
Supplemental Unaudited Quarterly Business Segment Information Based on
Structure Effective January 1, 2005:
NET SALES First Second Third Fourth Total
(Millions) Quarter Quarter Quarter Quarter Year
Health Care 2004 $1,031 $1,049 $1,035 $1,115 $4,230
2003 946 1,017 1,012 1,020 3,995
2002 845 896 901 918 3,560
Industrial 2004 856 867 852 869 3,444
2003 756 764 759 791 3,070
2002 707 750 743 743 2,943
Display and Graphics 2004 845 884 843 844 3,416
2003 663 721 774 812 2,970
2002 507 585 574 571 2,237
Consumer and Office 2004 686 675 737 763 2,861
2003 612 637 673 685 2,607
2002 569 602 628 645 2,444
Safety, Security and 2004 527 547 525 526 2,125
Protection Services 2003 458 518 482 470 1,928
2002 413 445 423 405 1,686
Electro and 2004 551 572 557 544 2,224
Communications 2003 500 532 524 545 2,101
2002 490 532 513 499 2,034
Transportation 2004 435 409 409 421 1,674
2003 379 381 384 387 1,531
2002 347 337 350 346 1,380
Corporate and 2004 8 9 11 9 37
Unallocated 2003 4 10 8 8 30
2002 12 14 11 11 48
Total Company 2004 $4,939 $5,012 $4,969 $5,091 $20,011
2003 4,318 4,580 4,616 4,718 18,232
2002 3,890 4,161 4,143 4,138 16,332
Supplemental Unaudited Quarterly Business Segment Information Based on
Structure Effective January 1, 2005:
OPERATING INCOME First Second Third Fourth Total
(Millions) Quarter Quarter Quarter Quarter Year
Health Care 2004 $262 $274 $277 $310 $1,123
2003 238 263 272 254 1,027
2002 220 213 224 243 900
Industrial 2004 154 158 157 141 610
2003 122 96 106 101 425
2002 112 129 126 111 478
Display and Graphics 2004 294 312 287 240 1,133
2003 182 210 251 243 886
2002 118 147 141 129 535
Consumer and Office 2004 122 123 150 147 542
2003 110 108 128 114 460
2002 105 108 121 114 448
Safety, Security and 2004 125 136 123 107 491
Protection Services 2003 105 131 111 90 437
2002 86 92 89 71 338
Electro and 2004 77 89 92 84 342
Communications 2003 58 77 75 78 288
2002 51 82 70 59 262
Transportation 2004 119 105 104 98 426
2003 100 94 106 88 388
2002 85 79 87 80 331
Corporate and 2004 (36) (11) (7) (35) (89)
Unallocated 2003 (134) (19) (19) (26) (198)
2002 (64) (164) (7) (11) (246)
Total Company 2004 $1,117 $1,186 $1,183 $1,092 $4,578
2003 781 960 1,030 942 3,713
2002 713 686 851 796 3,046
3M Company and Subsidiaries
SUPPLEMENTAL UNAUDITED GEOGRAPHIC AREA INFORMATION
(Dollars in millions)
(Unaudited)
Effective January 1, 2005, the company realigned its reporting for the
African Region, which previously was included in the Latin
America/Canada Region, to the Europe and Middle East Region. 3M is
including below supplemental unaudited segment information on an
annual basis for the years ended December 31, 2004, 2003 and 2002
reflecting adjusted historical information for its new geographic area
structure. Reporting for this new geographic area structure commenced
January 1, 2005. Geographic area information, which the company uses
as a secondary performance measure to manage its businesses, follows.
Export sales and certain income and expense items are reported within
the geographic area where the final sales to 3M customers are made.
Supplemental Unaudited Annual Geographic Area Information Based on
Structure Effective January 1, 2005:
Geographic Area Information Europe,
Middle Latin
East America Other
United and Asia and Unallo- Total
(Millions) States Africa Pacific Canada cated Company
Net sales to 2004 $7,878 $5,183 $5,168 $1,731 $51 $20,011
customers 2003 7,581 4,718 4,335 1,556 42 18,232
2002 7,426 4,111 3,431 1,316 48 16,332
Operating
income 2004 $1,200 $1,014 $1,874 $483 $7 $4,578
2003 1,213 809 1,373 427 (109) 3,713
2002 1,180 704 1,009 370 (217) 3,046
Property,
plant and 2004 $3,290 $1,288 $810 $323 $- $5,711
equipment -
net 2003 3,342 1,235 724 308 - 5,609
2002 3,523 1,139 676 283 - 5,621
In 2003, operating income for other unallocated includes pre-tax
charges of $93 million related to an adverse ruling in a lawsuit filed
against 3M in 1997 by LePage's Inc. In 2002, operating income for
other unallocated includes losses totaling $202 million related to the
2001/2002 corporate restructuring program.
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