3M 2004 Annual Report Download - page 2

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A GLOBAL, DIVERSIFIED TECHNOLOGY COMPANY
For more than 100 years, we’ve been inventing and reinventing …
focusing and expanding … creating new technology platforms …
and developing innovative products for new and existing markets.
Our spirit of innovation and commitment to customers continue
to drive strong results.
2004: ANOTHER YEAR OF RECORD RESULTS
Net sales: $20.0 billion, up 9.8%
Operating income: $4.6 billion, up 23.3%
Net income: $3.0 billion, up 24.4%
Earnings per share: $3.75, up 24.2%
Cash from
operating activities: $4.3 billion, up 13.5%
Stock Performance (with dividend reinvestment)*
40
60
80
100
120
140
160
180
200
1999 2000 2001 2002 2003 2004
S&P
500
DJIA
3M
3M stock has delivered a strong performance over the past several years,
significantly outperforming the Dow Jones Industrial Average and the Standard
& Poor’s 500 Index. 3M is one of 30 companies in the Dow Jones Industrial
Average and is also a component of the S&P 500.
* Refer to 3M’s 2005 Proxy Statement for additional stock performance information.
Table of Contents
1 Letter to Shareholders
4 Accelerating Growth
6 Teaming Up with Customers
8 Expanding Globally
10 Growing Our Brands
12 Investing in Our People
14 3M in the Community
16 3M At a Glance
20 Financial Summary
21 Board of Directors/Corporate Officers
22 Executives
IBC Shareholder Information
20042003200220012000
Net Sales (billions)
$16.7
$20.0
$18.2
$16.3
$16.1
20042003200220012000
Earnings Per Share (dollars)
$2.23
$3.75
$3.02
$2.50
$1.79
20042003200220012000
Dividends Per Share (dollars)
$1.16
$1.44
$1.32
$1.24
$1.20