Summary - Funding Rounds

Founding Date

1897

Dow Chemical Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

57.1 b58.2 b48.8 b48.2 b55.5 b

Revenue growth, %

2%(16%)(1%)

Cost of goods sold

47.6 b47.5 b37.8 b37.6 b44.3 b

Gross profit

9.5 b10.7 b10.9 b10.5 b11.2 b

Gross profit Margin, %

17%18%22%22%20%

R&D expense

1.6 b

General and administrative expense

2.9 b

Operating expense total

4.6 b

Depreciation and amortization

624 m

Interest income

41 m51 m71 m107 m

Pre tax profit

6.8 b5.3 b9.9 b4.4 b2.8 b

Income tax expense

2 b1.4 b2.1 b9 m2.2 b

Net Income

4.8 b3.8 b7.8 b4.4 b595 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Revenue

12.9 b12 b10.7 b12 b12.5 b13.2 b13.8 b14.9 b30.7 b

Cost of goods sold

10.1 b9.3 b8 b9.3 b9.8 b10.2 b10.8 b11.6 b24 b

Gross profit

2.8 b2.7 b2.8 b2.7 b2.6 b3 b3.1 b3.3 b6.7 b

Gross profit Margin, %

21%22%26%22%21%23%22%22%22%

R&D expense

429 m382 m361 m399 m399 m416 m405 m386 m793 m

General and administrative expense

773 m689 m742 m787 m864 m867 m855 m751 m1.5 b

Operating expense total

1.2 b1.1 b1.1 b1.2 b1.3 b1.3 b1.3 b1.1 b2.3 b

Depreciation and amortization

780 m1.5 b

Interest income

11 m18 m20 m18 m26 m25 m22 m

Pre tax profit

1.5 b2.1 b165 m3.4 b1.1 b1.1 b1.8 b1.7 b3.5 b

Income tax expense

317 m627 m(110 m)130 m271 m213 m455 m363 m769 m

Net Income

685 m1.1 b970 m964 m1.5 b1.2 b1.4 b275 m3.2 b818 m915 m1.4 b1.4 b2.7 b

Dow Chemical Balance Sheet

Annual

usdY, 2011Y, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

5.4 b4.3 b5.9 b5.7 b8.6 b6.6 b6.2 b

Inventories

8.3 b8.1 b6.9 b7.4 b8.4 b

Current Assets

25 b24.3 b24.5 b23.7 b27.2 b

Goodwill

12.8 b12.6 b12.2 b15.3 b13.9 b

Total Assets

69.5 b68.8 b68 b79.5 b79.9 b

Accounts Payable

7.3 b

Dividends Payable

467 m563 m592 m508 m

Short-term debt

697 m394 m635 m752 m

Current Liabilities

12 b11.6 b11.2 b12.6 b14.4 b

Long-term debt

16.8 b18.8 b16.2 b20.5 b19.8 b

Total Debt

17.5 b19.2 b16.2 b21.1 b20.5 b

Common Stock

3.1 b3.1 b3.1 b3.1 b

Additional Paid-in Capital

3.9 b4.8 b4.9 b4.3 b6.6 b

Retained Earnings

21.4 b23 b28.4 b30.3 b28.1 b

Total Equity

27.9 b23.4 b26.2 b27.2 b27 b

Debt to Equity Ratio

0.6 x0.8 x0.6 x0.8 x

Debt to Assets Ratio

0.3 x0.3 x0.2 x0.3 x

Financial Leverage

2.5 x2.9 x2.6 x2.9 x3 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Cash

5.3 b4.4 b3.8 b5.8 b6.3 b6.2 b7.6 b6.6 b7.3 b7 b5.8 b6.2 b5.2 b4.8 b

Inventories

8.9 b9.1 b8.9 b9 b8.1 b8.1 b7.8 b7.3 b8.2 b8 b8.2 b8.2 b9.6 b9.3 b

Current Assets

25 b25.1 b24.3 b25.7 b24.4 b24.8 b24.9 b23.3 b26.3 b24.8 b24.6 b25.9 b28.5 b28.3 b

Goodwill

12.8 b12.8 b12.8 b12.7 b12.2 b12.4 b12.3 b12.2 b15.4 b15.5 b15.3 b15.4 b14 b13.9 b

Total Assets

70.2 b69.2 b68.8 b69.6 b67.8 b69.3 b69.9 b68.4 b81.5 b80.6 b80.8 b82.2 b81.4 b80.2 b

Accounts Payable

4.9 b5.5 b5.5 b5 b4.7 b5 b4.4 b4.5 b5.2 b4.7 b5 b5.3 b8.7 b9 b

Dividends Payable

466 m524 m521 m513 m562 m565 m565 m595 m597 m595 m558 m559 m

Short-term debt

680 m351 m208 m257 m1.4 b1.5 b1.9 b256 m259 m633 m616 m955 m920 m2.8 b

Current Liabilities

12 b12.2 b11.9 b12.1 b12.4 b12.8 b13.2 b11.7 b12.9 b12.7 b13.2 b13.4 b15.1 b16.9 b

Long-term debt

17.5 b16.9 b17 b19 b17.9 b17.8 b17.5 b16.2 b20.9 b20.4 b20.5 b20.1 b19.6 b17.1 b

Total Debt

18.2 b17.3 b17.2 b19.3 b19.3 b19.3 b19.3 b16.5 b21.1 b21.1 b21.1 b21 b20.5 b20 b

Common Stock

3 b3.1 b3.1 b3.1 b3.1 b3.1 b3.1 b3.1 b3.1 b3.1 b3.1 b3.1 b

Additional Paid-in Capital

3.7 b4.4 b4.7 b4.7 b4.8 b4.8 b4.9 b4.8 b4.9 b4.9 b4.1 b4.2 b6.8 b6.9 b

Retained Earnings

20.8 b21.9 b22.4 b22.8 b24 b24.6 b25.4 b28.1 b30.7 b30.9 b30.7 b31.4 b28.3 b29.5 b

Total Equity

25 b27.7 b27.7 b26.7 b23.2 b24.5 b25.2 b26.4 b30.2 b30.3 b28.3 b29.6 b28 b28 b

Financial Leverage

2.8 x2.5 x2.5 x2.6 x2.9 x2.8 x2.8 x2.6 x2.7 x2.7 x2.9 x2.8 x2.9 x2.9 x

Dow Chemical Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

4.8 b3.8 b7.8 b4.4 b595 m

Depreciation and Amortization

3.2 b

Inventories

130 m224 m780 m610 m(1.2 b)

Accounts Payable

(408 m)(79 m)(681 m)458 m1.7 b

Cash From Operating Activities

7.8 b6.5 b7.5 b5.5 b4.5 b

Cash From Investing Activities

(1.9 b)

Long-term Borrowings

(4.3 b)(747 m)(1.1 b)(588 m)(621 m)

Interest Paid

1.2 b

Income Taxes Paid

1.8 b

Free Cash Flow

10.1 b10.1 b11.2 b9.3 b1.4 b

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Net Income

3.8 b1.1 b2 b3 b1.5 b2.7 b4.2 b275 m3.5 b4.3 b915 m2.3 b1.4 b2.7 b

Depreciation and Amortization

2 b672 m1.3 b2.1 b634 m1.3 b1.9 b607 m1.3 b2.1 b778 m1.5 b837 m1.7 b

Inventories

(426 m)(798 m)(594 m)(688 m)(62 m)(29 m)188 m(432 m)(238 m)(39 m)(847 m)(839 m)(1.2 b)(1 b)

Accounts Payable

(197 m)391 m297 m218 m(326 m)(110 m)(707 m)135 m433 m695 m322 m620 m823 m792 m

Cash From Operating Activities

5.6 b575 m2 b3.7 b1.3 b2.7 b5.2 b52 m2.3 b3.6 b476 m1.8 b

Cash From Investing Activities

(92 m)

Long-term Borrowings

(3.3 b)(391 m)(631 m)(643 m)(13 m)(108 m)(175 m)(360 m)(459 m)(523 m)(38 m)(105 m)(54 m)(570 m)

Free Cash Flow

4.2 b(97 m)434 m1.3 b355 m763 m2.4 b(768 m)453 m738 m(278 m)266 m
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