EX-99.3 9 f23136exv99w3.htm EXHIBIT 99.3 exv99w3
 

Exhibit 99.3
THE CLOROX COMPANY
RETURN ON INVESTED CAPITAL
                                         
Dollars in millions   FY06     FY05     FY04     FY03     FY02  
Gross profit
   $ 1,959     $ 1,895     $ 1,831     $ 1,815     $ 1,637  
Selling and administrative expenses
     631       551       543       523       516  
Advertising costs
     450       435       420       446       381  
Research and development costs
     99       88       84       75       64  
 
                              
Adjusted operating profit
     779       821       784       771       676  
Restructuring and intangible amortization in operating profit
     9       15       8       4       (4 )
 
                              
Subtotal
     788       836       792       775       672  
 
                              
After tax
     529       543       516       508       480  
Average invested capital (1)
     3,965       3,898       3,819       3,658       3,841  
Return on invested capital
     13.3 %     13.9 %     13.5 %     13.9 %     12.5 %
change versus prior year
   -60bps     +40 bps    -40 bps    +140 bps        
 
(1)   Average Invested Capital includes total assets less current liabilities (excluding short-term debt) adjusted to add back cumulative historical goodwill amortization, impairment and restructuring charges since fiscal year 1989.