EX-99.3 11 a05-15203_1ex99d3.htm EX-99.3

Exhibit 99-3

The Clorox Company
Return on Invested Capital

Dollars in millions

 

 

 

FY05

 

FY04

 

FY03

 

FY02

 

FY01

 

Gross profit

 

$

1,895

 

$

1,831

 

$

1,815

 

$

1,637

 

$

1,469

 

Selling and administrative expenses

 

551

 

543

 

523

 

516

 

472

 

Advertising costs

 

435

 

420

 

446

 

381

 

336

 

Research and development costs

 

88

 

84

 

75

 

64

 

67

 

Operating profit

 

821

 

784

 

771

 

676

 

594

 

Restructuring and intangible amortization in operating profit

 

15

 

8

 

4

 

(4

)

39

 

Adjusted operating profit

 

836

 

792

 

775

 

672

 

633

 

After tax adjusted operating profit

 

543

 

516

 

508

 

480

 

430

 

Average invested capital (1)

 

3,898

 

3,819

 

3,658

 

3,841

 

4,157

 

Return on invested capital

 

13.9

%

13.5

%

13.9

%

12.5

%

10.3

%

change versus prior year

 

 +40 bps

 

-40 bps

 

+140 bps

 

+220 bps

 

      n/a

 


(1)          Average Invested Capital includes total assets less current liabilities (excluding short-term debt) adjusted to add back goodwill amortization, impairment and restructuring charges.