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[PHOTO OF WILLIAM H. SCHUMANN] William H. Schumann
Senior Vice President and
Chief Financial Officer,
FMC Corporation
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Summary of Comparative
Multiples
[GRAPH]
Current 5-Year Averages
P/E 85,12,12 35,16,17
EBITx 38,9,8 22,12,10
EBITDAx 19,5,5 13,8,7
[Approximate plot points]
[_] Energy Systems [_] Chemicals [_] Machinery
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Financial History
9 mos.
1996 1997 1998 1999 2000
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Machinery Segments
Sales 1,688 2,034 2,189 1,956 1,391
EBIT 76 140 168 161 99
EBITDA 134 205 230 220 138
Chemical Segments
Sales 2,293 2,254 2,220 2,175 1,463
EBIT 341 248 272 282 239
EBITDA 492 408 407 396 331
Does not include Corporate expense
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Debt and Liabilities
Debt
IPO proceeds will be used to pay down debt
Remainder allocated to machinery and chemical based on
industry norms
Other Liabilities
Allocated by business
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Machinery Initial Public Offering
Timeline
Audit 8-12 weeks
SEC Prospectus review 4-6 weeks
Roadshow & offering 4 weeks
Second quarter offering
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Financial Performance
Income Statement September YTD
$M 1999 2000
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Sales $ 3,079 $ 2,984*
EBIT 273 290
EBIT % Sales 8.9% 9.7%
Interest Expense 82 75
Profit Before Tax 192 215
Tax 49 53
Tax Rate 25.7% 24.5%
Net Income 142 162
EPS $ 4.35 $ 5.15
*Note: Sales include FMC share of Astaris. FMC's share of Astaris interest
included in interest expense.
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Financial Performance
September YTD Cash Flow
$M 1999 2000*
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Income from continuing operations $ 143 $ 162
Depreciation and amortization 134 131
Change in op wkg capital/other op adj 13 (156)
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Fixed asset additions (181) (152)
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Operating cash flow after FAA 109 (15)
Acquisitions (274) (50)
Property sales and dispositions 233 -
Joint venture dividend - 89
Shares repurchased (124) -
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Taxes, spec chgs, disc rsrvs, other (8) (10)
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Total cash provided /(required) $ (64) $ 14
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Period-end debt $1,560 $1,274
*Does not reflect Tyco stock sale of $129M received in early October.
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2000 Estimates
. Comfortable with Wall Street estimates - 10% EPS growth
. Fourth quarter will be lower than record fourth quarter in 1999
. Lower Industrial Chemicals due to euro and energy
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2001 Forecast
. Pension expense - will increase by $15M
. Capital expenditures - approximately $220M
. Depreciation - approximately $190M
. Tax rate - approximately 24.5%
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FMC Corporate Panel
Robert N. Burt Chairman and Chief Executive Officer
FMC Corporation
Joseph H. Netherland President
FMC Corporation
William H. Schumann Senior Vice President and Chief
Financial Officer
FMC Corporation
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