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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X]Annual Report Pursuant to Section 15(d) of the Securities
Exchange Act of 1934
For the fiscal year ended December 31, 1993
or
[ ]Transition Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the transition period from ___________________ to
_________________
Commission file number 1-44
A. Full title of the plan and the address of the
plan, if different from that of the issuer named below:
ADM SAVINGS AND INVESTMENT PLAN FOR HOURLY EMPLOYEES
B.Name of the issuer of the securities held pursuant to the
Plan and the address of its principal executive office:
ARCHER DANIELS MIDLAND COMPANY
BOX 1470
DECATUR, IL 62525
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Audited Financial Statements
ADM Savings And Investment Plan For Hourly Employees
December 31, 1993
Report of Independent
Auditors...................................... 3
Statements of Net Assets Available for Plan
Benefits................ 4
Statements of Changes in Net Assets Available for Plan
Benefits..... 5
Notes to Financial
Statements....................................... 6
Schedule A--Assets Held for
Investment.............................. 9
Schedule B--Transactions or Series of Transactions in
Excess of 5% of the Current Value of Plan
Assets................. 10
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Report of Independent Auditors
Administrative Committee
ADM Savings and Investment Plan for Hourly Employees
Decatur, Illinois
We have audited the accompanying statements of net assets
available for plan benefits of the ADM Savings and Investment
Plan for Hourly Employees (the "Plan") as of December 31, 1993
and 1992, and the related statements of changes in net assets
available for plan benefits for each of the three years in the
period ended December 31, 1993. These financial statements are
the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used
and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for plan benefits of the Plan at December 31, 1993
and 1992, and the changes in its net assets available for plan
benefits for each of the three years in the period ended
December 31, 1993, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on
the financial statements taken as a whole. The accompanying
supplemental schedules of assets held for investment as of
December 31, 1993 and transactions or series of transactions in
excess of 5% of the current value of plan assets for the year
ended December 31, 1993 are presented for purposes of complying
with the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974, and are not a required part of the
financial statements. The supplemental schedules have been
subjected to the auditing procedures applied in our audit of the
1993 financial statements and, in our opinion, are fairly stated
in all material respects in relation to the 1993 financial
statements taken as a whole.
ERNST & YOUNG
Minneapolis, Minnesota
May 12, 1994
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ADM Savings and Investment Plan for Hourly Employees
Statements Of Net Assets Available For Plan Benefits
December 31
1993 1992
________________________
Assets
Cash and cash equivalents $ 13,188 $ 2,435
Investments (Note 1)
Archer Daniels Midland Company
common stock 8,465,548 6,555,226
Pfizer Incorporated common stock 1,737,972 1,828,885
Commingled fixed income fund 165,050 146,624
Equity mutual funds 40,587 34,088
_________ _________
10,409,157 8,564,823
Contributions receivable from employer 122,856 112,875
Contributions receivable from employees 176,793 162,429
_________ _________
Net assets available for plan benefits $10,721,994 $8,842,562
========= =========
See accompanying notes.
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ADM Savings and Investment Plan for Hourly Employees
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31
1993 1992 1991
____________________________________
Additions
Contributions from Archer
Daniels $ 1,254,615 $1,082,43 $
Midland Company (Note 2) 3 852,767
Contributions from
participating 1,805,423 1,557,648 1,208,102
employees (Note 2)
Transfer of assets 1,628 - 859,339
Investment income
Dividends 74,621 60,101 35,433
Interest 166 1,029 5,051
_________ _________ _________
3,136,453 2,701,211 2,960,692
Deductions
Benefit payments
Common stock 267,436 157,767 51,198
Cash 206,771 174,793 206,391
Other deductions (fees) 135 11 201
Transfer of assets - 37,296 -
_________ _________ _________
474,342 369,867 257,790
_________ _________ _________
2,662,111 2,331,344 2,702,902
Net realized and unrealized
(depreciation) appreciation
in fair value of investment (782,679) (994,360) 3,255,533
_________ _________ _________
Net increase 1,879,432 1,336,984 5,958,435
Net assets available for plan
benefits at beginning of 8,842,562 7,505,578 1,547,143
year
__________ _________ _________
Net assets available for plan
benefits at end of year $10,721,994 $8,842,56 $7,505,57
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========== ========= =========
See accompanying notes.
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ADM Savings And Investment Plan For Hourly Employees
Notes To Financial Statements
December 31, 1992
1. Significant Accounting Policies
Basis of Accounting
The accounting records of the Plan are maintained on the accrual
basis.
Investments
Investments are carried at fair value. Common stocks are valued
at the quoted market price on the last business day of the Plan
year. Investments in commingled and mutual funds are stated at
the reported net asset value on the last day of the Plan year.
Unallocated funds are invested in a short-term money market
account as deemed appropriate by the trustee.
Plan Expenses
All costs of administering the Plan are paid by Archer Daniels
Midland Company ("the Company").
Plan Year
The Plan year is the twelve month period ending December 31,
corresponding to the tax year of the Company.
2. Description of the Plan
The Plan is a defined contribution plan available to
substantially all hourly employees of the Company who have
completed one year of service. Under the terms of the Plan,
employees electing to participate can contribute from 1% to 6%
of their current gross cash compensation to the Plan, within
ERISA limitations. In addition, the Company will match 100% of
the first 2% employee contribution and 50% of the remaining 4%
employee contribution. All contributions are received from the
Company in the form of Archer Daniels Midland Company common
stock and are fully vested to the participant.
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ADM Savings And Investment Plan For Hourly Employees
Notes To Financial Statements (continued)
The full value of an employee's account is payable following
termination of employment. Withdrawal of shares acquired under
401(k) provisions is subject to hardship restrictions. The
Company may terminate the Plan at any time.
All plan assets are held and managed by National City Bank of
Minneapolis (trustee of the Plan). The trust will continue for
an indefinite period of time as provided by the Plan.
3. Investments
The Plan's investments are held by a bank administered trust
fund. During 1993, 1992 and 1991, the Plan's investments
(including investments bought, sold, as well as held during the
year) appreciated (depreciated) in fair value by $(782,679) and
$(994,360) and $3,255,533, respectively, as follows:
Net
Appreciation
(Depreciation)
in Fair Value Fair Value at
During Year End of Year
______________________________________
Year ended December 31, 1993
Archer Daniels Midland Company
common stock $(720,912) $8,465,548
Pfizer Incorporated common stock(85,683) 1,737,972
Commingled fixed income fund 18,426 165,050
Equity mutual funds 5,490 40,587
_______ _________
$(782,679) $10,409,157
======= =========
Year ended December 31, 1992
Archer Daniels Midland Company
common stock $(712,042) $6,555,226
Pfizer Incorporated common stock(292,760) 1,828,885
Commingled fixed income fund 10,826 146,624
Equity mutual funds (384) 34,088
_______ _________
$(994,360) $8,564,823
======= =========
Year ended December 31, 1991
Archer Daniels Midland Company
common stock $1,597,569 $4,965,700
Pfizer Incorporated common stock1,530,464 2,154,936
Commingled fixed income fund 126,320 126,279
Equity mutual funds 1,180 33,907
_________ _________
$3,255,533 $7,280,822
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At December 31, 1993, 1992 and 1991, the fair value of the
Archer Daniels Midland Company common stock and the Pfizer
Incorporated common stock represented 5% or more of the Plan's
net assets.
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ADM Savings And Investment Plan For Hourly Employees
Notes To Financial Statements (continued)
4. Transactions with Parties-in-Interest
During the three years ended December 31, 1993, the Plan had the
following transactions related to Archer Daniels Midland Company
common stock:
1993 1992 1991
Number of common shares contributed125,554 95,626 83,379
Number of common shares purchased 299 211 360
Cost of common shares purchased $ 7,044 $ 6,048 $ 8,541
Cash dividends received $31,206 $ 19,799 $10,509
Shares received through stock dividends16,04410,324 5,745
Number of common shares sold 6,151 3,300 777
Market value of common shares sold$145,850$ 85,461 $20,029
Cost of common shares sold $145,888 $ 79,105 $ 1,932
5. Plan Terminations
Although it has not expressed any intent to do so, the Company
has the right to terminate the Plan at any time. Upon
termination, all amounts in participatants' accounts are 100%
invested.
6. Income Tax Status
The Plan has not received a determination letter from the
Internal Revenue Service stating that the Plan is qualified
under Section 401(a) of the Internal Revenue Code of 1986 (the
"Code"). However, the plan administrator represents that the
Plan is qualified and, therefore, is exempt from taxation. ADM
has prepared the documentation to apply for tax exempt status of
the Plan with the Internal Revenue Service (IRS). ADM plans to
file the Plan with the IRS during 1994.
Once qualified, the Plan is required to operate in conformity
with the Code and ERISA to maintain its tax exempt status. The
administrator is not aware of any course of action or series of
events that have occurred that might adversely affect the Plan's
qualified status.
Distributions of benefits to participants, their estates or
beneficiaries, generally are subject to federal income tax as
either ordinary income or capital gain depending on the event
giving rise to the distribution and the method used.
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ADM Savings And Investment Plan For Hourly Employees
Schedule A--Assets Held For Investment
December 31, 1993
Description of
Investment Including
Identity of Issue, Maturity Date, Rate of
Borrower, Lessor or Interest, Par or
Similar Party Maturity Value Cost Fair Value
Archer Daniels Midland
Company 372,212 shares
of common stock$8,223,313$8,465,548
Pfizer Incorporated 25,188 shares
of common stock 600,085 1,737,972
Commingled fixed income fund 782 units 124,054 165,050
Equity mutual funds
Frank Russell--Real Estate
Securities Fund 191 units 3,641 4,359
Frank Russell--Equity I 269 units 6,521 6,697
Frank Russell--Equity II 67 units 1,601 1,772
Frank Russell--Equity III396 units 10,688 10,720
Frank Russell--Equity Q 262 units 6,236 6,816
Frank Russell--International 274 units 8,458 10,223
_________ _________
37,145 40,587
_________ _________
Total assets held for investment $8,984,597$10,409,157
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ADM Savings And Investment Plan For Hourly Employees
Schedule B--Transactions or Series of Transactions
in Excess of 5% of the Current Value of Plan Assets
Year ended December 31, 1993
<TABLE>
<S> <C> <C> <C> <C> <C>
Purchase Selling Cost of Net
Identity of Party Involved Description of Asset/TransactionPrice Price Asset
(Loss)
Category (iii)-Series of
Transactions
Archer Daniels Midland Company Archer Daniels Midland Company
common stock
Purchased or received for
401(k) plan contribution
125,853 Shares in 14
transactions $3,042,738 $3,042,738
Sold 6,151 shares in 14
transactions $145,850 145,888 $(38)
There were no category (i), (ii) or (iv) transactions during
the year.
</TABLE>
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Signature
Pursuant to the requirements of the Securities Exchange Act of
1934, the Plan Administrator has duly caused this annual report
to be signed by the undersigned thereunto duly authorized.
ARCHER DANIELS MIDLAND COMPANY
Douglas J. Schmalz
Vice President and Controller
Dated: June 29, 1994
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Exhibit 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Registration
Statement (Form S-8 No. 33-27331 dated March 20, 1989)
pertaining to the ADM Savings and Investment Plan for Hourly
Employees of our report dated May 12, 1994 with respect to the
financial statements and schedules of the ADM Savings and
Investment Plan for Hourly Employees included in this Annual
Report (Form 11-K) for the year ended December 31, 1993.
ERNST & YOUNG
Minneapolis, Minnesota
June 29, 1994
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