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A r c h e r D a n i e l s M i d l a n d C o m p a n y<br />
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2 0 0 5 A n n u a l R e p o r t<br />
Archer Daniels Midland Company reported record earnings of $1.04 billion, or $1.59 per share, in fiscal 2005,<br />
while increasing return on beginning of the year shareholders' equity to 13.6%. Record financial performance<br />
in fiscal 2005 continues a pattern of uninterrupted profitability extendi<a title="2005 ADM Annual Report page 1" href="http://viewer.zmags.com/publication/fc63af6f?page=1">A r c h e r D a n i e l s M i d l a n d</a> A r c h e r D a n i e l s M i d l a n d<a title="2005 ADM Annual Report page 2" href="http://viewer.zmags.com/publication/fc63af6f?page=2">Archer Daniels Midland Company reported record ea</a> Archer Daniels Midland Company reported record ea<a title="2005 ADM Annual Report page 3" href="http://viewer.zmags.com/publication/fc63af6f?page=3">Archer Daniels Midland Company 2005 Ann</a> Archer Daniels Midland Company 2005 Ann<a title="2005 ADM Annual Report page 4" href="http://viewer.zmags.com/publication/fc63af6f?page=4">Archer Daniels Midland Company 2005 Ann</a> Archer Daniels Midland Company 2005 Ann<a title="2005 ADM Annual Report page 5" href="http://viewer.zmags.com/publication/fc63af6f?page=5">demand from China and India, along with expanded </a> demand from China and India, along with expanded <a title="2005 ADM Annual Report page 6" href="http://viewer.zmags.com/publication/fc63af6f?page=6">Archer Daniels Midland Company 2005 Ann</a> Archer Daniels Midland Company 2005 Ann<a title="2005 ADM Annual Report page 7" href="http://viewer.zmags.com/publication/fc63af6f?page=7">Each day brings new opportunity for those prepare</a> Each day brings new opportunity for those prepare<a title="2005 ADM Annual Report page 8" href="http://viewer.zmags.com/publication/fc63af6f?page=8">“ADM recognizes that you can sell acommodity pro</a> “ADM recognizes that you can sell acommodity pro<a title="2005 ADM Annual Report page 9" href="http://viewer.zmags.com/publication/fc63af6f?page=9">Economic development leads to rising incomes and </a> Economic development leads to rising incomes and <a title="2005 ADM Annual Report page 10" href="http://viewer.zmags.com/publication/fc63af6f?page=10">“ADM is a big company, but you treatus like we'r</a> “ADM is a big company, but you treatus like we'r<a title="2005 ADM Annual Report page 11" href="http://viewer.zmags.com/publication/fc63af6f?page=11">To the consumer, a mid-day snackseems fairly si</a> To the consumer, a mid-day snackseems fairly si<a title="2005 ADM Annual Report page 12" href="http://viewer.zmags.com/publication/fc63af6f?page=12">“We certainly feel comfortable afterwe make a tr</a> “We certainly feel comfortable afterwe make a tr<a title="2005 ADM Annual Report page 13" href="http://viewer.zmags.com/publication/fc63af6f?page=13">When drivers have a choiceof fuels to power the</a> When drivers have a choiceof fuels to power the<a title="2005 ADM Annual Report page 14" href="http://viewer.zmags.com/publication/fc63af6f?page=14">“We measure our vendor partnershipswith a statis</a> “We measure our vendor partnershipswith a statis<a title="2005 ADM Annual Report page 15" href="http://viewer.zmags.com/publication/fc63af6f?page=15">Environmental concerns mergewith balance-of-tra</a> Environmental concerns mergewith balance-of-tra<a title="2005 ADM Annual Report page 16" href="http://viewer.zmags.com/publication/fc63af6f?page=16">“ADM makes the ongoing commitmentto collaborate </a> “ADM makes the ongoing commitmentto collaborate <a title="2005 ADM Annual Report page 17" href="http://viewer.zmags.com/publication/fc63af6f?page=17">Delivering the product is the most visiblecompo</a> Delivering the product is the most visiblecompo<a title="2005 ADM Annual Report page 18" href="http://viewer.zmags.com/publication/fc63af6f?page=18">“One of the best parts of working withADM is the</a> “One of the best parts of working withADM is the<a title="2005 ADM Annual Report page 19" href="http://viewer.zmags.com/publication/fc63af6f?page=19">There's not much more boringthan watching paint</a> There's not much more boringthan watching paint<a title="2005 ADM Annual Report page 20" href="http://viewer.zmags.com/publication/fc63af6f?page=20">“Problems are rare, but when there isa problem, </a> “Problems are rare, but when there isa problem, <a title="2005 ADM Annual Report page 21" href="http://viewer.zmags.com/publication/fc63af6f?page=21">ADM collaborates closely with food processors to </a> ADM collaborates closely with food processors to <a title="2005 ADM Annual Report page 22" href="http://viewer.zmags.com/publication/fc63af6f?page=22">“I rely on my contacts at ADM to helpme serve my</a> “I rely on my contacts at ADM to helpme serve my<a title="2005 ADM Annual Report page 23" href="http://viewer.zmags.com/publication/fc63af6f?page=23">The science of starch is expandingrapidly as ne</a> The science of starch is expandingrapidly as ne<a title="2005 ADM Annual Report page 24" href="http://viewer.zmags.com/publication/fc63af6f?page=24">FINANCIAL TABLE OF CONTENTSManagement's Dis</a> FINANCIAL TABLE OF CONTENTSManagement's Dis<a title="2005 ADM Annual Report page 25" href="http://viewer.zmags.com/publication/fc63af6f?page=25">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 26" href="http://viewer.zmags.com/publication/fc63af6f?page=26">MANAGEMENT'S DISCUSSION OF OPERATIONS ANDFINANCI</a> MANAGEMENT'S DISCUSSION OF OPERATIONS ANDFINANCI<a title="2005 ADM Annual Report page 27" href="http://viewer.zmags.com/publication/fc63af6f?page=27">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 28" href="http://viewer.zmags.com/publication/fc63af6f?page=28">MANAGEMENT'S DISCUSSION OF OPERATIONS ANDFINANCI</a> MANAGEMENT'S DISCUSSION OF OPERATIONS ANDFINANCI<a title="2005 ADM Annual Report page 29" href="http://viewer.zmags.com/publication/fc63af6f?page=29">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 30" href="http://viewer.zmags.com/publication/fc63af6f?page=30">MANAGEMENT'S DISCUSSION OF OPERATIONS AND FINA</a> MANAGEMENT'S DISCUSSION OF OPERATIONS AND FINA<a title="2005 ADM Annual Report page 31" href="http://viewer.zmags.com/publication/fc63af6f?page=31">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 32" href="http://viewer.zmags.com/publication/fc63af6f?page=32">MANAGEMENT'S DISCUSSION OF OPERATIONS ANDFINANCI</a> MANAGEMENT'S DISCUSSION OF OPERATIONS ANDFINANCI<a title="2005 ADM Annual Report page 33" href="http://viewer.zmags.com/publication/fc63af6f?page=33">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 34" href="http://viewer.zmags.com/publication/fc63af6f?page=34">MANAGEMENT'S DISCUSSION OF OPERATIONS ANDFINANCI</a> MANAGEMENT'S DISCUSSION OF OPERATIONS ANDFINANCI<a title="2005 ADM Annual Report page 35" href="http://viewer.zmags.com/publication/fc63af6f?page=35">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 36" href="http://viewer.zmags.com/publication/fc63af6f?page=36">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTI</a> SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTI<a title="2005 ADM Annual Report page 37" href="http://viewer.zmags.com/publication/fc63af6f?page=37">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 38" href="http://viewer.zmags.com/publication/fc63af6f?page=38">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 39" href="http://viewer.zmags.com/publication/fc63af6f?page=39">LIABILITIES AND SHAREHOLDERS' EQUITYCurrent L</a> LIABILITIES AND SHAREHOLDERS' EQUITYCurrent L<a title="2005 ADM Annual Report page 40" href="http://viewer.zmags.com/publication/fc63af6f?page=40">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 41" href="http://viewer.zmags.com/publication/fc63af6f?page=41">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 42" href="http://viewer.zmags.com/publication/fc63af6f?page=42">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 43" href="http://viewer.zmags.com/publication/fc63af6f?page=43">Note 3-Inventories and DerivativesTo reduce pric</a> Note 3-Inventories and DerivativesTo reduce pric<a title="2005 ADM Annual Report page 44" href="http://viewer.zmags.com/publication/fc63af6f?page=44">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTI</a> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTI<a title="2005 ADM Annual Report page 45" href="http://viewer.zmags.com/publication/fc63af6f?page=45">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 46" href="http://viewer.zmags.com/publication/fc63af6f?page=46">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTI</a> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTI<a title="2005 ADM Annual Report page 47" href="http://viewer.zmags.com/publication/fc63af6f?page=47">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 48" href="http://viewer.zmags.com/publication/fc63af6f?page=48">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTI</a> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTI<a title="2005 ADM Annual Report page 49" href="http://viewer.zmags.com/publication/fc63af6f?page=49">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 50" href="http://viewer.zmags.com/publication/fc63af6f?page=50">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTI</a> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTI<a title="2005 ADM Annual Report page 51" href="http://viewer.zmags.com/publication/fc63af6f?page=51">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 52" href="http://viewer.zmags.com/publication/fc63af6f?page=52">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTI</a> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTI<a title="2005 ADM Annual Report page 53" href="http://viewer.zmags.com/publication/fc63af6f?page=53">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 54" href="http://viewer.zmags.com/publication/fc63af6f?page=54">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 55" href="http://viewer.zmags.com/publication/fc63af6f?page=55">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTIN</a> REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTIN<a title="2005 ADM Annual Report page 56" href="http://viewer.zmags.com/publication/fc63af6f?page=56">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 57" href="http://viewer.zmags.com/publication/fc63af6f?page=57">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 58" href="http://viewer.zmags.com/publication/fc63af6f?page=58">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 59" href="http://viewer.zmags.com/publication/fc63af6f?page=59">2002 2001 </a> 2002 2001 <a title="2005 ADM Annual Report page 60" href="http://viewer.zmags.com/publication/fc63af6f?page=60">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 61" href="http://viewer.zmags.com/publication/fc63af6f?page=61">Thomas F. O'Neill </a> Thomas F. O'Neill <a title="2005 ADM Annual Report page 62" href="http://viewer.zmags.com/publication/fc63af6f?page=62">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 63" href="http://viewer.zmags.com/publication/fc63af6f?page=63">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 64" href="http://viewer.zmags.com/publication/fc63af6f?page=64">Archer Daniels Midland Company 2005 Annual Repor</a> Archer Daniels Midland Company 2005 Annual Repor<a title="2005 ADM Annual Report page 65" href="http://viewer.zmags.com/publication/fc63af6f?page=65"></a> <a title="2005 ADM Annual Report page 66" href="http://viewer.zmags.com/publication/fc63af6f?page=66"></a>