霍尼韦尔Honeywell International Inc. (HON) 2012年年度报告「NYSE」.pdf

1、A N N U A L R E P O R T2 0 1 2SHAREOWNER LETTER 2013It certainly is rewarding to report another year of terrific performance from Honeywell.Ina weak global economy,we were able to grow sales 3%to$37.7 billion,earnings pershare*(1)by 11%to$4.48,and segment profit margin rate(2)90 basis points to 15.6

2、%,whilealso generating$3.7 billion in free cash flow for a 103%conversion rate(3)on net income.That was accomplished while still doing a considerable amount of seed planting in newproducts and services,global growth,cost competitiveness,and our process initiatives.Inother words,the best is yet to co

3、me!At our Senior Leadership Meeting this year(where we annually bring together our top300 business and functional leaders globally),we launched for the third year in a row with thetheme“Growing in a Slow Growth Global Economy.”The worlds big democracies(U.S.,EU,Japan,India)continue to be unable to g

4、rapple government debt problems to the ground,suppressing economies and job growth.While I and many others certainly wish it wasdifferent,we have to play with the economic cards dealt,and thats the environment in whichwe have to continue our outperformance and we will.That outperformance has certain

5、ly been demonstrated versus the five year plan for salesand margin rate growth we established in 2010.At the time,many comments were along thelines of“nice to see aspirational/ambitious goals,but what do you think youll really do,”which,well lets say,“irritated”me more than a little bit.Our response

6、 was that we had donewhat we had said for the previous seven years and that wasnt going to change.It hasnt.While the global GDP and exchange rate assumptions we used were too bullish(GDPgrowth averaged 3.2%per year vs.assumptions of 3.5%and Euro exchange rate averaged1.30 versus assumption of 1.35),