霍尼韦尔Honeywell International Inc. (HON) 2009年年度报告「NYSE」.pdf

1、2 0 0 9A N N U A L R E P O R T24451TO OUR SHAREHOLDERSIn last years letter,I said 2009 would likely prove to be“interesting”.What a euphemismthat was as we found ourselves in the worst recession in 80 years.I also said that despite some of the worries about Honeywell in the investor community,there

2、would not be a reprise of the last recession when we truly fell off a cliff.While earningswere down in 2009,we performed well in a difficult environment and proved we were acompany that could be trusted to perform in good times and bad.Our sales were down 15%to$30.9 billion and we held the segment p

3、rofit decline to 15%meaning we were able to hold our margin rate flat.EPS were down 24%as increasedpension expense and shares issued to the pension fund diluted the margin performance.Freecash flow was superbly good at$3.3 billion,beating last year and resulting in a free cash flowconversion rate of

4、 155%on net income.This performance versus the last recession could not be more stark as shown in thefollowing charts.LAST RECESSIONSales$25.0$23.6$22.3Down 11%over 2 years200020012002(.2)(.3)$1.7Net IncomeLost money for 2 years200020012002Free Cash Flow$1.1$1.1$1.7Poor Conversion200020012002THIS RE

5、CESSION$3.1$3.3Great Conversion90028002Down 15%in one year$36.6$30.990028002Down 23%in one year$2.8$2.290028002Note:Free cash flow is cash flow for operations less capital expenditures.Free cashflow conversion is free cash flow divided by net income.2008 free cash flow and 2008free cash flow convers

6、ion in the charts above excludes$166 million of cash taxesrelated to the sale of the Aerospace Consumables Solutions business.06200In the last recession,on an 11%sales decrease over two years,we lost money twoyears in a row and our free cash flow just covered our dividend of$600 million per year.Int