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2019-3M-Annual-Report.Pdf Annual Report 2019 Fellow shareholders, Everything 3M does is guided by our vision: 3M Technology Advancing Every Company 3M Products Enhancing Every Home 3M Innovation Improving Every Life This vision resonates deeply with our 96,000 employees around the world, and helps drive our purpose as an enterprise. Every day we use science to solve problems and improve lives, and we are committed to delivering value for all of the stakeholders who have placed their trust in us: our customers, shareholders, employees, communities and Mike Roman business partners. 3M Chairman of the Board and Chief Executive Officer 12 2019 Performance Transforming for the future Throughout 2019 3M faced declines in key end Beyond fi nancial results, I view 2019 as a fundamentally markets — specifi cally China, automotive and signifi cant year for 3M as we implemented major electronics — which represent approximately 30% change to position us for the future. of our total sales. In the face of these challenges, I am encouraged how our team stepped up our execution, In last year’s Annual Report, I wrote about the strength made improvements to our operations and drove and vitality of the 3M Value Model. Our company strong cash fl ow as we moved through the year. has deep competitive advantages that we leverage across our businesses — unique technology platforms, For the full year we posted organic growth of -1.5%, advanced manufacturing, leading brands, and global along with earnings of $7.81 per share, or $9.10 on an capabilities — all of which make 3M greater than the adjusted basis. We expanded free cash fl ow by 10% sum of our parts. year-over-year to $5.4 billion — an all-time high for our enterprise — while delivering a strong conversion rate of 118%. We posted a good return on invested capital It is our responsibility to of 18% — including the impact of acquisitions — along with operating margins of 19%. On an adjusted basis, our constantly build on that team delivered operating margins of nearly 22%, even foundation, which we are doing while reducing inventory levels by $370 million — which refl ects the strength of the 3M model. Finally, in 2019 through our four priorities for we returned $4.7 billion to our shareholders through long-term growth and value dividends and share repurchases, and last year marked 3M’s 61st consecutive year of dividend increases. creation: Transformation, Portfolio, Innovation, and People & Culture. Transformation Portfolio Innovation People & Culture Activating our Fully leveraging our Realizing the full potential Developing our people and transformation advantages 3M Value Model of our innovation model advancing our culture 2 Annual Report 2019 Transformation In addition to our new model, in 2019 we made changes to the way we support our business groups. To optimize the 3M has been on a journey to transform how we work, customer experience in each of our go-to-market models, serve customers and compete. We have deployed a new we consolidated manufacturing, supply chain and customer companywide information technology ecosystem, including operations into a seamless, end-to-end Enterprise Operations a new enterprise resource planning (ERP) system. Enabled by organization. We also brought together key capabilities as this ecosystem, we’ve rolled out new standardized business part of a new global Corporate Affairs organization in order processes, service models and digitalization capabilities to advance our brand and reputation. And we are realigning across 3M. In Europe and Canada — where we are furthest all existing corporate functions to drive more effective along in our transformation — we are seeing enhanced operations across geographies. customer service, improved margins, better use of data analytics and lower inventories. Ultimately, this is a defining moment for our enterprise. We are modernizing how we run our business and building an organization for the future, and I am more confident than ever in our journey to transform into a more agile efficient, and competitive enterprise. Portfolio The ongoing review and reshaping of 3M’s portfolio is key to maximizing value across our company. Since 2012 we have moved from 40 businesses to 23, while completing more than ten divestitures and 14 acquisitions. In 2019 we continued In 2019 we began to take the next step in our transformation to actively manage our portfolio, with particular progress in journey, including a new global operating model and strengthening our health care business. streamlined organizational structure. In April we moved from five to four business groups to better align around our customers and go-to-market models. We have since reorganized the entire company around our new business groups to take full advantage of our transformation capabilities. On January 1st, 2020 we implemented a new, streamlined global operating model designed to improve growth and operational efficiency. In the new model, our business groups have full responsibility for all facets of strategy, portfolio and resource prioritization across our entire global operations. Under the prior model, area and country teams — which comprised 3M’s International organization — set priorities in their regions. All of our International people now report into the business groups and functions they are part of. We acquired Acelity — which accelerates 3M as a leader in advanced wound care — along with M*Modal’s technology This new model will drive more accountability to our business business, an ideal fit within our health information systems groups to strengthen performance and serve both global business. The integration of Acelity is going well and the and local customers, while enabling stronger customer business is off to a good start, and M*Modal is outperforming insights and more powerful innovation. It will empower our our expectations for both growth and income. We have people with more freedom to make decisions, and make us also announced the planned divestiture of our drug delivery more efficient by reducing layers, streamlining structure and business, which will enable us to focus more resources on our simplifying reporting lines. It will also allow us to leverage core health care portfolio. similarities across markets, while maintaining the robust local capabilities that differentiate 3M. Beyond our efforts in health care, last year we sold our gas and flame detection business, and in early 2020 we finalized the sale of our ballistic protection business. Managing our portfolio is an ongoing process, and we will continue to act on opportunities to maximize value across 3M. 3 Innovation People & Culture Innovation differentiates 3M in the marketplace, and supports In 2019 we took significant action to develop our people organic growth and our long track record of delivering and continue to advance our culture. 3M’s transformation premium margins and return on invested capital. In 2019 initiatives are at the center of these efforts. Our transformation we invested $3.6 billion in the combination of research and journey is as much a cultural change as it is a technology development and cap-ex, which enable us to both invent and change. We are simplifying workflows, equipping employees manufacture new and unique solutions for customers. Last with new tools, and empowering them with more autonomy year we also expanded 3M’s periodic table to 51 technology to increase speed and service to our customers. I am pleased platforms, and we continue to see strong returns from our with how our team is embracing these changes. priority growth platforms which serve emerging and fast- growing markets. In 2019 these platforms grew 10%, as we create differentiated solutions for customers in areas such as automotive electrification, connected safety and structural adhesives. 3M is also stepping up our leadership in sustainability, particularly in our three focus areas: Science for Circular Science for Climate Science for Community In 2019 we moved our St. Paul headquarters to 100% renewable electricity, while committing to move our entire At the same time, we are deepening our commitment to 3M’s global operations to renewable electricity by 2050. Starting core values, including diversity and inclusion. 60% of our top last year, we are also formally embedding sustainability 100 leaders are diverse, one-third of our corporate officers into every new 3M product, meaning it must help solve an and Board members are women, and we are doing more to environmental or social challenge. To that end, we continue integrate inclusion into our daily life. Underpinning everything to produce a broad range of solutions that help our customers we do is our Code of Conduct, and in 2019 3M again was reduce their greenhouse gas emissions — from smog-reducing named one of the World’s Most Ethical Companies™ by the roofing granules, to films that make homes, electronics and Ethisphere Institute. automobiles more energy-efficient. And from a governance perspective, in 2019 our Board of Directors established a new Science, Technology and Sustainability committee to ensure we are building on our strong innovation capabilities, while advancing our already-high product stewardship standards. Our commitment to sustainability includes stewardship of water, and active management of PFAS (per- and polyfluoroalkyl substances) related issues. In this, as with everything, we are guided by the principles of sound science, corporate responsibility and transparency, and are committed to being part of the solution. I encourage you to visit our PFAS Stewardship website to learn more about the actions we are taking. 4 Annual Report 2019 Overall, I am pleased with the progress we made Sales (billions) against each of our strategic priorities in 2019. $30.3 $30.1 $31.7 $32.8 $32.1 As a result, we are well-positioned to improve our $35 performance and return to growth in 2020. Moving $30 forward, I know there is a lot more we can and must do to reach our full potential as an enterprise.
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