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2004 Annual Report UPS Annual Report 2004 UPS Annual Report Every Minute Around the World UPS Annual Report 2004 55 Glenlake Parkway, NE Altanta, GA 30328 www.ups.com 11 10 9 8 7 6 5 4 3 2 1 0 1 2 3 4 5 6 7 8 9 10 11 12 Investor ServiceDirect Enhancements Online Access to Shareowner Materials Mellon’s Investor ServiceDirect® application has through MLink® been redesigned. It now offers: Interested in receiving shareowner information n Increased functionality and ease of use. electronically? Enroll in MLink, a self-service n A streamlined portfolio page that summarizes program that provides electronic notification and your profile information and directs you secure access to shareowner communications. To quickly and easily to your accounts and the enroll, follow the MLink enrollment instructions information you’re seeking. when you access your UPS Class A or UPS Class n User-friendly navigation that enables you B common shareowner account via the Web sites to perform your transactions faster with easy previously noted. access to account history and forms and materials. Transfer Agent and Registrar n New helpful tips, shortcuts and related links Account information and transactions are managed that give you the answers to the most by Mellon Investor Services LLC. Please direct common questions. notices of address changes or questions regarding n An expanded help center that features a new account status, stock transfers, lost certificates, user manual, FAQs and investor support. or dividend payments to the transfer agent at the address below. UPS Shareowner Services Convenient access 24 hours a day, 7 days a week United Parcel Service, Inc. c/o Mellon Investor Services LLC P.O. Box 3415 Class A Common Shareowners South Hackensack, NJ 07606-3415 www.melloninvestor.com Select MellonOne or 888-663-8325 85 Challenger Road Class B Common Shareowners Ridgefield Park, NJ 07660 www.melloninvestor.com Select for Investors and then Investor ServiceDirect 800-758-4674 Calls from outside the United States: 201-373-5334 TDD for hearing impaired: 800-231-5469 TDD for non-U.S. shareowners: 201-329-8354 ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� Copyright © 2005 United Parcel Service of America, Inc. All rights reserved. Dear fellow shareowners, UPS11 produces 10 9 the 8 best 7 financial 6 5 4 3 2 1 0 1 2 3 4 5 6 7 8 9 10 11 returns in the industry Every minute around the world, UPS delivers another 9,800 packages. Every minute around the world, UPS connects 4,900 buyers with 1,400 sellers. Every minute around the world, UPS is UPS’s financial strength is derived from its unique A significant aspect of UPS’s culture that entrusted with two percent of global gross domestic product.* business model, combined with a company culture contributes to the strength of the company is the developed over 97 years. owner/management philosophy, in place since the Most importantly, every minute around the world, package business. In fact, small package delivery is The business model is based on an integrated 1920s. This means UPS is run by investors for we see international trade surging forward at an perhaps the most integral part of the supply chain. network where all systems work cohesively together. investors. As a result, the company brings a long- unprecedented pace, reaffirming what we’ve known In many cases, it represents the coveted “last mile” One global network results in the most efficient use of term focus to investment decision-making, with a for quite some time. There’s no better time, no better to the consumer. assets and the highest reliability levels. And it makes it keen eye on economic profit. n industry, and no better company to capitalize on a easier to bring products and services that are successful world coming closer together through commerce. Highlights of 2004 in the United States to the global market. In 2004, UPS strengthened our industry-leading, Our Operating Environment global small package position. We delivered a record ���������� ����������� In last year’s annual report, we talked about number of packages — almost 3.6 billion — an ������������� ������������ �������������������������������������� a world poised for economic growth and UPS as a increase of more than 150 million over 2003. Revenue �������������������������������������� company that would help enable that growth. for the year increased 9 percent, and earnings were �� �� ���� ���� A year later, the world is more than poised. up 15 percent. ���� ���� ���� ���� ���� ���� In 2004, global trade activity grew 10.2 percent, Our international small package operation ���� �� �� ���� well ahead of 2003’s jump of 4.5 percent, and even exhibited particular strength, with revenue up ����� ���� surpassing the boom years of 1995 through 2000.** 22 percent, profitability up 58 percent, and volume ���� ���� A vibrant global economy creates new busi- up 7 percent. The export market (packages that �� �� nesses and new jobs, as well as increased wealth, cross a national border) has been a focus of our ��� ��� consumer power, and a substantially better quality international efforts. Export volume increased of life for billions of people around the world — all 12 percent, led by both Europe and Asia, �� �� �� �� �� �� �� �� �� �� �� �� of which generates greater demand for UPS services. particularly China. Net income has been improving due primarily to the impact With a relatively constant number of shares outstanding, diluted The global small package delivery business is In 2004, we were pleased to be awarded 12 of strong international growth and improvements in non-package. earnings per share have increased 17 percent since 2000. ������ growing along with the boom in international trade. new frequencies to fly to China. These frequencies ������ This trend won’t abate any time soon. Today, 20 triple our access to this important trade market. In ���������������������������� ������� ��� ������������� ������ ������������ percent of all manufactured goods cross borders. addition, we concluded an agreement that will����� give Introduction 1 ��� By 2020, it’s estimated that 80 percent of these us control of our express operations in China by Letter to shareowners 3 ���� Financial highlights goods will cross borders, much of it through small the end of 2005. ���� ��� 6 ���� Small package business ���� 8 package networks.*** Our U.S. domestic operations posted ��� ���� ���� ���� Supply chain business 16 At the same time, with markets opening and improvements, too, with volume up 3.3 percent. ���� ��� How we run our business 20 economies growing, supply chains are becoming Revenue increased over 6 percent and profits Worldwide recognition 21 increasingly global. These trends support UPS’s vision increased 2 percent. Pricing was firm in the United ��� ��� UPS senior leadership 22 Selected financial data of synchronizing the flow of goods, information, and States, but operating margin declined slightly. This ��� ��� 24 funds — the three flows of commerce. reflects, in part, investment in a new technology that Financial table of contents 25 ��� �� Investor information 72 In addition to providing new sources of revenue will re-engineer our U.S. domestic operations and a and profit, our supply chain business complements slowing volume growth rate in the fourth quarter. �� �� �� �� �� �� �� �� �� �� �� �� and strengthens the solid foundation of our small One hundred dollars invested in UPS stock at the end of 2000, with Since 2000, revenue increased 24 percent reinvested dividends, would have increased over 50 percent in ���������������������������������������������������������������value by the end of 2004. ���������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� UPS Annual Report 2004 3 6 Copyright UPS Annual © 2005 UnitedReport Parcel 2004 Service of America, Inc. All rights reserved. Our Growth Opportunities Our strong financial position enables us to ATLANTA, GEORGIA 7:24 A.M. We believe that prevailing global economic reinvest in the business to enhance our operations, conditions provide a framework for continued improve service, add new products, and expand our Selected Financial Results growth in the United States and abroad for both geographic presence. It also enables us to increase the small package and supply chain operations. shareowner value through an on-going share repurchase program and regular dividend increases In fact, we expect to sustain the earnings growth ������������ � � ������������������ ������ � ������ ���������������������������������� — up 22 percent in 2004 and 65 percent since 2000. track record we’ve established over the last three ��������������������������� decades. Throughout that timeframe, earnings have increased at a compounded annual rate of Going forward here’s what you can expect �������� � � � ����������������������������������������������� �� ����� over 15 percent. from UPS in 2005 and beyond. We will: ������������������� � � ���� ������� ���� �������� �� ������� � � � Our unique, integrated global business model n Manage our entire business enterprise to ������������
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