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2002 Annual Report

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2002 Annual Report ARAMARK 2002 ANNUAL REPORT ARAMARK CORPORATION ARAMARK TOWER 1101 MARKET STREET PHILADELPHIA, PA 19107 U.S.A. www.ARAMARK.com 2002 ANNUAL REPORT CONTENTS 2 Letter To Shareholders 6 ARAMARK At A Glance 8 Partnership Profiles 20 Community Service 21 Financial Review 61 Shareholder Information 62 Officers And Presidents Council 63 Board Of Directors BOARD OF DIRECTORS FINANCIAL HIGHLIGHTS (Dollars in thousands, except per share data) 2000 %* 2001 %* 2002 %* OPERATING RESULTS Sales $7,262,867 8% $7,788,690 7% $8,769,841 13% Earnings Before Interest and Income Taxes 419,583 12% 439,507 5% 560,267 27% Net Income 167,960 12% 176,496 5% 269,912 53% FINANCIAL POSITION Total Assets $3,199,383 11% $3,216,394 1% $4,259,302 32% Long-term Debt 1,777,660 10% 1,635,867 -8% 1,835,713 12% NET INCOME PER SHARE Basic $0.94 18% $1.03 10% $1.42 38% (Seated, left to right) Leonard Coleman, James Preston, Karl von der Heyden. (Standing, left to right) Ronald Davenport, James Ksansnak, Joseph Neubauer, Robert Callander, Thomas Kean, Lawrence Babbio, Patricia Barron. Diluted 0.88 19% 0.97 10% 1.34 38% * change over prior year JOSEPH NEUBAUER2,3 RONALD R. DAVENPORT 1,4,5 Chairman and Chief Executive Officer, Chairman, ARAMARK Sheridan Broadcasting Corporation LAWRENCE T. BABBIO, JR.2,3,4 THOMAS H. KEAN3,4 Vice Chairman and President, President, Drew University Verizon Communications, Inc. Former Governor of New Jersey PATRICIA C. BARRON1 JAMES E. KSANSNAK3 Professor, Leonard N. Stern School Retired Vice Chairman, of Business, New York University ARAMARK ROBERT J. CALLANDER1,2,4 JAMES E. PRESTON2,3,4,5 Retired Vice Chairman, Retired Chairman, Chemical Banking Corporation Avon Products, Inc. LEONARD S. COLEMAN, JR.1 KARL M. VON DER HEYDEN1,3 Senior Advisor, Retired Vice Chairman, Major League Baseball PepsiCo, Inc. 1. Audit and Corporate Practices Committee, 2. Executive Committee, 3. Finance Committee, 4. Human Resources, Compensation and Public Affairs Committee, 5. Stock Committee 1 We succeed by helping clients drive their businesses forward. We take on our clients’ non-core functions and create outsourced service solutions that enable clients to focus on their core competencies. Through Mission One, we’ll deliver more solutions, and therefore more value, to more clients at every opportunity, every day. In the process, we’ll build strong, enduring partnerships with our clients and increase our organic growth rates. Our goals, and how we plan to achieve them, are outlined below. We succeed through the strength of our people. In this annual report, you’ll meet some out- standing members of our team who are helping accomplish Mission One. MISSION GOALS ONE IN ORGANIC GROWTH – We will strive to achieve 6-8% organic growth, year after year. ONE ARAMARK – We will build one best team and work together as a team across our organization. ONE CUSTOMER AT A TIME – We will create stronger, deeper, more enduring partnerships with our clients, one at a time. HOW WE ACHIEVE OUR GOALS RETENTION – Become number one in retention in the sectors that we serve. BASE BUSINESS GROWTH – Increase our revenues at every account by providing more solu- tions for our clients and thus creating additional value for them. NEW BUSINESS – Increase the amount of new business sold, open additional locations with our existing clients, and cross sell additional services to the clients we already serve. ONE BEST TEAM – Continue to retain, develop and attract a diverse team that can help us grow. 2 WILLIAM LEONARD JOSEPH NEUBAUER President and Chief Operating Officer Chairman and Chief Executive Officer 3 TO OUR SHAREHOLDERS This past year was a year of significant accomplish- trust, and move far beyond the traditional “supplier” ment for ARAMARK. During Fiscal Year 2002, we role into full business partnerships that keep get- achieved record financial results and strategically ting stronger, broader and deeper over time. We positioned our company to provide more service call these special relationships “Unlimited solutions for more clients and customers than Partnerships,” and they are the ultimate expression ever before. of our service philosophy. We started the year by making the largest We believe our employees’ skill in building and most strategic acquisition in our history – Unlimited Partnerships is the reason ARAMARK ServiceMaster Management Services. Eleven days achieved top-50 ranking on FORTUNE’s 2002 list later, we returned ARAMARK to the public equity of America’s Most Admired Companies and was markets after 17 years as a private company. ranked number one in the Diversified Outsourcing As the year progressed, we completed several Services category. Every step we took this year was additional acquisitions to strengthen our position in designed to enhance our ability to deliver on the existing businesses, further expand our geographic promise of Unlimited Partnership. scope, and increase our client base. We also contin- ued to develop new service approaches for our AN EXPANDING SERVICE OFFERING clients and customers. During Fiscal 2002, we used both acquisitions and For the year 2002, we had consolidated sales of innovation to build a broader service offering. Our $8.8 billion, 13% above Fiscal 2001’s level. For the acquisition of ServiceMaster Management Services year, recurring net income was up 20% to $239.1 alone was so important, it can best be described as million, and earnings per share increased 9% to “transformational.” Our facility services capabilities $1.19. Operating cash flow rose 32% to approxi- are now equal to our longstanding competencies in mately $270 million. Worldwide, we sold more than food service. As a result, throughout Fiscal 2002, we $800 million in annualized new business, while cross sold over $60 million in new services to exist- customer retention rates remained strong. ing ARAMARK food service customers and to Amidst this growth and continual change, our ServiceMaster facility services customers. vision has remained constant: We exist to serve our Through acquisitions, we also continued to clients and customers. We succeed by helping them build our leadership position in conference center succeed. We seek to offer our clients the most com- management and doubled our position in hospital plete, most innovative array of outsourced services clinical equipment maintenance. With our joint in the marketplace, and thus provide solutions that venture partner in Japan (Mitsui), we increased our are customized to each client’s unique needs. As we ownership in the number-two food service compa- do this, we create value for our clients, earn their ny in the world’s second-largest economy. And, 4 OUR VISION A company where the best people want to work. Customers who recommend us to others because we constantly exceed their expectations. Success measured in the growth of our company, its earnings and ourselves. The world leader in managed services. shortly after fiscal year end, we added about 900 in annual sales (divided about evenly between the new client locations by acquiring Fine Host, a food two), with less than 50% converted and a continual service company in the United States. trend towards outsourcing. The total uniform serv- Within our existing businesses, our employees ices opportunity is estimated at $20 billion in the continued our long-standing tradition of innovation: U.S., with a little more than half outsourced. • We’ve implemented World Class Patient Over the last 40 years, ARAMARK has built Service at over 150 hospitals to enhance patient strong trust relationships with thousands of clients satisfaction with support services. around the world. Our greatest opportunity is to • We’re introducing MarketMatch, our campus keep expanding these partnerships. That’s the dining master planning process that creates cus- essence of our new corporate mission – Mission tomized campus-wide food offerings for various One. Our client partnerships, particularly those student lifestyles. that have evolved over the years into Unlimited • We’ve launched Inmate to Workmate training Partnerships, are our greatest strategic asset. programs, designed to help reduce recidivism, at Through Mission One, we will strive to provide over 50 correctional food service partnerships in every client with the full benefit of our ever- cooperation with correctional authorities. expanding service offering. In the process, we will • We’re creating customized web sites for each create more value for our clients, further strength- national uniform and career apparel account, com- en our partnerships, and achieve higher organic plete with online ordering. growth as a company. Over the long term, we • We’ve introduced Build Your Own Uniform, believe our company has the potential to achieve which lets potential customers as well as existing 6-8% organic growth rates. Mission One is designed customers preview their uniform design choices to help us achieve this potential. We believe that, on a virtual model. by increasing our organic growth rates, we will We intend to continue developing and imple- create significant value for our shareholders. menting new services to ensure that as our clients’ Financial markets ebb and flow, but a company requirements change and grow, we have the that continues to deliver on its promises to its solutions they need. clients and customers over many decades will succeed. Opportunity is calling us, and we intend A NEW MISSION to answer with Mission One. As a result of our management team’s accomplish- ments, ARAMARK stands on the brink of a new era, FISCAL 2002 PERFORMANCE* with opportunities that are greater than any we’ve Our 2002 performance was strong. Consolidated yet known. The markets in which we operate are sales rose 13% to $8.8 billion, operating income vast. We estimate combined worldwide potential increased 11% to $516.6 million, net income was for food services and facility services at $600 billion up 20% to $239.1 million, and earnings per share *Fiscal 2001 amounts exclude goodwill amortization and Fiscal 2002 amounts exclude nonrecurring gains.
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