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3M Company 2016 Annual Report

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3M Company 2016 Annual Report Annual Report 2016 Annual Report 2016 Inge G. Thulin Chairman of the Board, B5C945>D1>48956H53ED9F5ɣ35B To our shareholders In 2012 I laid out a new vision to guide our enterprise — 3M technology advancing every company, 3M products enhancing every home, 3M innovation improving every life — along with six strategies to help make that vision a reality. Since then, we have continued to roll out and execute other elements of the 3M playbook, all part of a journey to make us even stronger, more competitive and more relevant to our customers. 1 F5BD85<1CDɥF5I51BCG581F5CDB5>7D85>54 of businesses. This improves our competitiveness, and focused our portfolio of businesses, invested while making us even more relevant to our customers. $8.6 billion in research and development to 5H@1>4?EBC395>D9ɥ331@129<9D95C 1>4=145C?<94 Portfolio Management includes consolidations within progress on Business Transformation. We launched 3M as well as divestitures of non-core businesses, a new 3M brand platform and a new leadership and we were active on both fronts in 2016. We also development program, while simplifying our successfully integrated two recent and important organization and improving our cost structure. acquisitions: Capital Safety and Membrana. $89C@B?7B5CC9CB5ɦ53D549>?EBǨǦǧǬB5CE<DC Since 2012 our portfolio work has moved us from six Throughout the year we executed the 3M playbook 2EC9>5CC7B?E@CD?ɥF5 1>46B?=ǪǦ2EC9>5CC5CD?ǨǪ and delivered a strong operational performance, while which includes recent actions that combined businesses making investments to prepare us for the future. G9D89>DG??6?EB2EC9>5CC7B?E@C $89C25>5ɥDC?EB customers and our company, as 3M now has greater Financial Results scale and can better prioritize our resources. In 2017, in fact, we are making a targeted, incremental $100 million In 2016 our team posted earnings of $8.16 per share, investment to accelerate growth in our core platforms. an increase of 8 percent versus 2015. Operating income margins companywide were 24 percent, up Investing in Innovation is the second lever. In 2016 more than 100 basis points year over year — with all we invested $1.7 billion — or nearly 6 percent of ɥF52EC9>5CC7B?E@C12?F5ǨǨ@5B35>D '545<9F5B54 sales — in research and development, which remains these margins on total revenue of $30 billion. the heartbeat of our enterprise. These investments support both our short- and long-term growth B5531C8ɦ?G3?>F5BC9?>G1C1B?2ECDǧǦǪ@5B35>D objectives, along with our ability to consistently deliver which marks our third consecutive year higher than premium margins and return on invested capital. 100 percent. And for the fourth straight year, we delivered a return on invested capital above In March 2016 we also celebrated the grand opening 20 percent — coming in at 23 percent in 2016.* of 3M’s new, $150 million laboratory at our global headquarters in St. Paul. It is home to hundreds of Importantly, we achieved these strong results in a year smart and creative scientists and will further strengthen ?6ɦ1DC1<5C7B?GD86?Bǩ 1CG53?>D9>E54D??@5B1D5 ?EBC395>D9ɥ35475 9>1381<<5>79>75HD5B>1<5>F9B?>=5>D $89CB5ɦ53DC?EB ability to execute well and control what we can control. Our third lever is Business Transformation, which starts and ends with our customers. In 2016 $8B?E78?EDǨǦǧǬG51<C?45@<?I54C97>9ɥ31>D31@9D1<D? we continued to make solid progress with the invest in our business — including more than $3 billion rollout of our ERP system in West Europe, which in research and development and cap-ex combined — is nearly complete. Globally, we now have a total as well as to return cash to our shareholders. Last year of 16 countries live on the new ERP system. we returned a total of $6.4 billion to our shareholders through dividends and gross share repurchases. We are already beginning to realize productivity gains 2016 was a particularly notable year with respect to from Business Transformation, which will increase in our dividend, as we marked 3M’s 100th consecutive 2017 and beyond. By 2020, we expect it will result in year of paying dividends to our shareholders. $500–$700 million in annual operational savings and another $500 million reduction in working capital. Building for the future >1449D9?>D?ɥ>1>391<B5CE<DC G53?>D9>E54D? Beyond the three key levers, in 2016 we launched build for long-term success through our three key an international, multi-year partnership with the <5F5BC G89381B5C97>9ɥ31>DF1<E5 3B51D?BC Nobel organization. This will further strengthen the 3M brand, while providing a powerful platform $85ɥBCD<5F5B9C ?BD6?<9?1>175=5>D 1>?>7?9>7 to advance our organizations’ shared values: process that is strengthening and focusing our portfolio C395>D9ɥ3B5C51B38 54E31D9?>1>49>D57B9DI ǨǦǧǬ@5B1D9>731C8ɦ?G?6ǢǬ ǭ ?B6E<<ɥ>1>391<41D11>4>?> B53?>39<91D9?>C?66B5531C8ɦ?G3?>F5BC9?>1>4B5DEB>?> invested capital, refer to the Financial Condition and Liquidity section of Management’s Discussion and Analysis, which is included within this Annual Report. 2 Sales (billions) To attract and retain the best brainpower, we continued to build an even more diverse, inclusive and attractive $29.9 $30.9 $31.8 $30.3 $30.1 $35 culture where all our people can succeed — from expanded leadership development opportunities to $30 ?EB>5G5>81>354@1B5>D1<<51F525>5ɥDC 1CDI51B $25 in fact, a survey of students and young professionals $20 ranked 3M as the number one “dream company” for millennials, which is a testament to our ongoing $15 actions to make 3M a great place to work. $10 $5 >ǨǦǧǬ1<C?<194?ED?EB3?=@1>IōC>5GɥF5 I51Bɥ>1>391<?2:53D9F5C 3?F5B9>7ǨǦǧǬD8B?E78 $0 2012 2013 2014 2015 2016 2020: 8–11 percent growth in earnings per share, 2–5 percent organic local currency sales growth, 20 percent return on invested capital 1>4ǧǦǦ@5B35>D6B5531C8ɦ?G3?>F5BC9?> $85C5 Cash dividends paid per share D1B75DCB5ɦ53D3?>ɥ45>359>?EB129<9DID?45<9F5B $2.36 $2.54 $3.42 $4.10 $4.44 5ɣ395>D7B?GD8D?41I1>49>D?D856EDEB5 $4.50 $4.00 As I look upon our 2016 performance, the 3M playbook is working. We are executing well and delivering $3.50 premium returns, while investing for long-term success. $3.00 Going forward, the global environment will continue $2.50 to change rapidly. Yet as I communicated in a $2.00 recent message to all 3Mers, with change we have $1.50 the opportunity to lead, evolve and strengthen our competitive edge. That is why we will continue to make $1.00 change our best friend, execute our playbook and $0.50 remain focused on our customers. We will do what we $0.00 do best: use science to make the world a safer, healthier 2012 2013 2014 2015 2016 and better place. That is what our brand promise — 3M Science. Applied to Life.™ — is all about. Earnings per share-diluted C1<G1IC D81>;?EBC81B58?<45BC6?BI?EB3?>ɥ45>35 our customers for their partnership and our 3M team for $6.32 $6.72 $7.49 $7.58 $8.16 their contributions to our success. $10.00 $8.00 $6.00 Inge G. Thulin Chairman of the Board, $4.00 B5C945>D1>48956H53ED9F5ɣ35B February 9, 2017 $2.00 $0.00 2012 2013 2014 2015 2016 3 Annual Report 2016 2016 Financial Results Earnings per share Organic local Return on B5531C8ɦ?G currency sales invested capital* conversion* growth worldwide $8.16 -0.1% 22.6% 104% +7.7% year over year year over year Net sales Operating Impact of currency Impact of acquisitions, income margins on worldwide sales net of divestitures, on worldwide sales $30.1B 24.0% -1.2% +0.8% -0.5% year over year +1.1 percentage year over year year over year points year over year Investments in Investments in research and development $1.7B capital expenditures $1.4B Organic local currency sales growth by business group and geographic area (year over year) Industrial Safety and Health Care Electronics Consumer Graphics and Energy 0.0%+2.2% +3.5%-7.5% +1.9% United States C91 139ɥ3 Europe, Middle Latin America East and Africa and Canada +0.5% -2.8% +0.4% +3.7% Cash returned to shareholders via dividends and share repurchases $6.4 Billion ǨǦǧǬ@5B1D9>731C8ɦ?G?6ǢǬ ǭ ?B6E<<ɥ>1>391<41D11>4>?> B53?>39<91D9?>C?66B5531C8ɦ?G3?>F5BC9?>1>4B5DEB>?>9>F5CD5431@9D1< refer to the Financial Condition and Liquidity section of Management’s Discussion and Analysis, which is included within this Annual Report. 4 Financial Summary (Dollars in millions, except per share amounts) 2016 2015 2014 2013 2012 Operating Results Net sales $30,109 $30,274 $31,821 $30,871 $29,904 Operating income 7,223 6,946 7,135 6,666 6,483 Net income attributable to 3M 5,050 4,833 4,956 4,659 4,444 Per share – basic 8.35 7.72 7.63 6.83 6.40 Per share – diluted 8.16 7.58 7.49 6.72 6.32 Financial Ratios Percent of sales Cost of sales 49.9% 50.9% 51.7% 52.1% 52.4% Selling, general and administrative expenses 20.3 20.4 20.3 20.7 20.4 Research, development and related expenses 5.8 5.8 5.6 5.6 5.5 Operating income 24.0 22.9 22.4 21.6 21.7 Net income attributable to 3M 16.8 16.0 15.6 15.1 14.9 Total debt to total capital (total capital = debt plus equity) 53% 48% 35% 25% 25% Additional Information Cash dividends paid $2,678 $2,561 $2,216 $1,730 $1,635 Per share 4.44 4.10 3.42 2.54 2.36 Stock price at year-end 178.57 150.64 164.32 140.25 92.85 Total assets 32,906 32,883 31,374 33,304 34,006 Long-term debt (excluding current portion) 10,678 8,753 6,705 4,309 4,899 Capital expenditures 1,420 1,461 1,493 1,665 1,484 Depreciation and amortization 1,474 1,435 1,408 1,371 1,288 Research, development and related expenses 1,735 1,763 1,770 1,715 1,634 Number of employees at year-end 91,584 89,446 89,800 88,667 87,677 Average shares outstanding – basic (in millions) 604.7 625.6 649.2 681.9 693.9 Average shares outstanding – diluted (in millions) 618.7 637.2 662.0 693.6 703.3 5 low UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
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