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2011 Annual Report

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2011 Annual Report 2011 Annual Report Inspired Innovation To our shareholders In many ways, 2011 was an amazing year. At times, the year felt like a story from the book of Genesis, with the Japanese earthquake, tsunami and subsequent nuclear issues, the fl ooding in Thailand late in the year, tornadoes in the southern United States, and revolution in North Africa. Matters were further complicated in 2011 by the sovereign debt issue in Greece, worries about Italy’s solvency and the economic downturn in Europe. We must offer special recognition here to our Japanese colleagues for their wonderful efforts in 2011 and to their entire nation for the dignifi ed and orderly way in which they dealt with the tsunami and related challenges. They have my profound personal admiration. Through all of this, while dealing in many cases with enormous personal challenges presented by these disasters, 3M’s people also met the business challenges and once again delivered strong results. George W. Buckley Despite all this turbulence, full-year sales increased 11 percent to Chairman of the Board, President and Chief Executive Offi cer $29.6 billion, with double-digit growth in Industrial and Transportation; Safety, Security and Protection Services; and Health Care. Operating margins were 20.9 percent for the company, and all businesses delivered margins of 20 percent or higher, which is an amazing feat of consistency. Inge G. Thulin named President and Chief Executive Offi cer, 3M Company, Feb. 24, 2012 Inge G. Thulin, 58, was named president and chief executive offi cer of 3M Company effective Feb. 24, 2012. A 32-year veteran of 3M, he served as executive vice president and chief operating offi cer of 3M since May of 2011, after having served as executive vice president, 3M International Operations since 2003. Mr. Thulin joined 3M Sweden in 1979, working in sales and marketing, and subsequently assumed levels of greater responsibility. Mr. Thulin earned degrees in Economics and Marketing from the University of Gothenburg, Sweden. With hands-on experience building businesses in both developed and developing economies, Mr. Thulin’s grasp of societal trends is impressive. For example, his business background and Nordic upbringing helped shape his view that the global trend toward sustainability presents tremendous opportunity for 3M to both improve the environment, and 3M’s business performance, Inge G. Thulin simultaneously. Mr. Thulin is known for emphasizing teamwork, a concept he learned to value as a young hockey player in one of Sweden’s top leagues. He is known for his quick wit and accessibility, for focus and clarity, and for his ability to effectively prioritize. A native of Malmo, Sweden, Mr. Thulin is an outdoor enthusiast who enjoys skiing and skating. Operating income grew to $6 billion, an increase of 4 percent. Net Sales (billions) Earnings per share were $5.96, a 6 percent increase over the $24.5 $25.3 $23.1 $26.7 $29.6 $30 previous year. They were held back somewhat by higher year-over- year non-operational costs such as higher taxes, pension and other $25 post employment benefit charges, driven up by record low discount rates. 3M generated free cash flow of nearly $4 billion, with a $20 conversion rate of 91 percent, and our return on invested capital remained strong at 20 percent. Most importantly, we returned $15 $4.3 billion to shareholders via dividends and share repurchases; $10 an impressive increase of 81 percent year on year. All in all, 2007 2008 2009 2010 2011 it was a good year in a very challenging economic and geopolitical environment. As a route to higher value creation, faster organic growth remains Earnings Per Share–Diluted* our quest. As the years have passed, we better understand the $5.60 $4.89 $4.52 $5.63 $5.96 $6.00 calculus of growth, particularly how innovation drives net organic growth and how inventory transients can affect it, up or down. $4.00 The Industrial Production Index (IPI), which is the best baseline measure of our effective end market, bounced around wildly $2.00 in 2011. The sharpest change came between Q1 and Q2 when 0 worldwide IPI fell from 5.6 percent to 3.2 percent, a 240 basis 2007 2008 2009 2010 2011 point reduction. Distribution channels responded predictably by * As indicated in the Financial Summary on cutting orders to drive excess inventory out of the system and that page 4, certain years include net gains (losses) related to sales of businesses, restructuring and pulled down growth. But the great news is that underlying organic other items. growth remained robust: growth is alive and well. No matter how economic turbulence might affect us, we remain committed to continually generating higher levels of profitable Dividends Per Share $1.92 $2.00 $2.04 $2.10 $2.20 growth for 3M. The creation of new earnings power and $2.50 shareholder value is at the heart of a successful future for both 3M and our investors. To achieve it requires relentless increases $2.00 in productivity and improvements in those factors which affect our competitiveness, along with ever higher levels of innovation. We $1.50 can neither save nor spend our way into prosperity, but we can and must imagine, innovate and invest our way there. It is the only thing $1.00 which guarantees success. 0 2007 2008 2009 2010 2011 Inspired Innovation 1 Our growth strategy over the past few years has been very born requires a finely balanced approach to risk, technology successful, reversing the course of earlier declining market and investments and it also requires a little freedom. We share and, as long as we stay this course, the future for 3M offer that freedom to our researchers by allowing them is very bright indeed. But to fully understand the rationale 15 percent free time to work on whatever projects for our optimism, we must look beyond recent financial they wish, ones of their own making. It is a powerful results, as strong as they are. concept we’ve had in place for decades and many of 3M’s legendary inventions came from it. It also requires First, rekindling the fires of innovation at 3M has increased optimism about the future, solid knowledge of where our New Product Vitality Index (NPVI) to over 32 percent. opportunities might lay, curiosity, belief in people and We have reignited the fires of innovation at 3M, which were good instincts. A company cannot get there by process clearly in danger of going out and, as one of my colleagues alone or by punishing what some might see as failure, it said so well, we threw gasoline on them! By overtly needs a sprinkle of “magic dust.” At 3M, because of our reinforcing the idea that innovation and new products wide diversity of technologies and end markets, the term are the lifeblood of 3M, we reengaged our scientists and “failure” is rarely applied to R&D, and invention here is refocused our investments in research and development. almost always repurposed and reused. It is my strongly What a marvelous job they and the process engineers who held view that innovation and entrepreneurship flourish work with them have done in response. 3M’s NPVI is now best in an environment of stimulation and encouragement back on track, as it was in the 1970s. You might call the nurtured by leadership and driven by the CEO. present the “new heyday” of innovation, and we couldn’t be more pleased with the results. So innovation is unquestionably back at 3M, reflected in our results to be sure, but also reflected in the morale For the second year running, in the recent Booz and Co. and excitement of our innovators everywhere. As long survey, 3M was ranked the third most innovative company as we support and encourage their creativity and at the in the world, behind Google and Apple. We see this as same time continue to run our manufacturing operations strongly indicative of our progress in innovation and a at world-class levels, we have relatively few things to fear. doorway to the future. We must not only create and invent But we do have to understand and respect every single a new future, we must adopt it. competitor in every market – no matter how small they An innovative company cannot be built just on inanimate are – and be better than our competitors at supplying what lab work or mathematics alone. It is built on a belief in the the markets need. Small competitors in emerging markets power of R&D, belief in the people doing that kind of work today are tomorrow’s multinational competitors. We ignore and a deep conviction that the collective power of their them at our peril. imagination and creativity will generate future opportunity 3M is today a formidable competitor in markets that not and financial betterment for the company. We don’t always so long ago were pools into which we merely dipped our know how or when that opportunity will unfold, so it toes. Following a long tradition, newer businesses such as requires an element of faith and it can occasionally be a renewable energy, electronics, software and filtration are little scary. fast becoming core 3M businesses; enduring franchises The creativity from which product and process innovation is that will generate growth and profit for years to come. 2 Inspired Innovation The second reason for optimism is that innovation some of the brightest people in the world and even more and excellence at 3M are not limited to research and fortunate to have become personal friends with many of manufacturing.
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