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E 2015 Annual Report Emerson.Com Transforming to Better Serve a Connected World ONE-YEAR PERFORMANCE FIVE-YEAR PERFORMANCE Years ended September 30 PERCENT Years ended September 30 FIVE-YEAR Dollars in millions, except per share amounts 2014 2015 CHANGE Dollars in millions, except per share amounts 2010 2015 CAGR Sales $24,537 $22,304 (9)% Sales $21,039 $22,304 1 % Net earnings $ 2,147 $ 2,710 26 % Net earnings $ 2,164 $2,710 5% Diluted earnings per share $ 3.03 $ 3.99 32 % Diluted earnings per share $ 2.84 $3.99 7% Adjusted diluted Adjusted diluted earnings per share* $ 3.75 $ 3.17 (15)% earnings per share* $ 2.84 $3.17 2% Dividends per share $ 1.72 $ 1.88 9% Dividends per share $ 1.34 $1.88 7% Operating cash flow $ 3,692 $ 2,529 (32)% Operating cash flow $ 3,292 $2,529 (5)% Return on total capital 17.5% 22.8% Return on total capital 18.9% 22.8% Return on equity 20.7% 29.8% Return on equity 23.6% 29.8% * Adjusted earnings per share exclude divestiture gains of $0.90 and costs * Adjusted earnings per share exclude divestiture gains of $0.90 and costs related to the planned spinoff of the network power systems business of related to the planned spinoff of the network power systems business of $(0.08) in 2015, and a goodwill impairment charge of $0.72 in 2014. $(0.08) in 2015. $3.17 EARNINGS Earnings PER SHARE* and Dividends *2015 earnings per share exclude divestiture gains of $0.90 and costs related to the planned spinoff of the network power systems business of $(0.08). 2014, 2013 and 2012 earnings per share exclude $0.72, $0.78 and $0.72, respectively, of goodwill impairment and income tax charges. 2002 earnings per share is before the $1.12 per share cumulative effect of $1.88 a change in accounting principle. DIVIDENDS PER SHARE 2015 Annual Report | 1 To Our Shareholders: Fiscal 2015 was a year marked by the challenges of Our financial results in fiscal 2015 were impacted an increasingly complex and unpredictable global by several factors, including lower oil and gas prices marketplace. Importantly, it was also a year of and a global slowdown in industrial spending that transformation at Emerson as we confronted our was especially significant in many of our key end declining sales and earnings head-on, undertaking markets such as energy, telecommunications, mining several initiatives that will strengthen our core and backup power. In addition we faced very weak businesses and drive both near- and long-term economic conditions in emerging markets including value for our customers and shareholders. China, Brazil, Africa and Mexico; as well as headwinds from the strength of the U.S. dollar. Sales were down Emerson has long been recognized for its ability to 9 percent to $22.3 billion. Underlying sales were down read the markets and anticipate economic changes, 2 percent as divestitures reduced sales by $628 million enabling us to make the right moves at the right time or 2 percent and the stronger dollar reduced sales by to maximize benefit and value … and we intend to do $1.1 billion or 5 percent. Net earnings of $2.7 billion this again. The plans introduced in 2015, drawn after increased 26 percent from operating results and careful consideration and in consultation with our gains on divested businesses. However, adjusted Board of Directors, will enable us to keep pace with net earnings of $2.2 billion were down 19 percent the evolving needs of our customers, remain a leader due to the weak business environment as well as in our industries and create value for shareholders. accelerated restructuring spending of $221 million We are singularly focused on rebuilding the Emerson as we aggressively managed our cost structure. The foundation to drive premium growth in sales, earnings restructuring programs completed in 2015 and those and cash flow. planned for completion in the first half of fiscal 2016 will allow us to generate improved earnings and cash flow in a continually challenging environment. 2 | 2015 Annual Report Emerson generated approximately $2.5 billion in transform Emerson to adapt to what we see on the operating cash flow (approximately $3 billion adjusted global horizon and strengthen the company in order for income taxes paid on divestiture gains). We continued to accelerate growth and value creation. In June, we our commitment to delivering value to shareholders initiated the spinoff of the network power business by returning $3.8 billion in cash through $2.5 billion in and the evaluation of the potential sale of the motors share repurchase and $1.3 billion in dividends. Also, and drives, power generation and remaining storage the Board of Directors voted to raise the first quarter businesses, which together represent $6.7 billion in 2016 dividend to an annualized rate of $1.90 per share, sales. We accomplished a portion of this task in 2015 which would make 2016 our 60th consecutive year of with the divestiture of the InterMetro business, and increased dividends, an impressive record that can be the remaining strategic repositioning actions are matched by few corporations. We expect to generate expected to be completed in 2016. After completing over $3 billion in operating cash flow in 2016, and we this transformation, Emerson sales will be around intend to return $1.8 billion to $2.5 billion to shareholders. $15 billion, from a peak of $25 billion in 2013. We intend to aggressively pursue acquisitions and organic Our performance in fiscal 2015 and shifting end market growth programs around our core businesses in order dynamics brought into focus for the management to accelerate growth and profitability to once again team and the Board that we had reached an inflection exceed the $20 billion sales threshold. point and serious strategic action was needed to best serve our customers and shareholders. Throughout As we complete this strategic repositioning, we will the Company’s 125-year history, we have periodically have a highly focused portfolio with leadership positions undertaken this type of strategic repositioning and in stronger growth-end markets. Going forward, emerged stronger from it. Therefore, we began to our portfolio will have two core business platforms: take the necessary steps this past June to once again Automation Solutions and Commercial & Residential David N. Farr Chairman and Chief Executive Officer Solutions. Automation Solutions customers have a single trusted partner will include the current Process to help solve their most complex Management platform and the challenges and provide end-to-end remaining Industrial Automation % solutions that aid in finishing projects businesses which are focused on 22.8 faster and more efficiently, leading to similar markets and customers. Return on increased cash flow and earnings for Commercial & Residential our customers. This comprehensive Solutions will continue the legacy of Total Capital approach – including project inception innovating to capture the customers and planning; engineering expertise; our and markets served by the Climate leading product portfolio; software, sensors Technologies, Copeland, RIDGID and and secure data transmission; advanced InSinkErator businesses. monitoring centers; and real-time response based on analytic tools – is the essence of “Consider It Solved.” By realigning the Emerson portfolio, we will focus our Now is the time to refocus Emerson, and that is exactly management and investment on stronger, faster- what is underway as we rebuild a stronger, faster, growth markets, as well as moving more toward a nimbler company for our customers. broader solutions-oriented business model. Emerson has always been recognized for providing outstanding, As we move through fiscal 2016 and beyond, solutions innovative products and we will continue to lead in will continue to play a larger role in our business. True this way. However, as we anticipate the changes in solutions are more than just a product in a specific our customers’ worlds, we see growing demand for application. Solutions allow our customers to leverage complete solutions-based and information-based vast amounts of actionable data and innovative systems technologies, systems and services. In Emerson, to fuel smart strategies and achieve Top Quartile The Office of the Chief Executive (from left): Edgar M. Purvis Jr., Executive Vice President and Chief Operating Officer; Frank J. Dellaquila, Executive Vice President and Chief Financial Officer; Steven J. Pelch, Senior Vice President – Organization Planning and Development; Edward L. Monser, President; Charles A. Peters, Senior Executive Vice President. Performance. This is the Internet of Things, a space I also want to thank the global management teams where Emerson has excelled for years. Solutions built and leaders for their efforts and support throughout on reliable data and combined with our extensive this challenging process. Although we are in the early experience are more efficient, more effective and stages of the repositioning process, I am confident that deliver exactly what customers need. We highlight we will emerge a stronger, more agile company for our several of these solutions in this annual report. customers, employees and shareholders. As calendar 2015 draws to a close, I want to recognize It is with great honor and respect that I recognize and the milestone on which this year started – the thank August Busch III for his nearly 30 years of leadership, celebration of our 125th year in business. Around the support, vision and guidance. August has been a driven world we celebrated our people, our history and our leader for growth, global investment and value creation commitment to bringing new and better solutions to at Emerson, and his wisdom will be missed. customers. I want to thank everyone who helped us celebrate and is playing a role in helping shape a strong On behalf of the Board of Directors and all of Emerson’s Emerson for the next 125 years.
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