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2009 Annual Report Introduction

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2009 AnnuAl RepoRt IntroductIon Before you begin reading this Annual Report, please remember that we changed our name from The Stanley Works to Stanley Black & Decker, Inc., in connection with our merger with The Black & Decker Corporation in March 2010. This Annual Report does not include results from the Black & Decker business because the financial statements and other information contained herein predate the Black & Decker transaction.* GoInG Green In 2009, Stanley built on our commitment to sustainability, transforming that commitment into opportunities to advance our sustainability mission. This year’s Annual Report is a breakthrough for Stanley. Conscious of our environmental, social and economic resources, we have reduced both the page count and the print run of this report. Visit www.2009annualreview.stanleyblackanddecker.com to view videos of our leadership team discussing 2009 highlights, to explore our financials, to see slide shows of business and brand development, to learn about the new Stanley Black & Decker…and more. We believe that responsible management of our environmental resources is not only right for the planet, it’s right for business. For us, it’s about sustainable yield and getting maximum results with minimum waste. We estimate that reducing the size of this report and using recycled paper have saved approximately: • 191 trees • 81,211 gallons of water • 8,981 pounds of waste • 17,684 pounds of net greenhouse gases • 135,417,920 BTUs of energy Our sustainability efforts weren’t limited to the 2009 Annual Report, however, as our continued execution of the principles of the Stanley Fulfillment System (SFS) drove a global 15% year-over-year reduction in total waste generation normalized to production. Our management of material usage, digital documents, electronic solutions, redesigned packaging and application of reuse principles combined to reduce paper- related waste by 19% across our manufacturing and distribution sites. Stanley’s 2009 accomplishments touched every corner of the company, renewing and refreshing a vision of sustainability that transcended sectors and delivered change to all aspects of the enterprise. * In connection with the acquisition of the Black & Decker Corporation, on March 12, 2010, the Stanley Works changed its name to Stanley Black & Decker, Inc. References in this Annual Report to the “company,” “we,” “our” and “Stanley” refer to Stanley Black & Decker, Inc., formerly known as the Stanley Works. As a result of the acquisition, Black & Decker became a wholly owned subsidiary of Stanley. Financial results contained herein do not include Black & Decker. Financial results for 2009 and other information concerning Black & Decker can be found in Black & Decker’s 2009 Annual Report on Form 10-K, available through the company’s website, www.stanleyblackanddecker.com, or at the Securities and exchange Commission website, www.sec.gov. Such Annual Report of Black & Decker is not incorporated by reference into, and does not form any part of, this Annual Report of Stanley. Additionally, the Stanley Works Annual Report on Form 10-K contained herein was filed prior to the acquisition and does not include Black & Decker results. B Letter to SharehoLderS dIverSIfIcatIon, operatIonaL deployment and building shareholder value for the future. dIScIpLIne, aGILIty In 2009, we were proud to have maintained We have long believed that recessionary times our dividend during a challenging period and to present game-changing and transformational have raised it for the 42nd consecutive year. We opportunities for companies that are strong enough had a plan to deleverage the company in 2009 and to take advantage of them. Stanley experienced were able to reduce our debt by approximately such a year in 2009. $230 million. Protection of our strong investment- Our substantial cash flow, focus on cost reduction grade rating remains a key element of our financial initiatives and pricing actions in 2009 enabled strategy, and the importance of doing so was us to increase our earnings, achieve record gross highlighted this past year. margins of 40.4% and produce a best-in-class 7.9 working capital turns, all while dealing with a precipitous sales decline amidst the worst economic StanLey BLack & decker conditions since the Great Depression. It was our financial strength and our portfolio diversity The capstone event of 2009 was the announcement that allowed us to pursue — and recently close of our combination with The Black & Decker Corp., — the most significant transaction in Stanley’s a company with a century-long legacy of excellence, history: our combination with Black & Decker. customer focus and innovation. Along with This combination is another important step in the Black & Decker comes a talented and motivated transformation of our company, creating a global management team and workforce, world-class diversified industrial leader and a powerful engine products and outstanding brands such as DeWAlT, for future growth. Black & Decker, Porter-Cable, Baldwin, Kwikset and Emhart Teknologies. Stanley’s accomplishments in 2009 were realized through methodical execution of all elements The union of these two iconic global companies related to the Stanley Fulfillment System (SFS) — has been discussed by their various leaders our transformational business system focused on for decades, and 2009 presented a once-in-a- operational excellence and continuous improvement. lifetime opportunity to bring together two highly We also benefited from the fact that we have complementary companies with exceptional some of the strongest brands in the world and franchises. We believe the combined Stanley deliver outstanding customer value propositions. Black & Decker will yield excellent results for its shareholders and employees over the long term, For the full year, we generated approximately the magnitude of which neither company could $450 million in free cash flow (refer to page 6), have achieved on its own. an increase of approximately $25 million over 2008 levels, and our second-best year ever. More We have long considered the Stanley culture to than $220 million of this free cash was due to our be one of our key differentiators. It is a culture management of working capital, which underscores that is predicated on strong values: accountability, the benefits from our successful deployment of SFS. integrity and respect for individuals, with a Strong free cash flows allow us to pay our dividend, growth orientation and a focus on innovation. manage debt levels, acquire new companies and These attributes enable us to create superior value buy back shares over the long term. We remain propositions which we bring to our customers committed to these same priorities for cash every day. Not suprisingly, the Black & Decker 1 fInancIaL hIGhLIGhtS (millions of dollars, except per-share amounts) 2009 2008 2007 2006 2005 SWk Revenue 3,737.1 4,426.2 4,360.5 3,897.3 3,183.4 Gross Margin – $ 1,508.3 1,671.4 1,653.0 1,413.0 1,143.0 Gross Margin – % 40.4% 37.8% 37.9% 36.3% 35.9% Working Capital turns 7.9 5.9 5.3 4.5 4.6 Free Cash Flow* 446 422 457 359 294 Diluted epS from Continuing ops $ 2.82 $ 2.74 $ 3.95 $ 3.46 $ 3.16 cdIy Revenue 1,295.3 1,655.5 1,715.2 1,640.5 1,600.9 Segment profit – $ 154.1 190.7 254.2 251.9 252.1 Segment profit – % 11.9% 11.5% 14.8% 15.4% 15.7% Working Capital turns 7.7 5.6 5.0 4.1 4.7 Industrial Revenue 881.6 1,273.5 1,245.8 1,129.4 680.5 Segment profit – $ 89.3 164.2 182.7 122.9 79.9 Segment profit – % 10.1% 12.9% 14.7% 10.9% 11.7% Working Capital turns 5.2 4.8 4.2 3.9 4.5 Security Revenue 1,560.2 1,497.2 1,399.5 1,127.4 902.0 Segment profit – $ 307.0 268.7 239.9 169.2 148.1 Segment profit – % 19.7% 17.9% 17.1% 15.0% 16.4% Working Capital turns 7.3 7.0 5.6 4.8 4.0 * Refer to page 6. culture has been a positive force behind their attain approximately $1.5 billion in EBITDA (refer success as well. In the recent studies we have to page 4) and $1 billion in free cash flow by 2012. conducted, we have found that Stanley and The powerful financial rationale of the combination Black & Decker share many more cultural is clear, and we are now focused on successfully similarities than differences. By combining the integrating the two companies. two organizations, we are creating a stronger Stanley has an excellent track record of integrating and more talent-rich company, which will companies, and both companies will continue to benefit from the unique strengths of each. work together diligently to make this happen. Since Our future as the combined Stanley Black & Decker 2002, Stanley has integrated nearly 60 companies, is exciting. Both companies have taken significant with a time-tested rigorous set of processes and actions to right-size their cost bases over the past procedures that has produced outstanding results. two years, and the combined potential for powerful As a global organization, we have teams working operating leverage is immense. We expect the daily around the world, staffed with members of combination to yield an additional $350 million both companies who have expertise in each critical in cost synergies beyond the steps each company business function, to ensure the integration of has taken individually. We also believe that we will Black & Decker is a success. 2 The revenue synergy potential of the combined of processes and operating metrics across our fInancIaL hIGhLIGhtS company is also highly compelling. Black & Decker’s businesses, and allows us to hold management presence in latin America and the Middle East accountable for performance levels above and creates an excellent launchpad for many of our beyond a company of our current size.
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