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The Smart Difference 2012 annual report The SmarT Difference WorldReginfo - 643bad5a-9309-4186-aa2d-99315dede06c Financial Highlights 1 To Our Shareholders 4 The Emerson Difference 8 Financial Review 18 Financial Statements 31 Notes to Consolidated Financial Statements 36 Report of Independent Registered Public Accounting Firm 55 Eleven-Year Summary 56 Board of Directors & Management 58 Stockholders Information 60 WorldReginfo - 643bad5a-9309-4186-aa2d-99315dede06c Compound annual growth $3.39 of dividend since 1956 Earnings 11% pEr sharE* Consecutive years of 56 dividend increases Dividends per share for 2012 $1.60 dividEnds $1.60 pEr sharE 1956 – 2012 *2012 earnings per share of $3.39 excludes the $0.72 goodwill impairment charge. 2002 earnings per share is before the $1.12 per share cumulative effect of a change in accounting principle. One-Year PerfOrmance five-Year PerfOrmance Years ended September 30 percent Years ended September 30 five-year Dollars in millions, except per share amounts 2011 2012 change Dollars in millions, except per share amounts 2007 2012 cagr Sales $24,222 $24,412 1 % Sales $21,013 $24,412 3 % Net earnings $ 2,480 $ 1,968 (21)% Net earnings $ 2,136 $ 1,968 (2)% Net earnings per share $ 3.27 $ 2.67 (18)% Net earnings per share $ 2.66 $ 2.67 – % Net earnings per share Net earnings per share excluding goodwill impairment* $ 3.30 $ 3.39 3 % excluding goodwill impairment* $ 2.66 $ 3.39 5 % Dividends per share $ 1.38 $ 1.60 16 % Dividends per share $ 1.05 $ 1.60 9 % Operating cash flow $ 3,233 $ 3,053 (6)% Operating cash flow $ 3,016 $ 3,053 – % Return on total capital 19.6% 15.8% Return on total capital 20.1% 15.8% Return on equity 24.6% 19.0% Return on equity 25.2% 19.0% *Earnings per share excludes goodwill impairment charges of $0.03 and $0.72 in 2011 and 2012, respectively. 2012 Annual Report | 1 WorldReginfo - 643bad5a-9309-4186-aa2d-99315dede06c The people of Emerson solve problems and create solutions that make our customers and the world better. They are THE SMART DIFFERENCE. 2 | 2012 Annual Report WorldReginfo - 643bad5a-9309-4186-aa2d-99315dede06c From left: Peter chin Emerson Process Management | Susan Hughes Emerson Process Management appal chintapalli Emerson Climate Technologies | enrique viseras Emerson Industrial Automation | Dave Bersaglini Emerson Climate Technologies David n. farr Chairman and Chief Executive Officer | nathan Pettus Emerson Process Management | Katie chui Emerson Network Power Jay Wirts Emerson Industrial Automation | Gustavo menezes Emerson Climate Technologies 2012 Annual Report | 3 WorldReginfo - 643bad5a-9309-4186-aa2d-99315dede06c to our sharEholdErs volatility. Underlying sales (excluding acquisitions, As I reflect on 2012, I am encouraged and energized divestitures, and foreign currency translation) by what Emerson accomplished in a dynamic increased 3 percent compared to 2011. Operating global environment. We overcame a number of profit margin improved to 17.7 percent – an all-time significant challenges during a year that did not high for Emerson. Net earnings per share, excluding unfold as planned. I have learned over the years noncash goodwill impairment charges, were $3.39 that plans never go quite as expected, but the true in 2012, up 3 percent versus $3.30 in 2011. measure of an organization is how it reacts. I have Cash generation remained in sharp focus through the also come to appreciate and respect the ability year, resulting in operating cash flow of $3.1 billion. of Emerson’s global organization to effectively We returned a substantial portion of this cash to respond to challenges and opportunities. The past our shareholders in the form of dividends and share year has strengthened my belief in our employees’ repurchases, reflecting a 64 percent total payout ratio. capabilities to achieve and innovate in a rapidly Emerson’s dividend grew for the 56th consecutive changing world. Emerson’s global leaders know year, underscoring our long-standing emphasis on how to rise to the challenge and get the job done. generating returns for shareholders. In November, I thank them for their support and action. the Board of Directors further increased the dividend Emerson delivered solid results in 2012, as sales by 3 percent to an annual rate of $1.64. increased, profitability reached record levels, With another successful year completed, we now and operating cash flow remained solid despite a look forward to creating additional value for our number of headwinds and global economic volatility. shareholders. The pace of change in the world Strong financial performance did not come easily. today is extraordinary. The technology needs of our In many respects, it was our most difficult year in customers are evolving with unprecedented speed, recent history. With that said, it was in the moments requiring them to seek innovation and ingenuity that of struggle and uncertainty that I recognized enable them to compete and thrive in new ways. exceptional perseverance and tireless effort to overcome and win. It is in times like the past When we look to the future at Emerson, our objective year that the great depth and talent of our next is more than just anticipating change – we aim to generation of leaders emerge, and we get to take create it. Waiting on change to come to us puts their true measure. us and our customers critical steps behind. Our customers expect us to take the first steps and to Sales in 2012 were $24.4 billion, up 1 percent lead them into the future, creating sustainable from $24.2 billion in 2011, reflecting slower global value for our industries and markets. economic growth and related foreign currency 4 | 2012 Annual Report WorldReginfo - 643bad5a-9309-4186-aa2d-99315dede06c Staying ahead of the emerging technologies and business trends that tomorrow will bring requires ExCEpTIoNAlly TAlENTED pEoplE who lead, problem solve, and innovate. 2012 Annual Report | 5 WorldReginfo - 643bad5a-9309-4186-aa2d-99315dede06c Across the organization and around the world, we carefully recruit and develop HIgH-IMpACT EMployEES who make this vision for Emerson and our customers a reality. 6 | 2012 Annual Report WorldReginfo - 643bad5a-9309-4186-aa2d-99315dede06c Staying ahead of the emerging technologies and This annual report provides a glimpse into some of the business trends that tomorrow will bring requires many talented individuals who represent the next exceptionally talented people who lead, problem generation of leaders at Emerson. I am optimistic solve, and innovate. Across the organization and about and invigorated by what the people of Emerson around the world, we carefully recruit and develop have overcome and accomplished in the past year, high-impact employees who make this vision for and it gives me confidence in what the future holds. Emerson and our customers a reality. These people Their energy, passion, and commitment will transform are the next generation of leaders who will take Emerson and continue to deliver shareholder value Emerson to even higher levels of performance and and to make the world a better place. create opportunities and value for our customers The tremendous commitment and loyalty that our and shareholders. global organization embodies also describes our Emerson’s most differentiating asset is its dedicated Board of Directors. Their leadership and support people. These remarkable people are in every serve as an invaluable and essential element to our Emerson business, in every geography, in every management process, which has been exemplified function. They are the heartbeat of Emerson and by two Directors soon to step down. Rozanne Ridgway the lifeblood of our future growth and leadership. will retire after 18 years of service on the Board. In the pages that follow, some of these high-impact Walter Galvin will retire after 13 years on the Board employees share aspects of Emerson’s story in their and 40 years with Emerson, as highlighted on page 58. words. The solutions they are helping to inspire for Both “Roz” and “Walt” have provided exceptional our customers optimize oil and gas production, leadership to Emerson and its shareholders as we maximize data center efficiency, and keep the have evolved and grown through their tenure, and world’s food safe, to name just a few. their integrity and passion for excellence will be missed. On behalf of the rest of the Board and all Emerson’s unique talent pool has accelerated our of Emerson, we wish them both good health and ability to reinvent ourselves and the markets we much happiness in their retirements. serve over and over through our 122-year history. The people of Emerson are at their best when On behalf of the Board of Directors, thank you for uncertainty is high and the challenge has never your support as we continue to create and deliver been seen before. Collectively they solve problems sustainable value for generations to come. and create solutions that make our customers, and Sincerely, the world, better. They are the smart difference and our future. David N. Farr Chairman and Chief Executive Officer 2012 Annual Report | 7 WorldReginfo - 643bad5a-9309-4186-aa2d-99315dede06c EmErson nEtwork powEr Mitch Densley and Blake Carlson Data Center Infrastructure Management Mitch: Emerson’s Trellis™ platform is making a big difference for businesses that want real-time information to manage their data centers. The Trellis platform enables the administrator to monitor the facility’s infrastructure and the information technology it hosts. Unlike anything else on the market, the Trellis platform displays this critical information in optimal formats that can be used to improve performance, energy efficiency, and cost. Blake: Over the years, IT vendors have tried to deliver automation solutions for data centers. But they all failed because they didn’t bridge the gap between information technology hosted and the facility support infrastructure. With the Trellis platform, Emerson is building a platform solution that can now map every device in the data center and provide monitoring that shows both infrastructure and IT performance.
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