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THE TIMKEN COMPANY 2020 Annual Report

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THE TIMKEN COMPANY 2020 Annual Report THE TIMKEN COMPANY The Value 2020 Annual Report of Engineering 2020 Performance OPERATING DATA 2020 2019 Net Sales $ 3,513.2 $ 3,789.9 Adjusted EBITDA1 658.9 726.3 Adjusted EBITDA Margin1 18.8% 19.2% Adjusted Net Income1 313.1 353.8 Free Cash Flow1 456.0 409.5 SHAREHOLDER RETURNS Adjusted EPS1 $ 4.10 $ 4.60 Dividends 1.13 1.12 KEY RATIOS Net Debt to Capital1 35.9% 43.8% Ratio of Net Debt to Adjusted EBITDA2 1.9 2.1 Adjusted Return on Invested Capital1 9.9% 11.9% REVENUE ADJUSTED EARNINGS DIVIDENDS Dollars in Billions PER SHARE1 FREE CASH FLOW1 PER SHARE $ $ $ $ $ 3.79 1.13 $ 1.12 1.11 $ $ 4.60 456.0 $ $ 3.58 1.07 3.51 1.04 $ $ $ 4.18 4.10 409.5 $ 3.00 $ 2.67 $ $ 266.4 2.63 $ $ 219.9 2.13 $ 132.1 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 10-YEAR TOTAL SHAREHOLDER RETURN3 11.0% 6HHDSSHQGL[RQODVWSDJHIRUUHFRQFLOLDWLRQVWRWKHPRVWGLUHFWO\FRPSDUDEOHJHQHUDOO\DFFHSWHGDFFRXQWLQJSULQFLSDO *$$3 ƓQDQFLDOPHDVXUHV5HWXUQRQ,QYHVWHG &DSLWDOLVGHƓQHGDVDGMXVWHGQHWRSHUDWLQJSURƓWDIWHUWD[HVGLYLGHGE\DYHUDJHLQYHVWHGFDSLWDO)UHH&DVK)ORZLVGHƓQHGDVQHWFDVKSURYLGHGE\RSHUDWLQJDFWLYLWLHVPLQXV capital expenditures. 7KH5DWLRRI1HW'HEWWR$GMXVWHG(%,7'$LVGHƓQHGDVQHWGHEWDW'HFHPEHURIWKHDSSOLFDEOH\HDUGLYLGHGE\DGMXVWHG(%,7'$IRUWKHWZHOYHPRQWKVHQGHG'HFHPEHURI WKHDSSOLFDEOH\HDU6HHDSSHQGL[RQODVWSDJHIRUWKHUHFRQFLOLDWLRQVRIQHWGHEWDQGDGMXVWHG(%,7'$WRWKHPRVWGLUHFWO\FRPSDUDEOH*$$3ƓQDQFLDOPHDVXUHV 3 Total shareholder return for the company was calculated on an annualized basis and assumes quarterly reinvestment of dividends. 10-year total shareholder return takes into account the value of TimkenSteel Corporation common shares distributed in the spinoff on June 30, 2014. See Item 5 in the Form 10-K for more details on total shareholder return. Certain statements set forth in this Annual Report to Shareholders that are not historical in nature (including the company’s forecasts, beliefs, expectations, and targets) are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report. See the discussion of forward-looking statements in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the company’s Annual Report on Form 10-K. 4 The 2020 compensation peer group consists of 18 U.S. industrial companies. See page 41 of The Timken Company Notice of 2021 Annual Meeting of Shareholders and Proxy Statement for more information on the 2020 compensation peer group. To Our Valued Investors, Customers, Partners and Employees: In 2020, the global COVID-19 and amortization (EBITDA) margins1 pandemic tested The Timken RIURXJKO\ŴDWZLWK Company’s resilience and strategy despite a 7.3% decline in revenue in extraordinary and unprecedented largely caused by the pandemic. ways. Despite the magnitude of the We achieved adjusted earnings per challenges we faced globally, we share1 of $4.10, our third consecutive responded decisively and delivered year of more than $4 per share. We for our customers and shareholders, allocated $122 million to capital UHŴHFWLQJ7LPNHQōVSRVLWLRQDVDKLJK expenditures, focusing on growth and performing global industrial leader. continuous improvement initiatives. :HJHQHUDWHGVLJQLƓFDQWIUHHFDVK Throughout the year, our objective ŴRZ1 — $456 million — enabling us was clear — serve our global to reduce net debt 2 by over customers to keep essential industries $275 million and return $136 million moving. Our internal priorities were of cash to shareholders through equally clear — protect our global share repurchases and dividends. Richard G. Kyle team of employees and other Notably, we repurchased 1.1 million 3UHVLGHQWDQG&KLHI([HFXWLYH2IƓFHU VWDNHKROGHUVƓUVWWKHQHIIHFWLYHO\ shares of the company’s stock, over manage through the challenging 1% of outstanding shares, and paid HQYLURQPHQWWRGHOLYHUVROLGƓQDQFLDO dividends totaling $1.13 per share, performance and continue to representing our seventh consecutive advance the company’s strategy. year of annual dividend increases. And we delivered total shareholder As our results show, we took decisive return3 of 40%. actions and executed well to position Timken strongly for future growth. Our top line was resilient due to the strength and diversity of our portfolio, We delivered adjusted earnings and we demonstrated our ability to before interest, taxes, depreciation deliver appreciably higher operating 2020 Annual Report 1 These results would not have been possible without the dedication of our employees and their focused, disciplined execution of our strategy. Their contributions and Key 2020 Financial Metrics adaptability helped us achieve our strong ƓQDQFLDOSHUIRUPDQFHDQGGHOLYHUYDOXHIRU 18.8% Adjusted EBITDA margins1 our shareholders. $122 million Allocated to capital expenditures PDUJLQVDQGFDVKŴRZWKDQLQSULRU These results would not have been years with similar revenue declines. possible without the dedication of $456 million We continued to win new business our employees and their focused, )UHHFDVKŴRZ1 and achieved a record revenue year disciplined execution of our strategy. in the renewable energy market sector Their contributions and adaptability $275 million + DQGDFURVVWKH$VLD3DFLƓFUHJLRQ KHOSHGXVDFKLHYHRXUVWURQJƓQDQFLDO Reduced net debt2 performance and deliver value for 2XUUHVXOWVDOVRUHŴHFWWKH our shareholders. accelerated expansion of our $4.10 structural cost-reduction initiatives, Adjusted earnings per share1 (3rd consecutive year of our rapid adaptation to changing more than $4 per share) demand levels, and our disciplined Positioned for Future Growth and balanced capital allocation. We have positioned The Timken $136 million We advanced our long-term strategic Company to better perform through Cash returned to shareholders goals to expand our engineered cycles and take advantage of bearings and power transmission attractive growth opportunities. 1.1 million portfolio and diverse end-market The challenges facing customers Repurchased shares of the mix. We built on our core bearing and communities in the wake of company’s stock business through the acquisition the pandemic are real. But our of the assets of Aurora Bearing expanding, market-leading product $1.13 Company, and we continued our portfolio and our ongoing focus Paid dividends total per share progress integrating the Diamond RQLQQRYDWLQJPRUHHIƓFLHQWDQG (7th consecutive year of annual Chain and BEKA Lubrication Systems sustainable solutions have prepared dividend increases) acquisitions completed in 2019. Our us well to serve the industries that efforts to advance our product vitality, keep our world in motion. 40% manufacturing footprint, operational Total shareholder return3 delivered excellence and digital initiatives will Leading the way is our investment also enable us to serve the changing in renewable energy. In 2020, needs of our global customers more renewable energy revenue increased completely in 2021 and beyond. more than 50% and became Timken’s 2 The Timken Company Recent Recognition We are honored by the recognition of our role as a corporate citizen and global employer: America’s Most Responsible Companies Newsweek America’s Best Employers of 2021 A Tested and Forbes Proven Strategy World’s Most Ethical Companies® The Ethisphere® Institute *RLQJIRUZDUGZHZLOOFRQWLQXH WRSXUVXHRXUSURYHQVWUDWHJ\ focusing on three key tenets: 'ULYLQJSURƓWDEOHRUJDQLFJURZWK single largest individual end-market leadership position in core markets ,QQRYDWHZLWKRXUFXVWRPHUV sector, representing 12% of our total like freight rail, off-highway equipment WRVROYHWKHLUPRVWGLIƓFXOW sales. Strong underlying market and commercial vehicles. challenges and generate above- PDUNHWJURZWKLQDWWUDFWLYHVHFWRUV momentum, share gains and our competitive advantage in application Looking to 2021 and beyond, we 2. Operating with excellence engineering and R&D are driving will continue to invest in renewable Drive productivity and the increase in sales. Today, we are a energy and these other attractive HIƓFLHQF\DFURVVWKHHQWHUSULVH leading technical partner for major market sectors to accelerate our ZKLOHGHOLYHULQJEHVWLQFODVV solar power systems and wind turbine growth prospects and better serve customer service manufacturers worldwide, meeting the evolving needs of our diverse their evolving requirements for customer base. In addition, we expect 3. Deploying capital to deliver optimized reliability and performance. WRFRQWLQXHWRGLUHFWIUHHFDVKŴRZWR shareholder value To support our long-term growth, our shareholders through dividends Advance our capital allocation we have launched $75 million in and our capital allocation framework, IUDPHZRUNZLWKWKHGLYLGHQG capital investments through early while continuing to execute on and capital investments in the 2022 to expand our global wind and value-accretive, strategic acquisitions. EXVLQHVVDVWKHWRSSULRULWLHV IROORZHGE\DFTXLVLWLRQVDQG solar manufacturing capacity. share repurchases. Strategically Along with the products we provide, diversify our product portfolio While renewables are playing a we also play an important role as a WROHYHUDJHJURZWKRSSRUWXQLWLHV leading role in our growth story, we leading corporate citizen. As 2020 has and deepen customer and VKRZQXVEXLOGLQJDPRUHHIƓFLHQW continue to explore and invest in geographic reach through M&A. other attractive markets that present and resilient world for all stakeholders equally compelling value-creation is vitally important to global stability
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