2012 Annual Report 1 Table of Contents
2012 ANNUAL REPORT 1 TABLE of CONTENTS Environmental 2 Test & Measurement 4 Dental 6 Life Sciences & Diagnostics 8 Industrial Technologies 10 Letter to the Shareholders 12 2012 Form 10-K 16 Supplemental Financial Information 141 Directors & Executive Officers 143 Shareholder Information 144 DANAHER FINANCIAL OPERATING HIGHLIGHTS (dollars in millions, except per share data and number of associates) 2012 2011 Sales* $ 18,260.4 $ 16,090.5 Operating Profit* $ 3,165.1 $ 2,617.2 Net Earnings* $ 2,299.3 $ 1,935.3 Earnings per share (diluted)* $ 3.23 $ 2.77 Operating Cash Flow* $ 3,502.1 $ 2,732.1 Capital Expenditures* $ 458.3 $ 334.5 Free Cash Flow (operating cash flow less capital expenditures)* $ 3,043.8 $ 2,397.6 Number of Associates 63,000 59,000 Total Assets $ 32,941.0 $ 29,949.5 Total Debt $ 5,343.1 $ 5,305.2 Stockholders’ Equity $ 19,083.9 $ 16,971.8 Total Capitalization (total debt plus stockholders’ equity) $ 24,427.0 $ 22,277.0 *from continuing operations Environmental We provide products that help protect our water supply and air quality by serving two primary markets: water quality and retail/commercial petroleum. Our water quality business provides instrumentation and disinfection systems to help analyze and manage the quality of ultra- pure, potable, waste, ground and ocean water in residential, commercial, industrial and natural resource applications. Our retail/commercial petroleum business is a leading worldwide provider of solutions and services focused on fuel dispensing, remote fuel management, point-of- sale systems, payment systems and environmental compliance. 3 Test & Measurement We are a global provider of electronic measurement instruments, professional test tools, thermal imaging and calibration equipment used in electrical and industrial applications.
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