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The Stanley Works 2006 Annual Report

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The Stanley Works 2006 Annual Report FINANCIAL HIGHLIGHTS (MILLIONS OF DOLLARS, EXCEPT PER SHARE AMOUNTS) 2006 2005 CHANGE Closing market price per share $ 50.29 $ 48.04 5% Total return (share price change plus dividends) 7% 1% Net sales from continuing operations $ 4,019 $ 3,285 22% Operating income from continuing operations $503 $ 445 13% Percent of sales 12.5% 13.5% (100bp) Net earnings from continuing operations $291 $272 7% Per share from continuing operations $ 3.47 $ 3.18 9% Net earnings $290 $270 7% Per share $ 3.46 $ 3.16 9% Return on capital employed from continuing operations 13.5% 14.8% (130bp) Dividends per share $ 1.18 $ 1.14 4% TABLE OF CONTENTS LONG-TERM FINANCIAL OBJECTIVES BUSINESS SECTION Sales Growth Letter to Shareowners page 1 3-5% Organic Growth The Scorecard page 5 8-12% Growth Including Acquisitions Business Overview page 6 Financial Performance FINANCIAL SECTION Mid-teens Percentage EPS Growth Management’s Discussion And Free Cash Flow Greater Than or Equal to Net Income Analysis of Financial Condition ROCE In 12-15% Range And Results of Operations page 33 Financial Statements page 50 Dividend Notes page 54 Continued Growth CORPORATE SECTION Credit Ratings Investor and Shareowner “Upper Tier” Investment Grade Information page 78 Board of Directors and Executive Officers page 79 164TH MANAGEMENT LETTER TO SHAREOWNERS TO OUR SHAREOWNERS Over the past few years, we have stressed the importance of “moving forward” in an era of rapid change and ever-intensifying global competition. We believe that differentiated shareowner returns are achievable for companies which adhere to several simple principles involving growth. First, business leaders must be willing to perform and earn above average financial returns by owning candid systematic evaluations of their portfolios businesses for which these factors are achievable and future prospects in order to make dispassionate and encouraging our management teams to focus in and objective capital allocation decisions. Second, these areas. the company and business units must have clear roadmaps for intermediate and longer term growth, Diligence and focus on these principles has pro- taking into account not only absolute growth but duced excellent results in recent years. 2006 was also expected returns on capital employed based on the fourth consecutive year in which sales increased sustainable competitive advantage. Finally, the re- by a double-digit percentage and earnings per share sulting programs must be executed in a disciplined from continuing operations has grown on average manner. 38% annually since 2002. Return on Capital Em- ployed (ROCE) has improved 190bps during the To facilitate growth, we concentrate our market same period even as we have invested an additional development activities in areas where we are able $2 billion of capital to grow the company. Three-year to: 1) offer customers strong and innovative value average total shareholder return was 14.4% versus propositions that solve problems and exceed the S&P 500 at 10.5%. expectations; 2) leverage and benefit from our brand strength; and 3) achieve global cost competi- 2006: YEAR IN REVIEW: tiveness through the Stanley Fulfillment System 2006 was a year characterized by financial results (SFS). We are confident that we can sustain vitality consistent with our long-term objectives in spite of 2006 ANNUAL REPORT 1 a challenging external environment. It was also a In our effort to move the Company forward, we have year in which we made considerable progress mov- capitalized on strong free cash flows and our acqui- ing our strategies forward. sition integration capabilities. Results have included: diversification and strengthening of our business Revenues increased 22% to a record $4 billion. portfolio; sustained growth in revenues, earnings, Earnings per diluted share from continuing opera- cash flows and average invested capital; returns on tions of $3.47 were up 9% and, excluding non-cash capital in excess of the cost of capital and, as a inventory step-up charges related to acquisitions, up result, value creation for our shareowners. 14%*. Free cash flow** (operating cash flow less capital investment) of $359 million was up 22%, rep- MOVING FORWARD: resenting 124% of net income. ROCE was a solid Recent years have been energizing and rewarding 13.5% despite the acquisitions of Facom Tools and for our Company and its stakeholders, and the years National Hardware. ahead offer much promise and opportunity. Our portfolio is in excellent shape and, as we enter 2007, In 2006, we increased the dividend by 4% to $1.18, the strategic roadmap for profitable growth is clear. the 130th consecutive year a cash dividend has been paid and the 39th consecutive year in which it has In order to clearly convey our prospective growth been increased. 2006 total return to shareowners strategies, as well as to communicate our progress was 7%. executing them, we have recently undertaken a realignment of our business activities into three Our recent acquisitions of Facom Tools and National separate and distinct segments: Hardware required considerable integration work to realize expected benefits. In Europe we developed Construction & DIY Segment and launched a comprehensive plan designed to HAND TOOLS AND STORAGE; ensure the competitiveness of our tool business. FASTENING SYSTEMS; At the same time, our combined Stanley-National LASER MEASURING AND LEVELING TOOLS Hardware team pursued the transfer of production to lower cost countries and the consolidation of Industrial Segment distribution activities in a common North American INDUSTRIAL AND AUTOMOTIVE REPAIR TOOLS: location. These endeavors included the elimination Facom, Mac, Proto, Supply & Services of redundant workforces and the closure of certain ENGINEERED SOLUTIONS: facilities, which the teams accomplished on sched- Vidmar Storage, Hydraulics, Assembly ule and on budget. We are pleased to say that acqui- sition integration is evolving into a core competency Security Segment for The Stanley Works. MECHANICAL ACCESS SOLUTIONS: Best Mechanical, Automatic Doors, Hardware Continued focus on strengthening our core franchis- CONVERGENT SECURITY SOLUTIONS: es led to the 2006 addition of Besco Corporation. In Systems Integration, HSM Monitoring, Blick addition, we announced and, in early 2007, complet- ed the acquisition of HSM Electronic Protection The acquisition of HSM in January 2007 was the cat- Services, Inc., consistent with our commitment to alyst for the new segments. While the body of this the advancement of our Security growth platform. annual report continues to be structured around the previously existing segments (Consumer Products, Industrial Tools and Security Solutions), we expect to * REFER TO PAGE 5 FOR RECONCILIATION OF THE 9% AND 14% MEASURES. **REFER TO PAGE 33 OF MD&A FOR THE RECONCILIATION OF OPERATING CASH FLOW TO FREE CASH FLOW. convert to the new reporting structure effective with THE STANLEY WORKS 2 reporting first quarter 2007 results. In this regard, entation has been primarily North American. Over we feel it is important to share some of the strate- the next several years, we expect to expand this gic dialog based on this new way of looking at growth platform through acquisitions in Europe and Stanley. Each of these redefined segments has an Asia. important role in the future of our Company. The other major element of security, Convergent Construction & DIY (CDIY) CDIY, our largest seg- Security Solutions is an exciting growth engine for ment today, benefits from exceptional brand strength the future. The recent acquisition of HSM Electronic in both the flagship Stanley brand (hand tools and Protection Services, Inc. positions Stanley as the #1 storage) and in Bostitch (pneumatic tools and fasten- commercial systems integrator in North America ers). Segment profitability should benefit over time combined with the #2 commercial security monitor- from healthy innovation and brand support levels, ing company. Together, these franchises afford us the increasing momentum in key markets outside the size, scale and product breadth to provide customers U.S. and an extensive and carefully managed profit with a unique and powerful value proposition. We are improvement initiative at Bostitch. We continue to intent upon making the strategic moves necessary to broaden and deepen our retail partnerships by offer- capitalize on the convergence of electronic security ing the most innovative branded products, along with and IT network platforms. This business has enor- the highest value-added category management solu- mous potential in the years ahead, as we have carved tions. Our goal is to captivate the end user and col- out an excellent position in a large North American laborate with channel partners to ensure that all market exhibiting near double-digit growth. of our products are where they need to be, when they need to be, and to ensure that end users are THE PORTFOLIO: totally satisfied with the Stanley retail experience We remain committed to our strategy of methodical- and, ultimately, product performance. ly reducing dependence on the lower multiple, more volatile North American CDIY market. Our vision is to Industrial The “new look” Industrial segment com- continue to win in this marketplace with our retail prises a major growth platform in industrial and auto- customers while deploying our capital to expand our motive tools and storage as well as a smaller group growth platforms in industrial and automotive repair of businesses offering highly engineered and often tools,
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