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Annual Report 2018 METTLER TOLEDO Annual Report 2018 METTLER TOLEDO METTLER TOLEDO (NYSE:MTD) is a leading global supplier of precision instruments and services. We have strong leadership positions in all of our businesses and believe we hold global number-one market positions in most of them. We are recognized as an innovation leader and our solutions are critical in key R&D, quality control, and manufacturing processes for customers in a wide range of industries including life sciences, food, and chemicals. Our sales and service network is one of the most extensive in the industry. Our products are sold in more than 140 countries and we have a direct presence in approximately 40 countries. With proven growth strategies and a focus on execution, we have achieved a long-term track record of strong financial performance. $2.936billion 24.9% Sales Adjusted Operating Income Margin $20.32 $456million Adjusted Earnings per Share Free Cash Flow On the cover: Our ProdX PC-based software solution monitors, manages, and analyzes data collected from 16,000 installed Product Inspection instruments to support quality control and optimize production processes. Workforce METTLER TOLEDO is a global leader in Product Inspection. Portions of this report may contain “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by the statements. Further information concerning issues that could materially affect financial performance is contained in the “Forward-Looking Statements Disclaimer” and “Factors Affecting Our Future Operating Results” sections of the 10-K. (2) (1) Free cash flow +10% growth Adjusted EPS +16% margin income operating Adjusted basis points+100 Local currency sales growth +6% 2018 At-a-Glance 2018 (in %) Adjusted Operating Income Margin CAGR in USD for the period is 6%. -2018 1998 10 12 14 16 18 20 22 24 26 Non-GAAP measure. More information with respect to the use of and differences between the non-GAAP financial measures and the most directly comparable GAAP measures is provided in our 8-K filings. 10.4 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 (2) 2014 2015 2016 24.9 2017 2018 1,600 2,800 2,000 3,000 2,400 2,600 (in dollars) Adjusted Earnings per Share 2,200 1,800 1,000 1,400 1,200 10.00 12.00 14.00 16.00 18.00 20.00 ($ in millions) in ($ Sales 0.00 2.00 4.00 6.00 8.00 800 1998 1.10 1998 936 1999 1.40 1999 1,065 2000 1.70 2000 1,096 2001 2.02 2001 1,148 2002 2.15 2002 1,214 2003 2.19 2003 1,304 Local Currency CAGR 6% 2004 2.45 2004 1,404 2005 2.94 CAGR 16% 2005 1,482 2006 3.72 2006 1,595 2007 4.74 2007 1,794 2008 5.84 1,973 2008 (2) 2009 5.58 2009 1,729 (1) 2010 6.94 2010 1,968 2011 8.36 2011 2,309 2012 9.67 2012 2,342 2013 10.58 2013 2,379 2014 11.72 2014 2,486 2015 12.92 2015 2,395 2016 14.80 2016 2,508 Financial Highlights 2017 17.57 2017 2,725 2018 20.32 2018 2,936 ($ inmillions) Free Cash Flow Sales by CustomerSales by Destination 100 150 200 250 300 350 400 450 50 0 1998 73 1999 71 2000 70 Europe 31% 2001 82 2002 95 2003 106 (2) 2004 144 Asia and Other 31% 2005 148 CAGR 10% 2006 173 2007 197 2008 177 2009 199 2010 215 2011 204 Americas 38% 2012 254 1 2013 285 2014 343 2015 365 2016 347 2017 415 2018 456 Providing Solutions Across Our Customer’s Value Chain Scaleup & Production R&D Laboratory Quality Control Lab R&D Laboratory Quality Control Lab Scaleup & Production Our precise instruments are Quality control relies on Our sensors for measuring the foundation of research fast and precise analytical critical liquid analytical and quality control labs measurement as well as parameters, such as pH all over the world. High- good data management. and oxygen levels and performance weighing Our analytical balances, water conductivity and solutions offer a basis for titrators, pH meters, den- resistivity as well as total solid R&D results. Pipettes sity meters, refractometers, organic carbon, enable are an essential tool for life melting point meters, pipettes, pharmaceutical, biotech, science research. Thermal and UV/VIS spectrophoto- and other companies to analysis instruments help to meters can be tailored to continuously ensure product improve materials and their each customer’s application quality and meet regulatory thermal behavior. Automated and provide a fully docu- standards. Our transmitters che mistry solutions accel- mented workflow for every and connectivity solutions erate the development of quality control lab. make data collection and new chemicals. integration into control sys- tems efficient and flexible. 2 Production & Filling Packaging Logistics Food Retail Production & Filling Packaging Logistics Food Retail We offer highly robust and Product inspection solutions Our vehicle scale systems From retailers’ receiving durable industrial scales help to safeguard product offer the highest level of docks to their checkout and terminals in all sizes, quality, safety, and integrity, accuracy and can prevent counters, we enhance formats, and capabilities to inside and out. Our systems unexpected downtime efficient handling of fresh monitor and control various for metal detection, check- thanks to a unique design goods with weighing, manufacturing processes weighing, x-ray, and vision and remote diagnostics packaging, pricing, wrap- inspection provide confi- capabilities. For express ping, and labeling solutions. including applications for dence that product quality carriers, in-motion weighing, Connected scales greatly counting, formulation, and is maintained, compliance dimensioning, and identi- facilitate in-store marketing, weight-based quality con- with industry standards is fication software solutions fresh item management, trol. Software programs help achieved, and consumers increase throughput and promotions, and more. increase productivity, improve and brands are protected. provide revenue recovery product quality, and enhance opportunities. the yield of manufacturing processes. 3 Olivier A. Filliol President and Chief Executive Officer Dear Fellow Investors We had another year of strong performance in 2018. Benefiting from generally good market conditions, we effectively executed our proven growth strategies, leading to further share gains as well as strong sales and profit growth. While we refer to our growth strategies as “proven,” it is important to acknowledge that we continuously seek to evolve them – and reprioritize them – to ensure we are maximizing their impact. For example, leveraging data analytics on information about customers, transactions, and products from our system as well as external sources has improved the effectiveness and speed of many of our programs. Data analytics helps guide us on where to add field resources, product categories, and even customer segments, as well as how to prioritize the efforts of our sales teams, to capture growth opportunities. At the center of our growth efforts are always the quality and value proposition of our products. Again in 2018, we introduced many great products which helped us gain share and accelerate our customers’ replacement cycles. Finally, our continuous pipeline of margin improvement initiatives continued to expand our margins and allowed us to invest in programs to benefit sales growth in the future. 4 Our growth initiatives are building on our powerful set of competitive advantages, including unique sales and marketing capabilities, an extensive global service force, a broad portfolio of best-in-class products, and a deeply ingrained culture of continuous improvement. We appreciate the advantages of our franchise and are committed to leveraging them to further outdistance our competition. Looking at our markets today, demand remains solid, but the global economy is more uncertain than it was at this time last year. We will also face headwinds in 2019 due to the impact of tariffs and unfavorable foreign currency exchange. Assuming demand remains steady, we should generate good earnings growth. Regardless of market conditions, we expect to gain further market share in 2019 and beyond. 2018 Financial Highlights We achieved good financial results in 2018 on top of excellent results in the prior year. • Sales were $2.9 billion, representing growth in local currency of 6% over 2017. • Adjusted Operating Income was $731 million, reflecting an increase of 12%. • Adjusted EPS was $20.32, an increase of 16%. • Free cash flow was $456 million, which we used for share repurchases. We increased our share authorization to accommodate repurchases over the next several years. We also announced that we will modestly increase our leverage over the next two years through incremental share repurchases and / or niche acquisitions. We enjoyed favorable global market conditions during 2018. Europe and the Americas had solid growth. Asia / Rest of World had very good growth, driven by China which benefited from strong demand and our continued shift toward faster- growing markets. Our sales composition in China continues to migrate toward that of our overall company. A Balanced Portfolio of Growth Strategies Organic growth is our priority – the most important driver of our operating profit and earnings growth. We continue to enhance our growth initiatives for maximum impact. For example, we are focusing our Spinnaker sales and marketing efforts on our field organization, to help ensure we are targeting new and existing customers with the greatest growth potential. Our 2,500 front-end resources are key to our sales growth, and we are working to leverage them in the most efficient way. 5 To identify attractive pockets of growth, we continuously analyze data with sophisticated algorithms, using our CRM system of more than 5 million contacts, our $15 billion installed base of instruments used by our customers, and many external data sources.
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