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View Annual Report d NAe 2009 A A h R N NUA l Rep O R t INVESTED IN OUR FUTURE www.dNA A heR.cOm 2009NUA AN l RepORt 2099 pennsylvania Avenue Nw, 12th Floor | washington, dc 20006 | t: 202.828.0850 SRh hA e OldeR INFORmAtION medIcAl techNOlOgIeS Our medical technologies businesses offer dental, research and clinical medical professionals high performance instrumentation and consumables to help them solve the world’s leading Our transfer agent can help you with a variety Additional inquiries may be directed scientific challenges.d anaher’s life of shareholder related services including: to Investor Relations at: Sciences and diagnostics platform provides services and solutions to clinical change of address danaher histopathology laboratories, hospital lost stock certificates 2099 pennsylvania Avenue Nw, 12th Floor central labs and point-of-care locations, transfer of stock to another person washington, dc 20006 as well as government, academic and Additional administrative services phone: 202.828.0850 pharmaceutical research laboratories. Contacting our Transfer Agent Fax: 202.828.0860 Our dental platform provides complete email: [email protected] treatment solutions for the dental computershare operatory, including dental consumables, pO Box 43078 Annual Meeting providence, RI 02940-3078 digital imaging products, precision danaher’s annual shareholder meeting will be held on toll Free: 800.568.3476 dental hand pieces, treatment units and may 11, 2010 in washington, dc. Shareholders who Outside the U.S.: 312.588.4991 diagnostic systems. would like to attend the meeting should register with Investor Relations Investor Relations by calling 202.828.0850 or via email at [email protected]. this annual report along with a variety of other financial materials can be viewed at Auditors www.danaher.com. ernst & Young llp, mclean, Virginia Stock Listing Financial Operating Highlights 2009 2008 Symbol: dhR (dollars in thousands except per share data and number of associates) New York Stock exchange Sales $ 11,184,938 $ 12,697,456 Operating profit $ 1,542,476 $ 1,869,477 Net earnings $ 1,151,704 $ 1,317,631 Earnings per share (diluted) $ 3.46 $ 3.95 Operating cash flow $ 1,800,834 $ 1,859,029 Capital expenditures $ 188,547 $ 193,783 Free cash flow (operating cash flow less capital expenditures) $ 1,612,287 $ 1,665,246 Number of associates 46,600 50,300 Total assets $ 19,595,420 $ 17,490,128 Total debt $ 2,933,209 $ 2,619,329 Stockholders’ equity $ 11,630,176 $ 9,808,562 Total capitalization (total debt plus stockholders’ equity) $ 14,563,385 $ 12,427,891 www.dANAheR.cOm tools & coMPonents industrial technologies o ur industrial technologies businesses manufacture our tools & components businesses are some of the products and sub-systems typically incorporated largest producers and distributors of general purpose into production and packaging lines and into various and specialty mechanics’ hand tools. our businesses also end-products and systems. our Product identification manufacture toolboxes and storage devices; diesel engine platform manufactures equipment and consumables to retarders; wheel service equipment; drill chucks; and support variable printing and marking on many of the custom-designed fasteners and components. world’s consumer products, as well as to help scan and track packages shipped in the u.s. our Motion platform provides innovative solutions combining flexibility, precision, efficiency and reliability for applications as diverse as hybrid vehicles, lift trucks, robotics and packaging machines. Professional instruMentation our Professional instrumentation businesses provide professional engineers and technical customers with equipment, consumables and services to enable and enhance their work in the environmental and test and measurement fields.d anaher’s environmental platform provides water treatment and analytic solutions for municipal laboratories, industrial and field applications, as well as retail and commercial petroleum products and services. our test & Measurement platform manufactures bench top and compact professional electronic test tools, calibration equipment and network diagnostic and management solutions. danaher Proudly celebrated our 25th anniversary on sePteMber 27, 2009. For 25 years, Danaher has focused on designing, manufacturing and marketing innovative products and services for professional, medical, industrial and commercial customers. For 25 years, we have strived to create value for our shareholders by delivering superior financial performance, including above-market sales growth and cash flow generation. For 25 years, we have endeavored to create a superior work environment for our 47,000 associates located around the globe. We thank our customers, our shareholders and our associates for continued confidence in Danaher, and we look forward to the sharing our successes with you over the next 25 years. 2009 Annual Report 1 dear fellow shareholder: We were pleased with the way our businesses executed in an exceptionally challenging operating environment throughout 2009. The Danaher team stayed focused throughout the year on both our customers and our performance. Key highlights include: • We delivered revenues in excess of $11.1 billion • We exceeded $1.6 billion in free cash flow • We generated a free cash flow to net income conversion ratio of 140%, representing the 18th consecutive year in which free cash flow exceeded net income • Our stock price appreciated more than 30% in 2009 We served our customers well during these difficult times, while delivering good results on a relative basis and again outperforming the S&P 500. invested in our future In 2009, we invested in projects and people with a focus on long-term paybacks, by making difficult decisions now, rather than sacrificing our future simply to deliver in the short term. It was a year of change and uncertainty, but we tackled it head-on as we always have and demonstrated the power of the Danaher Business System (DBS) and the quality of the Danaher team. During the year DBS helped us focus on internal growth investments, new product introductions and cost control and reduction activities, while staying active on the acquisition front, signing or closing 18 transactions during the year. We believed that the difficult macro economic environment would offer opportunities that others would not, or could not, seize and we were right. Go-to-Market Initiatives The combination of DBS and the innovative technologies resident in our businesses resulted in several of our companies capturing market share during the year. Over the past several years, we enhanced our suite of DBS go-to-market tools specifically intended to improve 2 2009 Annual Report growth and to capture share gains. New tools around setting clear expectations to drive more face-to-face selling opportunities, Web 2.0 marketing and improving brand positions helped us to outperform during the year. gilbarco veeder-root PassPort ® Perhaps the best example of that success is at ChemTreat, t oday’s convenience store environment has where in 2009 organic revenues grew at a mid-single digit more challenges than ever – more items, more rate in a market that we estimate declined at a high single programs, more components. gilbarco veeder- digit rate. ChemTreat captured market share by accelerating root has developed the Passport® point-of-sale system to help convenience stores manage investment in their state-of-the-art sales force initiatives, these challenges in a more efficient, more using a systematic approach to recruit and motivate sales secure, and more profitable way. i n 2009, sales people very much in a DBS way. of gvr’s Passport® system more than doubled, outpacing the competition. even with this strong performance in 2009, we believe there is more We saw similar share gain successes at Gilbarco Veeder- than $100 million of additional opportunities over Root in our payment systems and point-of-sale solutions; the next several years as convenience stores look to upgrade their technology. at Matco, our mobile professional automotive tool business; and at Radiometer for our critical care analytical instrumentation. Innovation and Research and Development Over the last decade, we increased our focus on innovation and our research and development (R&D) efforts. R&D as a percent of sales increased from approximately 3% in 2001 to now quickly approaching 6% today. This is due both to the evolution of the portfolio and to the added emphasis we have placed on R&D across all of our businesses. Our commitment to R&D is important because it is a key part teKtroniX Mso70000 of accelerating organic growth, representing an investment in the future. You see this in our new product flow and in the expansion of tektronix launched the Mso70000, the first mixed-single high-end oscilloscope existing platforms. Danaher’s product vitality index increased from with bandwidths up to 20 ghz, in the fourth near 20% earlier in the decade to almost 30% today. quarter of 2009. customers are excited by the scope’s industry-leading system debug capabilities, which can speed up their time Perhaps nowhere is that more evident than at Tektronix. Tektronix has to market, and by enhanced measurement long been known for its great technical capability. With the adoption solutions which allow for analysis of the of DBS two years ago, the company unlocked additional resources to most challenging system designs. the Mso70000 completes tektronix’s Mso help sharpen its focus on R&D and innovation. offering
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