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2014 Annual Report and Form 10-K Form and Report Annual 2014

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2014 Annual Report and Form 10-K Form and Report Annual 2014 2014 Annual Report and Form 10-K Form and Report Annual 2014 ROCKWELL AUTOMATION | 2014 ANNUAL REPORT AND FORM 10-K 2014 FINANCIAL HIGHLIGHTS 2011 2012 2013 2014 Sales $6,000.4 $6,259.4 $6,351.9 $6,623.5 Segment operating earnings1 1,048.8 1,163.9 1,236.8 1,352.0 Income from continuing operations 697.1 737.0 756.3 826.8 Diluted earnings per share from continuing operations 4.79 5.13 5.36 5.91 Adjusted EPS1 4.89 5.29 5.71 6.17 Sales by segment: Architecture & Software 2,594.3 2,650.4 2,682.0 2,845.3 Control Products & Solutions 3,406.1 3,609.0 3,669.9 3,778.2 Return on Invested Capital1 31.6% 30.3% 31.4% 30.1% (dollars in millions, except per share amounts) $6,623.5 $6,259.4 $6,351.9 $6.17 $6,000.4 $5.71 $5.29 $4.89 (dollars in millions) 2011 2012 2013 2014 2011 2012 2013 2014 Control Products & Solutions 1 Sales Architecture & Software Adjusted EPS 1 Segment operating earnings, Adjusted EPS, free cash flow and return on invested capital are $922.2 non-GAAP financial measures. 31.6% 30.3% 31.4% 30.1% $900.5 Please see the Form 10-K and supplemental section following the Form 10-K for definitions and calculations of these measures. $597.6 (dollars in millions) $561.7 2 Free cash flow for 2011 includes a discretionary pre-tax contribution of $150 million to the company’s U.S. pension trust. Free cash flow for 2012 includes a discretionary pre-tax contribution of $300 million to the company’s U. S. pension trust. 2011 2012 2013 2014 2011 2012 2013 2014 Return on Invested Capital1 Free Cash Flow1, 2 2 OUR UNWAVERING COMMITMENT TO INNOVATION ENABLES US TO CONTINUALLY EXPAND THE BUSINESS VALUE FOR OUR CUSTOMERS AND SUSTAIN THE COMPETITIVE DIFFERENTIATION THAT DELIVERS SUPERIOR RETURNS TO SHAREOWNERS. Keith D. Nosbusch Chairman & CEO TO OUR SHAREOWNERS: I am pleased to report that fiscal 2014 was another record year of sales and earnings for Rockwell Automation. On sales of $6.62 billion, Adjusted EPS grew 8 percent to $6.17. For the second year in a row, we expanded segment operating margin almost a point while continuing to invest for future growth. Free cash flow for the year was $922 million and our return on invested capital was 30.1 percent. With continued strength in U.S. markets, but increased geopolitical tension and uneven economic growth in other parts of the world, our solid performance reflects the strength of our strategy, deep domain expertise, relentless focus on technology innovation and passion for helping our customers succeed. Total Shareowner Return DELIVERING LONG-TERM VALUE We have clearly outperformed the S&P 500 $350 since the end of fiscal 2009. We delivered $300 23.5 percent annualized return to our $250 shareowners versus 15.7 percent for the $200 S&P 500. We attribute this performance to our above-market sales growth, earnings $150 leverage, superior return on invested $100 capital and a disciplined approach to $50 cash deployment. 2009 2010 2011 2012 2013 2014 Fiscal Year Ended September 30 S&P 500 Index Rockwell Automation EXPANDING OUR MARKETS In fiscal 2014, we acquired vMonitor, a global technology leader for wireless solutions in the oil and gas industry, headquartered in the United Arab Emirates. This acquisition enables us to grow into new applications and geographies, and increases our value to customers by providing a broader portfolio of services and solutions. We also acquired U.S.-based Jacobs Automation, a leader in intelligent track motion control for machine builders (OEMs). This acquisition adds to our existing motion technology solutions, increasing our value to OEM customers. 3 AT A GLANCE $6.62B 22,500 80+ FISCAL 2014 SALES EMPLOYEES COUNTRIES During fiscal 2014, we continued our track record of returning cash in the form of dividends and stock repurchases and investing in strategic acquisitions to enhance our organic growth: CULTURE OF INTEGRITY • Over $800 million in dividends and share repurchases We were honored this year to • Increased our dividend per share by 12 percent be named for the sixth time • Acquired Jacobs Automation and vMonitor to the Ethisphere Institute’s annual “World’s Most Ethical Over the past five years, we have more than doubled our dividend per share and Companies” list. Our culture of returned $2.8 billion to shareowners in dividends and share repurchases. integrity remains a cornerstone OUR STRATEGY: GROWTH AND PERFORMANCE of everything we do. Our strategy has not changed. We remain focused on the execution of our growth and performance strategy. Today, we are the world’s largest company dedicated to industrial automation and we’re proud of our mission to improve the standard of NEXT GENERATION living and quality of life for everyone by making the world more productive OF TALENT and sustainable. Our support of STEM (science, We operate across all industries and our growth initiatives – process, OEMs technology, engineering and (Original Equipment Manufacturers or machine builders), emerging markets, safety math) and FIRST (For Inspiration and services – enable us to continue to diversify our revenue streams. Every day and Recognition of Science we are looking at new ways to expand our offerings so our customers can realize and Technology) inspires and tangible benefits to their business. provides opportunities for We estimate our served market to be more than $90 billion today and I believe young people to develop the several global trends will continue to drive greater investments in automation. technical skills necessary for They are: the future workforce. • Developed markets need to invest in productivity, flexibility, safety, sustainability and replacing an aging installed base • Emerging markets will continue to invest in consumer goods manufacturing to serve the growing middle class Our strategy positions us to take advantage of these trends and will help us sustain our growth in the long term. Our strategy also includes helping our customers benefit from The Connected Enterprise. 4 AUTOMATION SOLUTIONS ■ Technology innovation across all industries SERVING CUSTOMERS FOR ■ Domain expertise ■ Culture of integrity & 111 YE ARS corporate responsibility Leading global provider of industrial power, control and information solutions OUR VISION: THE CONNECTED ENTERPRISE ROCKWELL The Connected Enterprise focuses on rapid value creation through tighter AUTOMATION integration between industrial assets and the rest of the enterprise value A GREAT INVESTMENT chain. Tighter integration requires secure networks and ease of data collection and management. Real-time data is converted into useful information that can AUTOMATION REMAINS AN ATTRACTIVE MARKET be shared across the organization and from suppliers to customers. The result • Productivity required to remain is an enterprise that can be optimized to drive quantified business value. globally competitive • Aging installed base While it’s still early, customers have already started to realize benefits from The • Growing consumer demand in Connected Enterprise, which is enabled by Integrated Control and Information emerging markets and enhanced by modern trends such as the Internet of Things (IoT). A key driver for The Connected Enterprise is the convergence of information COMPETITIVE DIFFERENTIATION technology (IT) and operations technology (OT). • Technology leader…focused on innovation • Domain expertise To deliver The Connected Enterprise, we are making significant technology • Unique market access model investments in our three core platforms: Integrated Architecture, Intelligent • Singular focus on automation Motor Control, and Solutions and Services. These investments are expanding the capability of our platforms from integrated control to Integrated Control INTEGRATED CONTROL and Information. With this capability, we are able to bridge the divide AND INFORMATION • Enables The Connected between IT and OT that exists with many of our customers today. Enterprise • Only scalable, multidiscipline, We also have implemented The Connected Enterprise in our own operations. information-enabled control You will see later in this report the quantifiable value it has brought to us. platform • Provides real-time insights • Increases the business value we GROWING ON A STRONG FOUNDATION provide to customers We have a strong foundation of sustainable competitive differentiation that includes a unique market access model, three market-leading core FINANCIAL STRENGTH / platforms, and the world’s best partner network. Our future is built on DISCIPLINED CASH DEPLOYMENT • Strong balance sheet, cash flow this strong foundation and allows us to gain market share and expand generation and track record of our served markets. returning cash to shareowners • Excellent ROIC; an intellectual This year, as we celebrate 111 years of an enduring legacy, I attribute our capital business success to our 22,500 talented and dedicated employees, and a deep-rooted culture of integrity and social responsibility. You have my commitment that we will continue to work hard and strive to deliver above-market returns for your investment. 5 THE IMPLEMENTATION OF THE CONNECTED ENTERPRISE WILL DRIVE MORE CHANGE IN INDUSTRIAL OPERATIONS IN THE NEXT 10 YEARS THAN IN THE PAST 50 YEARS. THE CONNECTED ENTERPRISE Companies continue to face challenging markets across all industries. With ever-increasing global competition, our customers must find new ways to optimize operations and achieve higher levels of productivity. Our customers want their automation investments to deliver quantified business value. We understand how automation can help them achieve their business needs: Faster time to market Lower total cost Improved asset Enterprise risk of ownership utilization management Our vision for The Connected Enterprise will transform manufacturing and provide tangible business benefits. CONVERGENCE OF IT AND OT Central to achieving The Connected Enterprise is the convergence of information technology (IT) and operations technology (OT). The starting point is the use of a common open industry standard and secure IP-based Ethernet network infrastructure as the foundation for both IT and OT.
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