Emerson 2011 Annual Report Download - page 5

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Annual Report | 03
consistent, value-creating returns to shareholders
through cash dividends and share repurchases.
We generated $15.9 billion of operating cash flow
during the past five years, returning $8.5 billion to
shareholders in the form of dividends and stock
buybacks, which represents a payout ratio of
54 percent. In 2011 our payout ratio was 61 percent,
pushed higher as we capitalized on a weak stock
market to return cash to investors through
additional stock repurchases.
CONSISTENT PERFORMANCE MATTERS
To achieve year-after-year success, Emerson’s
long-term strategic focus remains unchanged.
Our achievements and future results are driven by
relentless execution. Four strategic imperatives serve
as our roadmap: globalizing our assets, pursuing
technology leadership, strengthening our business
platforms, and driving business efficiency.
Globalize Assets. Emerson is a business without
geographic borders. With 59 percent of 2011 sales
in international markets, our products and services
solve problems for and meet the needs of our
customers anywhere. As we face more economic
uncertainty in mature markets moving into 2012,
our global footprint and mix of mature and emerging
markets provides the positioning required for
continued growth – we are controlling our destiny.
“ EMERSON IS A GLOBAL COMPANY THAT IS ORGANIZED REGIONALLY. WE INNOVATE, ENGINEER,
SOURCE, MANUFACTURE, AND SELL WITHIN EACH REGION OF THE WORLD. WE MAKE IN ASIA
WHAT WE SELL IN ASIA; WE MAKE IN EUROPE WHAT WE SELL IN EUROPE; AND MAKE IN THE U.S.
WHAT WE SELL IN THE U.S. WE ARE POSITIONED TO KNOW WHAT THE CUSTOMER NEEDS AND
WANTS AND TO DELIVER IT FAST AND EFFICIENTLY.”
VIDEO MESSAGE FROM
EDWARD L. MONSER