INTL FCStone 2011 Annual Report Download - page 6

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CHAIRMAN’S LETTER
It is never an easy task to merge two companies that are roughly equivalent in size, have wide-
ranging global operations, and possess long-standing and extensive customer relationships, as was
the case with International Assets Holding Corporation and FCStone approximately two years ago.
Yet management from both companies have worked to seamlessly blend the organizations while
eff ecting synergies and creating organic growth. INTL FCStone has completed a truly impressive array
of strategic acquisitions in a relatively short period of time following the merger. All of this has left
INTL FCStone in a stronger position than ever before, and has created a tremendous sense of optimism
among management, members of the board and the entire employee team.
While the last year has not been without its challenges, the fi nal result was a solid fi nancial
performance in what has been a very volatile industry. Shareholder returns have improved each of
the last two years, with a combined share price increase over this period of 26%, among the best in the
industry. This is a testament, I believe, to the quality and professionalism of INTL FCStone’s employees.
I have been given the opportunity to serve as Chairman of the Board in INTL FCStone’s second full
year following the merger. It has been an exceptionally rewarding experience to work with a group of
directors and a management team that have contributed fresh perspectives and new capabilities to the
combined company.
As a result of these new strategic capabilities and accomplishments, I have a high level of optimism
for the future. In an industry that has otherwise been marked by continued consolidation, strategic
retreats and other diffi culties, the future is bright for an organization that, like INTL FCStone, possesses
a clear vision, a strong balance sheet and solid fi nancial performance.
I would like to thank all of our shareholders for your support. Your Board of Directors has spent a
great deal of time identifying risks and opportunities, and establishing policies to protect and grow
your investment. You may be assured that your directors will, as always, continue to work in your best
interests.
JACK FRIEDMAN
Non-Executive Chairman
5 | 2011 INTL FCStone Annual Report
• Adjusted operating revenues 57%
• Adjusted income from continuing
operations, before tax 40%
Compound Growth 2007-2011:
• Adjusted shareholders’ equity 53%
• Adjusted net book value per share 25%