INTL FCStone 2012 Annual Report Download - page 11
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terms as well as in terms of Compound Annual
Growth (CAG). Over the last ve years, the
CAG of adjusted operating revenues increased
46%, the CAG of net income from continuing
operations before tax increased 15%, the CAG of
shareholders’ equity increased 43% and the CAG
of net book value per share increased 21%.
A more detailed description of each of our
ve operating segments is included under the
Management Discussion and Analysis section of
the attached 10-K ling.
LOOKING FORWARD
The experience of the past few years has surely
taught everyone in the commodities industry
that change is a constant, and only those
organizations that have the resources and the
strategic strength to anticipate and respond to
this change are likely to prosper.
Over the past year, INTL FCStone has put what
could fairly be described as a monumental
amount of eort into preparing for, and
adjusting to, the new trading, legal and
compliance environment necessitated by the
implementation of Dodd Frank. At the same
time, we have continued to be aggressive in our
pursuit of new business and new opportunities.
As our operating revenues indicate, these
eorts have largely paid o thus far, though
it is our belief that it will take another year or
“While we cannot predict the future,
we do know that we are as well-
positioned as anyone in the industry
to take advantage of future trends
and to build a stable and enduring
business while operating on a
business model that is unmatched by
any other rm.”
two for INTL FCStone and its shareholders to
fully recognize the benets of our strategic and
nancial investments. While we cannot predict
the future, we do know that we are as well-
positioned as anyone in the industry to take
advantage of future trends and to build a stable
and enduring business while operating on a
business model that is unmatched by any other
rm.
Members of the management team are
signicant shareholders of the company and
have their interests aligned with those of our
shareholders. Our clear, unwavering focus on
customers has continued to be validated through
positive nancial results in a very dicult market,
and through the growth and expansion of our
franchise.
At the end of scal year 2012, INTL FCStone
paid a fond farewell to Pete Anderson, the rm’s
President, who formally retired as an executive,
though he will continue as a consultant and
a member of our Board of Directors. Pete’s
integrity, his stature in the industry and his
strategic vision will continue to guide us in the
years ahead.
The executive management team would like to
thank all of our colleagues for their exceptional
contributions during this challenging year,
our Board and advisors for their guidance, our
bankers for their nancial support and our
shareholders for entrusting their capital to us.
SEAN M. O’CONNOR
Chief Executive Ocer
10 | 2012 INTL FCStone Annual Report