Proctor and Gamble 2014 Annual Report Download - page 3

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Dear Shareowners,
At P&G, we are focused on building consumer-preferred brands and products
that create value for consumers and shareowners. Everything begins with consumer
understanding and winning at the zero moment of truth when consumers search for our
brands, at the fi rst moment of truth when they choose our brands, and at the second
moment of truth when they use our products. Winning these moments of truth leads to
consumer purchase, preference, regular usage and long-term loyalty. This is how we
create value for consumers, build leadership brands and businesses, and create value for
P&G shareowners.
We met our business and fi nancial objectives for fi scal year 2014. Organic sales grew
3%, in line with the market. Core earnings per share increased 5%. We generated
$10.1billion of free cash fl ow, with 86% free cash fl ow productivity. We increased the
dividend 7%
—
the 58th consecutive year that P&G’s dividend has been increased
—
and
we returned $12.9billion in cash to shareowners through $6.9billion in dividends
and $6billion in share repurchase.
We delivered commitments, but we know we can do better. We need to continue to
lead innovation, drive productivity, and improve execution in brand building, product
innovation, selling and sourcing. When we do, we will generate stronger sales growth
and more reliable value creation
—
profi t and cash fl ow.
To accelerate performance improvement, we are taking an important strategic step
forward in the Company’s business and brand portfolio.
A.G. Lafl ey
Chairman of the Board,
President and
Chief Executive Offi cer