UPS 2006 Annual Report Download - page 12

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Shares Repurchased
(number of shares – in millions)
0
10
20
30
40
06
32.6
05
040302
33.9
18.1
6.6
10.3
$0
$0.25
$0.50
$0.75
$1.00
$1.25
$1.50
Dividends Declared (in dollars per share)
06
1.52
05
040302
1.32
1.12
0.92
0.76
$0
$1
$2
$3
$4
$5
$6
Cash Flow from Operations (in billons)
06
05
040302
5.8
5.7
5.6
5.3
4.6
be balanced against the fl exibility required to grow
our business over the longer term. And we
will pursue acquisitions opportunistically as they
present themselves.
We expect return on invested capital will remain
impressive over the next fi ve years. Our objective
is to generate consistently high ROIC on a
growing base of invested capital to maximize our
economic profi t.
There are a number of key points that I like to
review with investors whenever I speak with them:
• Our industry is critical to global commerce.
• UPS’s position in this industry is strong.
• We have a track record of delivering
exceptional fi nancial results over a long
period of time.
• Our prospects are excellent.
We believe that these industry fundamentals,
combined with our disciplined approach to fi nancial
management, will continue to produce the type of
long-term returns that UPS has consistently achieved
throughout its history.
D. Scott Davis
Vice Chairman and Chief Financial Offi cer
10