UPS 2008 Annual Report Download - page 7

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either increased or maintained. Regarding stock repurchases,
we did slow the pace in the second half of 2008 because
the long-term debt market became extremely volatile, and
we expect to continue repurchases in 2009 at a significantly
slower rate.



presence helps us to create growth opportunities during slow
economic times and, when conditions improve, provides us
with the infrastructure and ability to capture new volume.
The third competitive advantage that positions UPS well for

domestic or international, commercial or residential, air or

efficient use of assets has allowed UPS to consistently
produce industry-leading margins and return on invested
capital. We constantly improve this model to extract even
more benefits through lower cost, productivity enhancements
and efficiency gains.


growth opportunities over the long term. Global markets
are inextricably bound together, so trade is a reality that is
not going to disappear. Ultimately, global economic growth
will resume, and UPS will be there to benefit from and help
promote this growth.
Just-in-time inventory management has become a mainstay
for many enterprises because it allows them to reduce
operating costs while typically improving service. It creates
the need for fast and efficient movement of goods, which
plays to UPS’s strength.
6
07 08
06
0504
1.12
1.52
1.32
1.68 1.80


“Despite current challenges,
our long-term view continues
to be bright.”
07 08
Adjusted
06
0504
21.3
26.0
23.3
2.8
08
07
Adjusted
31.7
27.6*
36.6*


*See page 5 for description of adjustments.
07 07
Adjusted
08 08
Adjusted
06
0504
17.9
22.1
19.7
2.7
23.3*
18.8
21.9*

