UPS 2009 Annual Report Download - page 9

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UP S 2 0 0 9 A n n u a l R e p o r t
D. Scott Davis
Chairman and Chief Executive Officer
Share Repurchase Expenditures
(billions of dollars)
4
3
2
1
05 06 07 08 09
2.5 2.5
2.6
3.6
0.6
0
07
fact, I believe that globally UPS is the best positioned
company in our industry. Today we have the most
balanced presence in all major areas of the world, and
we’re getting stronger. We are building out an already
well-established business in Europe; we are developing
a first-rate express network in Asia; we are expanding
in the Middle East; and our U.S. presence is second to
none. In short, UPS has become the premier source for
global transportation and logistics solutions.
UPS is the only competitor in our industry offering
an end-to-end global service portfolio. From package
transportation and supply chain management to freight
forwarding and less-than-truckload freight shipment …
from international trade services and brokerage
to retail, mail, and financial capabilities … UPS’s ser-
vice portfolio is unmatched.
Our growth over the past 10 years was not an
accident. It was due in large measure to the more
than 400,000 UPSers worldwide who use their skills,
knowledge, and passion to serve our customers every
day. I want to thank all UPSers for their diligent effort
and “can do” spirit. I also want to thank our shareown-
ers who have supported UPS through our journey over
the past decade.
A year ago, I predicted that some companies would
not survive the economic crisis, others would be
severely weakened, while a few would be leaner and
more focused. I was confident that UPS would be in
that last group. We’re seeing proof that UPS is, indeed,
that kind of company—focused on what’s necessary to
compete effectively.
We are looking forward to 2010 and the prospects for
improved trade throughout the world.
Net cash from operations $5,296
Capital expenditures (1,602)
Proceeds from disposals of PP&E 60
Net change in finance receivables 261
Other investing activities 44
Free cash flow $4,059
Calculation of 2009 Free Cash Flow
(millions)
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