Whirlpool 2009 Annual Report Download - page 7

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In 2009, Whirlpool Corporation faced one of the most challenging global
economic environments we’ve seen in decades. At this time last year, all major
markets were deteriorating, and we anticipated higher material costs, volatile
currencies and significant revenue decline as consumers delayed appliance
purchases. We made key operating decisions and took swift actions to ensure
the long-term strength of Whirlpool Corporation. While challenges remain, the
actions we took in 2009, and our commitment to our brand value-creation
strategy, enabled us to deliver solid results and, ultimately, strengthened our
company’s overall position.
Our very focused approach to cash flow generation and cost management,
combined with our continued investments in innovation, enabled us to
deliver solid performance given the challenging economic backdrop. We
took the necessary steps to ensure our ongoing leadership position in the
appliance industry and focused on our core strengths. As a result, we
exceeded all operating metrics that we set for the year.
Improving the lives of consumers — in and around the home — each and
every day remains central to everything we do. We look for opportunities
to drive value creation throughout our business while also enhancing the
environment and society through our partnerships. And, in 2009, we
continued to be recognized for our global leadership, commitment to
sustainability, global design and innovation. We have an outstanding
portfolio of brands, strong innovation, and the skills and talent to deliver
long-term and sustainable value creation.
Chairman’s Letter
LON G -T ER M VALUE C R E AT IO N G OAL S
Sales
Free Cash Flow*
Earnings Per Share
5 –7% ANNUA L GROW TH
4 – 5% O F SALES
10 –15% ANNUAL GROW T H
*For a definition of Free Cash Flow, see page 92.
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