Whirlpool 2015 Annual Report Download - page 5

Download and view the complete annual report

Please find page 5 of the 2015 Whirlpool annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 58

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58

We achieved these results through a strong focus and decisive action plans in a global environment that
saw rapid changes. Emerging market demand declined significantly, most prominently in Brazil and
Russia. Additionally, the U.S. dollar rapidly strengthened against most global currencies. These changes,
if left unchecked, would have resulted in nearly $4 billion of lost revenue and $6 per share in lost earnings,
a shock greater than the global financial crisis of 2008. However, by executing against our strategy and
focusing on what we can control, we were able to take the actions required to offset these headwinds
and deliver record results.
This level of earnings and cash performance has allowed us to create long-term shareholder value by
appropriately balancing investments in our business with returning cash to our shareholders. During
2015, we invested nearly $700 million in capital expenditures to fund our innovation pipeline for the
future. We also increased the dividend by 20 percent and bought back $250 million in shares. Finally,
we purchased American Dryer Corporation to expand our presence in a value-creating adjacent business.
As a result of these investments, we ended the year with a strong balance sheet and increased investment
capacity to allow us to build an even stronger future for our company.
GLOBAL PRODUCT AND BRAND LEADERSHIP
During the past year, we made bold moves to reshape our global operating footprint, respond to shifts in
the operating environment and invest in our brands and products. We made substantial progress toward
integrating Indesit in Europe and Hefei Sanyo in China, acquisitions that will deliver nearly $400 million of
cost synergies and create leading positions in those regions.
$20.9B
RECORD REVENUES OF $20.9 BILLION, AN
INCREASE OF 18% WITHOUT CURRENCY
$12.38
RECORD ONGOING EARNINGS PER SHARE OF
$12.38, AN INCREASE OF 9%
$620M
STRONG FREE CASH FLOW GENERATION
OF $620 MILLION
CHAIRMAN’S MESSAGE
02 03