Dow Chemical 2011 Annual Report Download - page 5

2011 Annual Report 3
We have transformed our
great Company and reinvented
it for the 21st century.
In 2011, we:
• Delivered double-digit gains in revenue and
earnings per share
• Posted record revenues both at a Company level,
as well as in emerging geographies
• Launched game-changing investments and
partnerships that position us to capture more
demand in the world’s fastest-growing regions
• Commercialized new solutions that anticipate
and address the needs of our customers
• Generated nearly $4 billion of cash from
operating activities and brought our net debt
to total capitalization ratio to 40.8 percent
Our future is fueled by the global megatrends that drive our strategy
and our growth. We see the world’s most pressing challenges as
opportunities to make a positive difference. We pride ourselves
in our ability to pioneer breakthrough solutions and in our proven
track record of execution and delivering results. The same discipline
and resolve that we have applied to the near-term targets are what
you will see over the long term.
I am passionate about Dow’s future. And I am not alone. My passion
is equally matched by nearly 52,000 Dow employees who advance
our transformation each and every day. Our people are truly unique.
They have driven our tremendous growth, and they will continue to
outperform the competition as they guide us on our path of progress.
This is what you will see in the pages that follow – the passion,
ingenuity and commitment of the women and men of Dow. The
achievements they delivered in 2011. Their focus on execution,
and their confi dence in Dow’s future.
I believe few companies are as uniquely positioned as Dow is
to capture growth in our rapidly changing world. Our global
reach and integration strength are unparalleled. Our portfolio is
positioned for leadership in the markets of tomorrow. And our
people are exceptionally creative and innovative. I thank them for
their commitment to our success. I also thank you, our stockholders,
for your investment and your confi dence in our future.
These growth drivers provide a foundation for success for decades
to come. We have transformed our great Company – a company
that has provided innovative solutions to enhance and improve
everyday life for the past 115 years – and reinvented it for the
21st century.
We have what it takes to win, and we will. We are battle-tested
and confi dent in our ability to achieve steady growth and deliver
value to you, our stockholders … even in the midst of an ongoing
volatile and uncertain macroeconomic environment.
Looking ahead, our priorities remain clear for 2012 and beyond.
We will:
• Continue to strategically align our diverse and global portfolio
to maximize value in attractive and resilient end-markets and
expand our already-strong footprint in emerging regions;
• Mitigate risk by leveraging our formidable low-cost and fl exible
feedstock advantage;
• Drive operational excellence to achieve even greater
productivity and effi ciencies as we grow our business; and
• Further enhance our fi nancial fl exibility and reward our
stockholders. In 2011, we showed a strong commitment
to returning value to our stockholders by raising our dividend
by 67 percent. As we continue to deliver on our targets and
achieve earnings growth, we will continue to reward
our stockholders.
Andrew N. Liveris
President, Chief Executive Officer
and Chairman of the Board
February 17, 2012
1 EBITDA is defined as earnings before interest, income taxes, depreciation and amortization.