Toro 2008 Annual Report Download - page 3

Download and view the complete annual report

Please find page 3 of the 2008 Toro 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 79

  • 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
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79

Chosen for dependability and performance, Toro
equipment and precision irrigation systems were used
during the Beijing 2008 Olympic Games to maintain
the turf in the main stadium (nicknamed the Bird’s
Nest), the baseball fi elds, and Olympic Forestry Park.
Fiscal 2008 — Accomplishments
■ Grew our international business 12 percent
for the year through solid execution of our global
growth initiative.
■ Generated a record $216 million in cash from
operating activities as a result of our heightened
focus on asset management.
■ Reduced net inventories by 17.6 percent through
close alignment with channel partners.
■ Invested more than $63 million in engineering to
strengthen our leadership in key markets.
■ Saved millions of dollars and achieved signifi cant
productivity improvements through ongoing lean
initiatives and continuous improvement efforts.
Fiscal 2009 — Strategic Focus
■ Maintain operational discipline to improve our cost
structure and fl exibility to quickly adjust to market
conditions and demand.
■ Deliver major product advancements that drive
retail demand, improve market share, and strengthen
our competitive position.
■ Reduce working capital to free up cash for other
strategic purposes and drive value for shareholders.
■ Continue to advance our position as a leader in precision
irrigation and water management through advanced
technologies and initiatives to attract new business.
■ Execute on our disciplined and comprehensive
approach to strategic acquisitions to grow our business
for the future.
19.3%
2003
32.4%
2008
International sales as a percent of total revenue
Back in 2003, we set out to grow our international business to
more than 30 percent of company revenues. Today, through solid
execution and strong customer relationships, international sales
account for 32 percent of our total sales. We are encouraged by
ongoing growth in countries around the world as we work hard to
diversify our mix and build resiliency to geographic volatility.
<
Toro irrigation helps maintain the
grounds of the historic Villa Cordellina
Lombardi in Vicenza, Italy.
<