3M公司 (MMM) 3M Corporation (MMM) 2015年年度报告「NYSE」.pdf

1、Annual Report 2015To our shareholdersAnnual Report 20152015 was a fundamentally important year for the future of our enterprise.Our team delivered strong results in a tough external environment,while at the same time taking signifi cant actions to position us for long-term success.Strong Financial P

2、erformanceIn 2015 our team executed well,controlled the controllable and posted effi cient growth across our businesses.Companywide,organic local-currency sales growth was 1.3 percent,with positive growth across all geographic areas and in four of our fi ve business groups.Earnings rose to$7.58 per

3、share,a 1.2 percent increase year over year.During the year we completed a corporate restructuring that resulted in a pre-tax charge of$114 million,and will deliver savings of$130 million in 2016.Excluding this charge,we posted earnings per share of$7.72,up 3 percent year-over-year.Net sales were$30

4、 billion,down 5 percent versus 2014.This includes the impact of the stronger U.S.dollar,which reduced sales by nearly 7 percent.Premium margins remain a hallmark of our company,and we are able todeliver such margins even in low-growth economic conditions.Excluding restructuring,we expanded margins n

5、early a full percentage point to 23.3 percent,with all fi ve business groups above 21 percent.Our relentless focus on operational excellence also led to strong performances related to cash fl ow and return on invested capital,which are two of our companys core metrics.In 2015 we delivered a 22.5 per

6、cent return on invested capital,coming on top of a 22 percent return in 2014.At the same time,free cash fl owconversion was a robust 103 percent,which is our second consecutive year above 100 percent.Our cash fl ow strength is important because it enables us to consistently deploy capital in a way t