Black & Decker CYCLONE BLC12600BUC Manuel d'utilisateur télécharger pdf (Page 31)

expenses of $42.6 million ($58.8 million before taxes), or $.70 per diluted share, and an after-tax restructuring charge of $8.4 million

($11.9 million before taxes), or $.14 per diluted share. Net earnings for the year ended December 31, 2008, included the effects of an

after-tax restructuring charge of $39.6 million ($54.7 million before taxes), or $.64 per diluted share. Excluding the aforementioned

effects of merger-related expenses in 2009 and restructuring and exit costs in 2009 and 2008, earnings per share on a diluted basis

were $3.01 for the year ended December 31, 2009, as compared to $5.41 for the year ended December 31, 2008.

•Cash flow from operating activities increased by $60.2 million over the 2008 level to $485.6 million for the year ended December 31,

2009. The increase in cash provided by operating activities in 2009 was primarily due to significant reductions in inventory levels,

which more than offset a decrease in net earnings from the 2008 level. Net cash generation, defined by the Corporation as cash flow

from operating activities less capital expenditures, plus proceeds from the sale of assets and cash flow from net investment hedging

activities, increased to $583.5 million in 2009 from $389.7 million in 2008 as higher cash provided from operating activities was

augmented by an increase of $115.1 million in net cash inflow from net investment hedging activities.

The preceding information is an overview of certain aspects of the Corporation’s performance during 2009 and should be read in

conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations in its entirety.

In the discussion and analysis of financial condition and results of operations that follows, the Corporation generally attempts to list

contributing factors in order of significance to the point being addressed.

Results of Operations

SALES

The following chart provides an analysis of the consolidated changes in sales for the years ended December 31, 2009, 2008, and 2007.

(DOLLARS IN MILLIONS)

2009 2008 2007

Total sales $ 4,775.1 $ 6,086.1 $ 6,563.2

Unit volume (20) % (9) % (1) %

Price 1 % — % — %

Currency (3) % 2 % 3 %

Change in total sales (22) % (7) % 2 %

The global economic recession, which began in late 2008, continued to adversely impact the Corporation’s sales during 2009. Total

consolidated sales for the year ended December 31, 2009, were $4,775.1 million, which represented a decrease of 22% from 2008

sales of $6,086.1 million. As compared to the 2008 level, unit volume decreased 20% in 2009. The unit volume decline was

experienced across all business segments and throughout all geographic regions. Pricing actions had a 1% favorable impact on sales.

The effects of a stronger U.S. dollar, as compared to most other currencies, particularly the euro, British pound, Canadian dollar,

Brazilian real, and Mexican peso, caused the Corporation’s consolidated sales for 2009 to decrease by 3% from the 2008 level.

Total consolidated sales for the year ended December 31, 2008, were $6,086.1 million, which represented a decrease of 7% from 2007

sales of $6,563.2 million. As compared to the 2007 level, unit volume decreased 9% in 2008. That unit volume decline was primarily

driven by lower sales in the United States, due to general economic conditions in the U.S., including lower housing starts, and in

Western Europe due to weakening economic conditions. The effects of pricing actions did not have a material effect on sales in 2008.

The effects of a weaker U.S. dollar, as compared to most other currencies, particularly the euro, Japanese yen, Brazilian real, and

Canadian dollar, caused the Corporation’s consolidated sales for 2008 to increase by 2% over the 2007 level.

EARNINGS

A summary of the Corporation’s consolidated gross margin, selling, general, and administrative expenses, merger-related expenses,

restructuring and exit costs, and operating income – all expressed as a percentage of sales – follows:

YEAR ENDED DECEMBER 31,

(PERCENTAGE OF SALES) 2009 2008 2007

Gross margin 33.2% 32.8% 33.9%

Selling, general, and administrative expenses 26.5% 25.0% 24.7%

Merger-related expenses 1.2% —% —%

Restructuring and exit costs .3% .9% .3%

Operating income 5.2% 6.9% 8.9%

The Corporation reported consolidated operating income of $249.4 million on sales of $4,775.1 million in 2009, as compared to

operating income of $422.1 million on sales of $6,086.1 million in 2008 and to operating income of $582.2 million on sales of

$6,563.2 million in 2007.

Consolidated gross margin as a percentage of sales increased by approximately 40 basis points over the 2008 level to 33.2% in 2009.

That increase in gross margin was driven by the favorable effects of pricing actions, commodity deflation, and restructuring and cost

Source: BLACK & DECKER CORP, 10-K, February 19, 2010 Powered by Morningstar

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