Valmont Industries Inc (VMI) 2002年年度报告「NYSE」.pdf

1、An n ua l Re p o rt 2 0 0 2Conserving Resources.Improving Life.Throughout the World,Our Products Conserve Resources and Improve Life.1 Financial Highlights 2 Letter to Shareholders 6 At a Glance 8 Poles:Lighting and Traffic12 Poles:Utility Poles and Structures14 Wireless Communication16 Coatings18 I

2、rrigation22 Tubing24 Global Presence26 Board of Directors28 Conserving Resources.Improving Life.29 Financial and Corporate Information30 11-Year Financial Summary32 Financial Objectives33 Total Value Impact34 Segment Summary35 International Contact Information39 Officers and Management40 Corporate a

3、nd Stock InformationCover:Valmonts decorative light poles help beautify public areas near the Acropolis in Athens,Greece.Net SalesOperating IncomeDiluted EarningsPer Share12002 Financial Highlights(Dollars in millions,except per share amounts)2002 2001 2000Operating Results Net sales$854.9$872.4$846

4、.1 Operating income 70.3 65.0 67.3 Net earnings 33.6 26.7 30.4 Diluted earnings per share 1.37 1.09 1.28 Dividends per share 0.29 0.26 0.26Financial Position Shareholders equity$242.0$225.8$191.9 Shareholders equity per share 10.13 9.23 8.23 Long-term debt as a%of invested capital 36.8%41.9%42.8%Ope

5、rating Ratios Gross profit as a%of net sales 27.1%24.9%25.0%Operating income as a%of net sales 8.2%7.5%7.9%Net earnings as a%of net sales 3.9%3.1%3.6%Return on beginning equity 14.9%13.9%17.8%Return on invested capital 9.7%8.6%10.9%Year-End Data Shares outstanding(000)23,883 24,477 23,320 Approximat

6、e number of shareholders 5,500 5,500 5,500 Number of employees 5,234 5,342 5,5032U2Letter To Fellow Shareholders “Our Market Drivers Are Compelling,Global And Enduring”VValmont performed well in 2002 with record operating income and record earnings per share.This performance was achieved despite sli