2013
Summary annual report
The Way
Financial Summary
Dollars in thousands, except per share amounts
2013
2012
2011
2010
2009
Total revenues from continuing operations
$2,896,520
$3,046,018
$3,302,740
$3,038,678
$2,990,577
Operating income (loss) from continuing operations
(134,799)
(174,790)
87,649
78,431
218.656
Income (loss) from continuing operations attributable
to Harsco Corporation stockholders
(226,449)
(253,693)
(9,447)
10,885
133,838
Current ratio
Return on average equity
Return on average assets
1.4:1
(29.1)
(4.6)
Diluted earnings (loss) per share from continuing operations
$««««««««(2.80)
Book value per share
Cash dividends declared per share
Diluted average shares outstanding
(in thousands)
Number of employees
%
%
*
1.7:1
(21.7)
(5.2)
$««««««««(3.15)
10.69
0.82
%
%
****
7.52
0.82
80,755
12,300
80,632
18,500
1.5:1
(0.6)
%
2.6 %
1.5:1
0.7 %
2.3 %
1.6:1
9.1 %
6.3 %
*
÷«$÷÷÷÷(0.12)
* * *
$÷÷÷«÷0.13
* * **
$÷÷÷«÷1.66
15.16
0.82
80,736
19,650
18.23
0.82
80,761
19,300
18.79
0.805
80,586
19,600
Revenues
from Continuing Operations
Dollars in millions
United States
International
Operating Income (Loss)
from Continuing Operations
Dollars in millions
13
12
11
10
09
2,897
3,046
3,303
3,039
2,991
Diluted Earnings (Loss) per Share
from Continuing Operations
In dollars
13
12
11
(0.12)
(2.80)
(3.15)
10
0
496
0.13
992 1488 1984 2480 2976 3472 3968
09
1.66
13
12
11
10
09
88
78
(135)
(175)
219
Cash Dividends
Declared per Share
In dollars
13
12
11
10
0.82
0.82
0.82
0.82
09
0.805
0.000000 91.599998183.199997274.799995366.399994457.999992
* After loss on disposal of Harsco Infrastructure segment and other special items of $3.63 per share in 2013.
** After restructuring and non-cash goodwill impairment charges of $4.35 per share in 2012.
*** After fourth quarter restructuring charges of $1.50 per share in 2011.
****After fourth quarter restructuring charges of $0.77 per share in 2010.
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
0.0
0.2
0.4
0.6
0.8
1.0
HarSCo CorporatIon
Fellow Shareholders:
With the support of our entire organization, we are steadily
metals & minerals business and positioned it for double-digit
building the foundation necessary to reward our shareholders
improvement in operating income in 2014. We grew our base
with solid and substantial returns. We have significantly lowered
business in rail, and while year-over-year revenue comparisons
corporate costs, simplified our business operations, and taken
will remain difficult through 2014 due to the prior year’s record
important steps to drive Continuous Improvement, human
production, we are in a strong position to add to our project
capital development and uniform safety practices throughout our
pipeline. We are also excited about the growth opportunities in
organization. now, under the leadership of David everitt as our
our Industrial business, where we serve a growing energy market
newly appointed Interim president and Ceo as of February 28th,
and have recently added a new, adjacent growth platform to
we will continue to execute our strategy to transform harsco
complement our air-X-Changers business.
into a growing, roIC-focused company. Dave is a truly seasoned
business leader who recently completed an outstanding 37-year
There is much more work ahead, but harsco is clearly operating
career as a senior executive at Deere & Company, where he held
from a much stronger position than it was when I wrote to you
a number of global positions and responsibilities. he has also
two years ago. The board is fully supportive of the strategy that
been a valued harsco director and colleague since 2010. he is
is in place and the considerable progress that is being made.
thoroughly familiar with the company’s strategy and objectives,
harsco has talented people, innovative products and abundant
and he has embraced this opportunity to help position harsco
opportunities to bring our products and services to new customers
for a bright future. We are saddened by patrick Decker’s
and markets. We know what we need to do and we are fully
departure, but we wish him the best in his new position. harsco
focused on execution. We thank you for your continued support
will be in very capable hands as we continue our transformation
as we work to create sustainable shareholder value.
and secure a permanent Ceo successor.
our 2013 performance reflects the early stages of our
transformation. We created immediate and long-term value
when we divested harsco Infrastructure into a strategic venture
that will improve our operating margins going forward, and create
Henry W. Knueppel
Non-Executive Chairman
significant exit value in the future. We improved roIC in our
march 3, 2014
2013 Summary annual reporT 1
HARSCO CORPORATION letter from tHe InterIm CHIef exeCutIve offICer
HarSCo CorporatIon
Fellow Shareholders:
When I joined harsco Corporation’s board of directors in 2010,
drive additional growth. In 2013 we signed several new contracts
I saw an opportunity to help this resilient company transform its
with some of the largest and most advanced steel producers
operations and return to strong, sustainable growth. Since then, the
in India, China and other leading regions. These projects will
board has engaged with and supported harsco’s management team
help improve performance in the years ahead.
as it worked to turn around its two largest businesses and unlock
the value of its manufacturing growth platforms. I’m genuinely
expanding our manufacturing platforms
impressed both by the sound business strategy we’re executing
on the manufacturing side of our portfolio, we made targeted
upon, and by the progress our team made in 2013 to simplify and
investments to expand our two strong growth platforms. In 2013
transform the company. now, as harsco’s Interim president and
we built on the success of harsco rail’s expanding global base
Ceo, I’m excited to step in and have a direct hand in helping harsco
and growing core capabilities to win new contracts from several
continue to execute its plans and strategies, and deliver greater
major railways and metro transit system operators. These include
value for customers, employees and shareholders.
a new contract in Switzerland valued at more than $100 million
to design and deliver utility track maintenance vehicles that will
rebalancing our Service portfolio
help maintain rail operations in a massive new tunnel now under
We took an important step in our transformation in 2013 when
construction through the Swiss alps. We’re also building a robust
we divested harsco Infrastructure into a strategic venture with
aftermarket parts and services business, where we can help
Clayton, Dubilier & rice (CD&r). We received approximately
global customers maintain and update existing rail maintenance
$300 million in cash and an approximate 29 percent equity
equipment with such innovative technologies as our patented
interest in the strategic venture, which combines harsco
Jupiter II Control System and our Compass™ fleet monitoring
Infrastructure with Brand energy & Infrastructure Services to
and data communications software.
form a much larger, $3 billion global business serving the energy
and construction sectors. While 2014 will focus principally on
our other manufacturing platform, harsco Industrial, continued
alignment and integration between the two businesses, we expect
its trend of healthy revenue and income performance across three
our equity stake to contribute positively to results in the coming
diverse businesses. We’ve gained significant market share over the
years and ultimately to produce substantial future exit proceeds.
past several years serving both the attractive natural gas and energy
markets and the improving uS construction market. Disciplined,
We also continued our priority work to turn around our industry-
targeted research and development is driving organic growth through
leading metals & minerals business. Through our Simplification
new products like the stainless steel p-K SonIC™ commercial boiler
initiative, we are streamlining its operations and introducing rigorous
we introduced in 2013. harsco Industrial is also pursuing inorganic
analytics into the contract management process. We are also
growth, especially within the global heat exchanger market where
emphasizing proven, higher-value products and services that will
our air-X-Changers business has long been among the market
2 2013 Summary annual reporT
HARSCO CORPORATION Harsco’s Transformation
Generating Top Returns for Shareholders
2013
2014
2015
2016+
HarSCo CorporatIon
Improve
Financial Returns
focus on roIC across portfolio
Drive cash flow improvement to maximize shareholder returns
Turn Around
Metals & Minerals
major improvement initiatives identified and outlined
executing strategy to drive improvement in returns
Optimize Portfolio—
Grow Rail and
Industrial
Scale businesses to create growth platforms for Harsco
financial flexibility to pursue strategic acquisitions
leaders for compression coolers. our early 2014 acquisition of
Defining the Harsco Way
hammco Corporation gives harsco a solid point of entry into
as we move forward, we are also defining the shared values that
the adjacent process cooler market. later this year we plan to
will anchor our organization. These values find full expression
consolidate our four existing compression cooler facilities into
in the harsco Way—the foundational approach we take to run
a single, larger manufacturing plant to provide added capacity
our business and make decisions every day. With a new, leaner
and even greater operational efficiency.
corporate center that connects and supports our businesses, we
executing a Disciplined Strategy
can move forward together with a clear understanding of what
it takes to succeed at harsco—and what it takes for harsco to
We recognize that building sustainable growth platforms is
succeed. as we build out the essential elements, global employees
a multi-year process, and that we are just in the early innings
will enjoy greater autonomy to make decisions at the site level so
of harsco’s transformation. as harsco’s Interim Ceo, I’m
that harsco can operate as a customer-centric organization.
committed to continuing to drive the execution of our well-defined
strategic plan to leverage the full capabilities of our portfolio.
Seizing new opportunities
as we conduct the search for harsco’s next Ceo, we will focus
I’m confident that harsco is on the right track, and that the strategy
on delivering on our key initiatives to create immediate and
we’ve defined will fix what’s broken and grow our top and bottom
sustainable value. For harsco metals & minerals, we will
lines. We’re seeing strong growth in global energy markets and
improve return on Invested Capital (roIC) by rigorously tracking
increased demand for our environmental solutions. and we’re
performance across global sites and across more than 40
applying customer-focused innovation to win market share across
service offerings. We will use a disciplined process for allocating
our entire business portfolio. as we pursue these opportunities, we
capital to ensure higher returns on future investment decisions.
must continue to improve cash flow, execute our metals & minerals
For harsco rail, we will support a strong bidding environment
transformation strategy and approach performance improvement with
for major projects and a renewed focus on aftermarket services.
even greater urgency. Together, we’re building a balanced portfolio
and we will continue to support new product development and
of businesses that can achieve a real, sustainable competitive
continued market leadership across harsco Industrial.
advantage that positions harsco for attractive long-term growth.
on a parallel path, we will also build out the capabilities
that a global multi-industry corporation needs to generate long-
term growth. We will deploy standardized processes across all
businesses that will make us more accountable at the site level,
unite our culture around a common language and shared practices,
David C. everitt
Interim President and Chief Executive Officer
and create greater mobility and opportunity for employees.
march 3, 2014
2013 Summary annual reporT 3
HARSCO CORPORATION HarSCo CorporatIon
The
Way
Build a
Balanced
Portfolio.
harsco intends to operate a balanced, diversified
business portfolio that mixes market-driven original
equipment manufacturing (oem) with traditional service
businesses. our two oem businesses, harsco rail
and harsco Industrial, are capital-efficient operations that can
build global scale from a strong and growing base. our large global
services business, harsco metals & minerals, can build on its global
leadership position and generate reliable recurring revenues by delivering more of the higher-
valued resource recovery and environmental solutions that large steel-producing sites demand.
harsco will operate with clear criteria for what makes a strong portfolio company. our goal
is that all harsco businesses will generate returns on Invested Capital (roIC) that exceed our
cost of capital. They will focus on global industries with attractive long-term prospects. They
will have solid potential for multinational expansion, especially in emerging markets. and they
will strive for market leadership by delivering products and services that truly stand out.
Pursue
Growth And
Financial
Returns.
harsco will reward shareholders by making smart decisions about how
we deploy capital. We will no longer accept low returns in pursuit of
growth. Instead, we will hold each business accountable to meet clear
performance criteria for everything from new contracts to investments
in customer-focused solutions. We will take a disciplined approach to
evaluate strategic opportunities, use rigorous analytics to screen them and make sure
that the decisions we make advance our strategy.
We also recognize that there are many pathways to profitable growth. Strategic joint ventures
with customers, equity partners and third-party service providers will enable harsco to
expand our global footprint as well as our opportunities to create value, while appropriately
managing risks.
4 2013 Summary annual reporT
HarSCo CorporatIon
Harsco is uniting under new principles
that define our identity, create clear criteria
for decision making and empower us to thrive
as a disciplined and customer-focused organization.
drive Change
from the
Bottom Up.
no one understands customer expectations and operational dynamics
better than the local teams who work at harsco sites around the
world. That’s why at harsco, the true center of gravity belongs in our
operations, where we can take full advantage of the diversity of
thought and perspective our employees bring to work each day. local teams are responsible
for nurturing customer relationships, for gathering market and customer insights, and for
making sure harsco remains competitive. These insights—like the new pelletizing process
a metals & minerals team developed to reduce dust emissions and improve environmental
compliance—in turn drive the investment decisions that fuel our growth.
local teams will benefit from a lean corporate center
focused on a few essential functions that will truly
help them succeed. It will establish key performance
indicators and give operations the current data they
need to make informed business and investment
decisions. It will drive critical environment, health and
Safety programs across the organization. It will help
define and focus the Continuous Improvement
programs that help us
meet performance targets.
and it will lead a robust talent development program that will
identify next-generation harsco leaders and create individual
strategies for cultivating new skills.
2013 Summary annual reporT 5
HarSCo CorporatIon
The
Way
Strive for
Continuous
Improvement.
Continuous Improvement and lean disciplines
hold the key to harsco’s future as a company
that thrives on efficiency, generates strong cash
returns and effectively manages working capital.
highly effective best practices exist across all harsco businesses,
and there is a lot to be learned from them about how to manage
receivables to improve cash flow conversion, how standardized equipment
maintenance activities can extend the useful life of our vehicles, and how a well-tuned Concept
to Commercialization engine streamlines and accelerates new product development. We will
apply these tools more consistently across all harsco sites to boost performance.
no processes are more important than the environment, health and Safety practices we’ve
designed to protect our people in very demanding environments. Together, we will work
proactively to enhance safety and environmental responsibility by focusing on reducing risk,
conducting regular safety assessments, ensuring “near miss” reporting and measuring incident
response times. as harsco moves closer to our customers, the strong safety culture we are
creating will be a critical differentiator that helps customers improve their own performance.
Emphasize
Competitive
differentiation.
In today’s highly competitive global
marketplace, harsco will win by
leading the way in customer-focused
innovation, and by helping customers
solve their most critical business challenges. For metals &
minerals, that means using our deep operational expertise
and our Insight onsite™ to develop new environmental
services and commercial applications that make the most
of existing resources. For rail, it means offering a complete
line of products and services critical to rail operators, introducing innovative technologies
that enhance railway performance, and applying our expanded global capabilities to execute
6 2013 Summary annual reporT
large orders. For our Industrial businesses, powerful brand identities within each business
unit provide strong platforms for developing and supporting safe and efficient next-generation
products—and for exporting these products to growing energy markets around the world.
To emphasize how harsco is different and better, we will upgrade our marketing mechanisms,
create more points of customer contact and build a sustainable profile of long-term
value creation.
Take a
Long-term
View.
harsco has a clear vision of what it means to operate as a balanced,
smart, and efficient company that generates sustainable and profitable
growth. But we understand that large-scale change is a multi-year journey
that requires both urgency and patience. It takes time and genuine
commitment to channel the passion and entrepreneurial spirit of all harsco colleagues to
build and sustain a culture of execution, roIC focus, safety and continuous improvement.
It takes disciplined investment to expand our footprint in emerging
markets, to position all our growth platforms for success, and
to develop harsco products and services to meet well-defined
customer and market needs. and it takes continuous focus on our
people—and systematic thinking about business contingencies and
requirements—to ensure that we have the deep bench strength
and advanced skill sets we need to translate vision into performance.
To achieve this vision, we will manage all these variables with urgency
and rigor. We will also scan the horizon to anticipate what’s coming, so we can scale our
operations to seize these opportunities.
By embracing the harsco Way, harsco colleagues can thrive by contributing their skills
and perspectives to a dynamic and growing global enterprise that impacts the industries
and markets we serve, engineers value for customers and shareholders, and creates
attractive career opportunities.
HarSCo CorporatIon
2013 Summary annual reporT 7
HarSCo CorporatIon
The world’s largest and
most complete provider of
outsourced, onsite services
to steel mills and other metal-
producing operations, and a
leading provider of innovative
resource recovery solutions
for industrial byproducts
www.harsco-m.com
State-of-the-art solutions for
railway track maintenance
and new track construction
www.harscorail.com
8 2013 Summary annual reporT
Harsco At a Glance
harsco’s global businesses deliver essential products
and services to basic industries that are fundamental to
worldwide economic progress
We operate in more than 35 countries and employ over 12,000 people
MAJOR SERVICES & PROdUCTS
MARKETS
• Global market leader for multiple service
and product offerings
• mill services
• resource recovery
• environmental solutions
• Broad operational expertise providing tailored
customer solutions
• Brand-name customer base of leading steel
and metals producers
• operating at more than 160 customer sites
• Strong presence in major emerging markets
• Growing industry demand for waste-reducing
environmental solutions
STRATEGIC dIRECTIOn
REVEnUES BY GEOGRAPHY
• Intense focus on performance improvement
• augmenting portfolio with higher-value-added
products and services
• Improved efficiency and service effectiveness
Total
$1,359m
north america 26%
Western europe 41%
rest of the World 33%
MAJOR SERVICES & PROdUCTS
MARKETS
• Wide range of railway track maintenance
equipment and services
• recurring aftermarket parts and support
• Customer-driven new product development
and innovative solutions
• $24 billion global rail infrastructure
maintenance market
• 1,000,000+ km of track globally, and growing
• primary customers include major railway
operators, metro rail systems, short lines
and contractors
STRATEGIC dIRECTIOn
REVEnUES BY GEOGRAPHY
• Growing capabilities to compete for large
projects worldwide
• large installed base with opportunities
for additional services and support
• Scalable business in a highly fragmented
market, where scale is beneficial
Total
$286m
north america 42%
Western europe 15%
rest of the World 43%
(By destination))
2013 Consolidated Revenues
Global Revenue Sources
$2,897m
metals & minerals 47%
Infrastructure 30%
rail 10%
Industrial 13%
$2,897m
north america 38%
Western europe 37%
rest of the World 25%
MAJOR SERVICES & PROdUCTS
MARKETS
• Three businesses with powerful
100+ year brand heritage
• heat exchangers
• metal grating products
• Boilers and water heaters
• market-renowned for quality
and performance
• Broad attractive end markets –
energy and construction
• market fundamentals continue to be strong
• natural gas production/consumption
• Industrial capacity expansion
• Improvement in uS construction
STRATEGIC dIRECTIOn
REVEnUES BY GEOGRAPHY
• Demonstrated ability to grow rapidly
• positioned for organic growth from solid
market fundamentals and new product
development
• Strong opportunity to grow inorganically
in core and near-adjacent profitable
markets
Total
$366m
north america 91%
rest of the World 9%
TRAnSACTIOn SUMMARY
MARKETS
• Divestiture of Infrastructure division into
a strategic venture with Clayton, Dubilier
& rice completed november 2013
• Creates a market-leading provider of
specialized industrial services to the
worldwide energy and infrastructure sectors
• Combined business is operating as
Brand energy & Infrastructure Services
• harsco holds an approximate 29 percent
equity interest
• Brand operates in five key market segments:
• upstream/midstream
• Downstream
• power generation
• Industrial
• Infrastructure
STRATEGIC dIRECTIOn
REVEnUES BY GEOGRAPHY
HarSCo CorporatIon
World-class industrial
products for energy and
energy-related markets
www.harscoaxc.com
www.harscoikg.com
www.harscopk.com
With the divestiture of its
Infrastructure business in
november 2013, Harsco holds
a 29 percent equity interest
in a combined company
providing specialized industrial
services to the worldwide energy
and infrastructure sectors;
the combined company operates
under the name Brand Energy
& Infrastructure Services
• Transaction strengthens harsco’s financial
profile while enhancing financial flexibility
to pursue higher-return, higher-growth
opportunities
• reduces complexity, consistent with
harsco’s objectives for internal simplification
and greater operational efficiency
• Creates the opportunity for additional
value creation
Total
$885m
north america 22%
Western europe 52%
rest of the World 26%
www.harsco-i.com
www.beis.com
(For harsco Infrastructure)
2013 Summary annual reporT 9
HarSCo CorporatIon
Management’s Report on Internal Control Over Financial Reporting
Management of Harsco Corporation, together with its consolidated
Because of its inherent limitations, internal control over financial
subsidiaries (the “Company”), is responsible for establishing and
reporting may not prevent or detect misstatements. Also, projections of
maintaining adequate internal control over financial reporting, as defined
any evaluation of effectiveness to future periods are subject to the risk
in Securities Exchange Act Rule 13a-15(f) or 15d-15(e). The Company’s
that controls may become inadequate because of changes in conditions,
internal control over financial reporting is a process designed under the
or that the degree of compliance with the policies and procedures
supervision of the Company’s principal executive and principal financial
may deteriorate.
officers to provide reasonable assurance regarding the reliability of
Management has assessed the effectiveness of its internal control
financial reporting and the preparation of the Company’s consolidated
over financial reporting at December 31, 2013 based on the framework
financial statements for external reporting purposes in accordance with
established in Internal Control—Integrated Framework (1992) issued by
accounting principles generally accepted in the United States of America.
the Committee of Sponsoring Organizations of the Treadway Commission
The Company’s internal control over financial reporting includes
(COSO). Based on this assessment, management has determined that
policies and procedures that:
the Company’s internal control over financial reporting was effective
• Pertain to the maintenance of records that, in reasonable detail,
at December 31, 2013.
accurately and fairly reflect transactions and dispositions of assets
of the Company;
• Provide reasonable assurance that transactions are recorded as
necessary to permit preparation of consolidated financial statements
Patrick K. Decker
in accordance with accounting principles generally accepted in the
President, Chief Executive Officer and Director
United States of America, and that receipts and expenditures of the
February 27, 2014
Company are being made only in accordance with authorizations
of management and the directors of the Company; and
• Provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use or disposition of the Company’s assets
F. Nicholas Grasberger, III
that could have a material effect on the Company’s consolidated
Senior Vice President and Chief Financial Officer
financial statements.
February 27, 2014
Report of Independent Registered Public Accounting Firm
To The Stockholders of Harsco Corporation:
In our opinion, the information set forth in the accompanying
We have audited, in accordance with the standards of the Public Company
condensed consolidated financial statements is fairly stated, in all material
Accounting Oversight Board (United States), the consolidated balance
respects, in relation to the consolidated financial statements from
sheets of Harsco Corporation and its subsidiaries as of December 31, 2013
which it has been derived.
and 2012, and the related consolidated statements of operations, changes
in equity, cash flows and comprehensive income (loss) for each of the
three years in the period ended December 31, 2013 (not presented
herein) appearing in Harsco’s annual report on Form 10-K for the year
PricewaterhouseCoopers LLP
ended December 31, 2013; and in our report dated February 27, 2014,
February 27, 2014
we expressed an unqualified opinion on those consolidated
financial statements.
10 2013 Summary annual reporT
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
ASSETS
Current assets:
Cash and cash equivalents
Trade accounts receivable, net
Other receivables
Inventories
Assets held-for-sale
Other current assets
Total current assets
Investments
Property, plant and equipment, net
Goodwill
Intangible assets, net
Other assets
Total assets
LIABILITIES
Current liabilities:
Short-term borrowings
Current maturities of long-term debt
Accounts payable
Accrued compensation
Income taxes payable
Dividends payable
Insurance liabilities
Advances on contracts
Liabilities of assets held-for-sale
Due to unconsolidated affiliate
Unit adjustment liability
Other current liabilities
Total current liabilities
Long-term debt
Deferred income taxes
Insurance liabilities
Retirement plan liabilities
Due to unconsolidated affiliate
Unit adjustment liability
Other liabilities
Total liabilities
COMMITMENTS AND CONTINGENCIES
HARSCO CORPORATION STOCKHOLDERS’ EQUITY
Preferred stock, Series A junior participating cumulative preferred stock
Common stock, par value $1.25 (issued 112,198,693 and 112,063,938 shares at December 31, 2013 and 2012, respectively)
Additional paid-in capital
Accumulated other comprehensive loss
Retained earnings
Treasury stock, at cost (31,519,768 and 31,479,310 shares at December 31, 2013 and 2012, respectively)
Total Harsco Corporation stockholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity
The complete financial statements for Harsco Corporation as of December 31, 2013
may be found in the Company’s Form 10-K for the year ended December 31, 2013, as filed
with the Securities and Exchange Commission on February 27, 2014.
HarSCo CorporatIon
December 31, 2013
December 31, 2012
$«««÷93,605
$«««÷95,250
353,181
46,470
155,689
113,968
75,842
838,755
298,856
711,346
431,265
53,261
108,265
600,264
39,836
236,512
2,399
92,182
1,066,443
3,201
1,266,225
429,198
77,726
133,176
$2,441,748
$2,975,969
«$÷÷««7,489
$÷÷«÷8,560
20,257
181,410
53,113
7,199
16,536
10,523
24,053
109,176
24,954
22,320
129,739
606,769
783,158
8,217
41,879
241,049
27,292
84,023
42,526
1,834,913
–
140,248
159,025
(370,615)
1,381,321
(746,237)
563,742
43,093
606,835
3,278
221,479
94,398
10,109
16,520
19,434
47,696
–
–
–
216,101
637,575
957,428
18,880
63,248
385,062
–
–
52,152
2,114,345
–
140,080
152,645
(411,168)
1,675,490
(745,205)
811,842
49,782
861,624
$2,441,748
$2,975,969
2013 Summary annual reporT 11
2013 Summary annual reporT 11
HarSCo CorporatIon
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
Years ended December 31
Revenues from continuing operations:
Service revenues
Product revenues
Total revenues
Costs and expenses from continuing operations:
Cost of services sold
Cost of products sold
Selling, general and administrative expenses
Research and development expenses
Goodwill impairment charge
Loss on disposal of Harsco Infrastructure Segment and transaction costs
Other expenses
Total costs and expenses
Operating income (loss) from continuing operations
Interest income
Interest expense
Change in fair value to unit adjustment liability
Income (loss) from continuing operations before income taxes and equity income
Income tax expense
Equity in income of unconsolidated entities, net
Loss from continuing operations
Discontinued operations:
Loss on disposal of discontinued business
Income tax benefit related to discontinued business
Loss from discontinued operations
Net loss
Less: Net income attributable to noncontrolling interests
Net loss attributable to Harsco Corporation
Amounts attributable to Harsco Corporation common stockholders:
Loss from continuing operations, net of tax
Loss from discontinued operations, net of tax
Net loss attributable to Harsco Corporation common stockholders
Weighted-average shares of common stock outstanding
Basic loss per share attributable to Harsco Corporation common stockholders:
Continuing operations
Discontinued operations
2013
2012
2011
$2,229,966
666,554
2,896,520
$2,340,996
705,022
3,046,018
1,766,730
1,861,732
467,485
481,052
9,570
–
291,372
15,110
3,031,319
(134,799)
2,087
(49,654)
(966)
(183,332)
(34,912)
1,548
(216,696)
(2,398)
906
(1,492)
(218,188)
(9,753)
487,784
503,339
9,139
265,038
–
93,776
3,220,808
(174,790)
3,676
(47,381)
–
(218,495)
(35,251)
564
(253,182)
(1,843)
924
(919)
(254,101)
(511)
$2,700,664
602,076
3,302,740
2,162,948
407,680
535,679
6,044
–
–
102,740
3,215,091
87,649
2,751
(48,735)
–
41,665
(49,848)
690
(7,493)
(3,306)
1,243
(2,063)
(9,556)
(1,954)
««÷$««(227,941)
«$««(254,612)
«$««««(11,510)
$÷(226,449)
(1,492)
$÷(227,941)
80,755
$««««««««(2.80)
(0.02)
$««(253,693)
(919)
$««(254,612)
80,632
$««««««(9,447)
(2,063)
«$««««(11,510)
80,736
$««««««««(3.15)
$««««««««(0.12)
(0.01)
(0.03)
Basic loss per share attributable to Harsco Corporation common stockholders
÷÷$÷÷««««(2.82)
÷÷$÷÷««««(3.16)
÷÷$÷÷««««(0.14)
(a)
Diluted weighted-average shares of common stock outstanding
Diluted loss per share attributable to Harsco Corporation common stockholders:
Continuing operations
Discontinued operations
80,755
80,632
80,736
$««««««««(2.80)
(0.02)
$««««««««(3.15)
$««««««««(0.12)
(0.01)
(0.03)
Diluted loss per share attributable to Harsco Corporation common stockholders
÷÷$÷÷««««(2.82)
÷÷$÷÷««««(3.16)
÷÷$÷÷««««(0.14)
(a)
(a) Does not total due to rounding.
The complete financial statements for Harsco Corporation as of December 31, 2013
may be found in the Company’s Form 10-K for the year ended December 31, 2013, as filed
with the Securities and Exchange Commission on February 27, 2014.
12 2013 Summary annual reporT
Condensed Consolidated Statements of Cash Flows
(In thousands)
Years ended December 31
Cash flows from operating activities:
Net loss
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation
Amortization
Deferred income tax expense (benefit)
Equity in income of unconsolidated entities, net
Dividends from unconsolidated entities
Harsco 2011/2012 Restructuring Program non-cash adjustment
Goodwill impairment charge
Loss on disposal of Harsco Infrastructure Segment
Other, net
Changes in assets and liabilities, net of acquisitions and dispositions of businesses:
Accounts receivable
Inventories
Accounts payable
Accrued interest payable
Accrued compensation
Harsco Infrastructure Segment 2010 Restructuring Program accrual
Harsco 2011/2012 Restructuring Program accrual
Other assets and liabilities
Net cash provided by operating activities
Cash flows from investing activities:
Purchases of property, plant and equipment
Proceeds from the Infrastructure transaction
Proceeds from sales of assets
Purchase of businesses, net of cash acquired*
Other investing activities, net
Net cash provided (used) by investing activities
Cash flows from financing activities:
Short-term borrowings, net
Current maturities and long-term debt:
Additions
Reductions
Cash dividends paid on common stock
Dividends paid to noncontrolling interests
Purchase of noncontrolling interests
Contributions from noncontrolling interests
Common stock issued — options
Common stock acquired for treasury
Other financing activities, net
Net cash used by financing activities
Effect of exchange rate changes on cash
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
*Purchase of businesses, net of cash acquired
Property, plant and equipment
Other noncurrent assets and liabilities, net
Net cash used to acquire businesses
HarSCo CorporatIon
2013
2012
2011
$(218,188)
$(254,101)
$«««(9,556)
221,266
15,775
(18,427)
(1,548)
37
–
–
271,296
2,735
(34,504)
18,510
14,319
(1,836)
(9,860)
(6,788)
(17,705)
(46,827)
188,255
(246,147)
303,039
18,984
(2,849)
(10,342)
62,685
251,905
20,212
(10,708)
(564)
308
31,443
265,038
–
(27,098)
22,016
2,365
(37,649)
(319)
517
(5,211)
(7,883)
(51,392)
198,879
276,021
34,420
20,826
(690)
226
67,320
–
–
(7,432)
(58,011)
7,976
(2,713)
(375)
12,554
(19,629)
30,471
(52,632)
298,776
(265,023)
(313,101)
–
49,779
(740)
(3,284)
–
42,653
(1,938)
16,564
(219,268)
(255,822)
(1,901)
(43,464)
21,637
316,804
(498,600)
(66,211)
(3,381)
(166)
4,825
371
–
(405)
(248,664)
(3,921)
(1,645)
95,250
$÷«93,605
$««««(2,437)
(412)
$««««(2,849)
285,850
(184,372)
(66,068)
(2,605)
–
8,097
725
–
(2,709)
(4,546)
(999)
(25,934)
121,184
$÷«95,250
$««««««««««««–
(740)
$÷÷÷«(740)
301,515
(297,854)
(66,146)
(4,171)
–
8,851
2,403
(5,788)
(1)
(39,554)
(6,454)
(3,054)
124,238
$121,184
$«««(1,394)
(544)
$«««(1,938)
The complete financial statements for Harsco Corporation as of December 31, 2013
may be found in the Company’s Form 10-K for the year ended December 31, 2013, as filed
with the Securities and Exchange Commission on February 27, 2014.
2013 Summary annual reporT 13
HarSCo CorporatIon
Condensed Consolidated Statements of Changes in Equity
(In thousands, except share and per share amounts)
Balances, January 1, 2011
Net income (loss)
Cash dividends declared:
Common @ $0.82 per share
Noncontrolling interests
Translation adjustments, net of deferred income taxes of $2,504
Cash flow hedging instrument adjustments, net of deferred income taxes
of $(2,101)
Contributions from noncontrolling interests
Pension liability adjustments, net of deferred income taxes of $19,143
Marketable securities unrealized gains, net of deferred income taxes of $7
Stock options exercised, net 157,058 shares
Vesting of restricted stock units, net 92,630 shares
Treasury shares repurchased, 286,577
Amortization of unearned stock-based compensation, net of forfeitures
Balances, December 31, 2011
Net income (loss)
Cash dividends declared:
Common @ $0.82 per share
Noncontrolling interests
Translation adjustments, net of deferred income taxes of $(5,436)
Cash flow hedging instrument adjustments, net of deferred income taxes
of $567
Contributions from noncontrolling interests
Sale of investment in consolidated subsidiary
Pension liability adjustments, net of deferred income taxes of $7,572
Marketable securities unrealized gains, net of deferred income taxes
of $(3)
Stock options exercised, 38,900 shares
Vesting of restricted stock units and other stock grants, net 68,558 shares
Amortization of unearned stock-based compensation,
net of forfeitures
Balances, December 31, 2012
Net income (loss)
Cash dividends declared:
Common @ $0.82 per share
Noncontrolling interests
Translation adjustments, net of deferred income taxes of $(5,924)
Cash flow hedging instrument adjustments, net of deferred income taxes
of $(1,410)
Contributions from noncontrolling interests
Purchase of subsidiary shares from noncontrolling interest
Noncontrolling interests transferred in the Infrastructure transaction
Pension liability adjustments, net of deferred income taxes of $(11,095)
Marketable securities unrealized gains, net of deferred income taxes
of $(18)
Common Stock
Issued
Treasury
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)(a)
Noncontrolling
Interests
Total
$139,514
$(737,106)
$141,298
$2,073,920
$(185,932)
$36,451
$1,468,145
(11,510)
(66,176)
1,954
(9,556)
(4,171)
(221)
9,526
(60,354)
5,933
(123,827)
(11)
(66,176)
(4,171)
(60,575)
5,933
9,526
(123,827)
(11)
2,319
226
(5,788)
3,873
249
151
(840)
(910)
(5,788)
2,910
985
3,873
$139,914
$(744,644)
$149,066
$1,996,234
$(364,191)
$43,539
$1,219,918
(254,612)
(66,132)
511
(254,101)
(2,605)
439
8,602
(704)
10,995
(4,333)
(53,645)
6
(66,132)
(2,605)
11,434
(4,333)
8,602
(704)
(53,645)
6
710
515
1,959
49
117
(561)
661
959
1,959
$140,080
$(745,205)
$152,645
$1,675,490
$(411,168)
$49,782
$ 861,624
(227,941)
(66,228)
(292)
1,003
9,753
(218,188)
(4,764)
371
(69)
4,825
107
(16,912)
(56,198)
1,116
95,604
31
(66,228)
(4,764)
(55,827)
1,047
4,825
(185)
(15,909)
95,604
31
400
1,185
3,220
$140,248
$(746,237)
$159,025
$1,381,321
$(370,615)
$43,093
$ 606,835
Stock options exercised, net 20,000 shares
25
375
Vesting of restricted stock units and other stock grants,
net 74,297 shares
Amortization of unearned portion of stock-based compensation,
net of forfeitures
Balances, December 31, 2013
143
(1,032)
2,074
3,220
(a) 2013 includes changes due to the Infrastructure transaction consummated November 26, 2013.
14 2013 Summary annual reporT
14 2013 Summary annual reporT
Five-Year Statistical Summary
(In thousands, except per share, employee information and percentages)
2013(a)
2012
2011
2010
2009(b)
HarSCo CorporatIon
1,954
(9,556)
Amounts Attributable to Harsco Corporation Common Stockholders
Statement of Operations Information
Revenues from continuing operations
Income (loss) from continuing operations
Loss from discontinued operations
Net income (loss)
Financial Position and Cash Flow Information
Working capital
Total assets
Long-term debt
Total debt
Depreciation and amortization
Capital expenditures
Cash provided by operating activities
Cash provided (used) by investing activities
Cash used by financing activities
Ratios
Return on average equity(c)
Current ratio(d)
$2,896,520
$3,046,018
$3,302,740
$3,038,678
$2,990,577
(226,449)
(1,492)
(227,941)
(253,693)
(919)
(254,612)
(9,447)
(2,063)
(11,510)
10,885
(4,131)
6,754
133,838
(15,061)
118,777
$«««231,986
2,441,748
$÷«428,868
2,975,969
$««377,163
3,338,877
$÷«387,082
3,469,220
$÷«418,237
3,639,240
783,158
810,904
237,041
(246,147)
188,255
62,685
(248,664)
(29.1)
1.4:1
957,428
969,266
272,117
(265,023)
198,879
(219,268)
(4,546)
853,800
908,772
310,441
(313,101)
298,776
(255,822)
(39,554)
(21.7) %
1.7:1
(0.6) %
1.5:1
849,724
884,932
315,239
(192,348)
401,427
(202,023)
(171,521)
0.7%
1.5:1
901,734
984,927
311,531
(165,320)
434,458
(269,360)
(164,083)
9.1%
1.6:1
Per Share Information Attributable to Harsco Corporation
Common Stockholders
Basic
– Income (loss) from continuing operations
«$««««««««(2.80)
$÷÷÷««(3.15)
$÷÷÷««(0.12)
$÷÷÷÷«0.14
$÷÷÷÷«1.67
– Loss from discontinued operations
– Net income (loss)
Diluted – Income (loss) from continuing operations
– Loss from discontinued operations
– Net income (loss)
Other Information
Book value per share
Cash dividends declared per share
Diluted weighted-average number of shares outstanding
Number of employees
(0.02)
«$««««««« (2.82)
$««««««««(2.80)
(0.02)
(0.01)
$÷÷÷««(3.16)
$÷÷÷««(3.15)
(0.01)
(0.03)
(0.05)
(0.19)
$÷÷÷««(0.14) (e)
$÷÷÷÷«0.08 (e)
$÷÷÷÷«1.48
$÷÷÷««(0.12)
$÷÷÷÷«0.13
$÷÷÷÷«1.66
(0.03)
(0.05)
(0.19)
««$««««««««(2.82)
$÷÷÷««(3.16)
$÷÷÷««(0.14) (e)
$÷÷÷÷«0.08
$÷÷÷÷«1.47
$«««««««««7.52
$÷÷÷«10.69
$÷÷÷«15.16
$÷÷÷«18.23
$÷÷÷«18.79
$÷÷«÷÷0.820
$÷÷«÷÷0.820
$÷÷÷«««0.820
$÷««÷÷«0.820
$÷««««÷«0.805
80,755
12,300
80,632
18,500
80,736
19,650
80,761
19,300
80,586
19,600
Includes impacts of the Infrastructure transaction consummated on November 26, 2013.
Includes ESCO Interamerica, Ltd. acquired November 10, 2009.
(a)
(b)
(c) Return on average equity is calculated by dividing income (loss) from continuing operations by average equity throughout the year.
(d) Current ratio is calculated by dividing total current assets by total current liabilities.
(e) Does not total due to rounding.
Common Stock
Issued
Treasury
Additional
Paid-in
Capital
Retained
Earnings
Comprehensive
Income (Loss)(a)
Noncontrolling
Interests
Total
$139,514
$(737,106)
$141,298
$2,073,920
$(185,932)
$36,451
$1,468,145
Accumulated
Other
249
151
(840)
(910)
(5,788)
2,910
985
3,873
$139,914
$(744,644)
$149,066
$1,996,234
$(364,191)
$43,539
$1,219,918
511
(254,101)
(In thousands, except share and per share amounts)
Balances, January 1, 2011
Net income (loss)
Cash dividends declared:
Common @ $0.82 per share
Noncontrolling interests
Translation adjustments, net of deferred income taxes of $2,504
Cash flow hedging instrument adjustments, net of deferred income taxes
of $(2,101)
Contributions from noncontrolling interests
Pension liability adjustments, net of deferred income taxes of $19,143
Marketable securities unrealized gains, net of deferred income taxes of $7
Stock options exercised, net 157,058 shares
Vesting of restricted stock units, net 92,630 shares
Treasury shares repurchased, 286,577
Amortization of unearned stock-based compensation, net of forfeitures
Balances, December 31, 2011
Net income (loss)
Cash dividends declared:
Common @ $0.82 per share
Noncontrolling interests
Translation adjustments, net of deferred income taxes of $(5,436)
Cash flow hedging instrument adjustments, net of deferred income taxes
of $567
of $(3)
Contributions from noncontrolling interests
Sale of investment in consolidated subsidiary
Pension liability adjustments, net of deferred income taxes of $7,572
Marketable securities unrealized gains, net of deferred income taxes
Stock options exercised, 38,900 shares
Vesting of restricted stock units and other stock grants, net 68,558 shares
(561)
Amortization of unearned stock-based compensation,
49
117
net of forfeitures
Balances, December 31, 2012
Net income (loss)
Cash dividends declared:
Common @ $0.82 per share
Noncontrolling interests
Translation adjustments, net of deferred income taxes of $(5,924)
Cash flow hedging instrument adjustments, net of deferred income taxes
of $(1,410)
Contributions from noncontrolling interests
Purchase of subsidiary shares from noncontrolling interest
Noncontrolling interests transferred in the Infrastructure transaction
Pension liability adjustments, net of deferred income taxes of $(11,095)
Marketable securities unrealized gains, net of deferred income taxes
of $(18)
Vesting of restricted stock units and other stock grants,
net 74,297 shares
Amortization of unearned portion of stock-based compensation,
net of forfeitures
Balances, December 31, 2013
661
959
1,959
(292)
1,003
3,220
(11,510)
(66,176)
(254,612)
(66,132)
(227,941)
(66,228)
(4,171)
(221)
9,526
(2,605)
439
8,602
(704)
(4,764)
371
(69)
4,825
107
(16,912)
(60,354)
5,933
(123,827)
(11)
10,995
(4,333)
(53,645)
6
(56,198)
1,116
95,604
31
(66,176)
(4,171)
(60,575)
5,933
9,526
(123,827)
(11)
2,319
226
(5,788)
3,873
(66,132)
(2,605)
11,434
(4,333)
8,602
(704)
(53,645)
6
710
515
1,959
(66,228)
(4,764)
(55,827)
1,047
4,825
(185)
(15,909)
95,604
31
400
1,185
3,220
Stock options exercised, net 20,000 shares
25
375
143
(1,032)
2,074
(a) 2013 includes changes due to the Infrastructure transaction consummated November 26, 2013.
$140,248
$(746,237)
$159,025
$1,381,321
$(370,615)
$43,093
$ 606,835
$140,080
$(745,205)
$152,645
$1,675,490
$(411,168)
$49,782
$ 861,624
9,753
(218,188)
2013 Summary annual reporT 15
2013 Summary annual reporT 15
%
HarSCo CorporatIon
Board of directors and Corporate Leadership
(As of March 3, 2014)
Corporate Leadership
David C. everitt
Interim president and Chief executive officer
William H. alexander
Vice president, Global real estate & Facilities management
anthony a. DeGregorio
Vice president and Chief Information officer
a. verona Dorch
Vice president, General Counsel and Corporate Secretary
Scott H. Gerson
Vice president and Group president
harsco Industrial
f. nicholas Grasberger, III
Senior Vice president and Chief Financial officer
Christopher r. Hernandez
Vice president – Global Compliance
Janet l. Hogan
Vice president and Chief human resources officer
a. James Howell
Vice president – Internal audit
Scott W. Jacoby
Vice president and Group president
harsco rail
michael H. Kolinsky
Vice president – Tax and risk management
michael p. monberg
Interim Group president
harsco metals & minerals
robert G. yocum
Vice president and Treasurer
Jeremy Zahn
Vice president – Global environmental, health and Safety
Board of directors
Henry W. Knueppel
retired Chairman
and Chief executive officer
regal Beloit Corporation
Director since 2008
Serves as Non-Executive Chairman
James f. earl 1, 2
executive Vice president and
president – GaTX rail International
GaTX Corporation
Director since 2012
Kathy G. eddy 1, 3C
Cpa and Founding partner
mcDonough, eddy, parsons & Baylous, aC
Director since 2004
David C. everitt 1, 2
retired Co-leader, agriculture and Turf Division
Deere & Company
Director since 2010
Stuart e. Graham 1, 3
Chairman
Skanska aB
Director since 2009
terry D. Growcock 2C
retired Chairman
The manitowoc Company
Director since 2008
James m. loree 1C, 3
executive Vice president
and Chief operating officer
Stanley Black & Decker
Director since 2010
andrew J. Sordoni, III 3
Chairman
Sordoni Construction Services, Inc.
Director since 1988
Dr. robert C. Wilburn 2
Distinguished Service professor and Director,
heinz College; principal of The Wilburn Group
Director since 1986
Board Committees
1 audit Committee
2 management Development and Compensation Committee
3 nominating and Corporate Governance Committee
C Indicates Committee Chair
16 2013 Summary annual reporT
HarSCo CorporatIon
Shareholder Information
Company news
Company information, archived news releases and SEC filings are
available free of charge 24 hours a day, seven days a week via Harsco’s
website at www.harsco.com. Harsco’s quarterly earnings conference calls
and other significant investor events are posted when they occur.
Securities analysts, portfolio managers, other representatives of
institutional investors and other interested parties seeking information
about Harsco should contact the Director of Investor Relations at Harsco’s
corporate office, telephone 717-763-7064 or email ir @harsco.com.
Annual Meeting
April 29, 2014, 8:00 am
Radisson Hotel Harrisburg
Camp Hill, PA 17011
Transfer Agent and Registrar
Shareholder communications regarding transfer of shares, book-entry
shares, lost certificates, lost dividend checks or changes of address
should be directed to:
By Mail:
Computershare
P. O. Box 30170
College Station, TX 77842-3170
By Overnight Delivery:
Computershare
211 Quality Circle, Suite 210
College Station, TX, 77845
As shown below, during 2013, the Company’s common stock traded
in a range of $20.98 to $28.99 and closed at $28.03 at year-end.
High and low per share data are as quoted on the NYSE. Four quarterly
cash dividends were paid in 2013 for an annual rate of $0.82.
There are no significant restrictions on the payment of dividends.
First Quarter
High
Low
Dividends Declared
Second Quarter
High
Low
Dividends Declared
Third Quarter
High
Low
Dividends Declared
Fourth Quarter
High
Low
Dividends Declared
2013
$ 26.02
22.84
0.205
24.75
20.98
0.205
27.03
23.20
0.205
28.99
23.86
0.205
2012
$ 24.48
19.80
0.205
23.86
18.57
0.205
22.45
19.35
0.205
23.54
18.40
0.205
Comparison of Five-Year Cumulative Total Return*
among harsco Corporation, the S&p midcap 400 Index, and the Dow Jones uS Diversified
Industrials Index
$269.04
$241.34
$118.41
By Calling:
800-850-3508 (U.S. and Canada)
312-360-5100 (other countries)
08
09
10
11
12
13
Harsco Corporation
S&P Midcap 400 Index
Dow Jones US Diversified Industrials Index
Shareholders can also view real-time account information and request
transfer agent services online at the Computershare Investor Services
website: www.computershare.com/investor. Computershare Investor
Services can be accessed through telecommunications devices for
the hearing impaired by calling:
harsco Corporation
S&p midcap 400
12/08
12/09
12/10
12/11
12/12
12/13
100.00
119.71 108.22
80.87
96.03
118.41
100.00
137.38 173.98 170.96
201.53
269.04
Dow Jones uS Diversified Industrials
100.00 113.50 139.44 140.56
169.80
* $100 invested on 12/31/08 in stock or index, including reinvestment of dividends.
Fiscal year ending December 31.
241.34
300
250
200
150
800-952-9245 (U.S. and Canada), 781-575-4592 (other countries)
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
Quarterly Share Price and dividend Information
Harsco Corporation common stock is listed on the New York Stock Exchange
(NYSE) under ticker symbol HSC. At year-end 2013, there were 80,678,925
shares outstanding and approximately 12,500 stockholders.
Copyright © 2014 S&p, a division of The mcGraw-hill Companies Inc. all rights reserved.
Copyright © 2014 Dow Jones & Co. all rights reserved.
100
50
0
HARSCO
300
250
Summary Annual Report
This Summary Annual Report is designed to present our 2013 results in a
simple, easy-to-read and cost-efficient format. The more detailed financial
information and analysis included in previous annual reports are contained
in our Form 10-K filing with the Securities and Exchange Commission, which
was distributed to shareholders along with this summary report. A copy of
our Form 10-K filing may also be obtained from Harsco Investor Relations
at the address on the back cover, or it can be viewed and downloaded
from our Harsco website at www.harsco.com.
100
150
200
150
200
250
300
50
0
S& P Midcap 400
Forward-Looking Statements
The nature of the Company’s business and the many countries in which it operates subject it to changing economic, competitive, regulatory and technological conditions,
risks and uncertainties. In accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the Company provides the following cautionary
remarks regarding important factors that, among others, could cause future results to differ materially from the results contemplated by forward-looking statements, including
the expectations and assumptions expressed or implied herein. Forward-looking statements contained herein could include, among other things, statements about manage-
ment’s confidence in and strategies for performance; expectations for new and existing products, technologies and opportunities; and expectations regarding growth, revenues,
cash flows and earnings. Forward-looking statements can be identified by the use of such terms as “may,” “could,” “expect,” “anticipate,” “intend,” “believe,” “likely,” “estimate,”
“plan,” or other comparable terms. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. Please refer to our Annual Report filed
on Form 10-K for further discussion.
0
100
50
Dow Jones
Harsco Corporation World Headquarters
350 poplar Church road
Camp hill, pa 17011 uSa
Tel: 717.763.7064
www.harsco.com
SKU 002CSN35F7