Trimble
Annual Report 2012

Plain-text annual report

TRIMBLE 2012 ANNUAL REPORT Austria Australia Belgium Brazil Canada Chile China Denmark Dubai Finland France Germany Ghana India Indonesia Ireland Italy Japan Kenya Korea Malaysia Mexico Norway Russia Singapore South Africa Spain Sweden Switzerland Thailand United Arab Emirates United Kingdom The Netherlands USA New Zealand CORPORATE HEADQUARTERS SHAREHOLDER INFORMATION ADDITIONAL INFORMATION Trimble Navigation Limited Independent Auditor The Company’s annual report on 935 Stewart Drive Sunnyvale, California 94085 Ernst & Young LLP San Jose, California (408) 481-8000 www.trimble.com Transfer Agent & Registrar American Stock Transfer & Trust Company 6201 15th Ave. Brooklyn, New York 11219 (800) 937-5449 www.amstock.com info@amstock.com Investor Relations Contact (408) 481-7838 investor_relations@trimble.com Form 10-K, as filed with the Securities Exchange Commission, accompanies this annual report to shareholders and is also available on the Investor Relations section of the Company’s website at: www. trimble.com Trimble Investor Information Traded: The NASDAQ Stock Exchange Symbol: TRMB T r i l m b e N a v i g a t i o n • A n n u a l R e p o r t 2 0 1 2  FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS Revenue in $ millions EBITDA in $ millions Cash Flow from Operations in $ millions 2000 _ 1800 1600 1400 1200 1000 800 600 400 200 0 _ _ _ _ _ _ _ _ _ _ 400 350 300 250 200 150 100 50 0 _ _ _ _ _ _ _ _ _ 360 320 280 240 200 160 120 80 40 0 _ _ _ _ _ _ _ _ _ _ 08 09 10 11 12 08 09 10 11 12 08 09 10 11 12 COMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN* Among Trimble Navigation Limited, the NASDAQ composite index and the S&P information technology sector index $250 $200 $150 $100 $50 $0 2/07 12/08 12/09 12/10 12/11 12/12 Trimble Navigation Limited NASDAQ Composite S&P Information Technology The above graph compares the cumulative 5-year total return provided shareholders on Trimble Navigation Limited’s common stock relative to the cumulative total returns of the NASDAQ Composite index and the S&P Information Technology index. An investment of $100 (with reinvestment of all dividends) is assumed to have been made in our common stock and in each of the indices on 12/31/2007 and its relative performance is tracked through 12/28/2012. The Company has never paid dividends on its common stock and has no present plans to do so. * The Company adopted a 52-53 week fiscal year effective upon the end of fiscal year 1997 and the actual date of the Company’s 2012 fiscal year end was December 28, 2012. Any variations due to any differences between the actual date of a particular fiscal year end and the calendar year end for such year are not expected to be material. MANAGEMENT INFORMATION MANAGEMENT INFORMATION EXECUTIVE MANAGEMENT Steven W. Berglund President and Chief Executive Officer Erik J. Arvesen Vice President, Survey Division John E. Huey Treasurer Rajat Bahri Vice President, Chief Financial Officer Douglas R. Brent Vice President, Technology Innovation James A. Kirkland Vice President and General Counsel Bryn A. Fosburgh Vice President Christopher W. Gibson Vice President Mark A. Harrington Vice President James M. Veneziano Vice President BOARD OF DIRECTORS Ulf J. Johansson, Ph.D Chairman Business Consultant Director, Telefon AB LM Ericsson Chairman, Novo Nordisk Group Nickolas W. Vande Steeg Vice Chairman Trustee, Azusa Pacific University Chairman, APOU Founder, Kollaborate.org Director, Wabtec Corporation Roz D. Buick, Ph.D. Vice President, Heavy Civil Construction Division Ann M. Ciganer Vice President, Strategic Policy Jürgen D. Kliem Vice President, Strategy and Business Development Leah K. Lambertson Vice President, Operations Joseph F. Denniston, Jr. Vice President, Agriculture Division Peter O. Large Vice President, Channel Development Prakash Iyer Vice President, Software Architecture and Strategy Steven W. Berglund President and Chief Executive Officer John B. Goodrich Secretary Business Consultant William Hart Venture Capital Investor Business Consultant Merit E. Janow Professor, International Economic Law and International Affairs, Columbia University Julie A. Shepard Vice President, Finance Christopher J. Shephard Vice President, Construction Solutions Group Mary Kay Strangis Vice President, Human Resources Ronald S. Nersesian President and Chief Operating Officer, Agilent Technologies Bradford W. Parkinson, Ph.D. Executive Consultant Professor (Emeritus), Stanford University Mark S. Peek Chief Financial Officer, Workday SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are subject to the “safe harbor” created by those sections. The forward-looking statements re- garding future events and the future results of Trimble Navigation Limited (“Trimble” or “the Company” or “we” or “our” or “us”) are based on current expectations, estimates, forecasts, and projections about the industries in which Trimble operates and the beliefs and assumptions of the management of Trimble. Examples of such forward-looking statements may include, but are not limited to, our expectation that our ROIC will recover as we realize the benefits of the acquisitions and as our capital base re-aligns to the revenue base as our acquisition activity returns to historical patterns; and our belief that acquisitions are intended to augment our strategy and do not play a central role in our growth expectations – which are founded on organic growth. Discussions containing forward-looking statements may also be found under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. These forward-looking statements involve certain risks and uncertainties that could cause actual results, levels of activity, performance, achievements, and events to differ materially from those implied by such forward-looking statements, but are not limited to those discussed in this Report under the section entitled “Risk Factors” and elsewhere, and in other reports Trimble files with the Securities and Exchange Commission (“SEC”), specifically the most recent reports on Form 8-K and Form 10-Q, each as it may be amended from time to time. For example, acquisitions are inherently opportunistic, and we may choose to pursue a significant acquisition which may impact our growth expectations as well as our ROIC. These forward-looking statements are made as of the date of this Annual Report. We reserve the right to update these statements for any reason, including the occurrence of material events. The risks and uncertainties under the caption “Risks and Uncertainties” contained herein, among other things, should be considered in evaluating our prospects and future financial performance. We have attempted to identify forward- looking statements in this report by placing an asterisk (*) before paragraphs containing such material. ©Trimble Navigation Limited. All rights reserved. Trimble and the Globe and Triangle logo are registered trademarks of Trimble Navigation Limited, registered in the United States and/or in other countries. All other trademarks are the property of their respective owner.  FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS Revenue in $ millions EBITDA in $ millions Cash Flow from Operations in $ millions 2000 _ 1800 1600 1400 1200 1000 800 600 400 200 0 _ _ _ _ _ _ _ _ _ _ 400 350 300 250 200 150 100 50 0 _ _ _ _ _ _ _ _ _ 360 320 280 240 200 160 120 80 40 0 _ _ _ _ _ _ _ _ _ _ 08 09 10 11 12 08 09 10 11 12 08 09 10 11 12 COMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN* Among Trimble Navigation Limited, the NASDAQ composite index and the S&P information technology sector index $250 $200 $150 $100 $50 $0 2/07 12/08 12/09 12/10 12/11 12/12 Trimble Navigation Limited NASDAQ Composite S&P Information Technology The above graph compares the cumulative 5-year total return provided shareholders on Trimble Navigation Limited’s common stock relative to the cumulative total returns of the NASDAQ Composite index and the S&P Information Technology index. An investment of $100 (with reinvestment of all dividends) is assumed to have been made in our common stock and in each of the indices on 12/31/2007 and its relative performance is tracked through 12/28/2012. The Company has never paid dividends on its common stock and has no present plans to do so. * The Company adopted a 52-53 week fiscal year effective upon the end of fiscal year 1997 and the actual date of the Company’s 2012 fiscal year end was December 28, 2012. Any variations due to any differences between the actual date of a particular fiscal year end and the calendar year end for such year are not expected to be material. MANAGEMENT INFORMATION MANAGEMENT INFORMATION EXECUTIVE MANAGEMENT Steven W. Berglund President and Chief Executive Officer Erik J. Arvesen Vice President, Survey Division John E. Huey Treasurer Rajat Bahri Vice President, Chief Financial Officer Douglas R. Brent Vice President, Technology Innovation James A. Kirkland Vice President and General Counsel Bryn A. Fosburgh Vice President Christopher W. Gibson Vice President Mark A. Harrington Vice President James M. Veneziano Vice President BOARD OF DIRECTORS Ulf J. Johansson, Ph.D Chairman Business Consultant Director, Telefon AB LM Ericsson Chairman, Novo Nordisk Group Nickolas W. Vande Steeg Vice Chairman Trustee, Azusa Pacific University Chairman, APOU Founder, Kollaborate.org Director, Wabtec Corporation Roz D. Buick, Ph.D. Vice President, Heavy Civil Construction Division Ann M. Ciganer Vice President, Strategic Policy Jürgen D. Kliem Vice President, Strategy and Business Development Leah K. Lambertson Vice President, Operations Joseph F. Denniston, Jr. Vice President, Agriculture Division Peter O. Large Vice President, Channel Development Prakash Iyer Vice President, Software Architecture and Strategy Steven W. Berglund President and Chief Executive Officer John B. Goodrich Secretary Business Consultant William Hart Venture Capital Investor Business Consultant Merit E. Janow Professor, International Economic Law and International Affairs, Columbia University Julie A. Shepard Vice President, Finance Christopher J. Shephard Vice President, Construction Solutions Group Mary Kay Strangis Vice President, Human Resources Ronald S. Nersesian President and Chief Operating Officer, Agilent Technologies Bradford W. Parkinson, Ph.D. Executive Consultant Professor (Emeritus), Stanford University Mark S. Peek Chief Financial Officer, Workday SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are subject to the “safe harbor” created by those sections. The forward-looking statements re- garding future events and the future results of Trimble Navigation Limited (“Trimble” or “the Company” or “we” or “our” or “us”) are based on current expectations, estimates, forecasts, and projections about the industries in which Trimble operates and the beliefs and assumptions of the management of Trimble. Examples of such forward-looking statements may include, but are not limited to, our expectation that our ROIC will recover as we realize the benefits of the acquisitions and as our capital base re-aligns to the revenue base as our acquisition activity returns to historical patterns; and our belief that acquisitions are intended to augment our strategy and do not play a central role in our growth expectations – which are founded on organic growth. Discussions containing forward-looking statements may also be found under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. These forward-looking statements involve certain risks and uncertainties that could cause actual results, levels of activity, performance, achievements, and events to differ materially from those implied by such forward-looking statements, but are not limited to those discussed in this Report under the section entitled “Risk Factors” and elsewhere, and in other reports Trimble files with the Securities and Exchange Commission (“SEC”), specifically the most recent reports on Form 8-K and Form 10-Q, each as it may be amended from time to time. For example, acquisitions are inherently opportunistic, and we may choose to pursue a significant acquisition which may impact our growth expectations as well as our ROIC. These forward-looking statements are made as of the date of this Annual Report. We reserve the right to update these statements for any reason, including the occurrence of material events. The risks and uncertainties under the caption “Risks and Uncertainties” contained herein, among other things, should be considered in evaluating our prospects and future financial performance. We have attempted to identify forward- looking statements in this report by placing an asterisk (*) before paragraphs containing such material. ©Trimble Navigation Limited. All rights reserved. Trimble and the Globe and Triangle logo are registered trademarks of Trimble Navigation Limited, registered in the United States and/or in other countries. All other trademarks are the property of their respective owner. TRIMBLE 2012 ANNUAL REPORT Austria Australia Belgium Brazil Canada Chile China Denmark Dubai Finland France Germany Ghana India Indonesia Ireland Italy Japan Kenya Korea Malaysia Mexico Norway Russia Singapore South Africa Spain Sweden Switzerland Thailand United Arab Emirates United Kingdom The Netherlands USA New Zealand CORPORATE HEADQUARTERS SHAREHOLDER INFORMATION ADDITIONAL INFORMATION Trimble Navigation Limited Independent Auditor The Company’s annual report on 935 Stewart Drive Sunnyvale, California 94085 Ernst & Young LLP San Jose, California (408) 481-8000 www.trimble.com Transfer Agent & Registrar American Stock Transfer & Trust Company 6201 15th Ave. Brooklyn, New York 11219 (800) 937-5449 www.amstock.com info@amstock.com Investor Relations Contact (408) 481-7838 investor_relations@trimble.com Form 10-K, as filed with the Securities Exchange Commission, accompanies this annual report to shareholders and is also available on the Investor Relations section of the Company’s website at: www. trimble.com Trimble Investor Information Traded: The NASDAQ Stock Exchange Symbol: TRMB T r i l m b e N a v i g a t i o n • A n n u a l R e p o r t 2 0 1 2 

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