Annual Report 2010 financial highlights D o l l a r s i n M i l l i o n s, e x c e p t p e r s h a r e a M o u n t s Operating Results Net sales Operating income Net earnings1 Diluted earnings per share Dividends per share Financial Position 2010 2009 2008 $ 1,975.5 178.4 94.4 3.57 0.645 $ 1,786.6 238.0 150.6 5.73 0.580 $ 1,907.3 228.6 132.4 5.04 0.495 Shareholders’ equity2 Long-term debt as a % of invested capital3 $ 915.9 26.7% Operating Profits Year-End Data Gross profit as a % of net sales Operating income as a % of net sales Net earnings as a % of net sales Return on beginning equity Return on invested capital3 Shares outstanding (000) Approximate number of shareholders Number of employees $ 786.3 $ 15.2% 29.8% 13.3% 8.4% 24.1% 15.2% 624.1 31.7% 26.8% 12.0% 6.9% 25.9% 16.0% 26.3% 9.0% 4.8% 12.0% 8.1% 26,374 7,700 9,188 26,297 5,400 6,626 26,168 5,800 7,380 1 Net earnings attributable to Valmont Industries, Inc. 2 Total Valmont Industries, Inc. shareholders’ equity. 3 See footnote (a) on page 36 of this document and item 6 on pages 21 through 22 of the attached Company’s Form 10-K. 1,907 1,786 1,975 228.6 238.0 5.73 5.04 1,500 1,281 155.6 110.1 178.4 3.63 3.57 2.38 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 net sales operating income diluted earnings per share Valmont Industries Annual Report 2010 1 table of contents 1 4 6 8 10 14 18 22 26 30 31 32 33 Financial HigHligHts Message to fellow shareholders ROBERt B. DaUgHERtY, a tRiBUtE ValMont at a glance EnginEERED inFRastRUctURE PRODUcts sEgMEnt Utility sUpport strUctUres segMent iRRigatiOn sEgMEnt coatings segMent glOBal PREsEncE board of directors cORPORatE anD BUsinEss Unit OFFicERs corporate and stock inforMation Financial sUMMaRY 2 Valmont Industries Annual Report 2010 valmont’s Vision Valmont is recognized throughout the world as an industry leader in EnginEERED PRODUcts anD sERvicEs FOR inFRastRUctURE, anD watER cOnsERving iRRigatiOn EqUiPMEnt FOR agRicUltURE. wE gROw OUR BUsinEssEs BY lEvERaging OUR Existing PRODUcts, MaRkEts anD PROcEssEs. wE REcOgnizE tHat OUR gROwtH will OnlY cREatE sHaREHOlDER valUE iF, at tHE saME tiME, wE ExcEED OUR cOst OF caPital. EssEntial tO OUR sUccEss is a cOMPanY-wiDE cOMMitMEnt tO cUstOMER sERvicE anD innOvatiOn, anD tHE aBilitY tO BE tHE BEst cOst PRODUcER FOR all PRODUcts anD sERvicEs wE PROviDE. REcOgnizing tHat OUR EMPlOYEEs aRE tHE cORnERstOnE OF OUR accOMPlisHMEnts, wE PRiDE OURsElvEs On BEing PEOPlE OF PassiOn anD intEgRitY wHO ExcEl anD DElivER REsUlts. Valmont Industries Annual Report 2010 3 Our market drivers remain global, strong and enduring. solutions for water management will remain a priority as growing populations and improved diets require more food to be grown with less water. Economic growth and infrastructure enhancements will continue to require substantial investment. valmont is well positioned to help meet these challenges. In my message to you last year, I told you that turbulent economic conditions worldwide would pose a challenge for Valmont in 2010. That proved to be the case. For the first time in many years, 2010 was not a record year for Valmont. Our net earnings declined 37 percent on an 11 percent increase in revenue. Sharply improved performance in our global irrigation business, better results in our coatings and tubing businesses, plus the addition of the Delta businesses for about two thirds of the year could not overcome a weak utility market and a continued difficult environment in the markets for lighting, traffic and wireless communications structures. Significant one-time expenses in connection with the acquisition of Delta plc further reduced earnings. Operating income as a percent of sales declined to 9.0 percent from 13.3 percent. Our return on invested capital fell to 8.2 percent from 15.2 percent due to the increase in total assets and the decline in operating income. An important step in 2010 was Valmont’s acquisition of Delta plc, a leading manufacturer of engineered infrastructure products including: support structures for utility, lighting and telecommunications; highway safety products; engineered access systems and galvanizing services. As part of the acquisition, we welcomed 2,500 employees to the Valmont family – mainly throughout Australia, New Zealand, China, Southeast Asia and North America. There is a very strong cultural fit between Valmont and Delta. Both companies are equally passionate about their businesses and operate them well. This acquisition complements our existing geographic footprint and brings us immediate market presence in several high growth economies, particularly the thriving, resource-driven Australian economy, and the rapidly growing economies of Asia. In 2010, our Engineered Support Structures Segment was negatively impacted by reduced public funding in the U.S., Europe and China. Weak markets inevitably also lead to a much tougher pricing environment. In North America, we still await a new long-term Federal highway bill. Even though funding under the 2005 bill has been extended from time to time, states and municipalities are reluctant to commit to major roadway projects until they have confidence in the outlook for long-term funding. We were hopeful early in the year for better market conditions to return. That did not happen. Our team made great progress in reducing its cost structure and improving productivity, but these efforts were largely masked by lower pricing and weak volume. Our Utility Support Structures Segment had very difficult comparisons with the exceptionally strong 2009 year. Nevertheless, this business managed to deliver double-digit operating income despite a tough pricing environment and weak market activity in general. Our Coatings Segment had a good year despite the weak economy. Coatings management did a great job of managing through the environment and delivered high quality earnings. looking ahead to 2011, we expect a stronger year with much improved performance. Delta’s pole and coatings businesses fit perfectly with Valmont’s existing businesses. Their highway safety products are well positioned in Australia, and their engineered access systems business has developed a strong brand throughout Asia and Australia. Both of these areas could be significant growth platforms for Valmont. The Irrigation Segment experienced acceleration in the improvement of its global markets as the year progressed, ending with a very strong 4th quarter. Farmer sentiment has improved significantly compared to a year ago. This business also delivered strong operating performance, and its plants ran very efficiently. 4 Valmont Industries Annual Report 2010 0 1 0 2 Message to fellow shareholders our performance in all of our businesses. We will build upon our global leadership positions and leverage our strengths across businesses and geography. Our market drivers remain global, strong and enduring. Solutions for water management will remain a priority as growing populations and improved diets require more food to be grown with less water. Economic growth and infrastructure enhancements will continue to require substantial investment. Valmont is well positioned to help meet these challenges. In 2010, Thomas Madison retired from our Board of Directors. We thank Tom for his significant contributions and dedicated service over the past 23 years, and we wish him well. On a sad note, late in the year we lost our founder, Robert B. Daugherty, at the age of 88. Bob was a friend and a mentor from the very first day I met him in China in 1977. He will be missed, but his legacy will continue through the values he instilled in our company, and through his foundation, the Robert B. Daugherty Charitable Foundation. (See pages 6-7.) I thank you for your continued support, and I look forward to updating you on our progress. Sincerely, Mogens C. Bay Chairman and Chief Executive Officer We continue to implement “The Valmont Way,” which is our war on waste to serve our customers better than anyone else. We recognize this is a journey – not a short-term sprint. Over the past year, several of our plants served as models of how a facility can transform itself into a more lean operation and become a “Center of Excellence.” We are confident our progress will accelerate as we continue to develop additional platforms of excellence we can use as catalysts for the entire organization. We remain deeply committed to the environment, to the communities we serve, and to the health and safety of our global workforce. We must strive for excellence in safety metrics and continually improve our performance in this crucial aspect of operating a successful global enterprise. Throughout 2010, I continued my visits to many of our facilities around the world to meet the people behind Valmont’s success. Our employees are second to none. Their passion for our products and for serving our customers is truly inspiring. I’m proud of the work they do for Valmont each day, and nothing pleases me more than to express my gratitude in person. Looking ahead to 2011, we expect a stronger year with much improved performance. Although we expect our structural businesses serving the lighting, traffic and telecommunication markets will continue to face headwinds – due to weak public funding, a difficult pricing environment worldwide and sharply increasing input costs, particularly steel – we are encouraged by the outlook for many of our businesses. Conditions for a strong year for our irrigation business are certainly present, primarily due to increased demand for food and fiber products, strong commodity prices, and a strong farm income picture. We expect more volume in our Utility Structures Segment, but we are not counting on a better pricing environment, at least during the first half of the year. Our earnings will also be helped by a full year impact of the Delta acquisition, and by the continued improved volume and excellent operational performance of our coatings businesses. Despite the continued weak economic conditions in many parts of the world, rest assured we will continue to focus on maximizing Valmont Industries Annual Report 2010 5 Robert B. Daugherty 1922 2010 “Improving agricultural productivity has been my life’s work.” - Bob Daugherty P i o n e e r E n t r e p re n e u r V i s i on a ry L e a d e r P h i l a n t h ro p i s t H i s l e g ac y l i v e s o n 6 Valmont Industries Annual Report 2010 robert b. daugherty a tribUte Robert B. Daugherty, the man who pioneered center pivot irrigation and founded Valmont Industries in Omaha, Nebraska, passed away on November 24, 2010, after a short illness. Daugherty retired in 2004 from Valmont’s Board of Directors after serving for 57 years. only in the United States, but also throughout North America, South America, Europe, Asia Pacific and the Middle East. Under Daugherty’s direction, Valmont later expanded into the tubing, galvanizing and structures industries. Today, Valmont spans the globe as an international company and is a leader in the industries it serves. “We’ve lost much more than our founder,” said Valmont’s Chairman and CEO Mogens C. Bay. “We’ve lost a great leader, mentor, innovator and friend. His vision laid the groundwork for a global industry. He literally changed the surface of the earth.” “Bob has been the guiding force in the evolution of our company,” said Bay, “and all of us at Valmont owe him an enormous debt of gratitude.” Born in 1922 in Omaha, Nebraska, Daugherty was a graduate of Central High School in Omaha and Carleton College in Northfield, Minnesota. After graduating from Carleton in 1942, Daugherty served in World War II. He was commissioned a second lieutenant in the Marine Corps, first serving in the Pacific Theatre, and later in China. After the war ended, Daugherty married his junior high school sweetheart, Marge Kruse. At the time, Daugherty was considering a career in the Marines until his uncle and mentor, Frank Daugherty, convinced him to consider post-war business options. Daugherty made a small investment to acquire a half interest in a Valley, Nebraska, farm machine shop that produced built-to-order grain elevators for area farmers. In 1953, Daugherty purchased the licensing rights to manufacture the center pivot from inventor Frank Zybach. After the company’s engineers spent years perfecting the design, Valley’s center pivot mechanical irrigation equipment revolutionized agriculture, not Daugherty continued to demonstrate his dedication to agriculture and water conservation throughout his retirement. In April 2010, his charitable foundation committed $50 million to the University of Nebraska to found the Global Water for Food Institute, a multi- campus center for research, education and policy analysis relating to the use of water for agriculture. The Institute will allow the university to develop solutions to the challenges of hunger, poverty, agricultural productivity and water management. “Improving agricultural productivity has been my life’s work.” Daugherty summed it up by saying, “I can’t think of a better investment to sustain that work…” “We will extend Bob’s visionary legacy into the future as Valmont continues to grow and adapt to the global business environment,” said Bay. “The essence of his life, what he accomplished and what he believed in, will live on in our company and in our hearts. He surely will be missed.” Valmont Industries Annual Report 2010 7 ValMont at a glance engineered infrastructure products area lighting poles for parking lots and public areas · sports lighting structures for arenas and stadiums · Decorative lighting poles · traffic and sign structures · street and high-mast lighting poles · structures and components for wireless communication · highway safety products · industrial grating and access systems coatings Galvanizing, anodizing and powder coatings utility support structures utility transmission and distribution poles · utility substation structures irrigation Mechanized irrigation systems E C U I e r u t c u r t s a r f n I e r u t l u c r g a I 8 Valmont Industries Annual Report 2010 wherever you live, whatever you do, chances are valmont is part of your life. Engineered products for infrastructure and water management for agriculture. Valmont Industries Annual Report 2010 9 global leVerage is illuminating 10 Valmont Industries Annual Report 2010 engineered infrastructure prodUcts segMent E “Our team made great progress in reducing its cost structure and improving productivity, but these efforts were largely masked by lower pricing and a weak volume.” For more than 50 years, Valmont has been a recognized leader in engineered support structures. Customers from around the world have relied on Valmont’s quality engineered structures for applications in lighting and traffic, mass transit and wireless communication to bring safety and order to life. During 2010, Valmont’s global footprint expanded, and so did our opportunities to serve new customers and build a sustainable growth platform for the decades ahead. 45 ENGINEERED INFRASTRUCTURE PRODUCTS MANUFACTURING CENTERS WORLDWIDE Valmont Industries Annual Report 2010 11 while demand for our products remains strong, we are preparing new platforms for growth and increasing valmont’s significance as a global competitor. ExPanDing markets 12 Valmont Industries Annual Report 2010 engineered infrastructure prodUcts segMent Opening Doors to Opportunities In 2010, Valmont opened doors to new markets with the acquisition of Delta plc, a leading Asia and Australia-based manufacturer of engineered steel products that include highway safety barrier systems, poles for lighting and telecommunications, and industrial grating and access systems. new Markets, adjacent Products The Delta acquisition expands Valmont’s global reach and adds recognized brands in adjacent product lines to our offering: ▪ Ingal Civil Products – Highway safety products, carpark and industrial barriers, work zone and traffic control products, delineation and guideposts, and fencing products ▪ Ingal EPS – Poles for telecommunications, lighting and specialty applications ▪ Webforge – Access systems including grating, flooring, hand rail and barriers, and architectural sunscreens These businesses provide Valmont with immediate presence in several high growth markets including Australia, Vietnam, Malaysia, Thailand, the Philippines and China. Demand for Valmont’s products in these areas is likely to remain strong as population growth and rapid urbanization create the need for the countries in Southeast Asia to build out their infrastructure. In Australia, steady immigration and the government’s commitment to world- class infrastructure provide the support for extensive and long-term opportunities for Valmont. Building on strengths Over the years, Valmont has earned a solid leadership position by leveraging its global engineering capacities and knowledge of local markets and distribution channels. With Valmont’s expansion into new geographic regions and adjacent product lines, our opportunities to build on our strengths are even greater. Sharing innovative ideas and aligning our processes and efficiencies across our businesses enable us to provide a broader array of products to customers in new markets. new Platforms to serve customers Valmont’s latest acquisition complements our existing geographic distribution: Our global footprint has expanded into new markets and deepened in our existing, markets. While demand for our products remains strong, we are preparing new platforms for growth and increasing Valmont’s significance as a global competitor. We are positioned more strongly than ever for sustained success; and we are passionate as always about continuous improvement to better serve our customers. Valmont Industries Annual Report 2010 13 global leVerage is powerful 14 Valmont Industries Annual Report 2010 utility support strUctUres segMent U “Our Utility Support Structures Segment had very difficult comparisons with the exceptionally strong 2009 year.” Years of experience and engineering know-how have made Valmont a recognized leader in utility infrastructure. Time and again, customers with even the most demanding utility projects have counted on our quality transmission, distribution and substation structures to reliably deliver electricity to regions in North America, Europe and China. In 2010, Valmont extended its global reach and is positioned to help deliver power to new markets. 17 UTILITY MANUFACTURING CENTERS WORLDWIDE Valmont Industries Annual Report 2010 15 Over the years, valmont has achieved an industry-leading position by consistently transferring knowledge and resources among our global network of facilities. ExtEnDing power 16 Valmont Industries Annual Report 2010 utility support strUctUres segMent energizing Opportunities Valmont’s opportunities to enter new markets were boosted in 2010 with the acquisition of Delta plc. This acquisition extended our geographical footprint with the addition of Ingal EPS, a market-leading provider of power transmission and distribution poles to utility customers in every state and territory in Australia and parts of Southeast Asia. leveraging two Market leaders Over the years, Valmont has achieved an industry-leading position by consistently transferring knowledge and resources among our global network of facilities. Now, with the acquisition of the leading provider of utility infrastructure in Australia, our opportunities to align strengths between our businesses have increased significantly. By leveraging our knowledge and local footprint in Australia with our manufacturing capabilities and capacities in China, Valmont is setting the stage to become a more global competitor. generating Business The newly acquired business provides Valmont with entry into new markets. Our fundamental growth drivers remain strong. Urbanization and a push to bring electricity to over 1.5 billion people for the first time will lead developing countries to build out their power grids. While China continues to make significant investments over the next 10 years to build out its infrastructure, other developing regions also present good opportunities. The need for a stronger, more reliable national grid system in the U.S. will call for significant investments in infrastructure. The focus on green energy and the surge in wind power will require ongoing upgrading of existing power grids. To meet the rising demand for more dependable power, highly developed and developing countries will continue to invest in building interconnect ties, which will allow electricity to be transferred back and forth between state and national borders. Powerful future Global demand for reliable electricity is escalating, and so are the size and complexity of utility projects. They require the kind of concentrated project experience and engineering expertise that has made Valmont a leader in utility infrastructure. Now, with our entry into new high-growth markets, along with our diverse product portfolio – tubular steel poles, pre-stressed spun concrete structures, and structures combining steel and concrete – Valmont is well positioned to leverage its strengths, and to deliver superior service and value to utility customers around the world. Valmont Industries Annual Report 2010 17 global leVerage is nourishing 18 Valmont Industries Annual Report 2010 irrigation segMent I “The Irrigation Segment experienced acceleration in the improvement of its global markets as the year progressed…” Of all the earth’s fresh water, only one percent is available for human consumption. Out of that one percent, nearly 70 percent is used by agriculture today. To satisfy the nutritional needs of our escalating global population, producers will be pressed to grow twice as much food with less water over the next five decades. Valmont’s technologically advanced mechanized irrigation equipment is today helping producers live up to that challenge. 7 IRRIGATION MANUFACTURING CENTERS WORLDWIDE Valmont Industries Annual Report 2010 19 valmont will remain at the forefront of discovery and innovation to feed growing populations and improve standards of living. ElEvating production 20 Valmont Industries Annual Report 2010 irrigation segMent leading by Design Valmont is the pioneering leader and the world’s largest manufacturer of mechanized irrigation equipment. Since we built our first center pivot more than 57 years ago, we have remained dedicated to the design and manufacture of innovative, world-class irrigation solutions. Our Valley® brand center pivot and linear irrigation equipment reduces agriculture’s burden on the world’s fresh water supply, and is recognized for its unmatched quality and reliability. advancing solutions At Valmont, we leverage our resources and relentlessly seek breakthrough advancements in irrigation technologies and methodologies. Our determination has led us to participate in an ongoing study to evaluate the effectiveness of mechanized irrigation on rice crops. Flood irrigation, the prevalent irrigation method used in rice fields worldwide, is highly inefficient and not always feasible in regions where rice is most needed. As we bring viable irrigation solutions to the world’s poorest economies, the benefits are exciting. Valmont will remain at the forefront of discovery and innovation to feed these growing populations and improve standards of living. enduring Demand When it comes to demand for Valmont’s mechanized irrigation equipment, there is no end in sight. We believe that: ▪ The world’s scarce fresh water supply available for agriculture will remain a precious resource. ▪ Rapid urbanization in developing countries will continue, obligating producers to grow more food with less water and land. ▪ The conversion from traditional flood to mechanized irrigation will continue, conserving 30 to 70 percent of the water used. ▪ In North America, aging mechanized irrigation equipment will continue to be replaced as producers strive to optimize crop yields and capture operating efficiencies. ▪ A steady rise in biofuel usage will require more grain to be produced for bio-diesel and ethanol. sustaining growth As a premier solutions provider, Valmont is well prepared to meet agriculture’s growing demands worldwide. We have a leading global network of experienced dealers in place. We remain passionate about our products and the customers we serve. And we are steadfast in our commitment to continuous improvement, and to providing innovative irrigation solutions to help feed the world and conserve our water resources for future generations. Valmont Industries Annual Report 2010 21 global leVerage is protecting 22 Valmont Industries Annual Report 2010 coatings segMent C “Our Coatings Segment had a very good year despite the weak economy.” Valmont Coatings is one of North America’s largest custom galvanizers. From small components to large steel products for construction and infrastructure, our protective finishes extend the service life of metal products. Thanks to the extension of our geographical footprint, our coverage is broadening, and our opportunities to globalize our business are growing. 29 COATINGS OPERATIONS WORLDWIDE Valmont Industries Annual Report 2010 23 a catalyst for valmont coatings’ success – both past and in the future – is the diversity of our markets. BROaDEning coVerage 24 Valmont Industries Annual Report 2010 coatings segMent covering the global Market When Valmont put the finishing touches on the acquisition of Delta plc in 2010, the landscape of our coatings operation changed significantly. Our business nearly doubled in size with the addition of nine galvanizing plants in Australia, five in North America and three galvanizing operations in Southeast Asia. These businesses, together with Valmont’s North American galvanizing operations, form Valmont’s Coatings segment. leveraging on a global scale Valmont Coatings has remained one of North America’s most relied upon galvanizers for two primary reasons: we continuously seek new ways to implement process improvements that result in meeting our customers’ need for speed and quality; and we continually share our knowledge and leverage resources between our facilities. Now, Valmont’s galvanizing operations in Australia and Southeast Asia provide us with new sets of competencies and operational practices that can be leveraged on a global scale. rising Demand to reduce corrosion A catalyst for Valmont Coatings’ success both past and in the future – is the diversity of our markets. Our galvanizing facilities serve a broad base of customers in industries that include recreation, petrochemical, agriculture, utility and infrastructure. Another driver is the high cost of corrosion worldwide. According to the World Corrosion Organization, corrosion costs industry and government agencies more than $1.8 trillion annually. Greater emphasis on improving the service life of steel products to control these costs will require substantial ongoing financial commitments. The long-term demand for protective finishes is also evident due to stronger requirements for steel infrastructure in emerging economies. Valmont Coatings is well positioned to leverage our global competencies to serve these high-growth markets. strong finish, Bright future Since we installed our first hot-dipped galvanizing process more than 40 years ago, we have leveraged our engineering capabilities, resources and knowledge to become a leading full-service coatings company in North America. In 2010, our newly acquired businesses transformed Valmont Coatings into a premier provider of galvanizing services in some of the world’s fastest growing economies. The expansion of our global presence brought the year to a strong finish, and is leading our business to a brighter future. Valmont Industries Annual Report 2010 25 KEY Plant location Multiple plant locations Corporate headquarters global presence 26 Valmont Industries Annual Report 2010 KEY Plant location Multiple plant locations Corporate headquarters throughout the world, our dedicated employees strive to make a difference. a difference at work, at home, and in their communities. Valmont Industries Annual Report 2010 27 global presence Africa Berrechid, Morocco Steel Poles Johannesburg, South Africa Irrigation Equipment Nelspruit, South Africa Manganese Metal Alloys and Electrolytic Maganese Dioxide Australia Acacia Ridge, Queensland Steel Poles Bassendean, Western Australia Grinding Media Bohle, Townsville Queensland Galvanizing Bohle, Townsville Queensland Grinding Media Campbellfield, Victoria Galvanizing Carole Park, Queensland Galvanizing Clayton South, Victoria Access Systems Girraween, New South Wales Galvanizing Hexham, New South Wales Galvanizing Launceston, Tasmania Galvanizing Maddington, Western Australia Steel Poles Mayfield, New South Wales Grinding Media Minto, New South Wales Highway Safety Products Haiyang Steel Poles and Irrigation Equipment Mona Vale, New South Wales Access Systems Shanghai Steel Poles Pinkenba, Queensland Access Systems Pinkenba, Queensland Galvanizing Port Kembla, New South Wales Galvanizing and Zinc Reclamation Silverwater, New South Wales Architectural Metal Coverings Spearwood, Western Australia Galvanizing Welshpool, Western Australia Access Systems Canada Delta, British Columbia Steel Poles Winnipeg, Manitoba Steel Poles Barrie, Ontario Steel Poles Wuxi, Jiangsu P.C. Access Systems Europe & Middle East Kiiu, Estonia Steel Poles Kangasniemi, Finland Steel and Wood Poles Charmeil, France Steel Poles Rive-de-Gier, France Aluminum Poles Gelsenkirchen, Germany Steel Poles Maarheeze, The Netherlands Steel Poles Siedlce, Poland Steel Poles Madrid, Spain Irrigation Equipment St. Julie, Québec Steel and Aluminum Poles Ankara, Turkey Steel Poles China Chengdu, Sichuan Access Systems Guangzhou Access Systems Guangzhou Steel Poles Jebel Ali, U.A.E. Irrigation Equipment Stockton-on-Tees, United Kingdom Steel Poles 28 Valmont Industries Annual Report 2010 valmont locations across the globe. see map on pages 26-27. Mexico Monterrey Steel Poles New Zealand Palmerston North Access Systems South America Uberaba, Brazil Irrigation Equipment Southeast Asia Jalan Jababeka, Indonesia Access Systems Jaya, Selangor, Malaysia Galvanizing Nilai, Negeri Sembilan, Malaysia Galvanizing Selangor Darul Ehsan, Malaysia Access Systems Cabuyao, Laguna, Philippines Access Systems Trece Martires City, Cavite, Philippines Galvanizing and Steel Poles Rayong, Thailand Access Systems United States Bay Minette, Alabama Concrete Poles Steele, Alabama Galvanizing Tuscaloosa, Alabama Concrete Poles Barstow, California Concrete and Steel Poles Long Beach, California Galvanizing Los Angeles, California Anodizing and Powder Coating Elkhart, Indiana Aluminum Extrusions Jeffersonville, Indiana Galvanizing Plymouth, Indiana Wireless Communication Structures, Components and Specialty Structures Sioux City, Iowa Galvanizing El Dorado, Kansas Steel Poles Salina, Kansas Galvanizing Santa Fe Springs, California Wireless Components Farmington, Minnesota Aluminum Poles Minneapolis, Minnesota Powder Coating and E-Coating McCook, Nebraska Irrigation Equipment Omaha, Nebraska Corporate Headquarters Valley, Nebraska Irrigation Equipment, Steel Poles, Tubing and Galvanizing Aurora, Colorado Composite Poles Bartow, Florida Concrete Poles Miami, Florida Galvanizing Tampa, Florida Galvanizing Atlanta, Georgia Wireless Components Claxton, Georgia Concrete Poles Chicago, Illinois Galvanizing Tulsa, Oklahoma Steel Poles and Galvanizing Salem, Oregon Wireless Communication Structures, Components and Specialty Structures Tualatin, Oregon Galvanizing Hazleton, Pennsylvania Steel Poles West Columbia, South Carolina Galvanizing Jasper, Tennessee Steel Poles Bellville, Texas Concrete Poles Brenham, Texas Steel Poles Mansfield, Texas Steel Poles Lindon, Utah Galvanizing and Powder Coating Petersburg, Virginia Galvanizing West Point, Nebraska Galvanizing Ferndale, Washington Steel Poles Hauppauge, New York Wireless Components Valmont Industries Annual Report 2010 29 From left to right: Kaj den Daas, Daniel p. neary, Walter scott, Jr., ambassador clark t. randt, Jr., Mogens c. Bay, Kenneth e. stinson, Dr. stephen r. lewis, Jr., Glen a. Barton Dr. Stephen R. Lewis, Jr. Chairman Columbia – RiverSource Funds Director Since 2002 Audit Committee Walter Scott, Jr., Chairman Kaj den Daas Daniel P. Neary Daniel P. Neary Chairman and Chief Executive Officer Mutual of Omaha Director Since 2005 Ambassador Clark T. Randt, Jr. Former U.S. Ambassador to the People’s Republic of China Director Since 2009 Walter Scott, Jr. Chairman Level 3 Communications, Inc. Director Since 1981 Human Resources Committee Glen A. Barton, Chairman Dr. Stephen R. Lewis, Jr. Daniel P. Neary Kenneth E. Stinson Governance and Nominating Committee Dr. Stephen R. Lewis, Jr., Chairman Ambassador Clark T. Randt, Jr. Glen A. Barton International Committee Kaj den Daas, Chairman Ambassador Clark T. Randt, Jr. Mogens C. Bay s r o t c e r i d f o d r a o b Mogens C. Bay Chairman and Chief Executive Officer Valmont Industries, Inc. Director Since 1993 Kenneth E. Stinson Lead Director Chairman Peter Kiewit Sons’, Inc. Director Since 1996 Glen A. Barton Retired Chairman and Chief Executive Officer Caterpillar, Inc. Director Since 2004 Kaj den Daas Retired Executive Vice President Philips Lighting, B.V. of the Netherlands Director Since 2004 30 Valmont Industries Annual Report 2010 officers cORPORatE & BUsinEss Units Corporate Officers Mogens C. Bay Chairman & Chief Executive Officer Terry J. McClain Senior Vice President & Chief Financial Officer Todd Atkinson Executive Vice President E. Robert Meaney Senior Vice President & Corporate Secretary Brian Desigio Vice President Corporate Development John G. Graboski Vice President Human Resources Mark C. Jaksich Vice President & Corporate Controller Steve Kaniewski Vice President Information Technology Walter P. Pasko Vice President Procurement Operations and Management Utility Support Structures Earl Foust Group President Michael Banat Vice President & General Manager International Sales & Market Development James P. Ruddy Vice President, Steel Business Units Thomas F. Sanderson Vice President Global Platforms & Strategic Growth Mark E. Treinen Group Vice President Controller & Business Development Dan Witt Vice President Marketing, Research & Development & Customer Engagement Steven A. Schmid Vice President Operations & General Manager Concrete Douglas C. Sherman Vice President Marketing Irrigation Leonard M. Adams Group President Stephen B. LeGrand Vice President Operations Craig Malsam Vice President Engineering Lighting and Communication Structures Earl Foust Group President Todd P. Barth President Americas Lighting & Communication Structures Ted Brockman Vice President & General Manager Valmont West Coast Engineering Gary King Vice President Operations Jason Palumbis Vice President Sales Piet Stevens Vice President & General Manager Europe, Middle East, Africa Stéphane Devulder General Manager, Southern Europe Asia Pacific Region Vik Bansal President Huang Xiao Yong President, China David Wong Managing Director, Asia Paul Gee Managing Director, Webforge Australasia Peter Hogan Managing Director, Industrial Galvanizers Paul Shelley Managing Director, Donhad Pty Ltd Alex Spelette Managing Director, AusZinc Hayden Wallace Managing Director Ingal EPS, Ingal Civil Products Coatings and Tubing Richard S. Cornish President, Valmont Coatings & Tubing Divisions Valmont Industries Annual Report 2010 31 cORPORatE anD stOck inforMation Shareholder and Investor Relations Valmont’s common stock trades on the New York Stock Exchange (NYSE) under the symbol VMI. We make available, free of charge through our Internet Web site at www.valmont.com, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission. We have also posted on our Web site our (1) Corporate Governance Principles, (2) Charters for the Audit Committee, Human Resources Committee, Governance and Nominating Committee and International Committee of the Board, (3) Code of Business Conduct, and (4) Code of Ethics for Senior Officers applicable to the Chief Executive Officer, Chief Financial Officer and Controller. Valmont shareholders may also obtain copies of these items at no charge by writing to: Jeffrey S. Laudin Investor Relations Department Valmont Industries, Inc. One Valmont Plaza Omaha, Nebraska 68154 USA Tel Fax 1-402-963-1000 1-402-963-1198 Corporate Headquarters Valmont Industries, Inc. One Valmont Plaza Omaha, Nebraska 68154-5215 USA 1-402-963-1000 Tel Fax 1-402-963-1198 Online valmont.com Independent Public Accountants Deloitte & Touche LLP Omaha, Nebraska USA Legal Counsel McGrath North Mullin & Kratz, PC LLO Omaha, Nebraska USA Stock Transfer Agent and Registrar Address Shareholder Inquiries to: Wells Fargo Shareowner Services 161 N. Concord Exchange South St. Paul, Minnesota 55075 1-866-886-9962 Send Certificates for Transfer and Address Changes to: Wells Fargo Shareowner Services 161 N. Concord Exchange South St. Paul, Minnesota 55075 1-866-886-9962 Annual Meeting The annual meeting of Valmont’s shareholders will be held at 2:00 p.m. on Tuesday, April 26, 2011, at the Omaha Marriott Hotel, 10220 Regency Circle in Omaha, Nebraska USA. 32 Valmont Industries Annual Report 2010 finAnciAl summary Valmont Industries Annual Report 2010 33 selected 5-year financial summary D o l l a r s i n t h o u s a n D s , e x c e p t p e r s h a r e a m o u n t s Operating Data Net sales Operating income Net earnings1 Depreciation and amortization Capital expenditures Per Share Data Earnings: Basic Diluted Cash dividends Financial Position Working capital Property, plant and equipment, net Total assets Long-term debt, including current installments Shareholders’ equity2 Cash Flow Data Net cash flows from operations Net cash flows from investing activities Net cash flows from financing activities Financial Measures (e) Invested capital(a) Return on invested capital(a) EBITDA(b) Return on beginning shareholders’ equity(c) Long-term debt as a percent of invested capital(d) Year End Data Shares outstanding (000) Approximate number of shareholders Number of employees 2010 2009 2008 2007 2006 $ 1,975,505 178,413 94,379 59,663 36,092 $ 1,786,601 237,994 150,562 44,748 44,129 $ 1,907,278 228,591 132,397 39,597 50,879 $ 1,499,834 155,626 94,713 35,176 56,610 $ 1,281,281 110,085 61,544 36,541 27,898 $ 3.62 3.57 0.645 $ 5.80 5.73 0.580 $ 5.13 5.04 0.495 $ 3.71 3.63 0.410 $ 2.44 2.38 0.370 $ 747,312 439,609 2,090,743 $ 458,605 283,088 1,302,169 $ 475,215 269,320 1,326,288 $ 350,561 232,684 1,052,613 $ 277,736 200,610 892,310 468,834 915,892 160,482 786,261 338,032 624,131 223,248 510,613 221,137 401,281 $ 152,220 $ 349,520 $ 52,575 $ 110,249 $ 59,130 (262,713) (43,595) (194,615) (71,040) (36,735) 269,685 (198,400) 109,291 (210) (6,946) $ 1,752,891 $ 1,057,483 $ 1,066,160 $ 819,092 $ 706,855 8.1% 15.2% 16.0% 14.0% 11.1% $ 243,592 $ 283,964 $ 260,474 $ 191,635 $ 146,029 12.0% 24.1% 25.9% 23.6% 26.7% 15.2% 31.7% 27.3% 18.7% 31.3% 26,374 26,297 26,168 25,945 25,634 7,700 9,188 5,400 6,626 5,800 7,380 5,800 6,029 5,600 5,684 See footnotes on page 36. 1 Net earnings attributable to Valmont Industries, Inc. 2 Total Valmont Industries, Inc. shareholders’ equity. 34 Valmont Industries Annual Report 2010 segment summary D o l l a r s i n m i l l i o n s , e x c e p t p e r s h a r e a m o u n t s Consolidated Net sales Gross profit as a percent of sales SG&A expense as a percent of sales Operating income as a percent of sales Net interest expense Effective tax rate Net earnings Diluted earnings per share Engineered Infrastructure Products Segment Net sales Gross profit SG&A expense Operating income Utility Support Structures Segment Net sales Gross profit SG&A expense Operating income Coatings Segment Net sales Gross profit SG&A expense Operating income Irrigation Segment Net sales Gross profit SG&A expense Operating income Other Net sales Gross profit SG&A expense Operating income Net Corporate Expense Gross profit SG&A expense Operating loss 2010 2009 Change 2010-2009 2008 Change 2009-2008 $ 1,975.5 519.6 26.3 % 341.2 17.3 % 178.4 9.0 % 26.1 36.0 % 94.4 3.57 669.2 179.5 127.3 52.2 472.7 112.2 60.5 51.7 208.4 67.8 25.2 42.6 443.4 118.8 56.8 62.0 181.8 43.4 14.9 28.5 (2.1) 56.5 (58.6) $ $ $ $ $ $ $ $ $ 1,786.6 532.0 29.8 % 294.0 16.5 % 238.0 13.3 % 14.3 32.2 % $ $ 150.6 5.73 $ $ $ $ $ $ 582.3 153.8 108.7 45.1 698.2 236.0 71.2 164.8 90.6 38.0 13.3 24.7 362.2 84.3 49.2 35.1 53.3 20.5 7.5 13.0 (0.6) 44.1 (44.7) 10.6 % (2.3) % 16.1 % (25.0) % 82.5 % (37.3) % (37.7) % 14.9 % 16.7 % 17.1 % 15.7 % (32.3) % (52.5) % (15.0) % (68.6) % 130.0 % 78.4 % 89.5 % 72.5 % 22.4 % 40.9 % 15.4 % 76.6 % 241.1 % 111.7 % 98.7 % 119.2 % 250.0 % 28.1 % 31.1 % $ 1,907.3 510.5 26.8 % 281.9 14.8 % 228.6 12.0 % 15.9 34.2 % 132.4 5.04 638.3 156.5 109.1 47.4 508.4 136.1 62.6 73.5 112.0 45.2 13.4 31.8 562.7 143.2 56.0 87.2 86.0 30.1 9.1 21.0 (0.6) 31.7 (32.3) $ $ $ $ $ $ $ $ (6.3) % 4.2 % 4.3 % 4.1 % (10.1) % 13.8 % 13.7 % (8.8) % (1.7) % (0.4) % (4.9) % 37.3 % 73.4 % 13.7 % 124.2 % (19.1) % (15.9) % (0.1) % (22.3) % (35.6) % (41.1) % (12.1) % (59.7) % (38.0) % (31.9) % (17.6) % (38.1) % 0.0 % 39.1 % 38.4 % Valmont Industries Annual Report 2010 35 appendix Sources and Footnotes Footnotes (a) Return on Invested Capital is calculated as Operating Income (after-tax) divided by the average of beginning and ending Invested Capital. Invested Capital represents Total Assets minus Accounts Payable, Accrued Expenses and Dividends Payable. Return on Invested Capital is one of our key operating ratios, as it allows investors to analyze our operating performance in light of the amount of investment required to generate our operating profit. Return on Invested Capital is also a measurement used to determine management incentives. Return on Invested Capital is not a measure of financial performance or liquidity under generally accepted accounting principles (GAAP). Accordingly, Return on Invested Capital should not be considered in isolation or as a substitute for net earnings, cash flows from operations or other income or cash flow data prepared in accordance with GAAP or as a measure of our operating performance or liquidity. Return on Invested Capital, as presented, may not be comparable to similarly titled measures of other companies. (b) Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) is one of our key financial ratios in that it is the basis for determining our maximum borrowing capacity at any one time. Our bank credit agreements contain a financial covenant that our total interest-bearing debt not exceed 3.75x EBITDA for the most recent twelve month period. If this covenant is violated, we may incur additional financing costs or be required to pay the debt before its maturity date. EBITDA is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered in isolation or as a substitute for net earnings, cash flows from operations or other income or cash flow data prepared in accordance with GAAP or as a measure of our operating performance or liquidity. (c) Return on beginning shareholders’ equity is calculated by dividing Net earnings attributable to Valmont Industries, Inc. by the prior year’s ending Total Valmont Industries, Inc. shareholders equity. (d) Long-term debt as a percent of invested capital is calculated as the sum of Current portion of long-term debt and Long-term debt divided by Total Invested Capital. This is one of our key financial ratios in that it measures the amount of financial leverage on our balance sheet at any point in time. We also have covenants under our major debt agreements that relate to the amount of debt we carry. If those covenants are violated, we may incur additional financing costs or be required to pay the debt before its maturity date. We have an internal target to maintain this ratio at or below 40%. This ratio may exceed 40% from time to time to take advantage of opportunities to grow and improve our businesses. Long-term debt as a percent of invested capital is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered in isolation or as a substitute for net earnings, cash flows from operations or other income or cash flow data prepared in accordance with GAAP or as a measure of our operating performance or liquidity. (e) See pages 21-22 of our attached Company Form 10-K for tables that show how the financial measurement described in footnotes are calculated from our financial statements. Photo Information Page 10 Along Seine River, Paris, France Page 14 Pudong skyline, Shanghai, China Page 22 Webb Bridge, Melbourne, Victoria, Australia Forward-Looking Statements This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that management has made in light of experience in the industries in which the Company operates, as well as management’s perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances. These statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. Management believes that these forward-looking statements are based on reasonable assumptions. Many factors could affect the Company’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include, among other things, risk factors described from time to time in the Company’s reports to the Securities and Exchange Commission, as well as future economic and market circumstances, industry conditions, company performance and financial results, operating efficiencies, availability and price of raw materials, availability and market acceptance of new products, product pricing, domestic and international competitive environments, and actions and policy changes of domestic and foreign governments. The Company cautions that any forward-looking statements included in this report are made as of the date of this report. 36 Valmont Industries Annual Report 2010 FSC LOGOS FPOFFFFFPPPPPPPPPPOOOOOOOOOOOOOFFPPPPPPPPPPPPOOOOOOOOOOOOOFFPPPPPPPPPPOOOOOOOFPPPPPPPPPPFPPPPPPPOOOOOOOOOOOOOOFPPPPPPOOOOOOOOOOOOOOOOOOOO O O O O O O O Valmont IndustrIes, Inc. one Valmont Plaza omaha, nebraska 68154-5215 usa 402.963.1000 Valmont.com FSC_MS_1_LNBW O O O O O F F F F F F FF F F F PPPPP PPPP P P P P P P P P P P FPOFPPPPPPPPPPOOOOOOOOOOOFPPPPPPPPPPFPPPPPPPPPPPOOOOOOOOOOOOOOFPPPFFFF OOOOOOOOOOOOO FSC_100_LNBW FPOFPPPPPPPPPOOOOOOOOOOOFPPPPPPPPPPFPPPPPPPOOOOOOOOOOOOOFPPPFFFF OOOOOOOOOOOOO FSC_100_LNC FPOPPPPPPPPPOOOOOOOOOOOOPPPPPPPPPPPPPPPFFFF OOOOOOOOOOOO FSC_100_LPBW FPOPPPPPPPPPPOOOOOOOOOOOOOPPPPPPPPPPPPPPPOFFFF OOOOOOOOOOOO FSC_100_LPC FPOFFFFFFFPPPPPPPPPOOOOOOOOOOOOFFFFFFFPPPPPPPPPPPOOOOOOOOOFFFFFFFPPPPPPPPPPOOFFFFFPPPPPFFFFFPPPPPPPPPPPOOOOOOOOOOOFFFPPPPPOOOOOPPPPPOOOOOOOOOOOOOO FSC_MS_2_LNBW FPOFFFFFFFPPPPPPPPPOOOOOOOOOOOOFFFFFFPPPPPPPPPPPOOOOOOOOOFFFFFFFPPPPPPPPPOOFFFFFPPPPPFFFFFPPPPPPPPPPPPOOOOOOOOOOOOFFFPPPPOOOOOPPPPOOOOOOOOOOOOO FSC_MS_2_LNC FPOFFFFFFFPPPPPPPPPPOOOOOOOOOOOOOFFFFFPPPPPPPPPPPPOOOOOOOOOOFFFFFPPPPPPPPPOOOFFFPPPPPPPFFPPPPPOOOOOPPPPOOOOOOOOOOOO FSC_MS_2_LPBW FPOFFFFFFFPPPPPPPPPPOOOOOOOOOOOOOFFFFFPPPPPPPPPPPPOOOOOOOOOOFFFFFPPPPPPPPOOOOFFFPPPPPPPFFPPPPPOOOOOPPPOOOOOOOOOOOO FSC_MS_2_LPC FPOFPPPPPPPPPPOOOOOOOOOOOOOFFPPPPPPPPPPOOOOOOOOOOOOFPPPPPPPPPPFPPPPPPPOOOOOOOOOOOOOOFFFFFPPPPPPOOOOOOOOOOOOOOOOOOO FSC_MS_4_LNBW FPOFPPPPPPPPPPOOOOOOOOOOOOOFPPPPPPPPPPOOOOOOOOOOOOFPPPPPPPPPPFPPPPPPOOOOFFFFFPPPPPOOOOOOOOOOOOOOOOOOOO FSC_MS_4_LNC FPOPPPPPPPPPPOOOOOOOOOOOOOPPPPPPPPPPOOOOOOOOOOOOPPPPPPPPPPPFFFFPPPPPOOOOOOOOOOOOOOOOOOO FSC_MS_4_LPBW FPOPPPPPPPPPPPOOOOOOOOOOOOPPPPPPPPPPOOOOOOOOOOOOPPPPPPPPPPPFFFFPPPPPOOOOOOOOOOOOOOOOOOO FSC_MS_4_LPC XX% XX% XX% XX% P PPPPPP P P P P PPP P P P P P P P P P P P P P P P P P P P P P P P P P PPPP PPPPPP PPPPPPPPP PPPPP PP P P P P P P P P P P P P P P PPPPPPPP PPPPPPP PPPP P P P P P P P P P P P P P P P PPPP PP P P P P P P P P P P P P P PPP PPPPPPPP PPP PPPP PPPPPPPPPP P P P P P P P P P P P P P P P P P P P P P P PPPP PPPPPPP PPPP P P P P P P P P P P P P P P P P P P P P P P F F F FF F F F F F F F F F F F F F F F FF F F F FFFFF F F F F F FFFF F F F F FFFFF F F F F F F F F F F FFFFF F FF F F F F F F F FF FFFF F F F F F F FF F F F F FFFFFF F F F F F FFFFF F F F F F F F F F F F F F F FF F F F F F F FFFFFF F F F F F FFFFFFF F F F F F F FSC_100_PNBW FSC_100_PNC O O O O O O O O O O PPPP P P P P P P FFFFFFF F FF F F FSC_100_PPBW FSC_100_PPC XX% OO O O O O O OOOO O O O O O XX%OO XX% O OOOO O O O O O OO XX%OOO PPPP P P P P P PPPPPPPPPP P P P P P P PPPPPPPPP P P P P P P P P PPPP P P P PP P F F F F F F F F F F F F F FFF F F F F F FFFFF F F F FF FSC_MS_2_PNBW FSC_MS_2_PNC XX% OOO O O O O O XX%OOO XX% XX% OOO O O O O O OOO O PPPPPPP P P P P P P P PPPPPPPPP P P P P P P P P P PPP P P P P P PP P FFFFFFF F F F F F F F FFFFF F F F F F FFFFFF F F F F F F FF FSC_MS_2_PPBW FSC_MS_2_PPC Cert no. 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