International Paper Co (IP) 2006年年度报告「NYSE」.pdf

1、We focused our portfolio onbusinesses where we have a strong position on a global basis and the ability to outperform the competition paper and packaging.Complemented by our North American distribution business,xpedx,these are the right businesses for International Paper.As part of our transformatio

2、n,we committed to using part of our proceeds from divestitures to improve our balance sheet and maintain our financial flexibility.By year-end 2006,we had reduced debt by$6.2 billion since the plan began and made a$1 billion voluntary contribution to our U.S.pension fund.In 2006,we further improved

3、ourpaper and packaging businesses by expanding our margins,reducing costs,improving productivity,selectively growing our volume and improving our mix.The foundation for this progress continues to be our focus on our three drivers of People,Operational Excellence and Customers.We are taking a discipl

4、ined approach to selective reinvestments in strategic opportunities that have good returns.We completed joint ventures in China in 2006 and an asset swap in Brazil in early 2007 and are working toward forming a joint venture in Russia each of these provides growth opportuni-ties and helps us better

5、serve our global customers.In 2006,we returned value to shareowners through approxi-mately$1.4 billion in share repurchases.Over the long-term,our goal remains the same having the#1 return versus our peer group and earning more than our cost of capital.In executing“Year 2”of our plan,we will continu

6、e to set our priorities and targets to improve our earnings and returns as we build a stronger,more valuable International Paper.The International Paper story for 2006 really began in July 2005 when we announced a major transformation plan to change and improve our company.At that time,we made big,i