International Paper Co (IP) 2012年年度报告「NYSE」.pdf

1、2012 ANNUAL REPORTOUR PATH FORWARDIN 2012,WE MADE PROGRESS TOWARD OUR KEY STRATEGIC INITIATIVES AROUND THE GLOBE.WE ARE WELL-POSITIONED TO DELIVER SIGNIFICANT PROGRESS ON OUR EARNINGS AND CASH FLOW IN 2013 AND BEYOND.For International Paper,2012 was marked by strong execution and good results agains

2、t a challenging global economic backdrop.We delivered our second best earnings per share1 since 1995 and gener-ated record cash from operations.Shareowners benefited from strong free cash flow as International Paper raised the dividend 14 percent in 2012 and maintained a strong balance sheet,retirin

3、g$1.9 billion in debt.International Papers success was bolstered by industry leading margins in our Industrial Packaging business,as well as record revenue and earnings performance in both IP Russia and our Foodservice business.Strong performance in a challenging and unpredictable economic environme

4、nt is the result of International Papers strategic position-ing and global balance.However,we should not be measured by prior results.We should instead be defined by Our Path Forward.In 2012,we shared with investors International Papers plan to reach our potential through several strategic earnings

5、driversthat with continued great executionwill result in our goal of 38 percent improvement in EBITDA to more than$5 billion in a mid-cycle environment.The pages following this letter provide more clarity around the earnings drivers within each business.It is a story that begins in North America wit

6、h the acquisition of Temple-Inland and our creation of a premier Industrial Packaging business,as well as a powerful cash flow engine.In less than a year,we achieved higher and faster syn-ergy and run rate targets,as the acquisition delivered more than$300 million in 2012and we expect a synergy run