Brunswick Corporation (BC) 2011年年度报告「NYSE」.pdf

1、March 22,2012DEARFELLOWSHAREHOLDERS:After several years of dramatic declines in global marine demand,we established an objective of returning toprofitability in 2011.As a result of the hard work and operating effectiveness of our entire organization,BrunswickCorporation has met this goal and made si

2、gnificant progress in growing our revenue and improving our earnings.In 2011,we achieved double-digit revenue growth and increased operating earnings by$176 million,despite aflat overall marine market and challenging global economic conditions.Our ability to achieve market share gainsthroughout our

3、operating segments,combined with continuing success in improving production and operatingefficiencies,enabled us to report our highest level of operating earnings since 2006.We continued to reduce our total debt outstanding,ending the year with our lowest debt level since the firstquarter of 2004.Th

4、e Companys total liquidity(defined as cash and marketable securities,plus amountsavailable under its asset-based revolving credit facility)at year end was$739 million.Our improved financial performance was due to our relentless focus on executing our core strategy:Generating positive free cash flow;

5、Performing better than the markets in which we compete;and Demonstrating outstanding operating leverage.Throughout our organization,Brunswicks businesses recorded significant accomplishments during the year thatimproved operating performance,while positioning the Company to better compete in the cha

6、llenging worldmarketplace.Mercury Marine,our largest operating segment,continued its impressive contributions in 2011,recording a 10percent increase in revenue for the year,and a nearly 30 percent increase in operating earnings.Revenue growthwas driven by global market share gains in outboard,gasoli