Brunswick Corporation (BC) 2010年年度报告「NYSE」.pdf

1、Job:145185_002 Brunswick Page:1 Color;CompositeMarch 24,2011DEARFELLOWSHAREHOLDERS:The year 2010 was one of significant progress for Brunswick.We continued our disciplined,comprehensive andfocused efforts that have improved and solidified our financial position,while reconfiguring and repositioningt

2、he Company to maintain and extend its market leadership.As a result,Brunswick is poised to return toprofitability in 2011.In the past few years,Brunswick has undergone a profound transformation against the backdrop of a very difficultglobal economic and marine market.In 2010,we continued to make sig

3、nificant strides in rationalizing ourmanufacturing footprint and executing against strategies that have allowed us to operate our businesses moreefficiently,resulting in strong operating leverage.During 2010,our revenues increased by 23 percent and,excludingrestructuring charges and trade name impai

4、rments,our operating earnings increased by approximately$477 million,as compared to 2009.In addition,we achieved our objective of being free cash flow positive during 2010.We exited the year with$657 million in cash and marketable securities,with net debt(defined as total debt,lesscash and marketabl

5、e securities)of$174 million down$150 million from year-end 2009 levels.In 2010,we continued to lower our cost structure,thanks to the hard work and dedication of our 15,000employees around the world.With lower costs,improved efficiencies and successful execution,we are wellpositioned to profit from

6、market opportunities.In our Boat segment,we continued to ensure that our dealer network remains strong.Pipeline inventories,whichcurrently reflect dealer minimum stocking levels,remained healthy in 2010,and our dealers made excellentprogress in reducing the age of their floorplan boat inventories.Ou