会员注册 | 登录 | 微信快捷登录 支付宝快捷登录 QQ登录 微博登录 | 帮助中心 人人文库renrendoc.com美如初恋!
站内搜索 百度文库

热门搜索: 直缝焊接机 矿井提升机 循环球式转向器图纸 机器人手爪发展史 管道机器人dwg 动平衡试验台设计

   首页 人人文库网 > 资源分类 > PDF文档下载

IBM公司2010年度财务报告(英文版).pdf

  • 资源星级:
  • 资源大小:8.37MB   全文页数:140页
  • 资源格式: PDF        下载权限:注册会员/VIP会员
您还没有登陆,请先登录。登陆后即可下载此文档。
  合作网站登录: 微信快捷登录 支付宝快捷登录   QQ登录   微博登录
友情提示
2:本站资源不支持迅雷下载,请使用浏览器直接下载(不支持QQ浏览器)
3:本站资源下载后的文档和图纸-无水印,预览文档经过压缩,下载后原文更清晰   

IBM公司2010年度财务报告(英文版).pdf

AnnualReport2010OnJune16,2011,IBMmarksitscentennial.Aswereflectonourfirstcentury,ithassparkednewthinkingaboutthepossibilitiesforoursecond.JoinusatIBM100.comDearIBMInvestorIampleasedtoreportthatIBMhadanotherstrongyearin2010.Yourcompanycontinuedtooutperformourindustryandthemarketatlarge.Weonceagainachievedrecordprenullanullearningsnullrecordearningspersharenullrecordfreecashnullnullandimprovedpronullmarginsnullnullthincreasedrevenues.Atthesametimenullnullecontinuedtodeliversuperiorreturnstoyounullouronullers.Mostimportantlynullnullearenullellpositionedtogronullastheglonullleconomyrecovers.nullheseresultsnulleremadepossinullenulldecisionsandactionsthatnulleundertookadecadeagonullnullsedonnullerenullenulllievedthenullorldnullasshifting.ButevenmorenulltheyarearenullectionofthemindsetnullamnulltionsandvaluesthathaveguidedIBMsinceitsinceptionnull100yearsago.Assuchnullourperformancein2010marksanulltingconclusiontoournullstcenturyasacorporationnullandapromisingstarttooursecond.InthisletternullInullllenullplainnullythelongnullermthinkingandmanagementthatIBMhaspracticedoverthepastdecadehavepositionedyourcompanyadvantageouslyforthenenullnulleyearsandnullyond.ALetterfromtheChairman1IBMtodayIBMsperformancein2010isindicativebothofourhighvaluemarketpositionandofthedisciplineweapplytoourstrategyandoperations.Since2002,wehaveadded14billiontoIBMspretaxprofitbase,increasedourpretaxincome3.4times,ourearningspershare4.7timesandourfreecashflow2.8times.Cumulatively,wehavegeneratedabout96billionoffreecashflow.Ourstrong2010continuedthisrecordofsuperiorperformanceRevenueandincomeOurrevenuewas99.9billion,up4percent.In2010wegrewpretaxincomeby9percent,to19.7billion,ourhighestever.MarginsIBMsgrossprofitmarginrosefortheseventhconsecutiveyearto46.1percent,up9.4pointssince2002.Ourpretaxincomemarginroseto19.7percent.Bothmarginsareattheirhighestinmorethanadecade.Weachievedthisbydrivingproductivityandcontinuingtoshiftourbusinessmixtomoreprofitablesegments.Onceagain,morethan90percentofoursegmentprofitin2010wasfromsoftware,servicesandfinancing.EarningspershareWehavecontinuedtoachievestrongEPSgrowth.Lastyearwasanotherrecord,withdilutedearningspershareof11.52,up15percent.ThismarkedeightstraightyearsofdoubledigitEPSgrowth.CashflowIBMhasconsistentlygeneratedstrongcashflow,akeyindicatorofrealbusinessperformance.In2010ourfreecashflow,excludingtheyeartoyearchangeinGlobalFinancingreceivables,was16.3billion,anincreaseof1.2billionfrom2009.IBMended2010with11.7billionofcashandmarketablesecurities.InvestmentandreturntoshareholdersOursuperiorcashflowhasenabledustoinvestinthebusinessandtogeneratesubstantialreturnstoinvestors.Our2010cashinvestmentwas6billionfor17acquisitions13oftheminkeyareasofsoftware.Afterinvesting6billioninRDand4billioninnetcapitalexpenditures,wewereabletoreturnmorethan18billiontoyou15.4billionthroughsharerepurchasesand3.2billionthroughdividends.Lastyearsdividendincreasewas18percent,markingthe15thyearinarowinwhichwehaveraisedourdividend.Overthepastdecade,wehavereturned107billiontoyouintheformofdividendsandsharerepurchases,whileinvesting70billionincapitalexpendituresandacquisitions,andalmost60billioninRD.LeadingourindustryandthemarketWehavebeenabletoachievetheseresultsbecauseofthetransformationofourcompanythatwebeganseveralyearsago.Atthetime,wesawanundercurrentoffundamentalchange.2SamuelJ.PalmisanoChairman,PresidentandChiefExecutiveOfficerALetterfromtheChairman31.ChangesintheworldTheloweringoftradebarriers,theriseofthedevelopingworldandtheemergenceoftheWorldWideWebwereunleashingtheflowofworkonaglobalscale.Webelievedthesechangeswerepowerfulandirreversible,andthattheywouldleadtonewhighgrowthmarketopportunitiesandanewformofthecorporationitselfwhatwecametocallthegloballyintegratedenterprise.2.ChangesintechnologyAtthesametime,anewmodelofcomputingwasreplacingthePCbased,client/serverapproach.Computationalcapabilitywasbeingputintothingsnoonewouldrecognizeascomputersphones,cameras,cars,appliances,roadways,powerlines,clothesandevennaturalsystems,suchasagricultureandrivers.Allofthesewerebeingconnected.Andwehaddevelopedthecomputingpowerandadvancedanalyticstoturnmountainsofdataintoinsight.Asaresult,theeconomic,societalandphysicalsystemsoftheworldwerebecominginstrumented,interconnectedandintelligent.Ourplanetwasbecomingsmarter.3.ChangesinclientdemandDrivenbythenewopportunitiesandcompetitivedemandsofthesefirsttwoshifts,enterprisesandinstitutionswerenolongercontentwithofftheshelftechnology.Theynowsoughttoinnovatenotjustintheirproductsandservices,butalsotheirbusinessprocesses,managementsystems,policiesandcorebusinessmodels.Toaccomplishthat,theyneededtofocusonthebusinessoutcomesthatresultedfromtechnologicalinnovation.Nowthatwehaveshownwecandeliverresultswithconsistency,wearedoingitagainthroughtheintroductionlastyearofour2015RoadMap.Becausewebelievedthattheseshiftswouldchangeourindustry,creatingwinnersandlosers,wetransformedIBMsmixofproducts,services,skillsandtechnologiesexitingcommoditizingbusinesseslikePCsandharddiskdrives,andmaking116strategicacquisitionsoverthecourseofthedecade,largelyinsoftwareandservices.Weamassedsubstantialcrossindustryexpertise,andreinventedthewaywedeployit,shiftingskillsanddecisionmakingclosertothemarketplaceandtheclient.Weinvestedsignificantlymoreinourteamsandcapabilitiesinthedevelopingworld,andweacceleratedtheglobalintegrationofIBMsoperations.WealsoworkedtorebalanceourinternalRD.Ofthe5,896U.S.patentsIBMreceivedin2010onceagainarecordforanycompany,andour18thstraightyearofpatentleadership,morethan70percentwereforsoftwareandservices.4AroadmaptothefutureIBMtodayisafundamentallydifferentcompany.Inordertomakethatcleartoourinvestorsandtothefinancialmarkets,wedecidedfouryearsagotointroduceour2010RoadMap.Wewantedtoexplainwhereweweregoingandtoprovidebenchmarksforyoutoevaluateusalongtheway.Webelievedandstillbelievethatthislongertermframeworkisthemosthelpfulwaytounderstandourcompany.Tosome,itseemedfoolhardy.Tomyknowledgenocompanyinourindustryhaddonethisbefore.ButwefeltIBMshouldtakealongtermview,inpublicaswellasinprivate.Andwefeltconfidentaboutthefuture,becauseofthetransformationalstepswehadtakentorepositionthecompany.Clearly,thisworked.Asyouknow,wesurpassedour2010goalof10to11inearningspershare.Andnowthatwehaveshownwecandeliverresultswithconsistency,wearedoingitagainthroughtheintroductionlastyearofour2015RoadMap.Asbefore,ournewroadmapisntjustalistoftargetsitsamanagementmodel,organizedaroundthemajordriversofIBMsearningspershareperformance.Thoseareoperatingleverage,sharerepurchaseandgrowthstrategies.Operatingleveragewillcomefromourcontinuingshifttohighermarginbusinessesandourimprovingenterpriseproductivity.Weareaimingfor8billionofproductivityimprovementoverthenextfiveyears.Partofthatwillgotoourbottomline,andpartwillgotoinvestmentsthatimproveourcompetitivenessinthemarketplace.Secondly,wewillcontinuereturningvaluetoyou.Ourroadmapcallsfor50billioninanticipatedsharerepurchasesand20billionindividends.Whenitcomestothethirdcomponentofourroadmap,wewillfocusonfourgrowthpriorities1.GrowthMarkets.Ahistoriceconomicexpansionisunderwayintheemergingmarketsoftheworldastheirpopulationsjointhemiddleclassandtheireconomiesjointheglobalmarketplace.ThesemarketsareexpectedtoachieveaverageGDPgrowthof5percentthrough2015,morethandoubletheprojectedgrowthrateofthedevelopedworld.Inthelargestoftheseemergingmarkets,suchasChina,IndiaandBrazil,IBMisbroadeningitswellestablishedbaseofskillsandcapabilities,nearlydoublingournumberofbranchlocations.Inlessdevelopedmarkets,suchasAfrica,weareleveraginganchorclientsinsectorslikecommunicationsandbanking.OurrecentpartnershipwithBhartiAirteltoprovide21stcenturywirelesstelecommunicationsacross16countriesofSubSaharanAfricaisoneexample.OurGrowthMarketsUnitaccountedfor21percentofIBMsgeographicrevenuein2010.Weareaimingtoapproach30percentby2015.ALetterfromtheChairman52.BusinessAnalyticsandOptimization.TheresearchfirmIDCpredictsthatglobaldatavolumeswillincreaseby29timesoverthenext10yearsto35zettabytes.Azettabyteisa1followedby21zeros.Enterprisesneedawaytomanageandminethisdelugeofpotentiallyvaluableinformation,andthekeyisadvanceddataanalytics.IBMspottedthisemergingneedearly,buildingtheworldsleadinganalyticspractice,with7,800expertconsultants,theworldspremiernonacademicmathematicsfunction,leadingedgesoftwareandofferingsintegratedbyindustry.Wehavereceivedmorethan500analyticspatentsandhavemadeacquisitionstodeepenourcapabilities.Underour2015RoadMap,analyticsisexpectedtogrowto16billioninrevenueby2015.3.CloudandSmarterComputing.Astheworldbecomesmoreinstrumentedandinterconnected,businessesandinstitutionsneedsmarterITinfrastructurestohandledramaticincreasesindatavolumes,andtoimprovedatacenterefficiency.WearecreatingnewwaystodesigncomputersystemsoptimizedforspecificworkloadsandnewwaystodeliverITinfusedservices.IBMhashelpedthousandsofclientsadoptaspectsofclouddelivery,whereITresourcesarevirtualized,highlyautomatedandaccessedbyselfservice.Weareassistingclientsinareasasdiverseasbanking,healthcareandgovernmenttobuildtheirowncloudsortotapsecurelyintoIBMcloudbasedbusinessandinfrastructureservices.Ourroadmapcallsfor7billioninrevenuefromcloudby2015.4.SmarterPlanet.Putitalltogether,andyouhavewhatwemeanbybuildingasmarterplanet.In2008and2009,wearticulatedapointofviewonwaystheworldcanbecomesmarter,andin2010,wedeployedsignificantresourcestocapturetheopportunityinkey,highgrowthindustriessuchashealthcare,retail,bankingandtelecommunicationswhereourexperienceandsolutiondeliveryisstrongest.WealsoexpandedourSmarterCitiesinitiative.OurroadmapcallsforSmarterPlanetsolutionstogrowto10billioninrevenueby2015.Bybecomingaverydifferentcompanyfromwhatwewerejustafewyearsago,wehavebecomemuchmorelikethecompanyIBMhasbeenformostofitshistory.Insum,oursuperiorstrategicpositioning,strongbalancesheet,solidrecurringrevenue,robustprofitstreamsandunmatchedglobalreachgiveusconfidencethatwewillbeabletocontinueachievingthesamekindsofresultsinthenextfiveyearsthatwehaveachievedduringthepastdecade.6Overthelast10years,wehavenearlytripledourEPS,added109billioninfreecashflow,returned107billiontoyou,tripledoursoftwareprofitsandincreasedtheshareofourrevenuefromgrowthmarketsfrom11to21percent,excludingdivestedPCsandprinters.Overthenextfiveyears,weexpecttogrowouroperatingnonGAAPearningstoatleast20pershare,togenerateanother100billioninfreecashflow,toreturnanadditional70billiontoyou,togrowoursoftwareprofittoabouthalfoftotalsegmentprofitandtoincreasegrowthmarketscontributiontoourrevenuetonearly30percent.Theinformationonpages9to15GeneratingHigherValueatIBMsummarizesourroadmaps,placestheminthecontextofIBMs100yearsofgrowth,anddescribesouropportunitiesinthecomingera.AnenullcenturyofprogressLetmeclosewithafewwordsonreachingtheextraordinarymilestoneof100years,whichwewillmarkonJune16ofthisyear.Throughoutthistime,spanningmanyerasoftechnology,markets,globaleconomics,politicsandcultureandacrossmultiplemanagements,strategies,innovations,productsandserviceswithinIBMitselfourcompanyhasconsistentlydonethreethingsFirst,wehaveforeseentheopportunitiesofourtimes,andmademarketsinthem.Thesehaveincludedtheautomationofmodernretail,bankingandairtravelthecreationofpopulationscalesystemssuchasU.S.SocialSecurityandthefartherreachesofscientificprogress,fromtheexplorationofspacetothefrontiersofgenomics,bioinformaticsandnanotechnology.Today,itencompassestheevenbroaderrangeofworkwedescribeasbuildingasmarterplanetoptimizingtheenormouslycomplexsystemsthatenableservicestobedeliveredphysicalgoodstobedeveloped,manufactured,boughtandsoldeverythingfrompeopleandmoneytooil,waterandelectronstomoveandbillionsofpeopletoworkandlive.Second,wehavecreatedthetoolstodothatambitiousworkandtocaptureitseconomicopportunity.IntheearlydecadesofIBMslife,thisinvolvedclocks,scalesandpunchedcardtabulators.Itchangedfundamentallywiththedawnofthecomputerage,asIBMcreatedmanyofitstechnologicalbreakthroughs,fromtherelationaldatabasetothediskdrive,DRAM,FORTRAN,themainframe,thePCandmuchmore.WebuilttheworldsmostproductiveindustriallaboratoryhometofiveNobelPrizewinnersandgeneratorofmoreU.S.patentsthananyothercompanyintheworld.Anditcontinuestoday,withbreakthroughssuchasWatson,thecomputerthatrecentlydefeatedthetwoalltimechampionsonthetelevisionquizshow,JeopardyWatsonsvastanalyticcapacityrepresentsanewstageincomputingsabilitytotackletheworldsmostpressingneedswhereandwhentheyreallyemergeinthenaturallanguageofhealthcare,banking,government,retailandmore.ALetterfromtheChairman7

注意事项

本文(IBM公司2010年度财务报告(英文版).pdf)为本站会员(baixue100)主动上传,人人文库网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对上载内容本身不做任何修改或编辑。 若此文所含内容侵犯了您的版权或隐私,请立即通知人人文库网([email protected]),我们立即给予删除!

温馨提示:如果因为网速或其他原因下载失败请重新下载,重复下载不扣分。

copyright@ 2015-2017 人人文库网网站版权所有
苏ICP备12009002号-5