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Thulin bernstein conference final
1.
1© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Inge Thulin Chairman of the Board, President & Chief Executive Officer May 29, 2015
2.
2© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Forward Looking Statement This presentation contains forward-looking information about 3M's financial results and estimates and business prospects that involve substantial risks and uncertainties. You can identify these statements by the use of words such as "anticipate," "estimate,” "expect," “aim," "project," "intend," "plan," "believe," "will," “should," “could," "target," "forecast" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or business plans or prospects. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic and capital markets conditions and other factors beyond 3M's control, including natural and other disasters affecting the operations of 3M or its customers and suppliers; (2) 3M's credit ratings and its cost of capital; (3) competitive conditions and customer preferences; (4) foreign currency exchange rates and fluctuations in those rates; (5) the timing and market acceptance of new product offerings; (6) the availability and cost of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (7) the impact of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (8) generating fewer productivity improvements than estimated; (9) unanticipated problems or delays with the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to 3M's information technology infrastructure; and (10) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in 3M's Annual Report on Form 10-K for the year ended December 31, 2014, and its subsequent quarterly reports on Form 10-Q (the “Reports”). Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located in the Reports under “Cautionary Note Concerning Factors That May Affect Future Results” and “Risk Factors” in Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Report). The information contained in this presentation is as of the date indicated. 3M assumes no obligation to update any forward-looking statements contained in this presentation as a result of new information or future events or developments.
3.
3© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Investing in Innovation Portfolio Management Business Transformation Executing our playbook to create value for customers and shareholders
4.
4© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Our Vision 3M Technology Advancing Every Company 3M Products Enhancing Every Home 3M Innovation Improving Every Life Our Strategies Expand relevance to our customers and our presence in the marketplace Gain profitable market share and accelerate market penetration everywhere Investing in innovation: Invigorate existing market opportunities and focus on emerging megatrends Intensify capabilities to achieve regional self-sufficiency Build high performing and diverse global talent Drive consistent superior levels of operational excellence
5.
5© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Industrial 4.9% Organic Growth 21.7% OI Margin Health Care 5.8% Organic Growth 30.9% OI Margin Consumer 3.9% Organic Growth 22.0% OI Margin Safety & Graphics 5.4% Organic Growth 22.6% OI Margin Electronics & Energy 5.2% Organic Growth 19.9% OI Margin 4.9% Organic Growth 22.4% Operating Income Margin $31.8 Billion Sales $7.1B Operating Income 2014 full-year performance
6.
6Bernstein Strategic Decisions
Conference 2015 © 2015 3M. All Rights Reserved. 2014 full-year performance *Refer to 3M’s January 27, 2015 press release for full details. 2013-2017 Financial Objectives* Free Cash Flow Conversion ROICOrganic Revenue Growth EPS Growth ~100% ~20% 4-6% 9-11% • Strong financial results ― GAAP EPS of $7.49, up 11.5% year-on-year ― Organic local-currency sales growth +4.9% ― ROIC of 22% ― Free cash flow conversion of 104% ― Operating margins of 22.4%, up 0.8 percentage points year-on-year • Investing in the business: capital expenditures $1.5 billion, R&D $1.8 billion, acquisitions $1.0 billion • Significant progress on our three key levers: portfolio management, investing in innovation, business transformation • Returned $7.9 billion to shareholders via dividends and gross share repurchases
7.
7Bernstein Strategic Decisions
Conference 2015 © 2015 3M. All Rights Reserved. *Refer to 3M’s January 27, 2015 press release for full details. 2013-2017 Financial Objectives* Free Cash Flow Conversion ROICOrganic Revenue Growth EPS Growth ~100% ~20% 4-6% 9-11% 11.5% • Strong financial results ― GAAP EPS of $7.49, up 11.5% year-on-year ― Organic local-currency sales growth +4.9% ― ROIC of 22% ― Free cash flow conversion of 104% ― Operating margins of 22.4%, up 0.8 percentage points year-on-year • Investing in the business: capital expenditures $1.5 billion, R&D $1.8 billion, acquisitions $1.0 billion • Significant progress on our three key levers: portfolio management, investing in innovation, business transformation • Returned $7.9 billion to shareholders via dividends and gross share repurchases 2014 full-year performance
8.
8Bernstein Strategic Decisions
Conference 2015 © 2015 3M. All Rights Reserved. *Refer to 3M’s January 27, 2015 press release for full details. 2013-2017 Financial Objectives* Free Cash Flow Conversion ROICOrganic Revenue Growth EPS Growth ~100% ~20% 4-6% 9-11% 4.9% • Strong financial results ― GAAP EPS of $7.49, up 11.5% year-on-year ― Organic local-currency sales growth +4.9% ― ROIC of 22% ― Free cash flow conversion of 104% ― Operating margins of 22.4%, up 0.8 percentage points year-on-year • Investing in the business: capital expenditures $1.5 billion, R&D $1.8 billion, acquisitions $1.0 billion • Significant progress on our three key levers: portfolio management, investing in innovation, business transformation • Returned $7.9 billion to shareholders via dividends and gross share repurchases 2014 full-year performance
9.
9Bernstein Strategic Decisions
Conference 2015 © 2015 3M. All Rights Reserved. *Refer to 3M’s January 27, 2015 press release for full details. 2013-2017 Financial Objectives* Free Cash Flow Conversion ROICOrganic Revenue Growth EPS Growth ~100% ~20% 4-6% 9-11% 22% • Strong financial results ― GAAP EPS of $7.49, up 11.5% year-on-year ― Organic local-currency sales growth +4.9% ― ROIC of 22% ― Free cash flow conversion of 104% ― Operating margins of 22.4%, up 0.8 percentage points year-on-year • Investing in the business: capital expenditures $1.5 billion, R&D $1.8 billion, acquisitions $1.0 billion • Significant progress on our three key levers: portfolio management, investing in innovation, business transformation • Returned $7.9 billion to shareholders via dividends and gross share repurchases 2014 full-year performance
10.
10Bernstein Strategic Decisions
Conference 2015 © 2015 3M. All Rights Reserved. *Refer to 3M’s January 27, 2015 press release for full details. 2013-2017 Financial Objectives* Free Cash Flow Conversion ROICOrganic Revenue Growth EPS Growth ~100% ~20% 4-6% 9-11% 104% • Strong financial results ― GAAP EPS of $7.49, up 11.5% year-on-year ― Organic local-currency sales growth +4.9% ― ROIC of 22% ― Free cash flow conversion of 104% ― Operating margins of 22.4%, up 0.8 percentage points year-on-year • Investing in the business: capital expenditures $1.5 billion, R&D $1.8 billion, acquisitions $1.0 billion • Significant progress on our three key levers: portfolio management, investing in innovation, business transformation • Returned $7.9 billion to shareholders via dividends and gross share repurchases 2014 full-year performance
11.
11Bernstein Strategic Decisions
Conference 2015 © 2015 3M. All Rights Reserved. *Refer to 3M’s January 27, 2015 press release for full details. 2013-2017 Financial Objectives* Free Cash Flow Conversion ROICOrganic Revenue Growth EPS Growth ~100% ~20% 4-6% 9-11% 104% 11.5% 4.9% 22% • Strong financial results ― GAAP EPS of $7.49, up 11.5% year-on-year ― Organic local-currency sales growth +4.9% ― ROIC of 22% ― Free cash flow conversion of 104% ― Operating margins of 22.4%, up 0.8 percentage points year-on-year • Investing in the business: capital expenditures $1.5 billion, R&D $1.8 billion, acquisitions $1.0 billion • Significant progress on our three key levers: portfolio management, investing in innovation, business transformation • Returned $7.9 billion to shareholders via dividends and gross share repurchases 2014 full-year performance
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12Bernstein Strategic Decisions
Conference 2015 © 2015 3M. All Rights Reserved. Capital allocation success in 2014 Dividend increased for the 57th consecutive year…and share repurchase program on track 2015e20142012 2013 Dividends Paid per Share ($) • Increased 2015 dividend by 20%, after a 35% increase in 2014 • Disciplined approach to effectively lower our cost of capital +7% +35% +20% +8% $2.36 $2.54 $3.42 $4.10 2013 - 2017e 2003 - 2007 2008 - 2012 Gross Stock Repurchases $20B- $22B $7.4B $10.4B
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13© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Our fundamental strengths are the foundation of 3M’s performance Leveraging these assets creates value; strengthening them ensures our future Brand Brand equity in the 3M brand and in strategic brands that are shared across business groups. Global capabilities Subsidiary front- and back- office footprint that allows for the effective development, adaptation and commercializa- tion of products. Manufacturing Utilization of 3M manufacturing footprint and technology, including process trade secrets, leading to higher-performing products and lower unit cost. Technology Ability to share and combine elements of 3M’s broad technology portfolio to produce unique, differentiated products, translating to premium margins.
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14© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 We leverage these strengths to expand relevance globally Proven model for success Infrastructure Manufacturing Safety Retail Health Care GDPpercapita Time
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15© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Three key levers Investing in Innovation Business TransformationPortfolio Management
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16© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Roadmap • Continue portfolio management deployment across the corporation • Reallocate resources to 3M’s best opportunities • Augment organic growth through M&A playbook Portfolio actions continue to create value Portfolio Management
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17© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Significant progress made since introducing more active portfolio management in 2012 Benefits realized • Greater scale and customer relevance • Reduced costs through efficiency and productivity improvements • Reallocated resources to our best opportunities • Accelerated priority R&D investments • Focused M&A activities Combined businesses to increase customer relevance and drive scale • Consumer & Office • Safety, Security & Protection • Industrial & Transportation • Electronics & Communications • Display & Graphics • Health Care • Industrial • Health Care • Consumer • Safety & Graphics • Electronics & EnergyBusiness Groups 5 Realigned to business groups 6Sectors 27 Businesses 40 Businesses
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18© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 2015 acquisitions strengthen the 3M portfolio • Charlotte, North Carolina; major operations in Germany Location: • Separations Media membrane filtration business What: • $1B; majority financed with international cash Acquisition Price: • Enhances 3M’s core filtration platform; utilizes 16 of 46 technology platforms • Generates new growth opportunities across the company Rationale: • San Diego, CaliforniaLocation: • Health care products that disinfect and protect devices used for access into a patient’s bloodstream What: • Broadens 3M’s vascular access product offerings • 3M’s international presence provides significant growth opportunities Rationale: • ~5X Sales; ~12X EBITDAMultiples (TTM): • ~$30MSales (TTM): Separations Media Business of Polypore International Inc. Footnote: The Separations Media transaction is subject to regulatory approvals, customary closing conditions and the closing of this transaction immediately prior to the closing of Asahi Kasei's transaction with Polypore. Footnote: The Ivera Medical transaction closed in March 2015.
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19© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Roadmap • Enhance commercialization effectiveness through customer insights • Increase R&D investment and productivity • Build new platforms for growth by extending the core and investing in disruptive technologies Increasing customer relevance through innovation Investing in Innovation
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20© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Technology Platforms
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21© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 We increased the amount and focus of our R&D investment R&D Intensity R&D / Total Sales 2014 2017e2012 Productive investment in disruptive technologies and product platforms Extending core platforms Expanding into new markets Disrupting markets5.5% ~6.0 %5.6%
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22© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Roadmap • Realize benefits gained through ERP deployments • Deliver productivity through enhanced supply chain and manufacturing capabilities • Increase service levels to customers and reduce cost to serve Creating value for customers and shareholders Business Transformation
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23© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Ensuring success through a regional ERP roll-out plan Key Components • Europe deployment underway and accelerated to capture greater value…sooner • U.S. deployment to follow Europe • Total project investment of $1.1 to $1.2 billion • Improved customer service levels and reduced time to market for new products • Lower cost of goods sold, inventory and effective tax rate • Estimating annual operational savings in range of $0.5B to $0.7B by 2020 • Structural working capital improvement of $0.5B by 2020 Full transparency across workstreams and their interdependencies Strong governance of critical path activities to ensure success Value of Business Transformation front and center in our deployment plan Becoming more effective and efficient in serving our customers globally
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24© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 • Sales of $7.6 billion; Organic growth in all business groups and geographic areas • Organic local currency +3.3% • Foreign currency (FX) reduced sales by 6.5% • Sales down 3.2% in dollar terms • GAAP EPS of $1.85, up 3.4% year-on-year • Operating margins of 22.8%, up 0.9 percentage points year-on-year • All business groups > 21% • Returned $1.5 billion to shareholders via dividends and gross share repurchases • Increased first-quarter per-share dividend by 20 percent Q1 2015 highlights Refer to 3M’s April 23, 2015 press release for full details.
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25© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015
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26© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Appendix
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27© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Industrial With Leading Market Positions In: ― Industrial abrasives ― Auto body repair solutions ― Car care DIY ― Structural adhesives and tapes ― Filtration and purification systems ― Specialty additives ― Tapes and fasteners for personal hygiene products Adhesives & Tapes 38% Abrasives 14% Advanced Mat'ls 12% Filtration 6% Aerospace 3% Transportation 27% U.S. 38% EMEA 25% APAC 26% LAC 11% 2014 Sales By Business 2014 Sales By Geography ($M) 2012 2013 2014 CAGR Sales $10,008 $10,657 $10,990 5% GAAP Operating Income $2,244 $2,307 $2,389 3% GAAP Operating Margin 22.4% 21.6% 21.7%
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28© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Safety & Graphics Personal Safety 42% Traffic Safety & Security 27% Commercial Solutions 26% Roofing granules 5% U.S. 36% EMEA 27% APAC 22% LAC 15% 2014 Sales By Business 2014 Sales By Geography With Leading Market Positions In: ― Respiratory, hearing and eye protection solutions ― Reflective signage for highway and construction safety and license plates ― Premium large format graphic films for advertising and fleet signage ― Roofing granules for asphalt shingles ― Personal identification issuance and authentication products ― Building safety solutions ― Architectural design solutions for surfaces ($M) 2012 2013 2014 CAGR Sales $5,406 $5,584 $5,732 3% GAAP Operating Income $1,210 $1,227 $1,296 3% GAAP Operating Margin 22.4% 22.0% 22.6%
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29© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 U.S. 17% EMEA 12% APAC 64% LAC 7% 2014 Sales By Business 2014 Sales By Geography Display Matls & Systems 38% Electronics Matls Solutions 24% Electrical Markets 23% Telecom 8% Renewable Energy 7% Electronics & Energy With Leading Market Positions In: ― Optically clear adhesives, Novec™ fluorochemicals, transport solutions and flexible circuits for electronic components ― Light management films that enhance brightness and provide energy efficiency in liquid crystal displays (LCD) ― Electrical vinyl rubber and mastic tapes ― Medium voltage cable accessories, OEM insulation tapes ― Telecommunications copper splicing ― Fiber splicing/connectivity ($M) 2012 2013 2014 CAGR Sales $5,458 $5,393 $5,604 1% GAAP Operating Income $1,026 $954 $1,115 4% GAAP Operating Margin 18.8% 17.7% 19.9%
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30© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Health Care Infection Prevention 29% Critical & Chronic Care 22% Oral Care 24% Health Info Sys 12% Drug Delivery 9% Food Safety 4% U.S. 45% EMEA 29% APAC 16% LAC 10% 2014 Sales By Business 2014 Sales By Geography With Leading Market Positions In: ― Skin and wound care (transparent IV dressings and tapes) ― Infection prevention (auscultation, specialty drapes and surgical clippers) ― Patient warming solutions ― Oral care solutions ― Coding and reimbursement software ― Drug delivery (inhalation systems) ― Food safety indicator solutions ($M) 2012 2013 2014 CAGR Sales $5,138 $5,334 $5,572 4% GAAP Operating Income $1,641 $1,672 $1,724 2% GAAP Operating Margin 31.9% 31.3% 30.9%
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31© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015 Consumer U.S. 57% EMEA 14% APAC 18% LAC 11% 2014 Sales By Business 2014 Sales By Geography DIY 36% Stationery & Office 32% Home Care 23% Consumer Health Care 9% With Leading Market Positions In: ― Consumer tapes ― Repositionable notes ― Home air filtration ― Cleaning products for the home ― Consumer bandages braces and supports ― Retail abrasives ($M) 2012 2013 2014 CAGR Sales $4,386 $4,435 $4,523 2% GAAP Operating Income $943 $945 $995 3% GAAP Operating Margin 21.5% 21.3% 22.0%
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32© 2015 3M.
All Rights Reserved.Bernstein Strategic Decisions Conference 2015
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