Proctor and Gamble 2012 Annual Report Download - page 14

* Excludes $ billion of share repurchase
associated with the Gillette acquisition.
Committed to Shareholder
Value Creation
THE WHOLE P&G ORGANIZATION is committed
to shareholder value creation, and our objective is
to consistently rank among the top third of our
competitive peer group in Total Shareholder Return
(TSR). Over the last  years, we have paid out
$billion in dividends, and we have repurchased
$billion* in stock. In total, we have returned
$billion of cash to our shareholders, which is
% of reported net earnings. Cash yield to
shareholders has averaged % over this period.
And over appropriately long periods of time
—
rolling -year, -year and -year periods — P&G has
frequently outperformed the S&P  & Dow Jones
Industrial Average since .
This performance has made P&G an excellent
long-term investment.

CONSECUTIVE YEARS OF
DIVIDEND INCREASES
(one of only six companies to do this)
$ billion
OF CASH RETURNED TO
SHAREHOLDERS over  years

CONSECUTIVE YEARS OF DIVIDENDS
(one of only nine companies to do this)
With these changes, we should be poised to seize meaningful
opportunities for top- and bottom-line growth. We have signifi cant
opportunity for revenue growth through increased market share in
our established businesses, by expanding our portfolio of superior
branded products into the most promising markets and price tiers,
and by innovating to expand product categories and create new
ones. On the bottom line, our productivity opportunity is substan-
tive and the program is in place. This will help fi nance top-line
growth, ensure our consumer value propositions are superior,
overcome macro headwinds and deliver better earnings growth.
We have taken decisive action, but this Company wasn’t built
overnight. It will take some time to restart growth in developed
markets and to get the savings program to full run-rate levels.
It will take some investment to restart innovation where it has
been lacking, to ensure our brands are priced appropriately,
and to ensure that our marketing plans are suffi cient to generate
consumer awareness, trial and loyalty. We are committed to
make those investments, fueled by improvements in productivity
and costs.
We are moving forward with urgency, but with balance
— balancing
developing- and developed-market growth, balancing the top and
bottom lines, and balancing short- and long-term returns.
I am confi dent we will deliver.
 Years of Growth
In its -year history, P&G has weathered economic downturns
and crises, wars and unprecedented change in virtually every
aspect of our business. We’ve gone through some rough patches,
but we have stayed focused on the fundamentals of our business,
learned from our mistakes, and preserved the core of our Company
while being willing to change everything else necessary to win
with consumers and retail customers.
We’ve been able to do this so consistently over time because of the
quality of P&G people. They are P&G’s most important competitive
advantage. Along with our time-tested business model, we have
a successful and equally tested model of hiring the best people and
building them into the best leaders in our industry. The character
and caliber of P&G people remain my greatest sources of confi dence
in our Company’s future.
Robert A. McDonald
Chairman of the Board, President and Chief Executive Offi cer
12 The Procter & Gamble Company