artefactory/ledger-market-sentiment huggingface dataset:
# Dear shareholder

_Source: `DeepSeekOCR_Ardian_pruned_1k/consumer-cyclical-auto-parts/LSE_ABDP.L_2021/LSE_ABDP.L_2021.mmd` · pages 63-69_

---

Dear shareholder,

I am pleased to introduce this report which describes the activities of the Board during the year, together with our governance arrangements. As your new Chairman, I wish to share with you how the Board has ensured strong corporate governance to underpin the delivery of our strategy, and how I plan to lead the continued development of our approach.

It is clear that the Board has ultimate responsibility for the Group's strategic delivery and for the management of risk. The Group has grown significantly over the last three years, from a mainly UK-based operation to a multinational Group with 20 legal entities. Therefore it has been essential to scale the governance structures in order to meet the increased demands of the Group today and allow for future growth whether organically or by acquisition.

With regulation, risk and responsibilities for directors around the management of legal entities all increasing, we understand that having a strong global subsidiary governance framework can prevent costly financial and reputational damage. The issues that cause either reputational damage or financial penalties go to the heart of shareholder value, therefore this has been our focus for the second half of this year, and it will continue into FY 2022.

We operate under a centralised, head office-controlled framework but devolve responsibility for compliance within this framework to operating divisional or jurisdictional management, with the aim of global harmonisation around local legislation. This is achieved via a robust business-wide delegation of authority.

<--- Page Split --->

## Chairman's introduction to corporate governance continued

## Culture and values

The Board recognises its role in establishing the purpose and values of the Group and embedding these throughout the business. Our core values of customers, people, diversity, innovation, excellence and responsibility are reflected in our policies and our business ethics framework.

## Board effectiveness

Following the Board changes, we reflected on our Board effectiveness and supplemented this with a more formal, externally-facilitated performance evaluation in the latter part of the year, the outcome of which is detailed in this report.

The Board is committed to pursuing and maintaining the very high standards of corporate governance and promoting ethical and sustainable values and behaviours consistently across the Group's businesses. This report aims to provide a clear and meaningful explanation of how the Board and its committees have discharged their governance duties but also how the Group actively promotes open and transparent discussions and welcomes constructive challenge in every aspect of the business.

Richard Elsy CBE
Non-Executive Chairman
24 November 2021
# Chairman's statement

_Source: `DeepSeekOCR_Ardian_pruned_1k/consumer-cyclical-auto-parts/LSE_ABDP.L_2022/LSE_ABDP.L_2022.mmd` · pages 8-14_

---

Chairman's statement continued

## ESG

I am pleased to report that the hard work and determination by the members of the ESG Committee and wider staff have delivered rapid progress on our ESG strategy, resulting in an improvement in our MSCI ESG rating to AA. The Board is committed to ongoing improvements in all aspects of ESG. Further information on our approach to ESG can be found on pages 34 to 51 and the activities of the ESG Committee are summarised on page 81.

## Corporate governance

Strong corporate governance and risk management is an essential element of the Board's activities and is key to ensuring ongoing stability and growth of the Group. I am pleased to confirm that AB Dynamics plc is in compliance with the Quoted Companies Alliance (QCA) Code as required under the AIM Rules. The Board takes into consideration feedback provided by various ratings agencies in setting policies and in developing our ESG strategy as part of our continuous improvement in corporate governance. I report separately on the Group's approach to governance and its procedures in the Statement of corporate governance, which can be found on pages 66 to 76.

## Dividend

Based on the strong financial performance and the Board's confidence in continued growth and delivery in 2023, the Board is recommending a final dividend of 3.54p per share payable on 27 January 2023 subject to shareholder approval at the AGM. The ex-dividend date will be 29 December 2022 and the record date will be 30 December 2022. The total dividend for the year will therefore be 5.3p per share, which is an increase over the prior year of 10%, continuing the Board's progressive dividend policy.

## Outlook

AB Dynamics operates within markets that are supported by long-term regulatory and structural growth drivers in automotive and holds an enviable position in the sectors in which it operates. These market growth drivers, coupled with the ongoing investments in all areas of the business, provide the Board with strong confidence that the outlook remains positive.

Our continued strategic clarity and ongoing investments provide a strong platform for future growth and the Board remains confident in delivering continued progress in the forthcoming year.

Richard Elsy CBE
Chairman
23 November 2022

![](images/8_0.jpg)
# TO OUR SHAREHOLDERS

_Source: `DeepSeekOCR_Ardian_pruned_1k/consumer-cyclical-auto-parts/NYSE_MLR_2020/NYSE_MLR_2020.mmd` · pages 2-8_

---

TO OUR SHAREHOLDERS
April 16, 2021

The global COVID-19 pandemic provided several challenges for our Company, but it also created opportunities for our business to learn and grow. We believe our organization did so by rising to the occasion during 2020 and we are now better positioned to deliver for our shareholders in 2021 and beyond. 2020 had a meaningful impact on our customers, suppliers, and employees as we navigated through the global COVID-19 pandemic. That being said, Miller Industries continued to operate as an essential business throughout the year and we are incredibly proud of the perseverance of our employees as they continued to deliver the critical tools to keep America's roadways clear throughout the pandemic.

While COVID-19 significantly impacted our performance during the year, we remained focused on the aspects of the business within our control. We were able to identify and successfully mitigate operating expenses in our business, which led to a modest gross margin expansion despite the decline in our top-line sales. Further, our strong financial position allowed us to continue investing in our business as evidenced by the repurposing of our Greeneville, Tennessee facility to mitigate future supplier constraints as well as the completion of phase one of our enterprise software system upgrades.

In addition to the operational improvements we made during the year, we also took significant measures to strengthen our balance sheet. We preemptively drew \(25 million from our existing credit facility in the first quarter to bolster our liquidity position at the onset of the pandemic. By the end of our third quarter, we fully repaid those obligations and eliminated all long-term debt obligations from our balance sheet. As we move into 2021, we are well positioned to continue investing in the business and to capture growth opportunities as we emerge from this crisis.

Despite the challenging environment and its material impact on our business, we remained committed to returning capital to shareholders with the declaration of our 41st consecutive quarterly dividend, which includes payments of $0.72 per share during each of the last four years.

As we enter 2021, the lingering effects of the pandemic will continue to weigh on our business in the near term. However, we are confident that we will begin to see the benefits of the operational improvements and cost reductions we implemented during 2020. As America continues to heal, Miller Industries is well positioned to capitalize on future growth opportunities in the new year.

<--- Page Split --->

In closing, we would like to extend our sincerest thanks to our employees, customers, suppliers, and shareholders for their ongoing support of Miller Industries as we work to build on our industry-leading product portfolio and best-in-class customer service.

![](images/3_0.jpg)

Jeffrey I. Badgley
Co-Chief Executive Officer
William G. Miller, II
Co-Chief Executive Officer
Nuborah D. Whitmire

Deborah L. Whitmire
Chief Financial Officer
# TO OUR FELLOW
SHAREHOLDERS

_Source: `DeepSeekOCR_Ardian_pruned_1k/consumer-cyclical-auto-parts/NASDAQ_ORLY_2020/NASDAQ_ORLY_2020.mmd` · pages 2-8_

---

TO OUR FELLOW
SHAREHOLDERS:

2020 was one of the most challenging years in the 63-year history of our Company, and words simply cannot express the gratitude we have for the selfless dedication and hard work demonstrated by our Team of over 77,000 Team Members in our stores, distribution centers and corporate offices. At the beginning of the year, we could never have anticipated the obstacles we would face during 2020 as a result of the COVID-19 pandemic, natural disasters and social unrest, and the disruptions and changes these would impose on every facet of our daily lives. In trying times, a company's true merit is put on full display, and we were, and continue to be, extremely proud to see our Team demonstrate the O'Reilly Culture to its fullest, showing that being "O'Reilly Strong" is a key foundation for our success and cannot be easily duplicated. Our commitment to protecting the health and safety of our Team Members and customers has remained paramount, and it will continue to be our top priority as we meet the critical needs of our customers as an essential service provider. Thank you, Team O'Reilly, for your commitment to our Culture, our Customers, and to each other; you continue to be our greatest competitive advantage and the fuel for our future success.
"O'Reilly Strong" is a key foundation for our success and cannot be easily duplicated.

![](images/2_1.jpg)

![](images/2_2.jpg)

GREG JOHNSON
Chief Executive Officer
and Co-President

![](images/2_3.jpg)

![](images/2_4.jpg)

JEFF SHAW
Chief Operating Officer
and Co-President

![](images/2_5.jpg)

![](images/2_6.jpg)

BRAD BECKHAM
Executive Vice President of
Store Operations and Sales

![](images/2_7.jpg)

![](images/2_8.jpg)

BRENT KIRBY
Executive Vice President of
Supply Chain

![](images/2_9.jpg)

![](images/2_10.jpg)

THOMAS MCFALL
Executive Vice President
and Chief Financial Officer

<--- Page Split --->

![](images/3_0.jpg)
# To the Stockholders of

Standard Motor Products

_Source: `DeepSeekOCR_Ardian_pruned_1k/consumer-cyclical-auto-parts/NYSE_SMP_2017/NYSE_SMP_2017.mmd` · pages 53-59_

---

To the Stockholders of

Standard Motor Products, Inc. and Subsidiaries:

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f) of the Exchange Act). Our internal control system was designed to provide reasonable assurance to our management and Board of Directors regarding the preparation and fair presentation of published financial statements.

All internal control systems, no matter how well designed, have inherent limitations. Because of these inherent limitations, internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation and presentation, and may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

We assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2017. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in the 2013 Internal Control - Integrated Framework. Based on our assessment using those criteria, we concluded that, as of December 31, 2017, our internal control over financial reporting is effective.

Our independent registered public accounting firm, KPMG LLP, has audited our consolidated financial statements as of and for the year ended December 31, 2017 and has also audited the effectiveness of our internal control over financial reporting as of December 31, 2017. KPMG's report appears on the following pages of this "Item 8. Financial Statements and Supplementary Data."
# To the Stockholders of

Standard Motor Products

_Source: `DeepSeekOCR_Ardian_pruned_1k/consumer-cyclical-auto-parts/NYSE_SMP_2018/NYSE_SMP_2018.mmd` · pages 51-57_

---

To the Stockholders of

Standard Motor Products, Inc. and Subsidiaries:

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f) of the Exchange Act). Our internal control system was designed to provide reasonable assurance to our management and Board of Directors regarding the preparation and fair presentation of published financial statements.

All internal control systems, no matter how well designed, have inherent limitations. Because of these inherent limitations, internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation and presentation, and may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

We assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2018. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in the 2013 Internal Control - Integrated Framework. Based on our assessment using those criteria, we concluded that, as of December 31, 2018, our internal control over financial reporting is effective.

Our independent registered public accounting firm, KPMG LLP, has audited our consolidated financial statements as of and for the year ended December 31, 2018 and has also audited the effectiveness of our internal control over financial reporting as of December 31, 2018. KPMG's report appears on the following pages of this "Item 8. Financial Statements and Supplementary Data."
# To the Stockholders of

Standard Motor Products

_Source: `DeepSeekOCR_Ardian_pruned_1k/consumer-cyclical-auto-parts/NYSE_SMP_2021/NYSE_SMP_2021.mmd` · pages 49-55_

---

To the Stockholders of

Standard Motor Products, Inc. and Subsidiaries:

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f) of the Exchange Act). Our internal control system was designed to provide reasonable assurance to our management and Board of Directors regarding the preparation and fair presentation of published financial statements.

All internal control systems, no matter how well designed, have inherent limitations. Because of these inherent limitations, internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation and presentation, and may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

We assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2021. During 2021, the Company acquired Trumpet Holdings, Inc, ("Trombetta") and Stabil Operative Group GmbH ("Stabil"), and have excluded from our assessment of the effectiveness of the Company's internal control over financial reporting as of December 31, 2021, Trombetta's and Stabil's internal control over financial reporting associated with 13.8% of total assets and 3.5% of total revenues included in the consolidated financial statements of the Company as of and for the year ended December 31, 2021. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in the 2013 Internal Control - Integrated Framework. Based on our assessment using those criteria, and after consideration of the aforementioned exclusion, we concluded that, as of December 31, 2021, our internal control over financial reporting is effective.

Our independent registered public accounting firm, KPMG LLP, has audited our consolidated financial statements as of and for the year ended December 31, 2021 and has also audited the effectiveness of our internal control over financial reporting as of December 31, 2021. KPMG's report appears on the following pages of this "Item 8. Financial Statements and Supplementary Data."
# To Our Shareholders

_Source: `DeepSeekOCR_Ardian_pruned_1k/consumer-defensive-packaged-foods/NYSE_GIS_2019/NYSE_GIS_2019.mmd` · pages 2-8_

---

To Our Shareholders,

As I reflect on fiscal 2019, I'm pleased with what we accomplished. We met our sales growth guidance and exceeded our financial commitments, including strong results on operating profit, earnings per share, and cash flow. We also successfully transitioned Blue Buffalo into our portfolio and drove double-digit top and bottom-line growth for that business.

I'm also pleased with how we delivered these results amid a dynamic operating environment. Change is constant, and we continue to improve our performance by adapting to the changes we're seeing in the marketplace. This includes evolving how we forecast and respond to variability in our cost structure, how we bring the consumer into the center of our innovation process, and how we stay close to new trends by partnering with emerging brands through our 301 INC venture capital arm.

In fiscal 2019, General Mills celebrated its 90 \( ^{th} \)  anniversary as a publicly traded company. When we listed in 1928 there were around 800 companies being traded on the New York Stock Exchange, only 44 of which remain today. When you think back to how much the world has changed since 1928, this shows our incredible resiliency and our willingness to adapt to change.

In today's business environment, our purpose and company culture matter more than ever. And we know that to deliver strong returns for our shareholders, we must successfully serve all our stakeholders – our consumers, customers, communities and employees.

During my two years as CEO, we've built upon what has always been a strength of General Mills – our strong culture of developing skilled and dedicated employees. With the launch of a new global inclusion strategy in fiscal 2019, we'll remain focused on cultivating a sense of belonging for our employees. We know that a highly engaged, inclusive workforce can make the difference between winning and losing in the marketplace.

Moving forward, the most important thing we can do as a company is to deliver consistent, profitable sales growth. We'll do this in fiscal 2020 by pursuing our Consumer First strategy and executing against our global growth framework: competing effectively across our portfolio, including platforms like cereal and yogurt, stepping up our growth rate on our accelerate platforms, which include snack bars, Häagen-Dazs ice cream, Old El Paso Mexican food, and our natural & organic brands; and reshaping our portfolio by fueling strong growth on Blue Buffalo.

Thank you for your investment in General Mills. We appreciate your ongoing confidence in our business, and we look forward to delivering on our goals and continuing to drive strong returns over the long term.

![](images/2_0.jpg)

Sincerely,

![](images/2_1.jpg)

Jeff Harmening
Chairman and
Chief Executive Officer

![](images/2_2.jpg)
# DEAR SHAREHOLDERS

_Source: `DeepSeekOCR_Ardian_pruned_1k/consumer-defensive-packaged-foods/NYSE_HLF_2018/NYSE_HLF_2018.mmd` · pages 2-8_

---

DEAR SHAREHOLDERS:

This was an amazing year at Herbalife Nutrition. We returned to growth in the fourth quarter of 2017, and we haven't slowed down since. Throughout 2018, we saw steady growth each quarter and, in fact, we ended the year with net sales growth of over ten percent compared to 2017, with year-over-year increases in eight of our top ten markets. On top of that, we had our highest volume point year in our history, up almost ten percent.

Our success is due to our passionate, results-oriented distributors who give our products a voice and who have trusted, one-on-one relationships with their customers, and our laser focus on our growth strategies – creating products that help our distributors increase sales to their existing customers, appeal to new customers and, importantly, attract new distributors to the business; implementing technology that enables our distributors to deliver personalized service at scale while maintaining those all-important relationships; and strengthening our Distributor Difference through education and training are all keys to our positive performance.

We have a passionate, committed group of distributor leaders and a strong corporate and regional leadership team who are working together to bring these strategies to life and to help our distributors succeed. In fact, our partnership and collaboration is unheard of in the direct selling industry, and we believe it's one of the most important competitive advantages we have. As evidence of our distributors' success, in 2018 we had the second-highest number of global President's Team qualifiers in the company's history, and the highest in the last five years.

As further evidence of our distributors' success, we had a record-setting sales leader retention rate of 67.9 percent for the latest 12-month requalification period (ending January 2019), which is a testament to the ongoing sustainability of our business because of our great products and the proven business opportunity we offer.

The trajectory of our business and the momentum we have going into 2019 is truly promising; and the progress we have made innovating and broadening our product portfolio and building out our technology platform to help our distributors improve their productivity and profitability is nothing short of remarkable. And all of this means value for you, our shareholders.

I'm extremely proud to be leading this special company called Herbalife Nutrition. I'm more passionate than ever about our mission to improve the lives of people around the world, and I'm appreciative of the hard work and dedication of our distributors, our management team and our employees who have made 2018 such a sensational year.

Thank you for your continued confidence in the future of our company. With the results we've achieved and the momentum we're experiencing, we believe our future is brighter than ever.

![](images/2_0.jpg)

Michael O. Johnson
Chairman and CEO