Johnson Controls International Plc · NYSE:JCI
Johnson Controls International — Investor Day (December 2014)
80 slides from Johnson Controls International's investor day presentation, Dec 2, 2014
Slide 1: Strategic Review and 2015 Financial Outlook
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Strategic Review and 2015 Financial Outlook December 2, 2014 1 1 JohnsonControls, Johnson Controls,Inc. Inc.— — #JCIAnalystDay
Slide 2: Forward Looking Statement
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Forward Looking Statement Johnson Controls, Inc. has made statements in this document that are forward-looking and, therefore, are subject to risks and uncertainties. All statements in this document other than statements of historic
Slide 3: Alex Molinaroli
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Alex Molinaroli Chairman and Chief Executive Officer 3 Johnson Controls, Inc. — #JCIAnalystDay
Slide 4: Today's presentations Highlights
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Today’s presentations Highlights We are executing on our strategies to be a leading multi industry company Significant progress made in re-shaping the portfolio; near term focus on execution and integration Strategic and opera
Slide 5: Portfolio of strong global businesses
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Johnson Controls Portfolio of strong global businesses Building Efficiency $10.1bn Global Workplace Solutions $4.1bn Automotive Seating $17.5bn $42.8bn FY2014 Automotive Interiors $4.5bn Power Solutions $6.6bn 5 Johnson Controls, In
Slide 6: Strong operational momentum FY 2014 Results
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Strong operational momentum FY 2014 Results* Executing well FY 2014 Results* Record full year revenue and earnings AE segment income margin, +160bps Y-o-Y $42.8b PS segment income margin, +60bps Y-o-Y BE segment income margi
Slide 7: Review of 2014
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Review of 2014 Acquisition ADT Interiors Portfolio Changes JVs Hitachi (completed and in-progress) Electronics Divestitures Global Workplace Solutions Market share, advanced battery success, PS new manufacturing capacity
Slide 8: Review of 2014
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Review of 2014 Share repurchase $1.2 billion repurchase in 2014 Balanced capital $600 million repurchase in Q1 2015 allocation; Increased dividend 16% Dividend enhanced return of +18% for 2015 capital Capital Disciplined s
Slide 9: Enterprise strategy
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 If you can read this Click If you can read this Click on the icon to choose a on the icon to choose a picture or picture or Reset the slide. Reset the slide. To Reset: Right click on the slide To Reset: Right click on the slide thum
Slide 10: Enterprise strategy: Our plan to win
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Enterprise strategy Our plan to win Playing to our strengths Making deliberate and explicit choices that align with where we excel Our strategies Delivering the most value to our customers and shareholders The Johnson Controls O
Slide 11: Playing to our strengths
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Enterprise strategy Our plan to win Playing to our strengths We are a manufacturing , engineering and supply chain company We succeed in businesses that scale We invest in and manage strategic customer relationships We distr
Slide 12: Making portfolio decisions
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Making portfolio decisions Align with where we excel Which markets Supported by macro trends; growing above GDP Where we choose Large enough for sustained organic and inorganic growth to play Where we can lead China and Nort
Slide 13: Rebalancing the portfolio
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Rebalancing the portfolio FY 2013 revenues FY2016 revenues (est.) Operating margin 6.2% Interiors – Equity JV Operating margin 9.1% Hitachi – Consolidated JV GWS - Divested Buildings GWS Automotive Going forward Less auto centric
Slide 14: Enterprise strategy: Our plan to win
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Enterprise strategy Our plan to win Playing to our strengths Deliberate and explicit choices that align with where we excel Our strategies Delivering the most value to our customers and shareholders The Johnson Controls Operatin
Slide 15: Multi-industry strategy
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Multi-industry strategy Leveraging our portfolio of businesses Each of our core businesses contributes to fundamental Multi-industry model capabilities which advantage the enterprise Leverage scale, expertise and Long-time cul
Slide 16: Executing on our strategies
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Executing on our strategies Delivering the most value to our customers and shareholders Market-driven innovation and strategies Customer-driven business models Investments in growth platforms Balanced portfolio Optimized c
Slide 17: Executing on our strategies: China
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Executing on our strategies China Asia Pacific, led by China, is the most important region for growth for Johnson Controls over the next 2-3 decades Overweighting our investments in China across all three of our businesses 17 Jo
Slide 18: China: the premier growth market
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Executing on our strategies China: the premier growth market Mega trends By the beginning of the next decade…. Real GDP per capita to double (2010 vs. 2020) 275 million additional people moving from rural areas to cities >200
Slide 19: China will continue to be increasingly important
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Executing on our strategies China will continue to be increasingly important Johnson Controls China revenues * * includes non-consolidated JVs at 100%, including proposed automotive interiors joint venture 19 Johnson Controls, Inc.
Slide 20: China: investing across our businesses
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Executing on our strategies China: investing across our businesses Automotive Experience Johnson Controls in China #1 Complete seats 65% of seating backlog in China #1 Metals and mechanisms Rapid growth in metals #1 HVAC OEM S
Slide 21: Management changes
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Executing on our strategies Management changes Vice Chairman: Bruce McDonald Leadership expectations Chief Financial Officer: Brian Stief Accountable and decisive Building Efficiency President: Bill Jackson Diverse and inc
Slide 22: Enterprise strategy: Our plan to win
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Enterprise strategy Our plan to win Playing to our strengths Deliberate and explicit choices that align with where we excel Our strategies Delivering the most value to our customers and shareholders The Johnson Controls Operatin
Slide 23: The Johnson Controls Operating System
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Operationally excellent The Johnson Controls Operating System The “Johnson Controls Way” Manufacturing Engineering Commercial Excellence Marketing and sales Procurement Supply chain Technical Operations Excellence Excellen
Slide 24: Our strategies result in a compelling outlook
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Our strategies result in a compelling outlook Driving top-line growth Fiscal 2015 and beyond Attractive industries, markets and geographies Positioning JCI to deliver sustainable Growing faster than our markets growth, improving
Slide 25: Today's presentations
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Today’s presentations Bruce McDonald Johnson Controls Operating System New enterprise functions Ongoing portfolio initiatives Kim Metcalf - Kupres Business strategies Commercial excellence Brian Stief Market assumptions
Slide 26: The foundation of our success
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 The foundation of our success The best way to define how we will become a leading global multi-industrial: When we have a growth-oriented company that is operationally excellent built on an existing foundation of truly engaged emplo
Slide 27: Bruce McDonald
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Bruce McDonald Executive Vice President and Vice Chairman 2 Johnson Controls, Inc. — #JCIAnalystDay #JCIAnalystDay
Slide 28: Vice Chairman: Broadening management bandwidth
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Vice Chairman Broadening management bandwidth My new role Working with the business unit presidents to drive operational and financial performance Directing specific enterprise functions and strategic initiatives as part of the
Slide 29: Johnson Controls Operating System
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Johnson Controls Operating System Leveraging our strengths to improve the enterprise Each business has unique strengths from which we can extract greater shareholder value Power Automotive Building Building Efficiency – project
Slide 30: The Johnson Controls Operating System
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 The Johnson Controls Operating System.21 Central to how we run the company What is it? Leverage and build upon in-house best practices Organizational changes Why is it different? Supported by full-time resources Johnson Co
Slide 31: Global Manufacturing
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Johnson Controls Operating System Global Manufacturing Vision ...To become the most operationally capable company in the world Manufacturing System Savings from manufacturing focus Quality Policy – Increase productivity – Improv
Slide 32: Global Engineering
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Johnson Controls Operating System Global Engineering Creating the optimum balance of quality, cost and Global Engineering delivery Excellence Council Identify internal best practices and the path ------------------------------- to
Slide 33: Global procurement
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Johnson Controls Operating System Global procurement Appointment of Mike Bartschat as Chief Johnson Controls annual supplier spend Procurement Officer Deliver increased savings Direct: Global commodity teams $ 29 BILLION $17 B
Slide 34: Corporate Development
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Corporate Development In-house transformation team supporting Key Responsibilities enterprise financial goals and industry leadership plans Performance improvement Increase ability to deliver on business Acquisition management
Slide 35: 2015 Corporate Development priorities
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 2015 Corporate Development priorities Complete Interiors transaction Complete Hitachi JV Complete GWS divestiture Deploy pipeline process Identify and prioritize inorganic opportunities 11 Johnson Controls, Inc. — #JCIAnalystDay #JC
Slide 36: Automotive Interiors Joint Venture with Yanfeng
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Corporate Development - portfolio update Automotive Interiors Joint Venture with Yanfeng Transaction details Transaction status Creates world’s largest automotive interiors supplier Significant progress to date by 2015 revenue
Slide 37: Building Efficiency – Hitachi joint venture
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Corporate Development - portfolio update Building Efficiency – Hitachi joint venture Strategic partnership with technology leader Johnson Controls / Hitachi joint venture Complementary technologies and products to Annual reven
Slide 38: Global Workplace Solutions divestiture
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Corporate Development - portfolio update Global Workplace Solutions (GWS) divestiture Robust process underway Divestiture of GWS JCI improved operating performance; Divestiture is consistent with multi-industrial business prepared
Slide 39: Enterprise Plan framework
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 The Enterprise Plan provides a framework through our Natural Business Units to assess new market opportunities (Internal) portfolio management Enterprise Plan Performance tracking Transaction pipeline Periodic review vs. investmen
Slide 40: Adjacencies
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Inorganic drivers of growth Grow market share, geographical reach, product Screening will follow Enterprise plan logic Bolt-ons portfolio, technology and channel access Value creation driver: leverage existing channels; Growth M
Slide 41: Kim Metcalf-Kupres
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Kim Metcalf-Kupres Vice President and Chief Marketing Officer 1 Johnson Controls, Inc. — #JCIAnalystDay
Slide 42: Chief Marketing Officer role
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Chief Marketing Officer My role Talent Profitable growth New ways to bring value to customers Strategy • Market Intelligence & Insights Johnson Controls brand • • Portfolio Assessment Strategic Planning • Business Transformati
Slide 43: Automotive Seating
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 5% Automotive Seating Leading global provider 2014 Sales $17.5 billion Global presence Diversified customer and product portfolios Established leader in growing Chinese market Vertical integration through complete seats and
Slide 44: Stronger growth than our peers, competitors and markets
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Automotive Seating Stronger growth than our peers, competitors and markets Leading position in China Enablers Sustain share in mature markets Vertical integration creates content Industry-leading expertise opportunities acro
Slide 45: China: Leveraging our advantages in the world's largest market
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 China Leveraging our advantages in the world’s largest market Strong partnerships with global and local OEs Light Vehicle Production 2014 vs. 2019 Vehicle Production 2014 Vehicle Production 2019 Established technical capabilitie
Slide 46: Automotive Seating Operational Excellence
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Automotive Seating Operational Excellence Improving profitability through better quality, cost, productivity, speed Driving sustainable improvement in our global Metals business Improvements in South America following commercial
Slide 47: Building Efficiency
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Building Efficiency Johnson Controls makes buildings all around the world more 2014 Sales comfortable, efficient and safe $14. 2 billion HVAC equipment, building controls and technologies with a broad New Construction range of val
Slide 48: Building Efficiency: Investing for profitable growth
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Building Efficiency Investing for profitable growth Strategic choices Winning in North America Systems & Service North America branch channel Expanding independent channels Growth platforms in China and rest of Asia Increa
Slide 49: Refining operating models around products and local markets
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Building Efficiency Refining our operating models around selected products and local markets Product Businesses Field Businesses Compete on product Compete on expertise, customer service and Technology leadership relationships
Slide 50: Strong presence and well-positioned for growth in China
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Building Efficiency Strong presence and well-positioned for growth in China Opportunities Urbanization driving expansion of T2+ cities Harbin 350 million people expected to move by 2025 Changchun 50,000 new high-rise buildings
Slide 51: Air Distribution Technologies
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Air Distribution Technologies Strategic product focus and broadened distribution Strong third-party distribution channels: +185 non-residential sales relationships +4,000 residential distributor locations Brands: Products: 12 Johnso
Slide 52: Hitachi Joint Venture
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Hitachi Joint Venture Strategic product focus and broadened distribution Johnson Controls - Hitachi JV MOU Complementary commercial and residential HVAC technologies, especially VRF More solutions for our customers Best in cla
Slide 53: Power Solutions
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Power Solutions Global market leader for vehicle energy storage systems, providing 2014 Sales superior customer value at the best delivered cost $6.6 billion 35% global market share for SLI batteries Original Equipment Strategic
Slide 54: Power Solutions: Global growth platforms
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Power Solutions Global growth platforms Mature Markets – North America & Western Europe Leverage core strengths to expand value delivery, reinforce strategic customer relationships and grow Invest for high growth in China Pr
Slide 55: Positioning for aggressive growth in China
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Power Solutions Positioning for aggressive growth in China Investing in manufacturing and distribution Chinese Automotive Battery Market Forecast Original Equipment Strategic relationships OE 104 Advanced technology Aftermarke
Slide 56: Product & technology strategies
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Power Solutions Product & technology strategies SLI Start-Stop Micro-Hybrid HEV, PHEV & EV (Starting, Lighting and Ignition) Lead & Optimize Lead & Expand Invest for Growth Selectively Participate Design optimization Maintain AG
Slide 57: Advanced Start-Stop
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Advanced Start-Stop – Extending the lead-acid battery capability Dual battery system: 12 volt lead-acid battery + 12 volt Li-Ion battery Advanced Start-Stop Extends Start-Stop functionality to capture energy from vehicle braking a
Slide 58: Attractive, sustainable returns for our shareholders
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Portfolio of strong global businesses, serving attractive end markets Johnson Controls businesses Attractive, sustainable Executing focused strategies for profitable growth returns for our Developing new ways to bring value to c
Slide 59: Brian J. Stief
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Brian J. Stief Executive Vice President and Chief Financial Officer 1 Johnson Controls, Inc. — #JCIAnalystDay
Slide 60: Philosophies and personal background
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Philosophies and personal background Philosophies Consistent execution - no surprises Deliver on commitments - accountability Focus on value creation Personal Background PricewaterhouseCoopers (1979 – 2010); admitted to part
Slide 61: Johnson Controls financial model
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Johnson Controls financial model Clear portfolio choices, with a focus on where we can win and making the required investments Support business and operating model changes Significant attention to margin enhancement through co
Slide 62: Clear portfolio choices
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Clear portfolio choices Revenue FY14 Proforma ADT - $800M (closed June FY14) Building Efficiency $10.1B $13.9B Hitachi JV - $3.0B (late FY15) Recently Announced Decision to Global Workplace Solutions 4.1B Divest - (late FY15) Automo
Slide 63: Focus on margin enhancement
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Focus on margin enhancement Restructuring and turnaround initiatives across our businesses, including headcount reductions and global footprint changes Cost reduction, pricing and procurement initiatives Manufacturing, enginee
Slide 64: Balanced capital allocation framework: Free cash flow
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Balanced capital allocation framework Free cash flow Balanced Capital Allocation Significant Free Cash Flow (est.) Key Objectives Goals $5.8 billion cumulative Investing in $2.4 High ROI Capex $1.9 BBB+ minimum rating Paying a $1.
Slide 65: Balanced capital allocation framework: Capex
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Balanced capital allocation framework Capex ($billion) Building Efficiency Power Solutions Automotive Experience Reinvestment ratio 2 3 $1.8 1.8 1.6 2.5 2.4x $1.4 1.4 $1.3 $1.3 $1.2 2 1.2 2.0x 1 1.6x 1.5 0.8 1.4x 1.3x 0.6 1 0.
Slide 66: Strong dividend track record continues
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Shareholder returns Strong dividend track record continues Dividends Per Share Consecutive dividend payments since 1887 $3.5 billion in cash returned to shareholders via dividends over the past 10 years $1.04 33 dividend incre
Slide 67: Share repurchase program
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Shareholder returns Share repurchase program Announced share repurchase program in FY14; Repurchase philosophy total of $3.65 billion over 3 years Utilize share repurchases as means to return $1.25 billion completed in FY14 ca
Slide 68: Entering FY15
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Entering FY15 Good Momentum Taking Actions Improving late-cycle markets Portfolio – Interiors joint venture, Hitachi joint venture, GWS divestiture and ADT Operational improvements continue integration Expect margin expansio
Slide 69: FY15 underlying key assumptions
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 FY15 underlying key assumptions Automotive Production Construction Spending North America 17.2m up 2% Non-residential – U.S. +2% Europe 25.0m up 2% Non-residential – Europe +1% China 24.5m up 10% Non-residential – Asia +
Slide 70: FY15 outlook
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 FY15 outlook Consolidated net sales Full year ADT (+$800M) Approx $42.3B (down 1%) Continued growth in emerging markets across all businesses, particularly China Strong aftermarket volumes Deconsolidate Interiors business on
Slide 71: Building Efficiency FY15 financial outlook
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Building Efficiency - excluding Global Workplace Solutions (GWS) FY15 financial outlook Sales growth of 9% to 11% (2% to 4% ex ADT) Margin expansion to 9.4% - 9.6% Modest North America market recovery Pricing and business model
Slide 72: Building Efficiency mid-term outlook (through FY19)
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Building Efficiency (excluding GWS) Mid-term outlook (through FY19) Sales growth of 6% to 7% Late-cycle market recovery ADT synergies Growth in emerging markets Margin expansion to 11.0% - 12.0% Average annual improvement of
Slide 73: Automotive Experience - Seating FY15 financial outlook
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Automotive Experience - Seating FY15 financial outlook Sales decline of 5% to 6% Margin expansion to 5.4% - 5.7% Higher volumes in North America and Europe Ongoing operational improvements Continued growth in emerging markets,
Slide 74: Automotive Experience - Seating mid-term outlook
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Automotive Experience - Seating Mid-term outlook (through FY19) Sales growth of 2% to 3% Seating: Three-year backlog Strong global production volumes Impact of lower capital expenditures and targeted $3.4 billion vs. $2.5 bill
Slide 75: Power Solutions 2015 financial outlook
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Power Solutions 2015 financial outlook Sales growth of 8% to 10% (7% to 9% ex lead) Margin expansion to 16.4% - 16.6% Higher volumes across all regions and channels (16.5% - 16.7% ex lead) Continued improvement in China Operat
Slide 76: Power Solutions mid-term outlook (through FY19)
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Power Solutions Mid-term outlook (through FY19) Sales growth of 5% to 6% Growth in China and other emerging markets Continued market share gains Advanced Battery volumes Margin expansion to 18.0% - 19.0% Average annual impro
Slide 77: GWS & Interiors 2015 financial outlook
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 GWS & Interiors 2015 financial outlook GWS Interiors Sales flat to decline of 1% Sales decline of 20% to 25% Several significant new business and renewal Deconsolidate business on July 1, 2015 – awards maintain 30% equity intere
Slide 78: China sales at 100%
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 China sales at 100% ($billion) $13.7 $10.7 $8.5 $6.9 $5.8 $1.1B Segment $5.1 Income at 100% 2011 2012 2013 2014 2015 2015 pro-forma 21 Johnson Controls, Inc. — #JCIAnalystDay #JCIAnalystDay
Slide 79: A commitment to profitable, sustainable growth
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Johnson Controls A commitment to profitable, sustainable growth Focused on execution and delivering against our objectives Confident in our outlook for FY15 Committed to delivering $3.55 - $3.70 / share in FY15 (up 12% - 16% YOY
Slide 80: Driving sustainable growth and returns in attractive global markets
Johnson Controls Strategic Review and 2015 Outlook December 2, 2014 Driving sustainable growth and returns in attractive global markets where we can win 2323 JohnsonControls, Johnson Controls,Inc. Inc.— — #JCIAnalystDay