Slide 1: Annual Results Presentation
2009 Annual Results Presentation 19 April 2010 1
Slide 2: 2009 Full Year Results
2009 Full Year Results 2008 2009 US$m US$m Change Sales 3,412 3,075 (9.9%) Gross Profit Margin% 30.8% 31.3% +0.5pt SG&A % of Sales 25.9% 27.7% +1.8pts EBITDA 164 229 +39.6% EBIT 72 125 +73.2% Net Profit 22 63 +180.7% EPS (US cents) 1.49 4.09 +173.8% 2
Slide 3: 2009 Income Statement
2009 Income Statement 2008 2009 US$m US$m Change Total Revenue 3,412 3,075 (9.9%) Gross Profit 1,052 961 (8.7%) % of sales 30.8% 31.3% Selling, distribution, advertising & warranty exp 442 427 (3.4%) Administrative expenses 385 357 (7.3%) Research & development cost 57 66 +15.8% Total SG&A Expenses
Slide 4: 2009 Financial Position
2009 Financial Position 2008 2009 US$m US$m Change Non-current Assets 1,284 1,310 +2.0% Current Assets 1,509 1,739 +15.2% Current Liabilities 1,375 1,393 +1.4% Net Current Assets 135 346 +156.8% Long-term Liabilities 528 606 +14.7% Shareholders’ Funds 877 1,036 +18.2% Current Ratio 1.1 1.3 Quick Rat
Slide 5: 2009 Debts with Fixed Maturity Profile
2009 Debts with Fixed Maturity Profile 2008 2009 US$m US$m Change Cash 307 426 +38.9% Short-term Debt 388 342 (11.9%) Short-term Debt - CB 13 - (100.0%) Short-term Debt Total 52% 401 43% 342 (14.7%) Long-term Debt - Fixed 340 315 (7.2%) Long-term Debt - Floating 28 17 (37.8%) Long-term Debt - CB - 1
Slide 6: Proforma Debt to Equity Ratio Assuming CB converted and Warrant exercised
Proforma Debt to Equity Ratio Assuming CB converted and Warrant exercised Dec 2009 (US$m) Dec 2009 CB Warrant Proforma Net Debt 712 (150) (12) 550 Equity 1,036 150 12 1,198 Debt-to-Equity 69% 46% Ratio 6
Slide 7: Proforma Debt Maturity Profile as at 31 March 2010
Proforma Debt Maturity Profile as at 31 March 2010 150.0 137.7 122.3 110.0 85.1 40.0 44.2 2010 2011 2012 2013 2014 2015 Term loan 2009 Conv Bond 7
Slide 8: Headcount Reduction
Headcount Reduction 23,685 Dec 2007 19,354 Dec 2008 16,772 Dec 2009 Headcount Cuts -4,331 -2,582 Total Reduction since Dec 2007: 6,913 29% Headcount Cut 8
Slide 9: 2009 Highlights
2009 Highlights 2008 2009 US$m US$m Change Sales $3,412 $3,075 (9.9%) Gross Margin% 30.8% 31.3% +0.5pt SG&A $884 $850 ($34) SG&A 25.9% 27.7% +1.8pts 9
Slide 10: 2009 Highlights
2009 Highlights 2008 2009 US$m US$m Change EBITDA $164 $229 +39.6% EBIT $72 $125 +73.2% Net Profit $22 $63 +180.7% EPS 1.49 4.09 +173.8% 10
Slide 11: Working Capital as a % of Sales
2009 Working Capital as a % of Sales 18.6% Competitor A 25.3% Competitor B 50.8% 11
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