Slide 1: 2014 Annual Results Presentation
2014 Annual Results Presentation March 19, 2015
Slide 2: Frank Chan
Frank Chan 2
Slide 3: 2014 Full Year Results
2014 Full Year Results (US$ m) 2013 2014 Change Sales $4,300 $4,753 +10.5% Gross Profits $1,472 $1,673 +13.6% Gross Margin % 34.2% 35.2% +100bps EBIT $304 $351 +15.4% % of sales 7.1% 7.4% Net Profit $250 $300 +20.0% % of sales 5.8% 6.3% EPS (cents) 13.68₵ 16.41₵ +20.0% Final Dividend (HK cents) 13.7
Slide 4: 2014 Segment Results
2014 Segment Results (US$ m) 2013 2014 Change Segment Sales $3,144 $3,553 +13.0% Power Segment % 73.1% 74.7% Equip. Op Profit $261 $305 +16.7% % of sales 8.3% 8.6% Sales $1,156 $1,200 +3.8% Floor Care Segment % 26.9% 25.3% Op Profit $52 $60 +15.4% % of sales 4.5% 5.0% 4
Slide 5: 2014 Region Sales
2014 Region Sales (US$ m) 2013 2014 Change Region North $3,120 $3,393 +8.8% America Region % 72.6% 71.4% EMEA $870 $969 +11.3% Region % 20.2% 20.4% ROW $310 $391 +26.3% (Rest of World) Region % 7.2% 8.2% 5
Slide 6: 2014 Income Statement
2014 Income Statement (US$ m) 2013 2014 Change Sales $4,300 $4,753 +10.5% Gross Margin $1,472 $1,673 +13.6% % of sales 34.2% 35.2% Selling, Distribution, & Advertising $563 $644 +14.4% Administrative Expenses $505 $564 +11.7% Research & Development $107 $118 +10.2% Total SG&A Expenses $1,175 $1,326
Slide 7: 2014 Financial Position
2014 Financial Position (US$ m) 2013 2014 Change Non-current Assets $1,520 $1,616 +6.3% Current Assets $2,492 $2,736 +9.8% Current Liabilities $1,777 $1,947 +9.6% Net Current Assets $716 $788 +10.1% Long-term Liabilities $490 $437 (10.9%) Equity $1,741 $1,967 +13.0% Interest Coverage (x) 12.4x 13.0x
Slide 8: 2014 Gearing Ratio
2014 Gearing Ratio (Net Debt / Equity) 2012 2013 2014 Gearing 25.8% 10.6% 10.0% 8
Slide 9: 2014 Key Financial Figures
2014 Key Financial Figures (US$ m) 2013 2014 Change Inventory $884 $1,056 Days 75 81 +6 days Receivables $752 $773 Days 64 59 -5 days Payables $1,040 $1,136 Days 88 87 -1 day Net Working Capital $596 $694 % of Sales 13.9% 14.6% Cash Balance $698 $690 (1.1%) CAPEX $105 $154 +47.6% 9
Slide 10: 2014 Debt Profile
2014 Debt Profile (US$ m) 2013 2014 Change Cash Balance $698 $690 (1.1%) Debt with Fixed Maturities $542 $550 +1.5% Working Capital Financing $341 $338 (0.9%) Total Debt $883 $888 +0.5% Total Net Debt $185 $198 +6.8% Floating Rate 89% $788 89% $792 +0.6% Fixed Rate 11% $95 11% $96 +0.5% 10
Slide 11: Joe Galli
Joe Galli 11
Slide 12: 2014 Full Year Sales
2014 Full Year Sales (US $m) 2013 2014 Sales $4,300 $4,753 % chg +10.5% 12
Slide 13: 2014 Sales Performance
2014 Sales Performance 1H 2H FY Sales +10.2% +10.9% +10.5% 13
Slide 14: 2014 Full Year Results
2014 Full Year Results (US$ m) 2013 2014 Change Sales $4,300 $4,753 +10.5% GM % 34.2% 35.2% +100bps SG&A % 27.3% 27.9% +60bps EBIT $304 $351 +15.4% % of sales 7.1% 7.4% 14
Slide 15: Gross Margin Trend
Gross Margin Trend 2010 2011 2012 2013 2014 +35.2% +34.2% +33.5% +32.6% +32.2% 15
Slide 16: 2014 Full Year Results
2014 Full Year Results (US$ m) 2013 2014 Change EBIT $304 $351 +15.4% Net Profit $250 $300 +20.0% EPS (cents) 13.68₵ 16.41₵ +20.0% 16
Slide 17: 2014 Working Capital
2014 Working Capital (US$ m) 2013 2014 Change Inventory $884 $1,056 Days 75 81 +6 days Trade Rec $752 $773 Days 64 59 -5 days Trade Payables $1,040 $1,136 Days 88 87 -1 day Net Working Capital $596 $694 WC % of Sales 13.9% 14.6% 17
Slide 18: Working Capital Trend
Working Capital Trend 2010 2011 2012 2013 2014 +21.9% +18.9% +16.2% +13.9% +14.6% 18
Slide 19: Productivity Progress
Productivity Progress Dec 2013 Dec 2014 Change $4,753 +10.5% Sales $4,300 Headcount 18,746 20,081 +7.1% 19
Slide 20: Confidential Document Property of Milwaukee Electric Tool Corporation Brookfield, Wisconsin 53005
Confidential Document Property of Milwaukee Electric Tool Corporation Brookfield, Wisconsin 53005
Slide 21: Confidential Document Property of Milwaukee Electric Tool Corporation Brookfield, Wisconsin 53005
Confidential Document Property of Milwaukee Electric Tool Corporation Brookfield, Wisconsin 53005
Slide 22: Confidential Document Property of Milwaukee Electric Tool Corporation Brookfield, Wisconsin 53005
Confidential Document Property of Milwaukee Electric Tool Corporation Brookfield, Wisconsin 53005
Slide 23: Confidential Document Property of Milwaukee Electric Tool Corporation Brookfield, Wisconsin 53005
Confidential Document Property of Milwaukee Electric Tool Corporation Brookfield, Wisconsin 53005
Slide 24: Confidential Document Property of Milwaukee Electric Tool Corporation Brookfield, Wisconsin 53005
Confidential Document Property of Milwaukee Electric Tool Corporation Brookfield, Wisconsin 53005
Slide 25: Confidential Document Property of Milwaukee Electric Tool Corporation Brookfield, Wisconsin 53005
Confidential Document Property of Milwaukee Electric Tool Corporation Brookfield, Wisconsin 53005
Slide 26: Confidential Document Property of Milwaukee Electric Tool Corporation Brookfield, Wisconsin 53005
Confidential Document Property of Milwaukee Electric Tool Corporation Brookfield, Wisconsin 53005
Slide 27: Accessories
ACCESSORIES Confidential Document Property of Milwaukee Electric Tool Corporation Brookfield, Wisconsin 53005
Slide 28: Hand Tools
HAND TOOLS Confidential Document Property of Milwaukee Electric Tool Corporation Brookfield, Wisconsin 53005
Slide 29: Slide 29
Slide 30: Confidential Document Property of Empire Level Mukwonago, WI 53149
Confidential Document Property of Empire Level Mukwonago, WI 53149
Slide 31: Phone Works
PHONE{ $wo RKS
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Slide 34: Slide 34
Slide 35: Lithium
4Q0OViurTHIUM
Slide 36: Pressure Washers
PRESSURE WASHERS
Slide 37: Cordless
cordless
Slide 38: Slide 38
Slide 39: Vax Cordless
Vax CORDLESS
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Slide 41: Slide 41
Slide 42: TTI Confidential
TTI Confidential
Slide 43: TTI Confidential
TTI Confidential