Techtronic Industries Co., Ltd. · HKEX:669
Techtronic Industries — H1 2010 Earnings Presentation
11 slides from Techtronic Industries's earnings presentation, Aug 20, 2010
Slide 1: 2010 Interim Results
2010 Interim Results 20 August 2010
Slide 2: 2010 Interim Results
2010 Interim Results (US$m) 2009 2010 Change Sales 1,454 1,607 +10.5% Gross Profit Margin% 31.7% 32.6% +0.9pt EBITDA (before Restructuring) 116 160 +38.1% % of sales 8.0% 10.0% EBITDA (after Restructuring) 116 142 +22.2% % of sales 8.0% 8.8% EBIT (before Restructuring) 65 104 +58.9% % of sales 4.5%
Slide 3: 2010 Interim Income Statement
2010 Interim Income Statement (US$m) 2009 2010 Change Total Revenue 1,454 1,607 +10.5% Gross Profit 461 524 +13.8% % of sales 31.7% 32.6% Selling, distribution, advertising & warranty exp 216 212 (2.1%) Administrative expenses 167 182 +9.4% Research & development cost 17 37 +119.8% Total SG&A Expens
Slide 4: 2010 Interim Financial Position
2010 Interim Financial Position (US$m) 2009 2010 Change Non-current Assets 1,291 1,324 +2.6% Current Assets 1,724 2,142 +24.2% Current Liabilities 1,388 1,581 +13.9% Net Current Assets 336 561 +67.1% Long-term Liabilities 682 819 +20.1% Shareholders’ Funds 931 1,051 +12.9% Current Ratio 1.2 1.4 Quic
Slide 5: 2010 Interim Debts Maturity Profile
2010 Interim Debts Maturity Profile (US$m) 2009 2010 Change Cash 376 575 +52.9% Short-term Debt 246 216 (12.1%) Short-term Debt - CB 13 0 (100.0%) Short-term Debt Total 33% 259 24% 216 (16.6%) Long-term Debt - Fixed 340 241 (29.1%) Long-term Debt - Floating 63 319 405.7% Long-term Debt - CB 117 124
Slide 6: Proforma Debt to Equity Ratio Assuming CB converted
Proforma Debt to Equity Ratio Assuming CB converted June 2010 (US$m) June 2010 CB (proforma) Total Net Debt 826 (150) 676 Equity 1,051 150 1,201 Debt to Equity 79% 56% Ratio 6
Slide 7: Proforma Debt Maturity Profile as at 30 September 2010
Proforma Debt Maturity Profile as at 30 September 2010 150.0 143.3 146.6 118.1 95.8 74.2 10.8 2010 2011 2012 2013 2014 2015 Term loan 2009 Conv Bond 7
Slide 8: 1st Half Results
2010 1st Half Results Sales +10.5% 8
Slide 9: Power Equipment Sales 3-Yr CAGR
2007-2010 1st Half Power Equipment Sales 3-Yr CAGR Sales +3.2% Competitor A -9.4% Competitor B -6.6% 9
Slide 10: 2009 1st Half vs 2010 1st Half
2009 1st Half vs 2010 1st Half (US$m) 2009 2010 Change Sales $1,454 $1,607 +10.5% GM% 31.7% 32.6% +.9pt SG&A% 27.5% 26.8% -.7pt EBIT $65 $104 +58.9% (Before restructuring) Restructuring - $18 EBIT $65 $85 +30.6% (After restructuring) Net Profit $33 $46 +40.5% EPS 2.20 2.92 +32.4% 11
Slide 11: New Product Machine
New Product Machine
Techtronic Industries — H1 2010 Earnings Presentation on 6ix