2010 Annual Results Presentation
Transcript of 2010 Annual Results Presentation
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March 25, 2011
2010Annual Results
Presentation
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3,383
2010 Full Year Results
Sales
Gross Profit Margin%
SG&A % of Sales
+10.0%
2010US$m
2009US$m Change
+54.4%
Net Profit
+33.1%
+50.7%
EBIT
EBIT before restructuring
32.2%
26.9%
167
194
95
+0.9pt
-0.8pt
3,075
31.3%
27.7%
125
125
63
EPS (cents) +45.1%5.934.09
margin 4.9%4.1%
margin 5.7%4.1%
margin 2.8%2.0%
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2010 Income Statement
Total Revenue 10.0%
2010US$m
2009US$m Change
3,383
Gross Profit 13.3%% of sales 32.2%
Selling, distribution, advertising & warranty exp 12.4%
1,089
481
Administrative expenses 2.5%366
Research & development cost -1.8%65
Total SG&A Expenses 7.1%911
% of sales 26.9%
Finance Cost 2.5%74
Profit before Income Tax 73.8%96
Income Tax Expenses -99.1%0
Net Income before Minority Interest 51.8%96
Minority Interest 354.2%1
Net Profit 50.7%95% of sales 2.8%
EBITDA 22.6%280% of sales 8.3%
3,075
31.3%961
42735766
85127.7%
73
55
-8
63
0
632.0%
2297.4%
% of sales 2.2%2.4%
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2010 Financial Position
Non-current Assets
Current Assets
Current Liabilities
2010US$m
2009US$m
Shareholders’ Funds
Current Ratio
Net Current Assets
Long-term Liabilities
Quick Ratio
1,352
1,914
1,423
491
713
1,115
1.34
0.9
+2.2%
+10.1%
Change
+17.7%
+41.9%
+7.6%
+3.2%1,310
1,739
1,393
346
606
1,036
1.25
0.8
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2010 Key Financial Figures
Inventory
Trade Receivables
Trade Payables
2010US$m
2009US$m
Days
Net Working Capital
645
508
-483
670
-2.3%
+11.4%
Change
+16.9%
+5.5%611
456
-494
573
54
% of Sales 18.6% 19.8% +1.2pts
55 +1 day
Days 59 52 -7 days
Days 73 70 -3 days
Cash Balance 513 +20.4%426
CAPEX 93 +4.0%89
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2010 Debts with Fixed Maturity Profile
Cash
Short-term Debt
+20.4%
2010US$m
2009US$m Change
+1,613.5%
Long-term Debt - CB
-46.7%Long-term Debt - Fixed
Long-term Debt - Floating
513
312
168
298
127
Interest Coverage (x) 3.8x
-9.0%
Interest cover = EBITDA/Interest expense
312
+30.6%593
Total Debt 905 +13.6%
33%
67%
-9.0%Short-term Debt Total
Long-term Debt Total
426
342
315
17
122
3.2x
342
454
797
43%
57%
+4.4%
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Proforma Debt to Equity Ratio Assuming CB converted
Net Debt
Equity
-150
150
CBDec 2010Proforma
Debt-to-EquityRatio
662
1,265
52.3%
(US$m)
812
1,115
Dec 2010
72.9%
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Proforma Debt Maturity Profile as at 28 Feb 2011
Term loan 2009 Conv Bond
2011 2012 2013 20152014
35.8
141.0 148.4
143.3 150.0
95.8
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3,383
2010 Full Year Results
Sales
GM%
+10.0%
2010US$m
2009US$m Change
+0.9pt
SG&A% -0.8pt
32.2%
26.9%
3,075
31.3%
27.7%
EBIT +54.4%194125before restructuring
% of sales 4.1% 5.7% +1.6pts
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2010 Full Year Results2010US$m
2009US$m Change
+54.4%
Net Profit
EPS
+34.3%
+50.7%
+45.1%
EBITDA
EBIT
307
194
95
5.93
229
125
63
4.09
before restructuring
before restructuring
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2010 Sales Growth2010US$m
2009US$m % Growth
+22.4%
Total
+6.0%
+10.0%
North America
ROW
2,461
922
3,383
2,322
753
3,075
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Power Tool Market Share
20102009Region
Canada
Latin America
Europe
Australasia
US
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+16%
Power ToolAccessories
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INDUSTRIAL PARK
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Productivity Progress
Dec 2007
23,685
$3.2BSales
Headcount
Dec 2010
$3.4B
18,440
+6.4%
-22.1%
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Res
INNOVATION CENTRE
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New Product Machine