Stephan Pudwill - Vice Chairman Stephan Pudwill, will continue our opening remarks, and I will give some more comments later towards the end of this presentation. Thank you, Stephan, please. Stephan Pudwill Today, we have Mr. Steven Richman, Steven, stand up. So Steven is our Senior Group President of MILWAUKEE. We have Shane Moll, Shane is Group President of MILWAUKEE Power Tools, and we have Tim Albrecht, Group President of Hand Tools, Storage, Personal Protective Equipment and Channel Marketing. The MILW ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company's performance is expected to recover ahead of peers, with resilience in the short term and potential acceleration in growth by 2025, driven by the recovery in the U.S. real estate market [4] - The revenue for the second half of 2023 exceeded expectations, with a year-on-year increase of 10.15% to $6.852 billion, outperforming the guidance of "mid-single-digit" growth [4] - The company has raised its net profit forecasts for 2024 and 2025, with expected net profits of $1.145 billion and $1.369 billion respectively, reflecting year-on-year growth rates of 17.3% and 19.6% [4] Financial Summary and Valuation Metrics - Revenue (in million USD): 2022A: 13,254; 2023A: 13,731; 2024E: 14,722; 2025E: 16,153; 2026E: 17,939 [4] - Net Profit (in million USD): 2022A: 1,077; 2023A: 976; 2024E: 1,145; 2025E: 1,369; 2026E: 1,710 [4] - Gross Margin (%): 2022A: 39.3; 2023A: 39.5; 2024E: 39.7; 2025E: 40.0; 2026E: 40.3 [4] - Diluted EPS (in USD): 2022A: 0.6; 2023A: 0.5; 2024E: 0.6; 2025E: 0.7; 2026E: 0.9 [4] - P/E Ratios: 2022A: 20.3; 2023A: 22.5; 2024E: 19.2; 2025E: 16.0; 2026E: 12.8 [4]

智通财经APP迅，创科实业(00669)发布截至2023年12月31日止年度的业绩，该集团期内取得营业额137.31亿美元，同比增加3.6%;股东应占溢利9.76亿美元，同比减少9.36%;每股基本盈利53.36美仙;拟派发末期股息每股98港仙。 公告称，于2023年，毛利率上升14个基点至39.5%。有关增长乃直接由于MILWAUKEE业务持续取得成功、售后电池销售增加，以及新推出的创新产品带动利润率上升所致。由于集团的库存较去年大幅减少9.87亿美元，毛利率改善令人相当鼓舞。 于2023年，MILWAUKEE 推出 MILWAUKEE FORGE 电池技术，显著扩大市场领导地位。自2005年起，MILWAUKEE 即成为引领电动工具行业采用锂离子电池的先驱。此后，集团努力不懈地发展此先进的电池技术。RED LITHIUM MILWAUKEE FORGE 电池结合 MILWAUKEE 超级充电器的顶尖电子技术，只需十五分钟或更短时间即可充电达 80%。此崭新技术可大幅提高用户的工地生产力，并再次证明用家是值得以更高价钱获得更优越的产品。集团开发毛利率较高的创新产品，为策略性销售及一般行政开支提供投资资金，进 ...

Financial Performance - Techtronic Industries reported record free cash flow of $1.3 billion, significantly exceeding market expectations[3]. - Sales for the fiscal year 2023 reached $13.73 billion, representing a growth of 3.6% compared to $13.25 billion in 2022[4]. - Net profit for 2023 was $976 million, a decrease of 9.4% from the previous year, partly due to increased interest expenses[5]. - Total revenue for the year was $13.7 billion, a 3.6% increase from $13.3 billion in 2022, while net profit attributable to shareholders decreased by 9.4% to $976 million[15]. - The company reported a net profit attributable to shareholders of $976,340 thousand for 2023, down from $1,077,150 thousand in 2022, reflecting a decrease of approximately 9.4%[34]. - The total comprehensive income attributable to shareholders for the year was $939,366 thousand, compared to $904,777 thousand in the previous year, indicating an increase of about 3.8%[34]. - The company reported a pre-tax profit of $1,055,616 thousand for 2023, down from $1,156,897 thousand in 2022, reflecting a decrease of 8.7%[37]. - The total tax expense for the year was $79,276,000, slightly down from $79,747,000 in 2022[61]. Gross Margin and Expenses - Gross margin increased by 14 basis points to 39.5%, driven by the success of the Milwaukee business and reduced inventory levels[5]. - Gross margin improved to 39.5% from 39.3% due to growth in Milwaukee and high-margin aftermarket battery business[16]. - Operating expenses as a percentage of sales rose by 96 basis points to 31.3%, influenced by one-time promotional spending[5]. - Total operating expenses increased to $4.302 billion, representing 31.3% of revenue, primarily due to strategic investments and promotional activities[17]. Capital Expenditures and Investments - Capital expenditures for the year were $502 million, down 13.7% from the previous year, focusing on new products and automation[6]. - Capital expenditures totaled $502,000,000, representing 3.7% of sales, down from $581,000,000 in 2022[22]. - The company invested approximately $502,000,000 in property, plant, and equipment during the year, down from $581,000,000 in 2022[65]. - Capital commitments for property, plant, and equipment amounted to $178,000,000, down from $328,000,000 in 2022[22]. Debt and Financial Health - The company's net debt ratio improved to 17.1% from 32.1% in 2022, reflecting better financial health[6]. - Long-term borrowings accounted for 53.3% of total debt, up from 38.7% in 2022[20]. - The company holds a strong financial position with healthy cash levels and robust growth prospects for 2024[32]. - The company’s total assets less current liabilities amounted to $7,618,514 thousand as of December 31, 2023, compared to $7,093,283 thousand in 2022[35]. - The company’s total liabilities decreased to $7,618,514 thousand in 2023 from $7,093,283 thousand in 2022, a reduction of 7.4%[36]. Product Performance and Innovations - Milwaukee's sales grew by 10.7% in local currency, with a notable increase of 12.7% in the second half of 2023[5]. - Milwaukee launched the new Milwaukee Forge battery technology, enhancing its market leadership in power tools[9]. - The Milwaukee M18 platform now includes 284 products, targeting various verticals such as construction and renewable energy[9]. - Milwaukee's manual tools business continued to show significant growth, with the introduction of a series of American-made electrical hand tools produced in Wisconsin[10]. - The Milwaukee PACKOUT storage solution system has 102 interchangeable products, enhancing user loyalty and overall network value[10]. - Ryobi's global performance in the second half of 2023 was strong, leading to improvements in the consumer power tools business[11]. - The Ryobi 18V ONE+ platform now includes 307 products, with the introduction of the new 18V ONE+ HP AIRSTRIKE cordless nailer showcasing innovative technology[11]. - The company has made significant investments in innovative rechargeable products, integrating advanced electronic technology and artificial intelligence, which are expected to enhance user productivity and improve gross margins[32]. Environmental and Social Responsibility - The company aims to reduce Scope 1 and Scope 2 greenhouse gas emissions by 60% by 2030, achieving an 8% reduction in emissions in 2023[13]. Shareholder Returns and Stock Activity - The company plans to distribute a final dividend of HKD 0.98 per share for the year ended December 31, 2023, totaling approximately $231,355,000, compared to HKD 0.90 per share in 2022[63]. - The company repurchased a total of 500,000 shares at prices between HK$67.90 and HK$68.70, totaling $4,408,000[29]. - The company repurchased 500,000 shares at a total cost of approximately $4,408,000 in October 2023[69]. Acquisitions - The acquisition of Green Planet Distribution Centre Company Limited was completed for $75,094,000, expected to enhance the electric tools and outdoor gardening tools business[70]. - The net assets acquired from Green Planet included property, plant, and equipment valued at $68,339,000 and goodwill of $3,964,000[71]. - The acquisition of C4 Carbides Limited was completed for $39,589,000, aimed at expanding the electric tools business[73]. - The net assets acquired from C4 included intangible assets valued at $2,015,000 and goodwill of $25,105,000[74]. Inventory and Receivables Management - Total inventory decreased to $4,098,000,000 from $5,085,000,000 in 2022, with inventory turnover days reduced from 140 to 109 days[21]. - Total accounts receivable increased to $1,811,592,000 in 2023 from $1,639,563,000 in 2022, representing a growth of 10.5%[66]. - Total accounts payable decreased to $1,655,367,000 in 2023 from $2,073,285,000 in 2022, a decline of 20.1%[67]. Accounting Standards and Compliance - The company has adopted the new Hong Kong Financial Reporting Standards (HKFRS) effective from January 1, 2023, which includes HKFRS 17 on insurance contracts, impacting the recognition and measurement of insurance contracts[40]. - The application of HKFRS 17 did not have a significant impact on the company's consolidated financial statements for the current and prior years[41]. - The company has also implemented amendments to HKAS 8, clarifying the definition of accounting estimates, which did not significantly affect the consolidated financial statements[42]. - The amendments to HKAS 12 regarding deferred tax assets and liabilities have been applied, but they did not have a significant impact on the company's financial position and performance[43]. - The company has adopted the amendments related to international tax reform under HKAS 12, which will require disclosures regarding deferred tax risks associated with pillar two legislation[44]. - The revised HKAS 1 and HKFRS Practice Statement 2 have been applied, affecting the disclosure of significant accounting policies, but did not have a major impact on the financial position and performance[45]. - The company has implemented changes in accounting policies due to the cancellation of the offset mechanism for long service payments, which will officially take effect on May 1, 2025[46]. - The accounting policy changes have no significant impact on the consolidated financial statements for the current year[47]. - The company has not early adopted any of the newly issued but not yet effective Hong Kong Financial Reporting Standards, which are expected to have no significant impact on the consolidated financial statements in the foreseeable future[48]. - The company anticipates that the application of the amendments to the Hong Kong Financial Reporting Standards will not have a significant impact on its financial position and performance[49]. - The amendments to the accounting standards clarify the classification of liabilities as current or non-current, particularly regarding repayment rights that are contingent on compliance with covenants[50]. - The company views employer contributions to the mandatory provident fund as employee contributions that can offset long service payment benefits[46]. - The amendments to the accounting standards will come into effect for annual reporting periods beginning on or after January 1, 2024, with early adoption permitted[49]. - The company expects that the application of the 2020 and 2022 amendments will not affect the classification of other liabilities as of December 31, 2023[51]. - The company has adopted a retrospective approach to implement the guidance on long service payment liabilities to provide more reliable and relevant information[46].

AlexeyBorodin/iStock via Getty Images Elevator Pitch Techtronic Industries Company Limited (TTNDF, OTCQX:TTNDY) [669:HK] is rated as a Buy. In my prior October 16, 2023 write-up, I highlighted TTNDY's channel inventory situation and the mid-term top line growth expectations for its Milwaukee power tool business. My focus is on Techtronic Industries' recent share repurchases and its 2024 outlook in the current article. I have raised my investment rating for Techtronic Industries from a Hold earlier to a ...

2023 中期報告 1/2 吋高扭矩衝擊扳手 其功率及尺吋堪稱行內最佳組合 動力最強勁 提供領先業界的1,600英尺磅 扭矩，較主要競爭對手輕達 0.7英吋磅 ...

Powerful Brands Innovative Products Exceptional People Operational Excellence 2023 1H Analyst Presentation August 9th, 2023 DISCLAIMER This document ("document") has been prepared by Techtronic Industries Company Limited (the "Company" or "TTI", and together with its subsidiaries, the "Group") solely for use at the presentation held in connection with the announcement of the Company's financial results (the "Presentation"). References to "document" in this disclaimer shall be construed to include any oral c ...

Techtronic Industries Company Limited (OTCQX:TTNDY) Q2 2023 Earnings Conference Call August 9, 2023 8:00 AM ET Company Participants Horst Pudwill - Chairman Frank Chan - Chief Financial Officer Joe Galli - Chief Executive Officer Sean Docherty - Deputy CFO Ross Jalardi - Senior Vice President, Finance &Investor Relations Conference Call Participants John Choi - Daiwa Eric Lau - Citi Group Justin Chan - CLSA Tim Wojs - Baird Helen Fang - HSBC Terence Chang - Macquarie Jacqueline Du - GS Frank Fan - Nomura Op ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 TECHTRONIC INDUSTRIES COMPANY LIMITED 創 科 實 業 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：669） 截至二 零 二三年六月三十日止六個月期間之業績 公佈 _____________________________________________________________________________________ 創科實業有限公司（「創科實業」或「本公司」）董事會（「董事」或「董事會」）欣然公佈本公司及 其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月期間之未經審核綜合業績，連同 二零二二年的比較數字。 • 創科實業在二零二三年上半年錄得穩健業績，於銷售表現及利潤產生方面均超越市場，同時減少 庫存及實現出色的自由現金流 • 旗艦品牌MILWAUKEE爲全球第一的專業電動工具品牌，其業務表現優於市場，銷售額按當地貨 幣計算增 ...

Financial Performance - Total revenue for 2022 reached $13.254 billion, reflecting a 0.4% increase from $13.203 billion in 2021[4] - Gross margin improved to 39.3%, up 54 basis points from 38.8% in the previous year, marking the fourteenth consecutive year of growth[7] - Adjusted EBITDA increased by 0.8% to $1.201 billion, with a slight rise in profit margin to 9.1%[11] - Net profit attributable to shareholders decreased by 2.0% to $1.077 billion, with basic earnings per share falling to 58.86 cents[4] - Sales increased by 2.8% to $13.3 billion in 2022, with a gross margin of 39.3%[14] - The group's revenue for the year was $13.3 billion, a 0.4% increase from $13.2 billion in 2021. Shareholders' profit decreased by 2.0% to $1.077 billion from $1.099 billion in 2021[96] Growth and Market Expansion - Milwaukee's business saw a remarkable growth of 21.8% in local currency, contributing significantly to overall sales growth[9] - The flagship MILWAUKEE business recorded a 22% growth, marking the ninth consecutive year of over 20% growth in local currency[15] - The company plans to further expand its leadership in the global cordless tool market, supported by strong free cash flow and solid financial health[12] - The company achieved significant success in Europe and strong progress in Asia, particularly with the launch of the MILWAUKEE MX FUEL system in Japan[17] - The company aims to expand its market presence outside the U.S. and invest in new product development to maintain competitive advantages[107] Product Development and Innovation - New product profitability continues to grow, driven by innovative offerings and improved production efficiency[9] - The introduction of the fourth-generation MILWAUKEE M18 FUEL drill showcases advancements in power, speed, and battery life[18] - The company added 879 engineers to its R&D team to accelerate technology development[18] - The company launched the fourth generation of MILWAUKEE products, which are more powerful, faster, quieter, and equipped with rapid charging capabilities, marking a significant innovation in the industry[27] - The company introduced 14 comprehensive solutions under the MX FUEL series, establishing it as the largest and highest-performing lightweight equipment battery system in the market[46] Sustainability and Environmental Impact - The company successfully reduced carbon emissions by 6,000 tons over the past year, improving emission intensity by 4%[10] - The company’s commitment to responsible sustainable practices is deeply embedded in its culture, contributing to reduced carbon emissions and improved user safety[28] - The company has no reported ESG-related non-compliance cases in 2022, reflecting its commitment to environmental, social, and governance standards[108] - The company continues to align its sustainability strategy with the United Nations Sustainable Development Goals[108] Financial Health and Cash Flow - Free cash flow improved to $329 million in 2022, indicating strong financial performance[14] - Total operating expenses for the year were $4.025 billion, representing 30.4% of revenue, up from 29.9% in 2021, primarily due to strategic investments in new products and promotional activities[98] - The company generated free cash flow of $329 million during the year[100] - The net debt-to-equity ratio increased to 32.1% from 28.2% in 2021[100] Shareholder Returns and Dividends - The board proposed a final dividend of approximately 11.58 cents per share, maintaining the total annual dividend at 23.81 cents[11] - The total dividend for the year 2022 amounts to HKD 1.85 per share (approximately USD 0.2381), consistent with the previous year[111] - The board proposed a final dividend of HKD 0.90 per share (approximately USD 0.1158), totaling around USD 212.51 million for the year ended December 31, 2022[111] Corporate Governance - The board confirmed its responsibility for preparing the group's accounts, ensuring transparency and accountability[110] - The company emphasizes the importance of corporate governance and strategic leadership through its board composition[122] - The board regularly reviews compliance with the Corporate Governance Code and has confirmed adherence to all applicable rules for the year ending December 31, 2022[130] - The company is committed to maintaining high standards of governance and leveraging the diverse backgrounds of its directors for strategic advantage[119] Board Composition and Diversity - The board consists of five executive directors, two non-executive directors, and five independent non-executive directors, ensuring a diverse skill set[133] - The company emphasizes the importance of board diversity, with two out of twelve directors being women, enhancing the company's business and values[145] - The independent directors bring a wealth of experience from various industries, enhancing the company's strategic decision-making capabilities[120] Stock Options and Share Incentive Plans - The company has adopted two share incentive plans, with the 2008 plan having been fully vested and the 2018 plan currently in effect[152] - The total number of shares granted to directors during the year was 11,538,500, with 3,991,000 shares granted in the year and 3,011,000 shares vested[157] - The company plans to grant 5,000,000 shares to Joseph Galli Jr. over five years, contingent on achieving specific performance targets[157] Major Shareholders - Major shareholders include JPMorgan Chase & Co. with a total shareholding of 156,216,031 shares, representing approximately 8.51% of total equity[197] - The Bank of New York Mellon Corporation holds 91,822,534 shares, accounting for approximately 5.00% of total equity[197]