Financial Performance - The company reported a record revenue of $14,622 million for 2024, representing a 6.5% increase compared to 2023[7] - Net profit attributable to shareholders rose by 14.9% to $1,122 million, reflecting a 31.9% decrease in net interest expenses[24] - Basic earnings per share increased by 15.1% to 61.43 cents[24] - Free cash flow reached $1,591 million, indicating strong performance in net profit and working capital management[26] - The company's operating margin increased by 42 basis points to 8.7%[29] - The group's revenue for the year was $14,600,000,000, an increase of 6.5% compared to $13,700,000,000 in 2023[166] - The profit attributable to shareholders was $1,122,000,000, up 14.9% from $976,000,000 in 2023[166] Sales Growth - The company achieved a 6.8% revenue growth in local currency for its flagship MILWAUKEE brand, while RYOBI brand sales grew by 6.4%[22] - In 2024, the company achieved record sales of $14.6 billion, representing a growth of 6.8% in local currency[29] - The flagship MILWAUKEE business grew by 11.6% in sales in local currency, maintaining market leadership[29] - The RYOBI business also performed well, with a sales growth of 6.4% in local currency[29] - The power tool business achieved sales of $13.7 billion in 2024, reflecting a growth of 7.3% in reported currency and 7.6% in local currency[152] - The flagship MILWAUKEE business grew by 11.6% in local currency and 11.1% in reported sales, with North America growing by 10.9% and Europe by 14.8%[153] Cost Management and Efficiency - Gross margin improved by 85 basis points to 40.3% due to higher sales mix from the MILWAUKEE brand and new product innovations[22] - Total operating expenses for the year were $4,642,000,000, representing 31.7% of revenue, up from 31.3% in 2023, primarily due to strategic investments in new products and technologies[169] - Research and development expenditure was $648,000,000, accounting for 4.4% of revenue, reflecting a focus on innovation and new product development[169] - Inventory days decreased by 7 days to 102 days, reflecting improved supply chain efficiency[26] - Total inventory was $4,076,000,000, with inventory turnover days decreasing from 109 days to 102 days[174] Capital Expenditures and Investments - Capital expenditures for the year were $292 million, down 41.9% from the previous year, focusing on new products and productivity enhancements[26] - Capital expenditures for the year totaled $292,000,000, down from $502,000,000 in 2023, representing 2.0% of revenue[177] Innovation and Product Development - The company is committed to leading the rechargeable product market with innovative technologies and designs[27] - The company emphasizes a user-centric approach to drive innovation and meet customer needs[30] - The company continues to invest in R&D and advanced production technologies to redefine possibilities for users[34] - Milwaukee continues to expand the M12 system with industry-specific tools, including the M12 automotive inspection camera with Wi-Fi file transfer, enhancing efficiency in repair approvals[47] - The M12 REDLITHIUM battery offers longer runtime and superior performance compared to other professional-grade lithium-ion batteries, setting a higher standard in the industry[48] - The M18 system is set to receive significant upgrades, including the new M18 REDLITHIUM FORGE battery, which features advanced lithium-ion technology for improved power and faster charging[53] - Milwaukee's MX FUEL system now includes over 25 solutions, targeting the multi-billion dollar lightweight equipment market, with products like the MX FUEL backpack high-frequency concrete vibrator[62] - The MX FUEL REDLITHIUM FORGE battery doubles operational time and provides the most powerful, fastest charging, and longest-lasting battery to date[63] - Milwaukee's advanced motor technology significantly enhances efficiency, ensuring even lightweight tools achieve top performance and durability[49] - The M18 dual-bay supercharger charges batteries to 80% in six times faster speed, drastically reducing downtime[54] - Milwaukee's commitment to innovation is evident in the introduction of over 150 tools in the M12 system, focusing on portable productivity and performance[47] - The new generation POWERSTATE brushless motors deliver stronger power and superior heat dissipation in a more compact size[53] - The REDLINK intelligence system ensures seamless communication between batteries and tools, enhancing performance, safety, and productivity[64] - The latest M18 FUEL 20-inch chainsaw generates power equivalent to 70cc, enhancing cutting speed and reducing downtime[72] - The M18 FUEL hedge trimmers can cut branches up to 1-1/4 inches in diameter, making them ideal for quick and extensive trimming tasks[72] Market Strategy and Future Outlook - The company aims for mid to high single-digit sales growth in 2025 while focusing on improving weaker business areas[27] - The company aims to maintain working capital as a percentage of sales between 14% and 16%[26] - The company aims to expand into under-served markets and enhance its product offerings as part of its long-term strategy[183] Shareholder Returns - The proposed final dividend for the year ending December 31, 2024, is HKD 1.18 per share (approximately USD 0.1519), totaling around USD 278,265,000, compared to HKD 0.98 per share (approximately USD 0.1261) in 2023[187] - The total dividend for the year 2024 is expected to be HKD 2.26 per share (approximately USD 0.2909), an increase from HKD 1.93 per share (approximately USD 0.2484) in 2023[187] - The company repurchased a total of 3,000,000 ordinary shares at a price range of HKD 86.00 to HKD 116.20, costing approximately USD 37,521,000[185] Leadership and Governance - Peter David Sullivan appointed as independent non-executive director since February 1, 2008[200] - Sullivan previously served as CEO and executive director of Standard Chartered Bank (Hong Kong) Limited[200] - He managed Standard Chartered's franchise operations in Japan, Australia, and the Philippines[200] - Sullivan held the position of vice chairman at Tianjin Bohai Bank, where Standard Chartered holds a minority stake[200] - He has held significant public roles, including chairman of the Hong Kong Association of Banks and the British Chamber of Commerce in Hong Kong[200] - Sullivan will retire as chairman of Circle BMI Health, the largest private hospital group in the UK, effective December 31, 2024[200] - He was a member of the audit committee and chairman of the remuneration committee at Circle BMI Health[200] - Sullivan stepped down from various non-executive director roles at AXA Asia and its subsidiaries in May 2021[200] - He was also a member of the audit committee at AXA Asia[200]

DISCLAIMER March 5th, 2025 HORST PUDWILL CHAIRMAN OF THE BOARD STEPHAN PUDWILL VICE CHAIRMAN FRANK CHAN CHIEF FINANCIAL OFFICER 2024 RESULTS | | 2023 | 2024 | Change | | --- | --- | --- | --- | | Sales | $13,731 | $14,622 | +6.5% | | GM % | 39.5% | 40.3% | +85 bps | | SGA % | 31.3% | 31.7% | +42 bps | | EBIT | $1,135 | $1,270 | +11.9% | | % of sales | 8.3% | 8.7% | | | Net Profit | $976 | $1,122 | +14.9% | | % of sales | 7.2% | 7.7% | | | EPS (cents) | 53.36₵ | 61.43₵ | +15.1% | | Final Dividend (HK cents) ...

Financial Data and Key Metrics Changes - The company reported a revenue increase of 6.5% to $14.6 billion, with net profit rising by 14.9% to $1.12 billion, and free cash flow reaching $1.6 billion, a 23% increase from 2023 [3][6][18] - Gross profit increased by $476 million to $5.9 billion, with a gross margin improvement of 85 basis points to 40.3% [7] - Earnings per share rose by 15.1% to $0.6143, and the total dividend for 2024 was increased by 17.1% to HK$2.26 per share [8] Business Line Data and Key Metrics Changes - The Power Equipment division, which accounts for nearly 94% of total revenue, grew by 7.3% to $13.7 billion, with operating profits increasing by 12.1% and margins improving to 9% [9] - The Floorcare & Cleaning division saw a revenue decline of 4.5% in local currency, but operating profits increased by 4.73% with margins improving to 3.2% [9][10] Market Data and Key Metrics Changes - North America, representing about 76% of revenue, grew by 5.5% in local currencies, while Europe, accounting for approximately 16% of the business, grew by over 10% [10][11] - The rest of the world, led by Australia, delivered impressive local currency growth of 12.5% [11] Company Strategy and Development Direction - The company emphasizes innovation and investment in new products, category expansion, and technology as key strategies to maintain market leadership and outperform competitors [12] - The focus on a unified team approach, leveraging the collective experience and knowledge across the organization, is seen as a competitive advantage [24][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue delivering strong financial results, highlighting a commitment to innovation and addressing market needs [21][32] - The company aims to achieve a net cash position by 2025 and continues to focus on reducing net finance costs [19][36] Other Important Information - The company has reduced total net debt by over 95% to $45 million, with a significant reduction in floating rate debt [19][20] - The effective tax rate increased to 7.8%, but management believes this rate is sustainable mid-term [13] Q&A Session Summary Question: What are the growth opportunities for RYOBI and Milwaukee? - Management highlighted the strong growth in the cordless segment, with RYOBI achieving a 15% compounded annual growth since 2016 and Milwaukee capturing significant market share through innovative solutions [60][91] Question: How does the company plan to maintain its competitive edge? - The company plans to continue investing in technology and innovation, leveraging machine learning and AI to enhance product offerings and operational efficiency [46][93]

Financial Data and Key Metrics Changes - Revenue increased by 6.5% to $14.6 billion, with organic growth of 6.5% or 6.8% in local currencies [7][10] - Net profit rose by 14.9% to $1.12 billion, with a net profit margin improvement of 60 basis points to 7.7% [9][10] - Free cash flow reached $1.6 billion, a 23% increase from $1.3 billion in 2023, representing a 142% conversion of net profits [17] - Earnings per share increased by 15.1% to $61.43 [9] Business Line Data and Key Metrics Changes - Power Equipment division, accounting for 94% of total revenue, grew by 7.3% or 7.6% in local currencies to $13.7 billion [10][11] - Milwaukee brand achieved sales growth of 11.6% in local currencies, while Ryobi Power Tools grew by 6.7% [8][10] - Floorcare and Cleaning divisions saw a revenue decline of 4.5% in local currency, but operating profits increased by 4.73% [10][11] Market Data and Key Metrics Changes - North America, contributing 76% of revenue, grew by 5.5% in local currencies [11] - Europe, making up approximately 16% of the business, experienced over 10% growth in local currencies [11] - The rest of the world, led by Australia, delivered impressive local currency growth of 12.5% [11] Company Strategy and Development Direction - The company emphasizes innovation and a strong culture as key drivers of success, aiming to maintain market leadership through continuous investment in R&D [4][12] - Focus on expanding into new markets and user segments, leveraging the strengths of the Milwaukee and Ryobi brands [30][32] - The strategy includes a relentless focus on safety and productivity solutions for core trades, with a unique approach to embedded partnerships [68][69] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue delivering strong financial results, highlighting a culture of innovation and collaboration [19][46] - The company is aware of potential disruptions in the market and is committed to continuous innovation across all business aspects [39][40] - Future growth is expected to be driven by expanding product offerings and enhancing customer engagement [30][32] Other Important Information - The Board recommended a final dividend of HKD 118 per share, a 20.4% increase compared to the previous year [10] - The company aims to achieve a net cash position by 2025, with a focus on reducing high-cost debts [17][18] Q&A Session Summary Question: What are the growth opportunities for Ryobi and Milwaukee? - Ryobi is focusing on expanding its cordless ecosystem, which has seen a 15% compounded annual growth since 2016, and aims to convert users from legacy power sources [49][50] - Milwaukee is committed to enhancing safety and productivity for core trades, with a unique strategy that has resulted in 12% sales growth in 2024 [70][71] Question: How does the company plan to maintain its competitive advantage? - The company emphasizes its culture and people as key competitive advantages, fostering collaboration and innovation across all levels [19][22] - Continuous investment in breakthrough technology and understanding user needs are critical to maintaining market leadership [85][86]

Financial Performance - The company reported a record sales revenue of $14,622 million for the fiscal year ending December 31, 2024, representing a 6.5% increase compared to $13,731 million in 2023[3]. - Net profit attributable to shareholders rose by 14.9% to $1,122 million, aided by a 31.9% reduction in net interest expenses[5]. - Profit attributable to shareholders was $1.122 billion, up 14.9% from $976 million in 2023[23]. - The company achieved a net profit attributable to shareholders of $1,121,680 thousand for 2024, compared to $976,340 thousand in 2023, reflecting a year-over-year increase of about 14.8%[56]. - The operating profit before tax for the year ended December 31, 2024, was $1,216,394 thousand, an increase of 15.2% compared to $1,055,616 thousand in 2023[60]. Margins and Profitability - Gross margin improved by 85 basis points to 40.3%, driven by higher sales from the MILWAUKEE brand and innovative product launches[4]. - Gross margin increased to 40.3%, up from 39.5% in the previous year, driven by a higher growth mix in the MILWAUKEE business and effective cost control[25]. - Operating profit before interest and tax increased by 11.9% to $1,270 million, with an operating margin of 8.7%, up 42 basis points[5]. Cash Flow and Capital Management - Free cash flow reached a record $1,591 million, reflecting improvements in net profit and working capital management[6]. - The company generated free cash flow of $1.591 billion, compared to $1.281 billion in the previous year[29]. - The net cash generated from operating activities for 2024 was $2,267,646 thousand, up from $2,103,875 thousand in 2023, reflecting a growth of 7.8%[61]. - The company reported cash and cash equivalents of $1,232,347 thousand at the end of 2024, an increase from $953,240 thousand in 2023[57]. Capital Expenditures and Investments - Capital expenditures for the year were $292 million, a decrease of 41.9% from the previous year, focusing on new products and productivity enhancements[5]. - The company acquired property, plant, and equipment for approximately $292,000,000 in 2024, a decrease from $502,000,000 in 2023[94]. - The total capital commitments for property, plant, and equipment as of December 31, 2024, were $167,000,000, down from $178,000,000 in 2023[36]. Inventory and Receivables Management - Inventory days improved by 7 days to 102 days, reflecting effective inventory management and supply chain efficiency[5]. - Total inventory amounted to $4,098,000,000 in 2023, with inventory turnover days decreasing from 109 days to 102 days[32]. - Accounts receivable at the end of 2024 totaled $1,884,131,000, up from $1,699,479,000 in 2023, with the aging analysis showing an increase in amounts due within 60 days[95]. Shareholder Returns and Equity - The company plans to distribute a final dividend of 118.00 HKD cents per share, totaling approximately $278.265 million, an increase from 98.00 HKD cents per share in 2023[20]. - The total amount of shareholder equity increased to $6.4 billion from $5.7 billion in 2023, with net asset value per share rising by 10.9% to $3.47[28]. - The total number of issued and fully paid ordinary shares decreased to 1,832,304,941 in 2024 from 1,834,317,941 in 2023 due to share buybacks[97]. Research and Development - Research and development expenses were $648 million, accounting for 4.4% of revenue, reflecting a focus on innovation and new product development[26]. - Research and development expenses increased to $648,103 thousand in 2024 from $548,338 thousand in 2023, highlighting the company's commitment to innovation[56]. Market and Sales Growth - The company's flagship brand, MILWAUKEE, saw sales growth of 11.6% in local currency, while RYOBI grew by 6.4%[4]. - The electric tools segment generated $13,722,888,000 in sales, up from $12,794,548,000 in the previous year, indicating a growth of about 7.3%[81]. - North America accounted for $11,078,856,000 of total sales, an increase from $10,513,310,000 in 2023, marking a growth of about 5.4%[82]. Financial Stability - The net debt-to-equity ratio was 0.7%, significantly down from 17.1% in 2023, indicating improved financial stability[29]. - The company maintains a strong financial position with a debt-to-equity ratio of 0.7% as of the end of 2024[56]. Future Outlook - The company expects overall sales growth in the mid to high single digits for 2025, while focusing on improving weaker business areas[56]. - The company plans to continue leading the rechargeable product market with innovative technologies and designs in 2025[56].

Group 1 - The article focuses on identifying value investment opportunities in Asia, particularly in Hong Kong, emphasizing stocks with significant discrepancies between market price and intrinsic value [1] - The research service targets deep value balance sheet bargains and wide moat stocks, which include net cash stocks, low price-to-book (P/B) stocks, and high-quality businesses [1] - Techtronic Industries Company Limited is highlighted as a bullish investment opportunity, with previous analysis noting its strong cash flow and international presence [1] Group 2 - The author provides monthly updates and watch lists for value investors, aiming to assist them in finding attractive investment opportunities in the Asian market [1]

Investment Rating - The report initiates coverage on Techtronic Industries (669 HK) with a "Buy" rating and a target price of HKD 132.59, based on a 24x PE for 2025 [1][7]. Core Views - Techtronic Industries is a global leader in the power tools and outdoor power equipment (OPE) sectors, with strong brand and technological advantages. The company is expected to benefit from overseas channel replenishment, interest rate cuts, and product replacement cycles, leading to steady operational growth by 2025 [1][2][20]. - The long-term trend towards lithium battery electrification in power tools and OPE is seen as a significant opportunity for the company, which is well-positioned to capitalize on this shift [2][21]. Summary by Sections Company Overview - Techtronic Industries has been deeply involved in the power tools industry for nearly 40 years, transitioning from an OEM role to owning 13 global brands, including Milwaukee and RYOBI. The company holds the largest market share in both the global power tools and OPE markets, with respective shares of 16.6% and 20.4% [20][26]. Industry Analysis - The industry is experiencing a demand recovery supported by U.S. interest rate cuts and product replacement cycles. The current demand environment remains strong, with expectations for significant product update demand in 2025 [21][22]. - The long-term outlook for lithium battery electrification is positive, with Techtronic Industries positioned to benefit as a leading player in this transition [2][21]. Competitive Advantages - The company boasts a robust brand portfolio, technological leadership, and a global production network. It has established strong relationships with major retailers, enhancing its sales capabilities [3][22]. - Techtronic's technological edge is exemplified by its early investment in lithium battery technology, which has allowed it to lead in product innovation and maintain competitive barriers [22][24]. Financial Projections - Revenue is projected to grow from USD 13.73 billion in 2023 to USD 17.44 billion by 2026, with a compound annual growth rate (CAGR) of 8.63%. Net profit is expected to increase from USD 976.34 million in 2023 to USD 1.47 billion by 2026 [6][13]. - The earnings per share (EPS) is forecasted to rise from USD 0.53 in 2023 to USD 0.80 in 2026, reflecting the company's strong growth trajectory [6][13]. Market Positioning - The company has a diversified production base across Asia, Europe, and the Americas, which reduces its exposure to trade risks and enhances its operational flexibility [3][23]. - Despite concerns about potential trade tensions, Techtronic's global production strategy and established market presence provide a buffer against such risks [4][23].

Group 1 - TTI has joined the United Nations Global Compact, reaffirming its commitment to sustainability and social responsibility [2] - The company has been publishing ESG reports since 2015 and aligned its goals with the UN Sustainable Development Goals in 2018 [1][8] - TTI's sustainability strategy focuses on safety solutions, noise reduction, supply chain traceability, decarbonization, and governance [1] Group 2 - TTI is a global leader in cordless technology, founded in 1985, serving various markets including professional, industrial, DIY, and consumer [3] - The company employs over 50,000 people worldwide and emphasizes innovation and strategic growth [3] - TTI's brand portfolio includes well-known names such as MILWAUKEE, RYOBI, AEG, EMPIRE, HOMELITE, HOOVER, ORECK, VAX, and DIRT DEVIL [4][5] Group 3 - The Pudwill family is the largest shareholder of TTI, with significant ownership also held by institutional investors [5] - TTI is publicly traded on the Hong Kong Stock Exchange and is part of the Hang Seng Index [5] - The company is committed to environmental, social, and corporate governance standards [5]

Core Viewpoint - Techtronic Industries Company Limited (TTNDY) is expected to experience positive free cash flow growth due to working capital optimization and reduced capital expenditures, with significant growth opportunities in the EMEA region [1][6] Financial Performance - TTNDY's free cash flow increased by +69% YoY from $301 million in 1H 2023 to $508 million in 1H 2024, while top line and net income rose by +6% YoY to $7,312 million and +16% YoY to $550 million, respectively [2] - The company's net working capital to revenue ratio decreased by -400 basis points YoY to 18.7%, and capital expenditures to sales metric decreased by -160 basis points YoY to 1.4% for 1H 2024 [2] Growth Outlook - Analysts forecast TTNDY's free cash flow to grow at a three-year CAGR of +11% to $1,747 million in FY 2026 [2] - The company is likely to continue growing its free cash flow as it optimizes working capital and reduces capital expenditures [3] Geographical Expansion - In 1H 2024, only 25% of TTNDY's revenue came from markets outside North America, with significant growth potential in the EMEA region [4] - Milwaukee EMEA has shown a +23% top line CAGR from FY 2008-2023, with a Total Addressable Market (TAM) potentially increasing from $10 billion to $50 billion through product expansion [4] - Analysts anticipate a +9.2% revenue CAGR and a +180 basis points normalized net margin expansion for FY 2024-2026 [4] Valuation Metrics - The market currently values TTNDY at a consensus next twelve months' free cash flow yield of 6.3%, higher than its historical five-year mean of 4.1% [3] - The stock's consensus forward one-year normalized P/E is 18 times, below its five-year historical mean of 23 times [3]

Financial Performance - Total sales for the first half of 2024 reached $7.312 billion, representing a 6.3% increase compared to $6.879 billion in the same period of 2023[5]. - Net profit attributable to shareholders increased by 15.7% to $550 million, compared to $476 million in the first half of 2023[5]. - Earnings per share rose by 15.8% to 30.12 cents, up from 26.00 cents in the same period last year[5]. - The company's total revenue for the reporting period was $7.312 billion, representing a 6.3% increase compared to the same period last year[17]. - Shareholders' profit increased by 15.7% to $550 million, with basic earnings per share rising to $0.3012, up 15.8%[17]. - The total comprehensive income for the period was $515,282,000, compared to $457,158,000 in the previous year, reflecting an increase of approximately 12.7%[32]. - The company reported a profit of $500,561 thousand for the six months ended June 30, 2024, compared to $475,779 thousand for the same period in 2023, representing an increase of approximately 5.2%[35]. - The company's profit for the six months ended June 30, 2024, was $550,365,000, compared to $475,779,000 for the same period in 2023, representing an increase of approximately 15.7%[54]. Profitability and Margins - Gross profit margin improved by 67 basis points to 39.9% in the first half of 2024, up from 39.3% in the previous year[7]. - Milwaukee's gross margin increased to 39.9%, up from 39.3% in the previous year, attributed to high-margin aftermarket battery business and effective cost control[18]. - Gross profit for the period was $2,920,717,000, up from $2,701,664,000 in the previous year, indicating a growth of about 8.1%[32]. - Total operating expenses were $2.302 billion, accounting for 31.5% of revenue, reflecting strategic investments in new product commercialization and market expansion[19]. Cash Flow and Investments - Free cash flow reached a record $508 million, an increase of $207 million compared to the first half of 2023[6]. - The company generated free cash flow of $508 million, compared to $301 million in the same period last year[21]. - Operating cash flow as a percentage of sales was 18.7%, down from 22.7% in the same period last year[24]. - The company incurred a loss of $99,885 thousand from the purchase of property, plant, and equipment, compared to $209,579 thousand in the previous year[37]. - The company reported a net cash increase of $293,480 thousand for the six months ended June 30, 2024, compared to $82,900 thousand in the same period last year[37]. Capital Expenditures and Debt - Capital expenditures for the first half of 2024 were $100 million, a decrease of 52.3% compared to the same period last year[9]. - The company achieved a debt ratio improvement to 9.2%[9]. - The company’s net debt ratio decreased to 9.2%, down from 25.7% in the previous year, indicating improved financial stability[21]. - The company reported a decrease in financial costs to $65,182 thousand from $78,519 thousand year-over-year[36]. Employee and Shareholder Engagement - The company employed 49,778 staff globally, an increase from 44,288 employees as of June 30, 2023, reflecting a growth of approximately 12.1%[26]. - The company declared an interim dividend of HKD 0.108 per share (approximately USD 0.0139), compared to HKD 0.095 per share (approximately USD 0.01223) in 2023, marking an increase of about 13.7%[27]. - The company repurchased shares totaling $30,960 thousand in the current period[35]. - The company has a total of 19,001,000 unexercised options at the end of the reporting period, down from 19,751,000 at the beginning, reflecting a decrease of approximately 3.8%[82]. Market Performance and Product Development - Milwaukee brand sales grew by 11.2% in local currency, reinforcing its position as the leading professional power tool brand globally[8]. - Milwaukee business achieved a revenue growth of 11.2% in the first half of the year, driven by investments in new product development and market expansion[11]. - Milwaukee recently launched the M18 FUEL cordless circular saw, which is noted as the most powerful and fastest cutting cordless saw in the industry[11]. Inventory and Asset Management - Inventory turnover days decreased from 128 days to 104 days, indicating improved inventory management[23]. - Current assets increased significantly to $7,930,699 thousand, up from $7,122,714 thousand, marking an increase of about 11.34%[33]. - The company's total assets less current liabilities reached $7,978,045 thousand, an increase from $7,618,514 thousand, representing a growth of approximately 4.73%[34]. - The total accounts payable as of June 30, 2024, was $1,999,013,000, up from $1,655,367,000 at the end of 2023, reflecting an increase of about 20.8%[61]. Governance and Compliance - The board confirmed compliance with all provisions of the Corporate Governance Code during the six-month period ending June 30, 2024[108]. - The company has adopted a code of conduct for securities trading applicable to all employees who may possess unpublished sensitive information[109]. - The financial information disclosed in the report complies with the requirements of the Listing Rules Appendix D2[111]. Future Outlook - The report contains forward-looking statements based on current expectations and estimates, which may be subject to market risks and uncertainties[119]. - The company plans to distribute the interim dividend for the year 2024 on September 19, 2024[115].