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创科实业(00669) - 2025 - 中期财报
2025-08-29 08:20

Company Profile TTI is a global leader in cordless technology, offering power tools, outdoor equipment, and floor care products for diverse markets - Techtronic Industries, founded in 1985 by Horst Julius Pudwill, is a global leader in cordless technology, offering power tools, outdoor power equipment, and floor care and cleaning products5 - The company employs over 47,000 people globally, solidifying its industry leadership through innovation and strategic growth5 - Key brands include MILWAUKEE (professional tools) and RYOBI (DIY tools), alongside AEG, EMPIRE, HOMELITE, HOOVER, ORECK, VAX, and DIRT DEVIL5 - The Pudwill family is the largest shareholder, with remaining equity primarily held by North American and European institutional investors; the company is listed on the Hong Kong Stock Exchange and is a Hang Seng Index constituent6 Financial Highlights TTI's H1 2025 revenue grew 7.1% to $7.833 billion, with gross margin at 40.3% and profit up 14.2% H1 2025 Key Financial Data | Metric | 2025 (Million USD) | 2024 (Million USD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 7,833 | 7,312 | +7.1% | | Gross Margin | 40.3% | 39.9% | +34 bps | | EBIT | 709 | 626 | +13.3% | | Profit Attributable to Shareholders | 628 | 550 | +14.2% | | Basic EPS (US cents) | 34.37 | 30.12 | +14.1% | | Interim Dividend Per Share (approx. US cents) | 16.09 | 13.90 | +15.7% | - Free cash flow reached $468 million, improving the company's financial position to a net cash status17 - Business sales grew 11.9% for MILWAUKEE and 8.7% for RYOBI in local currency terms1823 Management Discussion and Analysis This section details H1 2025 business performance, financial condition, and outlook, emphasizing sales growth, profitability, and strategic investments Business Review TTI's H1 2025 sales reached $7.8 billion, driven by MILWAUKEE and RYOBI, with improved gross margin and positive free cash flow - H1 2025 sales reached $7.8 billion, growing 7.5% in local currency and 7.1% in reported currency23 - MILWAUKEE's business grew 11.9% and RYOBI's business grew 8.7% in local currency terms23 - Gross margin increased by 34 basis points to 40.3%, while selling and administrative expenses as a percentage of sales decreased by 18 basis points to 31.3%23 - EBIT grew 13.3% to $709 million, net profit increased 14.2% to $628 million, and EPS grew 14.1% to 34.37 US cents24 - Working capital as a percentage of sales improved by 190 basis points to 16.8%, and inventory days shortened by 1 day to 103 days24 - The company recorded $468 million in positive free cash flow, achieving a net cash position at period-end25 Business Segments Overview This section highlights Power Tools and Floor Care segments, noting strong power tool growth and a strategic shift in floor care Power Tools Power Tools sales grew 8.3% in local currency to $7.4 billion, comprising 94.8% of total revenue - Power Tools business sales grew 8.3% in local currency to $7.4 billion26 - The Power Tools business accounted for 94.8% of total revenue, reaching $7.425 billion20 MILWAUKEE MILWAUKEE achieved 11.9% sales growth in H1 2025, driven by user-focused strategies, new vertical expansion, and global market penetration - MILWAUKEE business grew 11.9% in local currency terms27 - North American sales grew 12.9%, and European sales grew 11.6%27 - Growth is driven by a strong commitment to the trades and a user-focused approach27 - Opportunities are continuously pursued by developing existing and new business verticals, and expanding global market coverage27 - New product, the M18 FUEL 1/2"–1" Steel Pipe Threader, designed for mechanical and plumbing trades, significantly enhances jobsite productivity29 - Successfully expanded business from transportation maintenance to the mining sector, accelerating regional market expansion in Australia and Latin America2931 RYOBI RYOBI grew 8.7% in local currency, with strong growth in power tools and outdoor equipment, leveraging extensive battery platforms - RYOBI brand grew 8.7% in local currency, with power tools achieving low double-digit growth and outdoor power equipment mid-single-digit growth32 - The RYOBI ONE+ 18V battery platform boasts the industry's largest user base, with continued expansion into the RYOBI 40V series and RYOBI USB Lithium platform32 - Growth strategies include strengthening the existing user base, attracting new users, and driving growth in new and existing global markets32 - Collaborates with leading distribution partners such as The Home Depot, Bunnings, and key European retailers34 Floor Care and Cleaning Floor Care and Cleaning operating profit rose 3.6% to $9.7 million, despite a 4.8% revenue decline, as it transitions to cordless products - Floor Care and Cleaning business operating profit increased 3.6% to $9.7 million35 - Revenue decreased 4.8% to $408 million in local currency terms35 - RYOBI's innovative cleaning products performed well globally, while the VAX brand was affected by a slowdown in discretionary consumer spending35 - The company is driving the transition from AC to cordless cleaning products and focusing on improving overall business profitability35 Outlook Satisfied with H1 2025 results, the company invested over $1.9 billion in capacity, confident in future growth and profitability improvements - Over $1.9 billion has been invested since 2015 to enhance production capacity and strengthen global manufacturing footprint37 - The focus for H2 2025 is on improving profitability, with continued commitment to R&D investments37 - The company is confident in its internal targets of double-digit sales growth for MILWAUKEE and mid-single-digit sales growth for RYOBI in 202638 - The medium-term internal target is to achieve an EBIT margin of 10% of sales38 Review Report on Condensed Consolidated Financial Statements Deloitte reviewed TTI's H1 2025 condensed consolidated financial statements, finding no material non-compliance with HKAS 34 - Deloitte Touche Tohmatsu has reviewed the condensed consolidated financial statements and found no matters leading them to believe they are not prepared in all material respects in accordance with HKAS 3458 - The scope of the review is substantially less than an audit conducted in accordance with Hong Kong Standards on Auditing, thus no audit opinion is expressed57 Condensed Consolidated Financial Statements This section presents TTI's H1 2025 condensed consolidated financial statements, covering profit or loss, financial position, equity changes, cash flows, and notes Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income H1 2025 revenue was $7.833 billion, gross profit $3.156 billion, and profit attributable to shareholders $628 million, with total comprehensive income of $601 million Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Revenue | 7,833,083 | 7,311,988 | | Gross Profit | 3,155,807 | 2,920,717 | | Profit Before Tax | 681,496 | 593,706 | | Profit Attributable to Shareholders for the Period | 628,339 | 550,365 | | Total Comprehensive Income for the Period | 600,883 | 515,282 | - Other comprehensive loss for the period was primarily due to a $191 million fair value loss on foreign exchange forward contracts and cross-currency interest rate swaps in hedge accounting, partially offset by a $164 million gain from exchange differences on translating overseas operations60 Condensed Consolidated Statement of Financial Position As of June 30, 2025, non-current assets were $5.137 billion, current assets $8.758 billion, and total equity attributable to shareholders $6.655 billion Summary of Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (Thousand USD) | December 31, 2024 (Thousand USD) | | :--- | :--- | :--- | | Non-current Assets | 5,136,587 | 5,191,125 | | Current Assets | 8,758,100 | 7,699,364 | | Inventories | 4,293,010 | 4,076,210 | | Bank Balances, Deposits and Cash | 1,608,391 | 1,232,347 | | Current Liabilities | 5,676,383 | 4,919,034 | | Net Current Assets | 3,081,717 | 2,780,330 | | Total Equity Attributable to Shareholders | 6,655,351 | 6,363,597 | | Non-current Liabilities | 1,562,953 | 1,607,858 | Condensed Consolidated Statement of Changes in Equity Total equity attributable to shareholders increased from $6.364 billion to $6.655 billion in H1 2025, driven by profit, despite hedging losses - Total equity attributable to shareholders increased from $6.364 billion as of December 31, 2024, to $6.655 billion as of June 30, 202563 - Profit for the period was $628 million, but a fair value loss of $27.456 million on foreign exchange forward contracts and cross-currency interest rate swaps in hedge accounting resulted in other comprehensive loss63 - Share repurchases amounted to $15.521 million, and final dividends paid totaled $278 million during the period63 Condensed Consolidated Statement of Cash Flows H1 2025 net cash from operating activities was $719 million, with period-end cash and cash equivalents at $1.608 billion Summary of Condensed Consolidated Statement of Cash Flows | Activity Type | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Net Cash From Operating Activities | 719,108 | 774,916 | | Net Cash Used In Investing Activities | (218,086) | (234,591) | | Net Cash Used In Financing Activities | (177,831) | (246,845) | | Net Increase In Cash And Cash Equivalents | 323,191 | 293,480 | | Cash And Cash Equivalents At End Of Period | 1,608,391 | 1,226,545 | Notes to the Condensed Consolidated Financial Statements This section provides detailed notes on accounting policies, segment data, revenue, tax, profit, dividends, EPS, asset additions, receivables, payables, borrowings, and capital commitments 1. Basis of Preparation The condensed consolidated financial statements are prepared per HKAS 34 "Interim Financial Reporting" and applicable HKEX Listing Rules - The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the HKEX Listing Rules66 2. Significant Accounting Policies Financial statements are prepared on a historical cost basis, with some financial instruments at fair value; new HKFRS amendments had no material impact - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value66 - The application of amendments to HKFRS accounting standards in this interim period had no material impact on the Group's financial position and performance67 3. Segment Information The Group's revenue and results are analyzed across Power Tools ($7.425 billion) and Floor Care and Cleaning ($408 million) segments H1 2025 Segment Revenue | Segment | Thousand USD | | :--- | :--- | | Power Tools | 7,425,059 | | Floor Care and Cleaning | 408,024 | | Total | 7,833,083 | H1 2025 Segment Results | Segment | Thousand USD | | :--- | :--- | | Power Tools | 699,588 | | Floor Care and Cleaning | 9,664 | | Consolidated | 709,252 | 4. Revenue H1 2025 revenue was $7.833 billion, mainly from goods sales, with North America contributing $5.872 billion H1 2025 Revenue Composition | Revenue Source | 2025 (Thousand USD) | | :--- | :--- | | Sales of Goods | 7,826,450 | | Commission and Royalty Income | 6,633 | | Total | 7,833,083 | H1 2025 Revenue by Geographical Region | Region | 2025 (Thousand USD) | | :--- | :--- | | North America | 5,871,986 | | Europe | 1,400,825 | | Other Countries | 560,272 | | Total | 7,833,083 | 5. Income Tax Expense H1 2025 income tax expense was $53.157 million, mainly overseas taxes, with a temporary exception for Pillar Two legislation H1 2025 Income Tax Expense | Tax Category | 2025 (Thousand USD) | | :--- | :--- | | Hong Kong Profits Tax | (815) | | Overseas Tax | (53,601) | | Deferred Tax | 1,259 | | Total | (53,157) | - The Group has accrued supplementary tax under Pillar Two legislation and applied the temporary mandatory exception, not recognizing deferred tax assets and liabilities76 6. Profit for the Period Profit for the period was after deducting $329.5 million in depreciation, $8.983 million in receivables impairment, and $39.007 million in inventory write-downs H1 2025 Profit for the Period Adjustments | Item | 2025 (Thousand USD) | | :--- | :--- | | Total Depreciation and Amortization | 329,535 | | Impairment Loss on Trade Receivables under ECL Model | 8,983 | | Write-down of Inventories | 39,007 | | Staff Costs | 1,436,495 | 7. Dividends A 2024 final dividend of HK$1.18 ($278 million) was paid, and an H1 2025 interim dividend of HK$1.25 ($295 million) was declared - A 2024 final dividend of HK$1.18 (approx. 15.19 US cents) per share, totaling approximately $278 million, was paid on June 27, 202578 - The Board resolved to declare an H1 2025 interim dividend of HK$1.25 (approx. 16.09 US cents) per share, totaling approximately $295 million, to be paid on or about September 19, 202578 8. Earnings Per Share H1 2025 basic EPS was 34.37 US cents and diluted EPS 34.29 US cents, with no assumed option exercise due to higher prices H1 2025 Earnings Per Share | Metric | 2025 (US cents) | 2024 (US cents) | | :--- | :--- | :--- | | Basic | 34.37 | 30.12 | | Diluted | 34.29 | 29.98 | - The exercise of share options and vesting of share awards were not assumed for diluted EPS calculation as their exercise prices were higher than the average market price of shares79 9. Additions to Property, Plant and Equipment / Intangible Assets / Right-of-Use Assets The Group acquired $95.815 million in PPE, $156 million in intangible assets, and recognized $42.294 million in right-of-use assets and lease liabilities - Property, plant and equipment acquisitions amounted to approximately $95.815 million during the period80 - Intangible assets additions amounted to approximately $156 million80 - Right-of-use assets and lease liabilities of $42.294 million each were recognized80 10. Trade and Other Receivables / Bills Receivable As of June 30, 2025, net trade receivables were $2.492 billion and other receivables $94.555 million, with 60 trade receivables turnover days June 30, 2025 Trade and Other Receivables | Item | Thousand USD | | :--- | :--- | | Trade Receivables (net) | 2,492,487 | | Other Receivables | 94,555 | | Total | 2,587,042 | - Trade receivables turnover days remained at 60 days, and all bills receivable were aged within 120 days4581 11. Trade Receivables from Associates As of June 30, 2025, all trade receivables from associates were aged within 120 days - Trade receivables from associates as of June 30, 2025, were aged within 120 days82 12. Trade and Other Payables / Bills Payable As of June 30, 2025, trade payables were $2.193 billion and other payables $2.133 billion, with 102 payables turnover days June 30, 2025 Trade and Other Payables | Item | Thousand USD | | :--- | :--- | | Total Trade Payables | 2,192,739 | | Other Payables | 2,133,383 | | Total | 4,326,122 | - Trade payables turnover days were 102 days, an increase from 96 days in the prior year period46 - Other payables primarily represent accrued selling, general, and administrative expenses of $1.886 billion84 13. Unsecured Borrowings The Group obtained $3.258 billion in new unsecured borrowings and repaid $3.108 billion, with a $752 million carrying value as of June 30, 2025 - New unsecured borrowings of $3.258 billion were obtained, and $3.108 billion was repaid during the period85 - As of June 30, 2025, the carrying value of unsecured borrowings was $752 million85 - The Group complied with all financial ratio covenants and classified relevant bank loan balances as non-current85 14. Share Capital As of June 30, 2025, issued share capital was $690 million (1.831 billion shares), with 1.25 million shares repurchased for $15.521 million June 30, 2025 Share Capital Movement | Item | Number of Shares | Share Capital (Thousand USD) | | :--- | :--- | :--- | | At Beginning of Period | 1,832,304,941 | 689,684 | | Shares Issued on Exercise of Share Options | 40,000 | 307 | | Shares Repurchased | (1,250,000) | — | | At End of Period | 1,831,094,941 | 689,991 | - During the period, 1,250,000 ordinary shares were repurchased for a total consideration of approximately $15.521 million, deducted from retained profits86 - Share repurchases aim to enhance the company's net asset value per share and earnings per share, benefiting all shareholders142 15. Fair Value Measurement of Financial Instruments Financial assets and liabilities are measured at fair value on a recurring basis, categorized into Level 1-3 based on observable inputs - The Group's financial assets and liabilities are measured at fair value on a recurring basis and categorized into Level 1 to 3 based on the observability of fair value measurement inputs8890 - Key financial instruments include derivative financial instruments (e.g., foreign exchange forward contracts, cross-currency interest rate swaps) and financial assets at fair value through profit or loss (e.g., listed equities, club debentures, unlisted equity securities)89 16. Capital Commitments As of June 30, 2025, contracted but unprovided capital commitments for PPE and equity investments totaled $153 million - As of June 30, 2025, total contracted but unprovided capital commitments for property, plant and equipment acquisitions and equity investments amounted to $153 million91 Corporate Governance and Other Information This section details corporate governance, directors' interests, share schemes, major shareholders, Listing Rules compliance, and director information Directors' and Chief Executive's Interests As of June 30, 2025, directors and the chief executive held company share interests, with Chairman Mr. Horst Julius Pudwill holding 21.83% June 30, 2025 Directors' and Chief Executive's Share Interests | Director Name | Total Interests in Shares / Related Shares | Approximate Percentage of Total Interests | | :--- | :--- | :--- | | Mr. Horst Julius Pudwill | 399,802,294 | 21.83% | | Mr. Stephan Horst Pudwill | 11,334,500 | 0.62% | | Mr. Steven Philip Richman | 2,400,000 | 0.13% | | Mr. Chan Kin Wah | 6,316,000 | 0.34% | | Mr. Chan Chi Chung | 6,975,000 | 0.38% | | Mr. Camille Jojo | 1,267,500 | 0.07% | | Mr. Peter David Sullivan | 619,000 | 0.03% | | Mr. Johannes-Gerhard Hesse | 586,000 | 0.03% | | Mr. Robert Hinman Getz | 394,674 | 0.02% | | Ms. Virginia Davis Wilmerding | 194,500 | 0.01% | | Ms. Caroline Christina Kracht | 152,500 | 0.01% | | Mr. Andrew Philip Roberts | 80,000 | <0.01% | | Ms. Ng Ka Fai | 40,000 | <0.01% | | Mr. Wong Tze Chuen | 40,000 | <0.01% | - Mr. Horst Julius Pudwill's interests include beneficial owner, spouse's interests, and controlled corporation interests93 Share Options The company operates D and E share option schemes, with E scheme revised to cap options at 10% of issued capital; 22.41 million unexercised options were outstanding - The company operates two share option schemes, Plan D and Plan E, with Plan E revised on May 12, 2023, to cap the total number of options at 10% of issued share capital98101 - As of June 30, 2025, 22.41 million unexercised share options were outstanding, representing approximately 1.22% of issued shares104 - During the period, 1,525,000 share options were granted, and a total expense of $3.454 million was recognized104106 Arrangements to Purchase Shares or Debentures Except for share award schemes, neither the company nor its subsidiaries had arrangements enabling directors to benefit from purchasing shares or debentures - Except for share award schemes, neither the company nor its subsidiaries had any arrangements during the year enabling directors to benefit from purchasing shares or debentures of the company or any other body corporate107 Directors' Material Interests in Transactions, Arrangements or Contracts No director or associated entity had a material direct or indirect interest in any significant transaction, arrangement, or contract with the company or its subsidiaries - No director or their associated entity had a material direct or indirect interest in any significant transaction, arrangement, or contract entered into by the company or its subsidiaries during the period108 Directors' Indemnity Each director is entitled to indemnity for losses or liabilities incurred in duties, and the company has arranged appropriate D&O liability insurance - Each director is entitled to indemnity for losses or liabilities incurred in performing their duties109 - The company has arranged appropriate directors' and officers' liability insurance109 Management Contracts The company had no contracts concerning the management and administration of the Group or any substantial business part during the period - The company had no contracts concerning the management and administration of the Group as a whole or any substantial part of its business during the period110 Share-Linked Schemes Except for awards under the share award schemes, the Group had no share-linked agreements during the period - Except for share award schemes, the Group had no share-linked agreements during the period111 Share Award Scheme The 2018 Share Award Scheme, revised to cap awards at 10% of issued capital, had 19.726 million shares awarded with $14.234 million in expenses - The 2018 Share Award Scheme aims to recognize contributions from eligible persons and attract and retain talent for the Group112 - The scheme was revised on May 12, 2023, to cap the total number of awarded shares at 10% of issued share capital114 - As of June 30, 2025, a total of 19,725,500 shares had been awarded, representing 1.08% of issued share capital116 - Share-based payment expenses of $14.234 million were recognized during the period, and 2,025,000 shares were awarded to directors and selected grantees116 Employee Share Award Scheme The Board approved the Employee Share Award Scheme, effective May 8, 2025, as a single plan not involving new share issuance, aimed at attracting and retaining employees - The Board approved the adoption of the Employee Share Award Scheme, effective May 8, 2025124 - The scheme is a single share award plan that does not involve the issuance of new shares or resale of treasury shares124 - It aims to attract and retain employees, align their interests with shareholders, and promote the company's business success124 Major Shareholders' Interests As of June 30, 2025, major shareholders included JPMorgan Chase (9.93%), BNY Mellon (7.64%), Capital Group (7.00%), and BlackRock (5.06%) June 30, 2025 Major Shareholders' Interests | Name | Total Interests in Shares (Long Position) | Approximate Percentage of Total Interests | | :--- | :--- | :--- | | JPMorgan Chase & Co. | 181,804,584 | 9.93% | | The Bank of New York Mellon Corporation | 139,955,933 | 7.64% | | The Capital Group Companies, Inc. | 128,163,969 | 7.00% | | BlackRock, Inc. | 92,602,298 | 5.06% | Compliance with the Listing Rules' Corporate Governance Code The company complied with all Corporate Governance Code provisions for H1 2025, except for directors lacking specific appointment terms - The company complied with all code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules for the six months ended June 30, 2025136 - Directors do not have a specific term of appointment but are subject to retirement by rotation and re-election in accordance with the company's Articles of Association136 Compliance with the Listing Rules' Model Code The Board adopted and directors complied with the Model Code for Securities Transactions and the employee code of conduct, with no breaches - The Board adopted and all directors confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules137 - The company also adopted a code of conduct for employees with unpublished sensitive information, with no breaches found during the period137 Changes in Directors' Information Mr. Robert Hinman Getz was appointed as the company's Lead Independent Non-executive Director effective March 31, 2025 - Independent Non-executive Director Mr. Robert Hinman Getz was appointed as the company's Lead Independent Non-executive Director effective March 31, 2025139 Changes in Directors' Remuneration Ms. Kracht and Mr. Wong were appointed to the Nomination Committee; Mr. Roberts and Ms. Ng to the Remuneration Committee, effective March 31, 2025 - Ms. Caroline Christina Kracht and Mr. Wong Tze Chuen were appointed as members of the Nomination Committee140 - Mr. Andrew Philip Roberts and Ms. Ng Ka Fai were appointed as members of the Remuneration Committee140 - Newly appointed committee members will be entitled to remuneration determined by the Board140 Review of Accounts The Audit Committee, with auditors and management, reviewed the report, accounting principles, internal controls, and financial reporting - The Audit Committee, with independent auditors and senior management, reviewed this report, accounting principles, practices, internal controls, and financial reporting matters141 - The Board confirmed its responsibility for preparing the Group's accounts141 Company Information This section provides key company details: Board, 2025 financial calendar, investor relations, listing information, and forward-looking statements disclaimer Board of Directors The Board comprises executive and independent non-executive directors, including Chairman Mr. Horst Julius Pudwill, Vice Chairman Mr. Stephan Horst Pudwill, and CEO Mr. Steven Philip Richman - Board members include Executive Directors such as Chairman Mr. Horst Julius Pudwill, Vice Chairman Mr. Stephan Horst Pudwill, and Chief Executive Officer Mr. Steven Philip Richman145 - Independent Non-executive Directors include Mr. Peter David Sullivan, Mr. Johannes-Gerhard Hesse, and Mr. Robert Hinman Getz145 2025 Financial Calendar Key 2025 financial dates include the 2024 final dividend payment, H1 2025 interim results announcement, and interim dividend payment 2025 Financial Calendar | Date | Event | | :--- | :--- | | June 27 | Payment of 2024 Final Dividend | | June 30 | Six-month Interim Results Closing Date | | August 5 | Announcement of 2025 Interim Results | | September 3 | Last Day for Registration for 2025 Interim Dividend | | September 4 to 5 | Closure of Register of Members for 2025 Interim Dividend | | September 5 | Record Date for 2025 Interim Dividend | | September 19 | Payment of 2025 Interim Dividend | | December 31 | Financial Year Closing Date | Investor Relations Contact Investor relations contact details for North America and Asia Pacific, including email and website, are provided for accessing earnings results and reports - Investor relations contact emails for North America and Asia Pacific, and the company website (www.ttigroup.com), are provided146 - Earnings results, annual/interim reports are published on the company website146 Listing Information The company is listed on HKEX (code: 669) with Level 1 ADRs (TTNDY) and US foreign ordinary shares (TTNDF), with details on registrars and auditors - The company is listed on the Hong Kong Stock Exchange (ordinary shares stock code: 669), with Level 1 American Depositary Receipts (ticker: TTNDY) and US foreign ordinary shares (ticker: TTNDF)147 - The share registrar is Tricor Secretaries Limited, and the auditor is Deloitte Touche Tohmatsu147 - All listed trademarks, except AEG and RYOBI, are owned by the Group147 Forward-Looking Statements This report contains forward-looking statements based on TTI's current expectations, estimates, and assumptions, subject to market risks and uncertainties - This report contains forward-looking statements based on Techtronic Industries' current expectations, estimates, forecasts, beliefs, and assumptions148 - These statements are not guarantees of future performance and are subject to market risks, uncertainties, and factors beyond the company's control, where actual results may differ materially148