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2022 Review

The winning, high performance, high speed, transparent TTI culture we have inculcated throughout the company is a powerful driver of our results.
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14TH Consecutive year of
Gross Margin Improvement
Gross margin improved for the 14th consecutive year to 39.3%, up 54 basis points
Driven by:
  • Market growth of MILWAUKEE
  • Success of our aftermarket battery business
  • Margin accretive new products
  • Manufacturing productivity
For the year ended December 31, 2022
US$13,254 million
Delivered 2.8% local currency sales growth in 2022
US$1,201 million
Increased 0.8% to US$1.2 billion with margin up slightly to 9.1%
Dividend per share
US23.81 cents
The Board is recommending a final dividend of US11.58 cents which result in a full-year dividend of US23.81 cents
Working capital as % of sales
Working capital to sales finished the year at 21.2% compared to 20.9% a year ago
For the year ended December 31, 2022
US$’ million
US$’ million
Gross profit margin
Gross profit margin
Profit attributable to Owners of the Company
Profit attributable to Owners of the Company
Basic earnings per share (US cents)
Basic earnings per share (US cents)
Dividend per share (approx. US cents)
Dividend per share (approx. US cents)
For the year ended December 31, 2022
Chairman’s Statement
“With a strong increase in free cash flow and healthy balance sheet, TTI is well positioned to further expand our global cordless leadership position in the years to come.”
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Chief Executive Officer’s Message
“The winning, high performance, high speed, transparent TTI culture we have inculcated throughout the company is a powerful driver of our results.”
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Powerful Brands
  • Flagship MILWAUKEE business delivered +22% growth in local currency
  • MILWAUKEE’s 9th consecutive year with local currency growth over 20%
  • RYOBI also continued to strengthen its leadership position in 2022 as the number one DIY tool and battery-powered outdoor brand worldwide
Geographic Expansion Success
Historical Sales Turnover Per Region
  • Across the globe, our world-class international teams delivered excellent results in 2022
  • We also continued to make strong advancements across the Asian theater, led by our MILWAUKEE MX FUEL Light Equipment System rollout in Japan
  • Our results in Canada, Mexico, Australia, and New Zealand all significantly outperformed their respective markets
Sales by Region
North America
US$10,232 million
US$1,928 million
US$1,094 million
Source: 2022 TTI Annual Report & 2022 TTI ESG Report
Advanced Research & Development
+879 Engineers
In *2022, we added another 879 engineers into our distinguished research and development system
Launched 4th Generation of MILWAUKEE breakthrough products that are more powerful, faster, quieter, cooler, lighter, more compact, equipped with electronics to charge faster and extend battery life cycle, but they are also the first in the industry to utilize Machine Learning
TTI’s success as a company is reliant on the introduction of high quality, margin accretive new products and our drive for advancing cordless technology
* For the year ended December 31, 2022
Vice Chairman’s Message
“Sustainable development is an integral part of TTI’s business and is positively accretive to our business performance and risk mitigation, and we are well-positioned to continuously improve ESG management and achieve our strategic ESG targets.”
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Sustainability Highlights
Committed to SBTi
Green Energy Agreements in America & EMEA
-4% reduction of intensity and absolute Scope 1 & 2 GHG Emissions
#Social & Community
90% of employees were trained in workplace safety in 2022
US$1.4 million donation
Partnered with Feed the Needy and fed 48,500+ people through our volunteer events
Partnered with Milwaukee Academy of Science (MAS) to mentor STEM students
Continued our partnership with Better Mining
Added an external management detection service that internally and externally monitors cyber-attacks and indicators of compromise (IOC)
Relaunched our cybersecurity training program and achieved a completion rate of over 80% exceeding the industry average
Two independent female directors added to the board (2021-2022)
Sustainability Spotlights
Sustainable Products
Our devotion to creating equipment that prioritizes safety, efficiency, productivity, and environmental sustainability positions us at the forefront of the shift towards cordless battery-powered products.
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West Bend Factory
Our new, 95,000-square-foot, MILWAUKEE manufacturing plant in West Bend, Wisconsin is a US$55 million state-of-the-art facility located only 20 minutes from our Milwaukee North America headquarters.
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Social & Community
Leadership Development Program
Our Exceptional People are at the forefront driving a one-of-a-kind culture across all functions and operations of the organization. We pride ourselves in investing and developing in our people and we are committed to fostering a multicultural, diverse and inclusive workforce.
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At TTI, we ensure that protecting our customers, employees, and business data meets the highest standards. We have taken the necessary measures to prevent data breaches and enhance our cybersecurity network and digital system.
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World Class Global Supply Chain
  • The bold investments we have made to enhance our manufacturing and distribution capabilities have increased the agility of the company, accelerating our speed to market while maximizing operational flexibility
  • We have now expanded beyond our world-class manufacturing center in China, into Vietnam, Mexico and the United States
Exceptional People
Employees Globally
LDPs Recruited since 2007
Nurturing Exceptional People for
16 years
LDP Promotion since 2007
Business Unit President
Vice Presidents
For the year ended December 31, 2022
Jennifer Blanco
Assistant Product Manager - Milwaukee, WI
Kassidy Neysmith
Assistant Channel Marketing Manager, Milwaukee, WI
Aaron Sullivan
Sr. Human Resources Generalist - Anderson, SC
2022 Women At Milwaukee (W@M)
Speaker event hosted by our global D&I committee
Emily Vincent
National Account Manager - Anderson, SC
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Breakthrough Leadership
  • We launched the “Breakthrough Leadership” management training initiative in 2019 to catalyze and perpetuate our TTI culture and to develop strong leadership and strategic skills throughout the company
  • The winning, high performance, high speed, transparent TTI culture we have inculcated throughout the company is a powerful driver of our results
A Vision for Cordless Leadership
  • It is through our bold strategic direction, operational excellence, exceptional team, and TTI culture that we have consistently delivered on our goals of outgrowing the market, driving gross margin improvement, growing EBIT faster than sales, and delivering strong cash flow
  • We are well positioned to continue to extend our global cordless leadership while delivering strong financial performance


All trademarks and trade names listed other than AEG and RYOBI are owned by the Group. AEG is a registered trademark of AB Electrolux (publ.), and is used under license. RYOBI is a registered trademark of Ryobi Limited, and is used under license.
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