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    2013 FOURTH-QUARTEREARNINGS REVIEWJanuary 30, 2014

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    Fourth-Quarter Earnings Review

    WHIRLPOOL CORPORATION ADDITIONAL INFORMATIONThis document contains forward-looking statements about Whirlpool Corporation and its consolidated

    subsidiaries (Whirlpool) that speak only as of this date. Whirlpool disclaims any obligation to update thesestatements. Forward-looking statements in this document may include, but are not limited to, statements regardingexpected earnings per share, cash flow, productivity and material and oil-related prices. Many risks, contingencies

    and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements.Among these factors are: (1) intense competition in the home appliance industry reflecting the impact of both newand established global competitors, including Asian and European manufacturers; (2) Whirlpool's ability to continueits relationship with significant trade customers and the ability of these trade customers to maintain or increasemarket share; (3) changes in economic conditions which affect demand for our products, including the strength ofthe building industry and the level of interest rates; (4) inventory and other asset risk; (5) risks related to ourinternational operations, including changes in foreign regulations, regulatory compliance and disruptions arisingfrom natural disasters or terrorist attacks; (6) the uncertain global economy; (7) the ability of Whirlpool to achieve

    its business plans, productivity improvements, cost control, price increases, leveraging of its global operatingplatform, and acceleration of the rate of innovation; (8) Whirlpool's ability to maintain its reputation and brandimage; (9) fluctuations in the cost of key materials (including steel, oil, plastic, resins, copper and aluminum) andcomponents and the ability of Whirlpool to offset cost increases; (10) litigation, tax, and legal compliance risk andcosts, especially costs which may be materially different from the amount we expect to incur or have accrued for;(11) product liability and product recall costs; (12) the effects and costs of governmental investigations or relatedactions by third parties; (13) Whirlpool's ability to obtain and protect intellectual property rights; (14) the ability ofsuppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool ina timely and cost-effective manner; (15) health care cost trends, regulatory changes and variations between results

    and estimates that could increase future funding obligations for pension and post retirement benefitplans; (16) information technology system failures and data security breaches; (17) the impact of labor relations;(18) our ability to attract, develop and retain executives and other qualified employees; (19) changes in the legal andregulatory environment including environmental and health and safety regulations; and (20) the ability of Whirlpoolto manage foreign currency fluctuations.

    Additional information concerning these and other factors can be found in Whirlpool's filings with theSecurities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports onForm 10-Q, and current reports on Form 8-K.

    01/30/2014 2Whirlpool Corporation

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    Fourth-Quarter Earnings Review

    OVERVIEW

    01/30/2014

    Whirlpool brand White Ice Collection

    4Whirlpool Corporation

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    Fourth-Quarter Earnings Review

    2013 FULL-YEAR RESULTS OVERVIEW

    01/30/2014

    Net Sales

    Net Sales

    (Ex Currency

    and BEFIEX)

    Diluted EPS(GAAP)

    Ongoing

    BusinessOperations

    EPS(1)

    Free CashFlow(2)

    2013 $18.8B $18.9B $10.24 $10.02 $0.7B

    2012 $18.1B $18.1B $5.06 $7.05 $0.2B

    Change $0.7B $0.8B $5.18 $2.97 $0.5B

    % Change 3.4% 4.4% 102.3% 42.1% 200.0%

    6Whirlpool Corporation

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    2014 BUSINESS PRIORITIES

    01/30/2014Whirlpool Corporation

    7

    Revenue growth and margin expansion

    Innovative new product launches

    Grow beyond the core

    Ongoing cost productivity programs

    Additional cost and capacity reduction initiatives

    Complete acquisition of Hefei Sanyo

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    Fourth-Quarter Earnings Review

    Region Outlook

    North America +5% to +7%

    Europe, Middle

    East & Africa Flat to +2%

    Latin America Flat

    Asia Flat to +3%

    FULL-YEAR 2014 INDUSTRY DEMAND ASSUMPTIONS

    01/30/2014 9Whirlpool Corporation

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    Fourth-Quarter Earnings Review

    2014 FINANCIAL OUTLOOK

    01/30/2014Whirlpool Corporation

    10

    GAAP Diluted EPS $11.05$11.55

    Ongoing Business Operations EPS(1) $12.00$12.50

    Free Cash Flow(2) $700 million

    CONTINUED REVENUE GROWTH, MARGIN EXPANSION

    AND CASH GENERATION

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    Fourth-Quarter Earnings Review

    NORTH AMERICAOPERATIONS

    01/30/2014

    Jenn-AirLakefront Kitchen in Euro-Style stainless and Custom Panel Overlay design

    11Whirlpool Corporation

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    NORTH AMERICA FOURTH-QUARTER RESULTS

    SALES GROWTH AND MARGIN EXPANSION

    01/30/2014

    Fourth Quarter Better/(Worse)

    (USD in millions) 2013 2012 2012 %Net Sales $ 2,725 $ 2,503 $ 222 9%

    Operating Profit (GAAP) $ 301 $ 233 $ 68 29%

    Operating Margin % (GAAP) 11.0% 9.3% 1.7 pts

    Ongoing Business Operating Profit(1) $ 301 $ 233 $ 68 29%

    Ongoing Business Operating Margin %(1) 11.0% 9.3% 1.7 pts

    +Sales growth

    (strong U.S. growth of approximately 11%)+ Ongoing cost productivity

    + Cost and capacity-reductions

    12Whirlpool Corporation

    Raw Materials

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    2014 NORTH AMERICA

    13FOURTH-QUARTER EARNINGS REVIEW

    1/30/2014

    Continued strong industry growth from housing, replacement and

    discretionary demand

    Innovative new product launches

    Grow beyond the core

    Ongoing cost productivity programs

    Investments in marketing, technology and products

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    Fourth-Quarter Earnings Review 01/30/2014 14Whirlpool Corporation

    NORTH AMERICA PRODUCT LEADERSHIP

    Jenn-Airbuilt-in coffee system

    EveryDropwater filter

    Whirlpoolbrandfour-door refrigerator

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    EUROPE, MIDDLEEAST AND AFRICA(EMEA) OPERATIONS

    01/30/2014 15Whirlpool Corporation

    Whirlpool brand Fusion kitchen suite in Europe

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    EUROPE, MIDDLE EAST AND AFRICA (EMEA) FOURTH-QUARTER RESULTS

    PROFITABLE RESULTS IN A WEAK BUT RECOVERING ENVIRONMENT

    01/30/2014

    +Cost and capacity-reductions Raw Materials

    Fourth Quarter Better/(Worse)

    (USD in millions) 2013 2012 2012 %Net Sales $ 847 $ 794 $ 53 7%

    Operating Profit (GAAP) $ 10 $ 8 $ 2 31%

    Operating Margin % (GAAP) 1.2% 1.0% 0.2 pts

    Ongoing Business Operating Profit(1) $ 10 $ 8 $ 2 31%

    Ongoing Business Operating Margin %(1) 1.2% 1.0% 0.2 pts

    16Whirlpool Corporation

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    Fourth-Quarter Earnings Review 01/30/2014 18Whirlpool Corporation

    EUROPE PRODUCT LEADERSHIP

    Bauknechtbrands KOSMOSbuilt-in induction oven,and the Bauknecht GreenKitchen refrigerator and dishwasher

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    Fourth-Quarter Earnings Review

    LATIN AMERICAOPERATIONS

    01/30/2014 19Whirlpool Corporation

    Consul brand kitchen in Brazil

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    LATIN AMERICA FOURTH-QUARTER RESULTS

    SALES GROWTH AND MARGIN EXPANSION

    01/30/2014

    +Sales growth of 8%(ex BEFIEX and foreign currency)

    + Favorable price/mix+Ongoing cost productivity

    Raw materials

    Foreign currency

    Fourth Quarter Better/(Worse)

    (USD in millions) 2013 2012 2012 %Net Sales $ 1,381 $ 1,331 $ 50 4%

    Operating Profit (GAAP) $ 159 $ 134 $ 25 19%

    Operating Margin % (GAAP) 11.5% 10.1% 1.4 pts

    Ongoing Business Operating Profit(1) $ 130 $ 119 $ 11 10%

    Ongoing Business Operating Margin %(1) 9.7% 9.0% 0.7 pts

    20Whirlpool Corporation

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    LATIN AMERICA

    01/30/2014 22Whirlpool Corporation

    CHALLENGESUNCERTAINTIESPOSITIVE DRIVERS

    Population growth

    Emerging middle class

    Appliance penetration

    Strengthening

    domestic market

    Real wage growth

    Low unemployment

    Foreign currency

    Inflation

    MANAGING SHORT-TERM VOLATILITY,

    LONG TERM FUNDAMENTALS STRONG

    2014 World Cup

    2014 government

    elections

    Consumer andbusiness sentiment

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    LATIN AMERICA PRODUCT LEADERSHIP

    01/30/2014 23Whirlpool Corporation

    Whirlpool Connect

    refrigerators smart

    technology

    Brastemp Ative!

    washer-dryerConsul Facilite

    portable air conditioner

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    ASIAOPERATIONS

    01/30/2014 24Whirlpool Corporation

    Whirlpool brandMini ACE Wash Station

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    ASIA FOURTH-QUARTER RESULTS

    MARGIN EXPANSION DESPITE INDUSTRY WEAKNESS IN INDIA

    01/30/2014

    + Favorable price/mix

    +Ongoing cost productivity

    Industry demand

    Raw materials

    Foreign currency

    Fourth Quarter Better/(Worse)

    (USD in millions) 2013 2012 2012 %Net Sales $ 177 $ 203 $ (26) (13)%

    Operating Profit (GAAP) $ 10 $ 7 $ 3 44%

    Operating Margin % (GAAP) 5.4% 3.3% 2.1 pts

    Ongoing Business Operating Profit(1) $ 10 $ 7 $ 3 44%

    Ongoing Business Operating Margin %(1) 5.4% 3.3% 2.1 pts

    25Whirlpool Corporation

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    2014 ASIA

    Managing through volatility in India

    Industry growth in China

    Innovative new product launches

    Acquisition of majority stake in Hefei Rongshida Sanyo

    expected to close between the end of the second quarter

    and the end of 2014.

    01/30/2014 26Whirlpool Corporation

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    ASIA PRODUCT LEADERSHIP

    01/30/2014 27Whirlpool Corporation

    Whirlpool brands

    Professional

    frost-free refrigerator

    Whirlpool Armstrong

    total laundry homesolution

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    FINANCIALREVIEW

    01/30/2014 28Whirlpool Corporation

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    Fourth-Quarter Earnings Review 01/30/2014

    Full Year

    2012 Actual 5.7%

    Price / Mix ~

    Cost and Capacity Reductions ~1

    Ongoing Cost Productivity and Material

    Costs~

    Marketing, Technology and Product

    Investments~()

    2013 Actual 7.3%

    29Whirlpool Corporation

    ONGOING BUSINESS OPERATIONSMARGIN EXPANSION DRIVERS

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    FOURTH-QUARTER FINANCIAL SUMMARY

    Fourth Quarter Better/(Worse)

    (USD in millions) 2013 2012 2012 %Net Sales $ 5,090 $ 4,791 $ 299 6%

    Gross Margin % 17.9% 16.9% 1.0 pts

    SG&A % 9.7% 10.1% 0.4 pts

    Restructuring $ 56 $ 62 $ 6 10%Operating Profit (GAAP) $ 354 $ 258 $ 96 37%

    Ongoing Business Operating Profit(1) $ 386 $ 309 $ 77 25%

    Operating Profit % (GAAP) 7.0% 5.4% 1.6 pts

    Ongoing Business Operating Profit %(1)

    7.7% 6.5% 1.2 pts

    01/30/2014 30Whirlpool Corporation

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    FOURTH-QUARTER FINANCIAL SUMMARY

    01/30/2014

    Fourth Quarter Better/(Worse)

    (USD in millions) 2013 2012 2012 %

    Operating Profit (GAAP) $ 354 $ 258 $ 96 37%

    Ongoing Business Operating Profit(1) $ 386 $ 309 $ 77 25%

    Interest & Sundry Income (Expense) (82) (35) (47) (135)%

    Interest Expense (44) (49) 5 10%

    Earnings Before Income Taxes (GAAP) $ 228 $ 174 $ 54 31%

    Ongoing Business Operations

    Earnings Before Income Tax(1)$ 322 $ 242 $ 80 34%

    Income Tax Expense 41 46 5 13%

    Net Earnings Available to Whirlpool 181 122 59 48%

    EPSDiluted (GAAP) $ 2.26 $ 1.52 $ 0.74 49%

    Ongoing Business Operations EPS(1) $ 2.97 $ 2.29 $ 0.68 30%

    31Whirlpool Corporation

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    Fourth-Quarter Earnings Review

    $-

    $50

    $100

    $150

    $200

    $250

    Q4 2011 2012 2013 2014

    Projected Charges

    Actual Charges

    COST AND CAPACITY-REDUCTION CHARGES

    01/30/2014

    Charges

    (inmillions)

    ADDITIONAL $100M OF CHARGES AND $80M IN EXPECTED ONGOING

    BENEFITS IN 2014

    $78

    $237

    $196

    ~$100

    32Whirlpool Corporation

    2011 Plan: ~$500M of charges delivered

    $400M in committed benefits through 2013

    $80M in

    Expected

    Ongoing

    Benefits

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    2014 ONGOING BUSINESS EPS GUIDANCE

    01/30/2014

    Earnings Per Share

    GAAP Diluted EPS $11.05$11.55

    Restructuring Expense 0.95

    Brazilian (BEFIEX) Tax Credits (0.21)

    Investment Expense 0.21Ongoing Business Operations EPS(1) $12.00$12.50

    34Whirlpool Corporation

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    Fourth-Quarter Earnings Review 01/30/2014

    Full-Year

    2013 Actual 7.3%

    Price / Mix ~- 1

    Cost and Capacity

    Reductions

    ~

    Ongoing Cost Productivity

    and Material Costs~

    Marketing, Technology

    and Product Investments~() -(1)

    2014 Outlook 8%+

    35Whirlpool Corporation

    ONGOING BUSINESS OPERATIONSMARGIN EXPANSION DRIVERS

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    Fourth-Quarter Earnings Review 01/30/2014

    Year-Over-Year

    Impact

    2013 Actual $690M

    Cash Earnings

    Capital Expenditures

    Restructuring Cash

    Working Capital

    Pension Contributions

    Brazilian Tax Credits (BEFIEX)

    2014 Outlook $700M

    36Whirlpool Corporation

    FULL YEAR FREE CASH FLOW DRIVERS

    Investments

    for Growth& Profitability

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    Fourth-Quarter Earnings Review 01/30/2014

    COMMITTED TO EXECUTING OUR LONG-TERM GROWTH STRATEGY

    CASH FLOW PRIORITIES

    Fund the Business

    Debt Maturities and Pension Contributions

    Return to Shareholders

    M&A

    37Whirlpool Corporation

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    CLOSINGREMARKS

    01/30/2014 38Whirlpool Corporation

    In Europe, the Whirlpool brandiXelium Supreme Design cooktop

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    2013 CLOSING REMARKS Well-positioned for positive global demand

    Continued growth and margin expansion

    Robust pipeline of new, innovative products

    Generating cash and investment capacity

    01/30/2014 39Whirlpool Corporation

    REMAIN FOCUSED ON DELIVERING

    OUR SHAREHOLDER VALUE CREATION TARGETS

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    ROADMAP FOR GROWTH AND VALUE CREATION

    GROWTH

    Geographic expansion

    Product line extension

    Adjacent revenue streams

    MARGIN EXPANSION

    Leading brands and innovation

    Extend cost leadership

    Extend quality leadership

    9

    CASH GENERATION

    Disciplined capital investment

    Increased asset turnover

    SHAREHOLDER VALUE

    CREATION TARGETS

    +57% REVENUE GROWTH

    8%+ OPERATING MARGIN

    +1015% EPS GROWTH

    45% FCF% OF SALES

    01/30/2014 40Whirlpool Corporation

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    RECONCILIATION OF GAAP TO NON-GAAP FINANCIALMEASURES:

    01/30/2014

    We supplement the reporting of our financial information determined under U.S. generally accepted accounting

    principles (GAAP) with certain non-GAAP financial measures, some of which we refer to as "ongoing business

    operations" measures, including adjusted operating profit, adjusted earnings (loss) before income taxes (hereafter

    referred to as adjusted earnings (loss) before tax), adjusted diluted earnings per share, adjusted operating profit by

    segment (hereafter referred to as adjusted segment operating profit), adjusted segment operating margin; and sales

    excluding foreign currency and BEFIEX and free cash flow. Ongoing business operations measures exclude items that may

    not be indicative of, or are unrelated to, results from our ongoing business operations and provide a better baseline for

    analyzing trends in our underlying businesses. Sales excluding foreign currency and BEFIEX is calculated by translating

    the current period net sales excluding BEFIEX, in functional currency, to U.S. dollars using the prior-year periods

    exchange rate compared to the prior-year period net sales excluding BEFIEX. Management believes that sales excludingforeign currency and BEFIEX provides stockholders with a clearer basis to assess our results over time. Management

    believes that free cash flow provides investors and stockholders with a relevant measure of liquidity and a useful basis

    for assessing the company's ability to fund its activities and obligations. We believe that these non-GAAP measures

    provide meaningful information to assist investors and stockholders in understanding our financial results and assessing

    our prospects for future performance. Because non-GAAP financial measures are not standardized, it may not be

    possible to compare these financial measures with other companies non-GAAP financial measures having the same or

    similar names. These adjusted financial measures should not be considered in isolation or as a substitute for reported

    operating profit, earnings before income taxes, diluted net earnings per share available to Whirlpool, reported operating

    profit by segment, net sales, and cash provided by operating activities, the most directly comparable GAAP financial

    measures. These non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when

    viewed with our GAAP results and the following reconciliations to corresponding GAAP financial measures, provide a

    more complete understanding of our business. We strongly encourage investors and stockholders to review our financial

    statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

    42Whirlpool Corporation

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    ONGOING BUSINESS OPERATIONS MEASURESADJUSTEDOPERATING PROFIT, ADJUSTED EARNINGS BEFORE TAXAND ADJUSTED DILUTED EARNINGS PER SHARE:

    01/30/2014

    The reconciliation provided below reconciles the non-GAAP financial measures adjusted operating profit, adjustedearnings before tax and adjusted diluted earnings per share, with the most directly comparable GAAP financial

    measures, reported operating profit, earnings before income taxes and diluted net earnings per share available to

    Whirlpool, for the three months ended December 31, 2012. Adjusted segment operating margin is calculated by

    dividing adjusted segment operating profit by adjusted net sales. Adjusted net sales excludes Brazilian (BEFIEX)

    tax credits from reported net sales.

    44Whirlpool Corporation

    Reported GAAP Measure $ 258 $ 174 $ 1.52

    Restructuring Expense(a)

    Brazilian Tax Credits (BEFIEX)(b) (15) (15) (0.19)

    Antitrust Resolutions(d) 17 0.21

    Intangible Impairment(h) 4 4 0.03

    Normalized Tax Rate Adjustment (g)

    Adjusted Non-GAAP measure $ 309 $ 242 $ 2.29

    Three Months Ended

    December 31, 2012

    Operating

    Profit

    Earnings Before

    Tax

    Diluted Earnings

    Per Share

    0.16

    62 62 0.56

    ONGOING BUSINESS OPERATIONS MEASURESADJUSTED OPERATING PROFIT

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    The reconciliation provided below reconciles the non-GAAP financial measures adjusted operating profit, adjusted

    earnings before tax and adjusted diluted earnings per share, with the most directly comparable GAAP financial

    measures, reported operating profit, earnings before income taxes and diluted net earnings per share available toWhirlpool, for the twelve months ended December 31, 2013. Adjusted segment operating margin is calculated by

    dividing adjusted segment operating profit by adjusted net sales. Adjusted net sales excludes Brazilian (BEFIEX) tax

    credits from reported net sales.

    1/30/2014FOURTH-QUARTER EARNINGS REVIEW

    ONGOING BUSINESS OPERATIONS MEASURES ADJUSTED OPERATING PROFIT,ADJUSTED EARNINGS BEFORE TAX AND ADJUSTED DILUTED EARNINGS PERSHARE:

    45

    Reported GAAP Measure $ 1,249 $ 917 $ 10.24

    Restructuring Expense(a)

    Brazilian Tax Credits (BEFIEX)(b) (109) (109) (1.35)

    U.S. Energy Tax Credits (c) (1.56)

    Antitrust Resolutions(d) 42 0.40

    Investment Expense(e) 6 21 0.19

    Brazilian Government Settlement (f )

    Adjusted Non-GAAP measure $ 1,353 $ 1,095 $ 10.02

    Twelve Months Ended

    December 31, 2013

    OperatingProfit Earnings BeforeTax Diluted EarningsPer Share

    196 196 1.84

    11 28 0.26

    ONGOING BUSINESS OPERATIONS MEASURESADJUSTED OPERATING PROFIT

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    The reconciliation provided below reconciles the non-GAAP financial measures adjusted operating profit, adjusted

    earnings before tax and adjusted diluted earnings per share, with the most directly comparable GAAP financial

    measures, reported operating profit, earnings before income taxes and diluted net earnings per share available to

    Whirlpool, for the twelve months ended December 31, 2012. Adjusted segment operating margin is calculated by

    dividing adjusted segment operating profit by adjusted net sales. Adjusted net sales excludes Brazilian (BEFIEX) tax

    credits from reported net sales.

    1/30/2014FOURTH-QUARTER EARNINGS REVIEW

    ONGOING BUSINESS OPERATIONS MEASURES ADJUSTED OPERATING PROFIT,ADJUSTED EARNINGS BEFORE TAX AND ADJUSTED DILUTED EARNINGS PERSHARE:

    46

    Reported GAAP Measure $ 869 $ 558 $ 5.06

    Restructuring Expense(a)

    Brazilian Tax Credits (BEFIEX)(b) (37) (37) (0.47)

    Antitrust Resolutions(d) 25 0.32

    Investment and Intangible Impairment(h) 4 11 0.12

    Benefit Plan Curtailment Gain(i) (49) (49) (0.38)

    Contract and Patent Resolutions (j) 22 0.17

    Normalized Tax Rate Adjustment (g)

    Adjusted Non-GAAP measure $ 1,024 $ 767 $ 7.05

    Twelve Months Ended

    December 31, 2012

    Operating

    Profit

    Earnings Before

    Tax

    Diluted Earnings

    Per Share

    237 237 2.15

    0.08

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    ONGOING BUSINESS OPERATIONS MEASURESADJUSTEDSEGMENT OPERATING PROFIT:

    01/30/2014

    The reconciliation provided below reconciles the non-GAAP financial measure adjusted segment operating profit

    with the most directly comparable GAAP financial measure, reported segment operating profit, for the three-months ended December 31, 2013. Adjusted segment operating margin is calculated by dividing adjusted

    segment operating profit by adjusted net sales. Adjusted net sales excludes Brazilian (BEFIEX) tax credits from

    reported net sales.

    47Whirlpool Corporation

    North America $ 301 $ $ $ $ $ 301

    Latin America 130

    EMEA

    Asia 10

    Other/Eliminations (65)

    Total Whirlpool Corporation $ 354 $ 56 $ (40) $ 5 $ 11 $ 386

    (126) 56 5

    10 10

    10

    Three Months Ended

    December 31, 2013

    159 (40) 11

    Segment

    Operating Profit

    Restructuring

    Expense(a)

    Brazilian Tax

    Credits

    (BEFIEX)(b)

    Adjusted

    Segment

    Operating Profit

    Investment

    Expense(e)

    Brazilian

    Government

    Settlement(f )

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    ONGOING BUSINESS OPERATIONS MEASURESADJUSTEDSEGMENT OPERATING PROFIT:

    01/30/2014

    The reconciliation provided below reconciles the non-GAAP financial measure adjusted segment operating profit

    with the most directly comparable GAAP financial measure, reported segment operating profit, for the three-months ended December 31, 2012. Adjusted segment operating margin is calculated by dividing adjusted

    segment operating profit by adjusted net sales. Adjusted net sales excludes Brazilian (BEFIEX) tax credits from

    reported net sales.

    48Whirlpool Corporation

    North America $ 233 $ $ $ $ 233

    Latin America 119

    EMEA

    Asia

    Other/Eliminations (58)

    Total Whirlpool Corporation $ 258 $ 62 $ (15) $ 4 $ 309

    4

    8

    77

    (124) 62

    134 (15)

    8

    Segment

    Operating Profit

    Restructuring

    Expense(a)

    Brazilian Tax

    Credits

    (BEFIEX)(b)

    Intangible

    Impairment(h)

    Three Months Ended

    December 31, 2012

    Adjusted

    Segment

    Operating Profit

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    FOOTNOTES:

    01/30/2014

    a) During the fourth quarters of 2013 and 2012, we recorded restructuring charges of $56 million and $62

    million, respectively. The diluted earnings per share impacts are calculated based on income tax impacts of

    $13 million and $17 million, respectively. During the full years of 2013 and 2012, we recorded restructuring

    charges of $196 million and $237 million, respectively. The diluted earnings per share impacts are calculatedbased on income tax impacts of $47 million and $66 million, respectively.

    b) During the fourth quarters of 2013 and 2012, we monetized Brazilian (BEFIEX) tax credits of $40 million and

    $15 million, respectively. During the full years of 2013 and 2012, we monetized Brazilian (BEFIEX) tax credits

    of $109 million and $37 million, respectively. The diluted earnings per share impact is calculated based on

    income tax impacts of $0 million.

    c) In the fourth quarter of 2013, we recognized $11 million of U.S. energy tax credits. The diluted earnings per

    share impact is calculated based on an income tax benefit of $11 million. During the full year of 2013, werecognized $126 million of U.S. energy tax credits. The diluted earnings per share impact is calculated based

    on an income tax benefit of $126 million.

    d) During the fourth quarters of 2013 and 2012, we recognized expenses of approximately $44 million and $17

    million, respectively, related to antitrust resolutions. The diluted earnings per share impact is calculated

    based on an income tax impact of $11 million and $0 million, respectively. During the full year of 2013 and

    2012, we recognized expenses of $42 million and $25 million, respectively related to antitrust resolutions.

    The diluted earnings per share impact is calculated based on income tax impacts of $10 million and $0million, respectively.

    e) During the fourth quarter and full-year of 2013, we recognized investment expenses of $6 million and $21

    million, respectively, related to the pending acquisition of Hefei Sanyo. The diluted earnings per share impact

    is calculated based on income tax impacts of $1 million and $5 million, respectively.

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    FOOTNOTES (CONTINUED):

    01/30/2014

    f) During the fourth quarter of 2013, we participated in a Brazilian government program to settle long-standing

    disputes, reducing interest and penalties. We recorded expenses of $28 million related to the program. The

    diluted earnings per share impact is calculated based on an income tax impact of $7 million.

    g) During the fourth quarters of 2013 and 2012, and the full year of 2012, we made adjustments to ongoing

    business operations EPS to reconcile specific items reported to a full-year effective tax rate of 24%.

    h) During the fourth quarter of 2012, a $4 million intangible impairment charge occurred. The diluted earnings

    per share impact is based on an income tax impact of $1 million. During the second quarter of 2012, a $7

    million other-than-temporary impairment charge of a European investment occurred. The diluted earnings

    per share impact is calculated based on an income tax impact of $0 million.

    i) During the second quarter of 2012, we recognized curtailment gains related to a retiree health care plan of$49 million. The diluted earnings per share impacts are calculated based on an income tax impact of

    approximately $19 million.

    j) In the third quarter of 2012, we recorded net expenses of $22 million primarily due to the conclusion of a

    long-standing U.S. contract and patent litigation. The diluted earnings per share impact is calculated based

    on an income tax impact of approximately $8 million.

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    Fourth-Quarter Earnings Review

    As defined by the company, free cash flow is cash provided by operating activities after capital

    expenditures and proceeds from the sale of assets. The reconciliation provided below reconciles twelve-month

    actual 2013 and 2012 and projected 2014 full-year free cash flow with actual and projected cash provided by

    operating activities, the most directly comparable GAAP financial measure.

    FREE CASH FLOW:

    01/30/2014 51Whirlpool Corporation

    (millions of dollars)

    Cash Provided by Operating Activities $ 1,262 $ 696 $ 1,325 $ 1,375

    Capital Expenditures and Proceeds

    from Sale of Assets (572) (466) (625) (675)

    Free Cash Flow $ 690 $ 230 $ 700

    2014 Outlook

    Twelve Months Ended

    December 31,

    2013 2012

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    Fourth-Quarter Earnings Review

    HEFEI SANYO

    Strong and growing presence

    in China

    2012 Sales USD $636M

    Large established distribution

    network Scaled manufacturing

    presence with opportunity

    for growth

    Record of growth and

    profitability

    Strong management team

    Whirlpool to acquire 51%equity stake for RMB 3.4

    billion (USD $555M based on theexchange rate as of December 31,

    2013)

    52

    Accelerates Whirlpools

    emerging market growth

    strategy

    Platform for domestic and

    export growth

    Significant manufacturing

    and distribution footprint

    Expect this transaction will

    be accretive in the first full

    year of integration

    HEFEI SANYO* TIMING OPPORTUNITY

    * Hefei RONGSHIDA SANYO Electric Co., Ltd [600983: Shanghai]

    Agreement announced

    8/13/13

    Approved by Hefei Sanyo

    shareholders, SASAC,

    MOFCOM Subject to CSRC regulatory

    approvals and other

    formalities

    Timing is uncertain, but the

    transaction is expected to

    close between the end of thesecond quarter and the end

    of 2014

    Whirlpool Corporation 01/30/2014

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