WHIRLPOOL INDIA

ANALYST MEETING

Gurgaon November 4th 2011

1

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

India 2011-12 Macroeconomic outlook

GDP growthrevised from 8.0 to 7.6 % WPI inflation forecast revised up at 9.1 % for 2011-12

Fiscal deficit to GDP to rise to 5.2 per cent Higher dollars demand from Corporates to keep rupee vulnerable

Aggressive interest rate hike policy adopted by RBI . Ready to sacrifice growth to curb inflation
Repo Rate
8.50% 8.00% 7.50% 7.00% 6.50% 6.00% 5.50% 5.00% 20th Apr'10 2nd Jul'10 27th Jul'10 16th 2nd Sep'10 Nov'10 25th Jan'11 17th 3rd 16th Mar'11 May'11 Jun'11 26th Jul'11

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

Demand Continue to slow

T2 Growth
52.6%

YTD Aug 2011 : 2.8% Growth

26.3% 23.3% 19.3% 13.4% 9.6% Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 7.9% Q4 10 Q1 11 15.9% 10.3% 3.2% Q2 12 Jul 11 Aug 11 -5.0% -12.0%

T2 market growth volume Source: ORG-GFK

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

Dramatic Increase in Global Commodity Prices

Steel +14%

Copper +24%

Resins +25%

Oil +18%

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

Appliances Market To Grow Double Digit For Next Two Decades

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

5 Years of Record Breaking Performance

Year Gross Revenue (Rs. Crs) PAT (Rs. Crs) PAT%

2010-11

3187 2603 2035 1944 1255

-5

166 145 71 32

6.4

2009-10

6.8

2008-09

4.3

2007-08

2.1

2006-07

(0.4)

Strategy Working Backed by Strong Innovation

WHIRLPOOL INDIA CONFIDENTIAL Nov 2011

Innovations Based on Consumer Insight First Indian Three Door Refrigerator

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

PROTTON Success Extended Into Mass and Premium Segment

Platform 55 cm Capacities 240/260 Platform 60 cm Capacities 330/330

NEW 440 L on 70 cm

APRIL 2011 MARCH 2010 OCTOBER 2011

Customized cooling zones for consumers

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

Innovations in Washers Whirlpool 1-2-3 Perfect Wash Made Easy

1 2 3 Power on Select the program Start

Driven by consumer insight fear of technology Easy-to-Use Controls.3-step operation

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

10

Innovations in Washers
360* Bloom wash

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

Innovations in Washers Revolutionary Design in Twin Tubs

ACE Wash Station - Perfect Wash Made Easy

WHIRLPOOL INDIA CONFIDENTIAL Nov 2011 12

1-2-3 Microwave Perfect Cooking Made Easy

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

13

Innovation.Water

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

14

4 November 2011 4 November 2011

15 15

Organization Culture
The pillar of our culture which has given us a sustainable advantage is a Differentiated employer value proposition

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

Fetching us Number of External Recognition

Best Employer Awards
2008: 22nd 2009: 20th 2010: 15th 2011: 14th + APAC Best employer

Leadership Development
2010: 1st in India 2011: 9th in APAC

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

Our Strategies Delivering Strong Results Despite External Challenges

Healthy Balance Sheet Strong Financial Performance Aggressive Cost Reduction Programs Improved Asset Management Right Strategies in place .. Well poised for growth A motivated and engaged organization, with a strong Spirit of Winning

On Path of Creating a Leading Consumer Brand / Product Company

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

18

Financial Highlights

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

Revenue Trends
56.0% 41.1%

2010 FY +17.2%
33.8% 23.3% 13.3%

2011 FY +22.0%

18.7%

18.9% 6.5% -7.4% -0.9%

SQ'11

JQ'09

SQ'09

DQ'09

MQ'10

JQ'10

SQ'10

DQ'10

MQ'11

JQ'11

H1 : 21.0%

H2 : 38.0%

H1 : 31.6%

H2 : 12.2%

H2 : (4.9%)

Macro indicators impacting growth

WHIRLPOOL INDIA CONFIDENTIAL Nov 2011

Performance Summary
Q2'11 Q2'12

For the Quarter ended September 30th

Rs Cr
582.6 577.1

37.0%

32.8% 10.0% 7.2% 41.5 5.2% 30.5 2.5% 14.4

207.7 181.0
Revenue Contribution

58.5

EBIDT

PAT

For Semester I

H1'11

H1'12

Rs Cr

1462.0 1391.2

34.6%

33.0% 11.4% 9.2%

128.6

6.5%
94.7

491.3
Revenue
WHIRLPOOL INDIA CONFIDENTIAL

4.7%
65.4

443.2

166.2

Contribution
Nov 2011

EBIDT

PAT

Operating Cost : Low Cost Focus

For the Quarter ended September 30th
22.3% 20.6% SQ'10 SQ'11

130.0

118.8

8.9%
52.0

8.5%
48.9

1.8%
10.6

1.9%
11.0 Dep

For Semester I
19.6%

Op Exp

Payroll

19.4 %

H1'FY10 6.8% 7.1%

H1'FY11

286.2

270.5 99.5 98.7

1.5%
21.5

1.7%
23.6 Dep

Op Exp
WHIRLPOOL INDIA CONFIDENTIAL

Payroll

Tight control on2011 discretionary spend Nov

Interest and Finance Charges

(Rs Cr) &% to Sales
0.5%

0.2% 0.1% 0.1%

0.2%

0.2%

3.1

1.2 0.8 0.7 SQ'10 DQ'10 MQ'11

1.3

1.0

JQ'10

JQ'11

SQ'11

Zero debts helping to maintain low interest cost

WHIRLPOOL INDIA CONFIDENTIAL Nov 2011

Net Profit Analysis

Profitable growth strategy driving strong results

Rs Crores
207

239

PBT

86

207
145

239
103 166

-6
PAT

29

86
71

103
65

(5)
2006-07

32

2007-08

2008-09

2009-10

2010-11

H12011

WHIRLPOOL CORPORATION CONFIDENTIAL

Continue to Drive EBITDA

(Rs.Crores)

265 152 102 63

2007 2008 2009 2010

289

129

2011

H1'11

EBITDA %

4.2 %

6.4 %

8.6%

11.9 %

10.7%

9.2%

Continue to Drive Profitable Growth

WHIRLPOOL INDIA CONFIDENTIAL Nov 2011 25

Financial Performance.. Jul-Sep2011..

Q2'FY12 Q2'FY11 Q2'FY12 Q2'FY11 Actual Actual % to Sales % to Sales Volume Net Revenue Other Operating Income Total Income Material Cost Staff Cost Other Exps Total Cost Other Income PBIDT Finance Cost Depreciation PBT before Extraordinary items Tax Expenses PAT EPS
WHIRLPOOL INDIA CONFIDENTIAL

B/(W) Vs LY

618.1 551.4 25.7 577.1 370.4 48.9 118.8 538.1 2.5 41.5 1.0 11.0 29.5 15.2 14.4 1.1

648.4 561.1 21.5 582.6 353.4 52.0 130.0 535.4 11.4 58.5 0.7 10.6 47.2 16.7 30.5 2.1
Nov 2011

95.6% 4.4% 100.0% 64.2% 8.5% 20.6% 93.2% 0.4% 7.2% 0.2% 1.9% 5.1% 2.6% 2.5%

96.3% 3.7% 100.0% 60.7% 8.9% 22.3% 91.9% 1.9% 10.0% 0.1% 1.8% 8.1% 2.9% 5.2%

-0.8% 0.8% -3.5% 0.4% 1.7% -1.3% -1.5% -2.9% 0.0% -0.1% -3.0% 0.2% -2.8% -47.2%

Key Profitability Levers

SQ11 Volume Growth Value Growth Variable Margin to NR EBIDTA to Total Income PBT to Total Income PAT to Total Income (4.7)% (0.9)% 32.8% 7.2% 5.1% 2.5% SQ10 16.2% 34.2% 37.0% 10.0% 8.1% 5.2% H111 (7.5)% (4.8% 33.0% 9.2% 7.4% 4.7% H110 24.0% 31.2% 34.6% 11.4% 9.8% 6.5%

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

Improved Cash Generation and Asset Management

Good working capital management trend continues :- All measured KPIs in line /

ahead of Targets Reduction in Inventories Strong Receivable Management Overall Working capital continue to remain in low single digit Cash Generation continue to go up

Redemption of entire Preferential Capital Funding of all Capital Projects

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

28

Improved Cash Generation and Asset Management

Working Capital Year
SQ11

Net Working Capital % to sales

-2.9

INR Crs 66.7

MQ11

-2.8

74.4

SQ10

-1.5

34.1

MQ10

0.1

2.6

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

29

Improved Cash Generation and Asset Management

Inventories (Rs.Crores)

DII
667 479 462 345 252

300

2006-07

2007-08

2008-09

2009-10

2010-11

H1'11

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

Improved Cash Generation and Asset Management

Receivables (Rs.Crores)
DSO

140.0

115.0

100.0 77.0 82.0 115.0

2006-07

2007-08

2008-09

2009-10

2010-11

H1'11

WHIRLPOOL CORPORATION CONFIDENTIAL

Improved Cash Generation and Asset Management

Cash Generation (Rs.Crores)
10.7% 8.5% 5.1% 7.6% 7.4%

184 81
2008 2009

189

205 101

2010

2011

H1'11

WHIRLPOOL CORPORATION CONFIDENTIAL

Improved Cash Generation and Asset Management

Rs Cr

Cash Generated

184 Crs 10.7%

189 Crs 8.5%

205 Crs 7.6%

1

101 Crs 7.4%

40

73 109 41 5 37 49 (11)
FY 10 Dividend Capex Misc

Cash Utilized
109 10 25 FY 09 Pref Capital

99 (9)
FY 11 Debts

12 1 33 2 54
H1 12 Cash Retained

Surplus Cash Available

(37.0)
2007-08 2008-09

62.0

53.1
2010-11

65.4

2009-10

H1'2011

(176.0)

WHIRLPOOL INDIA CONFIDENTIAL

Continue to Nov 2011 be Zero debt company

Net Worth

Rs Cr 407 351 289 202 155

414

Mar-07

Mar-08

Mar-09

March-10

Mar-11

Sep'11

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011

Maximizing Shareholders value

EPS & Book Value per Share
32.6

ROCE

22.6

12.6 10.3
32.8%

63.3% 55.6%

10.0 4.2

12.1 5.0
6.5%

2008-09

2009-10

2010-11

H111-12

2007-08

2008-09

2009-10

2010-11

WHIRLPOOL CORPORATION CONFIDENTIAL

Balance Sheet..
SOURCE OF FUNDS
SHAREHOLDERS FUND a) Capital b) Reserve & Surplus LOAN FUNDS DEFERRED TAX LIABILITY Total H1-FY'12 H1-FY'11 Actual Actual 126.9 301.4 20.7 449.0 339.5 478.5 115.3 65.9 2.0 197.8 585.4 164.6 449.0
Nov 2011

H1-FY'12 H1-FY'11 % Total % Total 28% 67% 0% 5% 100% 76% 0% 56% 43% 0% 1% 100% 73% 0%

235.7 180.6 0.1 6.3 422.7 307.8 504.3 121.4 82.3 0.6 156.0 653.6 96.1

APPLICATION OF FUNDS
FIXED ASSETS DEFERRED TAX ASSETS CURRENT ASSETS , LOANS & ADVANCES a) Inventories b) Sundry Debtors c) Cash and Bank Balances d) Other Current Assets e) Loans and Advances Less : Current Liabilities & Provisions a) Liabilities b) Provisions Net Current Assets Total
WHIRLPOOL INDIA CONFIDENTIAL

24% 422.7 100%

27% 100%

THANK YOU

WHIRLPOOL INDIA CONFIDENTIAL

Nov 2011