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Hamilton Beach Brands Holding Company | 2020 Annual Report Hamilton Beach Brands Holding Company | Annual 2020 Report HAMILTON BEACH BRANDS HOLDING COMPANY

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Hamilton Beach Brands Holding Company | 2020 Annual Report Hamilton Beach Brands Holding Company | Annual 2020 Report HAMILTON BEACH BRANDS HOLDING COMPANY Hamilton Beach Brands Holding Company | 2020 Annual Report Hamilton Beach Brands Holding Company | 2020 Annual Report 2020 Annual | Company Holding Brands Beach Hamilton HAMILTON BEACH BRANDS HOLDING COMPANY About the Company Hamilton Beach Brands Holding Company is an operating holding company for Hamilton Beach Brands, Inc., a leading designer, marketer and distributor of a wide range of branded small electric household and specialty housewares appliances, as well as commercial products for restaurants, fast food chains, bars and hotels. Our brands include Hamilton Beach®, Hamilton Beach Professional®, Hamilton Beach Commercial®, Proctor Silex®, Proctor Silex Commercial®, Weston® field-to-table and farm-to-table food preparation equipment, TrueAir® air purifiers, and Brightline™ personal care products. We license the brands for Wolf Gourmet® countertop appliances and for CHI® premium garment care products. We market the Bartesian® premium cocktail delivery system through an exclusive multiyear agreement. Our leading portfolio of iconic consumer brands ranges from value to luxury products, across a wide range of price points. We participate in more than 50 product categories. The Hamilton Beach® brand continues to hold the number one position in the US small kitchen appliance industry for brand units sold in both the brick-and-mortar and ecommerce channels. Our brands have a strong presence in all the retail channels where consumers want to buy small kitchen appliances, including the fast-growing ecommerce channel. The principal market for our consumer products is North America, including the United States, Canada, Mexico, and Latin America. Our commercial products are sold globally, serving food service and hospitality customers around the world. Our Brands Registered Trademarks: Wolf Gourmet®- Sub-Zero Group, Inc.; CHI® - Farouk Systems, Inc.; Bartesian® - the Bartesian company. 2020 ANNUAL REPORT 1 Financial Highlights Hamilton Beach Brands Holding Company Year Ended December 31 2020 2019 (In thousands, except per share) Income Statement Data Revenue ....................................................................................................................................... $ 603,713 $ 611,786 Operating profit ......................................................................................................................... $ 37,415 $ 26,794 Income from continuing operations, net of tax ......................................................... $ 24,067 $ 15,093 Basic and diluted earnings per share from continuing operations ................... $ 1.76 $ 1.10 Shares outstanding at December 31 .............................................................................. 13,686 13,516 Balance Sheet Data at December 31 Total assets ................................................................................................................................. $ 391,168 $ 288,663 Debt ................................................................................................................................................ $ 98,360 $ 58,497 Stockholders’ equity ............................................................................................................... $ 80,105 $ 36,266 Cash Flow Data (Used for) provided by operating activities .................................................................. $ (27,934) $ 222 (Used for) investing activities ............................................................................................. $ (3,812) $ (4,122) Before financing activities .................................................................................................... $ (31,746) $ (3,900) Provided by financing activities ......................................................................................... $ 34,180 $ 1,062 Cash dividends paid ............................................................................................................... $ 5,053 $ 4,851 Purchase of treasury stock .................................................................................................. $ - $ 5,960 Use of cash in 2020 was primarily due to timing of trade receivables shifting into the first quarter of 2021 and to building inventory to support anticipated first-half 2021 sales. Our Vision Our Mission Achieve leadership positions Deliver profitable in retail and commercial growth from appliances with our consumer- innovative solutions preferred portfolio of brands that improve and products. everyday living. 2 HAMILTON BEACH BRANDS HOLDING COMPANY To Our Stockholders who have managed through challenging situations Celebrating 110 Years in the past. We emerged from those challenges In 2020, our Company marked 110 years serving as a stronger company and expect to this time as as a leading provider of consumer and commercial well. We are well positioned to maintain a strong small appliances. Throughout this time, we have business while vaccines are administered and the been a trusted, resilient and enduring partner for pandemic begins to diminish. the consumers and customers that we serve. Leadership in customer-driven innovation has kept 2020 Financial Results us at the forefront of our industry. Our talented, Our Company is fortunate to be a leader in an experienced, creative, and dedicated employees industry that is providing essential products to are the power behind our success, and we are people who are sheltering at home during the proud of our team. pandemic and engaging in a Insight into our longevity may be found in one of higher level of our earliest innovations. In 1911, we introduced We are focused food and beverage a drink mixer that used a small, high-powered preparation than motor to rotate a spindle at high speed, which was on our strategic ever before. This developed under the leadership of our founders development Louis Hamilton and Chester Beach. The same type priorities of revenue has spurred of drink mixer is still in use today. Moreover, the robust consumer growth, margin motor’s legacy continues to power a broad array demand for of small kitchen electrics. small appliances, expansion and Our heritage, culture and core values have stood particularly in the strong cash flow the test of time, even as we have evolved and US and Canada. changed with the times. We have a long history of generation. financial strength. These influences have helped At the same time, guide us through the Covid-19 pandemic and what the pandemic was undoubtedly one of the most challenging years caused much disruption with some of our retail in our history. partners that faced store closures and decreased foot traffic. Many of our international consumer markets felt the impact even more severely, and the food service and hospitality industries that Navigating the Pandemic use our commercial products were devastated. Our priorities during the pandemic have been to Our investments in talent, new products and protect the health and safety of our employees global infrastructure enabled our team to keep as we strive to meet the needs of our customers our company strong during these challenging and consumers. I am very proud of how well our conditions and will continue to propel us forward employees have worked together during this as the pandemic recedes. unprecedented set of circumstances, supporting our customers, and keeping themselves and We also faced two internal challenges in 2020. others safe. First, we were deeply disappointed to discover that certain employees at our Mexican subsidiaries While we have not dealt with a pandemic before, engaged in unauthorized transactions, which we’re fortunate to have experienced team members resulted in non-cash write-offs and a financial 2020 ANNUAL REPORT 3 restatement. Secondly, we experienced greater than For the full year 2020, revenue decreased 1.3% to expected shipping hurdles with a long-planned $603.7 million due to the impact of Covid-19 on implementation of a new ERP system in the US, our international consumer and global commercial which had a temporary unfavorable impact on our markets, both of which declined significantly, and shipping capabilities. In 2021, we expect improved to the ERP-related shipping challenges. Revenue performance as a result of putting these challenges increased in our US and Canadian consumer markets. behind us. Operating profit increased 40% to $37.4 million due to gross margin expansion and a small decrease in Additionally, as with all importers, we experienced selling, general and administrative expenses. difficulties moving product from our third-party suppliers in China to our distribution centers in the Use of cash before financing activities was $31.7 US and Canada and out to retailers and consumers million compared to a use of $3.9 million in 2019 due to demand-driven congestion in all parts of the due to an increase in net working capital. We built global transportation system. Shipping challenges inventory in anticipation of sales growth in the first related to congestion persist. half of 2021, in combination with longer shipping lead times due to congestion in the freight supply Our team worked tirelessly to address these chain globally and the need to source product in challenges. I am extremely grateful for their advance of the annual Chinese New Year shutdown. exceptional efforts. Trade receivables increased due to the timing of collections shifting into the first quarter of 2021 While we continue to feel the unfavorable impact as some of our third-quarter sales moved into the of the
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