Reckitt Benckiser
Reckitt Benckiser
Investor presentation: Full year 2013
12th February 2014
1
Rakesh Kapoor
Chief executive officer
2
Key messages
Right strategy
Better execution
Delivering today
Investing for tomorrow
Challenging markets
Exciting future
3
FY 2013: Summary
A successful year in slowing market conditions:
FY 2013 (ex RBP) net revenue +7% or +5% LFL
Growth driven by increased investment behind brands ? BEI up by ?100m+
Gross and operating margin increase
Further GM expansion in H2 - driven by project fuel, pricing and mix
Growth achieved virtuously with op margin expansion +20 bps (ex RBP)
Net working capital and cash conversion good
Dividend per share increased +2% (proposed final dividend 77p)
4
Financial performance
FY 2013 analysis
Net revenue (?bn)
FY 2013: +7% @constant (ex RBP)+5% LFL (Ex-RBP)
10.0
9.0
9.5 9.6 10.0
8.0
8.5
7.0 7.8
6.0
5.0
4.0
3.0
2.0
1.0 2009
2010
2011
2012
2013
Adj.* net income (?bn)
FY 2013: +2% @ constant (+2% @ actual)
2.0
2.0
1.8
1.9
1.8
1.6
1.7
1.4
1.4
1.2
1.0 2009
2010
2011
2012
2013
* Adjusted to exclude the impact of exceptional items
5
Adrian Hennah
Chief financial officer
6
Q4, H2 & FY 2013 results Income statement
Revenue LFL % LFL% excl RBP
Gross margin Gross margin %
Adjusted operating profit** Adjusted operating profit %** AOP% margin excl RBP
Exceptionals
Operating profit
Q4
2013
2012*
?m
?m
2,501
2,476
2%
7%
4%
6%
H2
2013
2012*
?m
?m
5,049
4,898
2%
6%
4%
5%
3,040 60.2%
2,907 59.4%
1,453 28.8% 26.8%
1,453 29.7% 26.1%
(22)
(87)
1,431
1,366
Full Year
2013
2012*
?m
?m
10,043
9,567
4%
5%
5%
5%
5,969 59.4%
5,538 57.9%
2,616 26.0% 23.6%
2,577 26.9% 23.4%
(271)
(135)
2,345
2,442
*2012 numbers have been restated to reflect the amendment of IAS 19 and the presentation change to net pension interest
**Adjusted to exclude the impact of exceptional items
7
H2 & FY 2013 results Income statement
Operating profit Net finance expense Profit before taxation Taxation Tax rate Adjusted tax rate Non-controlling interest Net income Adjusted net income* Diluted EPS Adjusted diluted EPS
H2
2013 2012*
?m 1,431
?m 1,366
(15)
(16)
1,416 1,350
(337) 24% 23%
(304) 23% 22%
0
0
1,079 1,046
1,103 148.1p 151.5p
1,116 143.2p 3% 152.8p -1%
Full Year
2013
2012*
?m 2,345
?m 2,442
(31)
(34)
2,314
2,408
(574) 25% 24%
(583) 24% 24%
(1)
(4)
1,739
1,821
1,967 238.5p 269.8p
1,930 248.4p -4% 263.3p 2%
*2012 numbers have been restated to reflect the amendment of IAS 19 and the presentation to net pension interest
**Adjusted to exclude the impact of exceptional items and their associated tax effect
8 8
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