Reckitt Benckiser Gp 1st Quarter Results
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1 Reckitt Benckiser Gp 1st Quarter Results TIDMRB. Reckitt Benckiser 27 April 2010 A World Leader in Household, Health and Personal Care GOOD START TO 2010 FULL YEAR TARGETS CONFIRMED Results at a glance Q1 % change % change actual exchange constant exchange Net revenue 2, Operating profit Net income EPS (diluted) 47.5p +13 Highlights: * Total net revenue growth of +6% (constant exchange) to GBP2,003m. Excluding Reckitt Benckiser Pharmaceuticals ("RBP"), net revenue was ahead +5% (at constant), supported by new initiatives and investment in the Group's 17 Powerbrands. * Gross margin +90bp to 59.5%: operating margin +180bp to 23.0%. Excluding RBP, operating profit rose +10% (at constant), with the margin +100bp to 20.0%. * Net income +15% (actual exchange): diluted EPS of 47.5p (+13%). * Net cash of GBP663m, GBP443m higher than the 31 December 2009 level as a result of strong free cash flow generation. * Net working capital of minus GBP1,348m, a GBP91m improvement versus year-end December Commenting on these results, Bart Becht, Chief Executive Officer, said: "Reckitt Benckiser had a good first quarter in Excluding RBP, net revenue increased +5% and operating profit was ahead +10% (both at constant exchange) - in line with our full year targets. This result was supported by successful new product initiatives, and significant investment in media and marketing across our Powerbrand portfolio. The performance of the total Group was similarly positive, with net revenue growth of +6% and net income growth of +17%, both at constant exchange. These results reinforce our confidence in achieving continued good growth in 2010, notwithstanding potential generic competition to Suboxone in the U.S." Detailed Operating Review: Total Group
2 Q1 net revenue increased +5% to GBP2,003m, with growth of +6% at constant exchange. The gross margin improved by +90bp to 59.5%, largely as a result of input cost savings, a positive transaction impact from foreign exchange and benefits from cost optimisation. While media support increased, media spend declined by -4% (-2% constant) to a level of 11.8% of net revenue due to more favourable media buying rates. Total marketing investment was higher, as savings from these more favourable rates were re-invested in Other Consumer Marketing activities. Operating profit was GBP461m, +14% higher than last year (+16% constant). The operating margin increased by +180bp to 23.0% due to gross margin expansion and operating cost efficiencies. Net finance income was GBP3m (Q1 2009: net finance expense of GBP4m), reflecting strong free cash flow generation during the quarter. The tax rate was 25%. Net income was GBP348m, an increase of +15% versus Q (+17% constant). Diluted earnings per share increased +13% to 47.5 pence. Summary: % net revenue growth Q Business Review Q Like-for-like Disposals Exchange Reported Europe +0% +0% -1% -1% NAA +4% -1% -2% +1% DvM +19% +0% +3% +22% Group ex-pharma +5% +0% -1% +4% Pharma* +30% +0% -12% +18% TOTAL +6% +0% -1% +5% * Pharma represents the Group's prescription drug business of Subutex and Suboxone The Business Review below is given at constant exchange rates. Europe 45% of net revenue Total net revenue was unchanged versus Q1 2009, at GBP906m. Good growth in Home Care was offset by weakness in Fabric Care, with Dishwashing, Surface Care and Health & Personal Care showing a relatively flat performance. The increase in Home Care came from continued growth of Airwick <i>-motion and the launch of Airwick Aqua Mist. The result in Fabric Care was impacted by weakness in Laundry Detergent, Fabric Conditioner and Water Softeners. The operating margin was +30bp ahead of last year at 22.7%, with operating profit of GBP206m. North America & Australia 26% of net revenue Total net revenue increased +3% to GBP528m (+4% like-for-like). Growth was led by Fabric Care, Surface Care, Dishwashing and Home Care; this was partially offset by weakness in Health & Personal Care, as the poor incidence of cold/'flu impacted Mucinex sales. In Fabric Care, new initiatives supported the performance of both Resolve and Woolite. The result in Dishwashing was led by
3 Finish All-in-1 tablets, gel packs and dishwashing additives, while growth in Surface Care came from Lysol Multi-Purpose Care spray. Home Care increased largely due to growth in Air Care behind the launch of Airwick Aqua Mist, with a strong finish to the pest season in Australia driving a good result in Pest Control. In Food, growth was led by the consumer brands of French's Yellow Mustard, French's Fried Onions and Frank's Red Hot sauce, and supported by the launch of new variants. Operating profit increased +13% to GBP105m; the operating margin was +230bp higher at 19.9%. Developing Markets 22% of net revenue Total net revenue was ahead +19% to GBP438m, with strong growth across all regions. In Fabric Care, Vanish delivered a strong result helped by increased marketing investment, while Dettol, Harpic, and Veja in Brazil, were the key drivers in Surface Care. In Home Care, new initiatives supported growth in both Air Care and in Pest Control. Health & Personal Care increased largely as a result of the continued excellent performance of the Dettol personal care range, with Veet, Strepsils and Gaviscon also contributing strongly. Operating profit increased by +49% to GBP64m. This resulted in a +240bp improvement in the operating margin to 14.6%. Pharmaceuticals 7% of net revenue Total net revenue for the Group's Subutex and Suboxone prescription drug business grew +30% to GBP131m. These buprenorphine-based products are used to treat opiate dependence. This strong growth was predominantly driven by a continued increase in penetration of Suboxone in the U.S. The operating margin improved by +880bp to 65.6%. Operating profit was GBP86m, an increase of +51%. Suboxone has data exclusivity in Europe until 2016; in the U.S., Suboxone lost the exclusivity afforded by its Orphan Drug Status on 8th October Within the Pharmaceuticals division, the U.S. Suboxone business generated Q1 net revenue of GBP111m and operating profit of GBP75m. While the Group continues to search for ways to offset the impact of the loss of exclusivity in the U.S., up to 80% of the revenue and profit of that business might be lost in the year following the launch of generic competitors, with the possibility of further erosion thereafter. Q Category Review (at Constant Exchange Rates) Fabric Care. Net revenue was unchanged versus Q1 2009, at GBP407m. Vanish showed good growth in North America & Australia and Developing Markets, and was helped by the launch of Vanish Oxi Action Extra Hygiene. Growth in Woolite was supported by the launch of Woolite Complete. The performance of Vanish and Woolite was offset by weakness in Laundry Detergents, Fabric Conditioners and Water Softeners. Surface Care. Net revenue grew +7% to GBP343m. Growth came from the Dettol/Lysol ranges, Harpic, and Veja in Brazil. Dishwashing. Net revenue increased +1% to GBP237m, helped by the continued growth of Finish Quantum and All-in-1 tablets, and further supported by the launch of the Finish Quantumatic automatic detergent dispenser.
4 Home Care. Net revenue rose +11% to GBP294m. In Air Care, growth continued on Airwick <i>-motion, further boosted by the launch of Airwick Aqua Mist. A good pest season and new initiatives underpinned the performance in Pest Control. Health & Personal Care. Net revenue increased +4% to GBP524m, with strong growth in Personal Care being partially mitigated by the impact of a weak cold/'flu season in North America and Europe versus Q The increase in Personal Care was largely the result of a very strong performance for the Dettol/Lysol ranges. For Dettol, the personal care range continued to drive excellent growth in Developing Markets and Europe. For Lysol, the launch of the No Touch Hand Soap System in North America has delivered very encouraging early results. Veet also increased, driven by the launch of the Suprem'Essence range with essential oils. In Healthcare, a good result for Gaviscon was offset by weakness in Mucinex and Strepsils, driven by the lower incidence of cold/'flu. Total Household and Health & Personal Care. Net revenue was ahead by +4% to GBP 1,806m. Pharmaceuticals. Net revenue for the Group's Subutex and Suboxone prescription drug business grew +30% to GBP131m, predominantly driven by a continued increase in penetration of Suboxone in the U.S. Operating profit was ahead +51% to GBP86m, equating to a +880bp improvement in the margin to 65.6%. Food. Net revenue rose +15% to GBP66m. This growth was driven by a very good performance across the consumer portfolio, in particular further growth for French's Yellow Mustard, French's Fried Onions and Frank's Red Hot Sauce, and boosted by new variants. Operating profit increased +48% to GBP15m. Financial Review Basis of preparation. The unaudited financial information is prepared in accordance with IFRSs as adopted by the European Union and IFRSs as issued by the International Accounting Standards Board, and with the accounting policies set out in the Group's 2009 Annual Report and Accounts. Constant exchange. Movements in exchange rates relative to sterling affect actual results as reported. The constant exchange rate basis adjusts the comparative to exclude such movements, to show the underlying growth of the Group. Net working capital (inventories, short-term receivables and short-term liabilities excluding borrowings and provisions) improved by GBP91m to minus GBP 1,348m, mostly due to further improvement in payables. Net cash as at 31 March 2010 was GBP663m (31 December 2009: GBP220m), an increase of GBP443m in the quarter, reflecting strong free cash flow generation from the business. Contingent liabilities. The Group is involved in a number of investigations by competition authorities in Europe. It is too early to determine the likely outcome of these matters and the Directors have made no provisions for such potential liabilities. The Group has recently received a Statement of Objections from the Office of Fair Trading in the United Kingdom regarding alleged anti-competitive activity involving the Gaviscon brand. In the event that the Office of Fair Trading finds against the Group, it may impose a fine of up to the statutory maximum of ten percent of Group worldwide turnover. The Board considers it appropriate to disclose a contingent liability in this regard. The Statement of Objections is
5 under review and the Group will present an appropriate response to the Office of Fair Trading in due course. The Directors at this stage believe that there are substantive questions of law brought forward by the Statement of Objections, questions that have not been settled in prior competition law cases and which require thorough analysis and debate Targets Given the good start to the year, the Group is re-iterating its targets for Due to the uncertain timing of generic competition to Suboxone in the U.S., it is not considered appropriate to communicate targets for the total Group. For the business excluding RBP, the targets are for net revenue growth of +5% (continuing operations, base: GBP7,144m) and for operating profit growth of +10% (continuing operations, base: GBP1,512m), both at constant exchange. For further information, please contact: Reckitt Benckiser +44 (0) Joanna Speed Director, Investor Relations Andraea Dawson-Shepherd Global Director, Corporate Communications & Affairs Brunswick (Financial PR) +44 (0) Susan Gilchrist Senior Partner Cautionary note concerning forward-looking statements This document contains statements with respect to the financial condition, results of operations and business of Reckitt Benckiser and certain of the plans and objectives of the Group with respect to these items. These forward-looking statements are made pursuant to the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of In particular, all statements that express forecasts, expectations and projections with respect to future matters, including trends in results of operations, margins, growth rates, overall market trends, the impact of interest or exchange rates, the availability of financing to the Company, anticipated cost savings or synergies and the completion of strategic transactions are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors discussed in this report, that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including many factors outside Reckitt Benckiser's control. Past performance cannot be relied upon as a guide to future performance. The Group at a Glance (Unaudited) Quarter ended 31 March
6 Net revenue - total 2,003 1,911 Net revenue growth - constant +6% +8% Net revenue growth - total +5% +27% Gross margin 59.5% 58.6% EBITDA EBITDA margin 24.6% 22.9% EBIT EBIT margin 23.0% 21.2% Profit before tax Net income EPS, basic 48.3p 42.7p EPS, diluted 47.5p 42.1p Group balance sheet data 31 March 31 December Net working capital * (1,348) (1,257) Net cash * Net working capital is defined as inventories, short term receivables and short term liabilities, excluding borrowings and provisions. Shares in issue Millions 31 December Issued or transferred from Treasury March Group Income Statement Analysis (Unaudited) Quarter ended 31 March % change Net revenue 2,003 1,911 +5
7 Cost of sales (812) (792) Gross profit 1,191 1, Net operating expenses (730) (714) Operating profit Operating profit before exceptional items Exceptional items - - Operating profit Net finance income / (expense) 3 (4) Profit on ordinary activities before taxation Tax on profit on ordinary activities (116) (98) +18 Net income for the period Attributable to equity minority interests - - Attributable to ordinary equity holders of the parent Net income for the period Earnings per ordinary share: On net income for the period, basic 48.3p 42.7p On net income for the period, diluted 47.5p 42.1p Average common shares outstanding (millions): Basic Diluted Segment Information (Unaudited) Analyses by operating segment of net revenue and operating profit, and of net revenue by product group are set out below. The Executive Committee of the Group assesses the performance of the operating segments based on net revenue and operating profit. This measurement basis excludes the effect of exceptional items. Operating segment Quarter ended 31 March % change
8 exch. rates actual const. Net revenue Europe North America & Australia Developing Markets Pharmaceuticals ,003 1, Operating profit Europe North America & Australia Developing Markets Pharmaceuticals Operating margin % % Europe North America & Australia Developing Markets Pharmaceuticals Segment Information (Unaudited), continued Product segment Quarterended 31 March % change exch. rates actual const. Net revenue by category Fabric Care Surface Care
9 Dishwashing Home Care Health & Personal Care Other Household Household and Health & Personal Care 1,806 1, Pharmaceuticals Food ,003 1, Operating profit Household and Health & Personal Care Pharmaceuticals Food Operating margin % % Household and Health & Personal Care Pharmaceuticals Food END (END) Dow Jones Newswires April 27, :00 ET (11:00 GMT)
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