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Reckitt Annual Report and Accounts 2020 Contents Reckitt Annual Report and Accounts 2020 Reckitt Annual Report and Accounts 2020 BUILDING SHARED SUCCESS Contents Strategic Report 01 Financial highlights 02 At a glance WELCOME 04 Chairman’s statement 06 Chief Executive Officer’s statement 08 Talking to our business leaders 10 Our business model 12 Purpose-led growth 14 Mapping what matters to our stakeholders 16 Our markets and megatrends OUR 18 Delivering our strategy 24 Key performance indicators 28 Our consumers 32 Our customers PURPOSE 36 Our investors We exist to protect, heal and nurture in the 40 Our people relentless pursuit of a cleaner and healthier world. 44 Our partners 48 Our communities 52 Our environment 56 Non-financial information statement 58 s172 statement 62 Operating review: Hygiene OUR 66 Operating review: Health 70 Operating review: Nutrition 74 Group financial review FIGHT 80 Risk management We have a fight on our hands. A fight to make access 93 Viability statement to the highest quality hygiene, wellness and nourishment Governance a right and not a privilege. 94 Board of Directors 99 Group Executive Committee 102 Corporate governance report About our new brand 113 Nomination Committee report 119 Audit Committee report Reckitt branding reflects the purpose, fight, compass and 128 CRSEC Committee report behaviours of the company. Our new identity draws on our rich Directors’ remuneration report 200 year heritage. It symbolises the energy and can-do spirit of 134 our people and the positive impact that they create on the world. 158 Report of the Directors Designed to be accessible, active and authentic; Reckitt is inspired 161 Statement of Directors’ responsibilities by our purpose-led brands, and our efforts for a healthier planet and a fairer society. Financial Statements 162 Independent auditor’s report 174 Financial statements To learn more visit: www.reckitt.com/thisisreckitt 237 Shareholder information PG62 PG66 PG70 Hygiene Health Nutrition STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS Financial highlights Net Revenue Adjusted Operating Margin4 Reported Operating Margin £14.0bn 23.6% 15.4% +11.8% LFL growth4 -260bps nm 3 Reported growth +8.9% Hygiene Health Nutrition 42% 35% 23% of Reckitt Total Net Revenue of Reckitt Total Net Revenue of Reckitt Total Net Revenue Adjusted Earnings Per Share (diluted)4 Reported Earnings Per Share (diluted) Total dividend for the year 327.0 p 159.3p 174.6p -6.3% nm 3 unchanged Society Net Revenue from more Number of people informed through FTSE4Good Index membership sustainable products1, 2, 4 health and hygiene messaging and campaigns since 2013 30.4% 1.41bn 17 consecutive years, including meeting 20 additional Breast-Milk-Substitute (BMS) criteria since 2018 Environment Greenhouse Gas emissions Water use per unit of production1 1. Excluding our Infant and Child Nutrition (IFCN) per unit of production1 business – see Reckitt insights (www.reckitt.com/ responsibility/policies-and-reports) for details 2. Calculated for 12 months ending 30 September 2020 3. Not meaningful 53% 39% 4. Non-GAAP measures are defined on page 77 reduction since 2012 reduction since 2012 Reckitt Annual Report and Accounts 2020 01 AT A GLANCE Our Group is divided into three business units – Hygiene, Health and Nutrition – with each operating across attractive and growing segments. HYGIENE Our portfolio is underpinned by five global Hygiene is the foundation of health and our purpose-led portfolio works megatrends that drive demand for our to eliminate dirt, germs, pests and odours with market leading products such as Lysol, Finish, Mortein and AirWick. products. As a result, we are well positioned to benefit as we recover from COVID-19, and to deliver sustainable mid-single digit growth in the medium to long-term. Hygiene Net Revenue 2020 2019 £5,816m £5,031m LFL Growth1 Actual Growth +19.5% +15.6% Adjusted Operating Profit1 Adjusted Operating Margin1 £1,505m 25.9% Geographic profile Developed markets 79% Developing markets 21% Key Hygiene brands 02 Reckitt Annual Report and Accounts 2020 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS HEALTH NUTRITION Our Health portfolio brings compelling, innovative solutions that provide The Nutrition business includes our leading infant and child nutrition, pain relief, protection, hygiene, and personal care to households across adult nutrition and our range of vitamins, minerals and supplements. Brands the world, through brands like Dettol, Durex, Gaviscon, Nurofen, Mucinex, include Airborne, Mead Johnson, Move Free and Schiff. The strength of this Strepsils and Veet. business is its focus on science-led innovations which underpin products catering to consumers from infant through to the elderly. Health Net Revenue Nutrition Net Revenue 2020 2019 2020 2019 £4,890m £4,462m £3,287m £3,353m LFL Growth1 Actual Growth LFL Growth1 Actual Growth +12.1% +9.6% UNCHANGED -2.0% Adjusted Operating Profit1 Adjusted Operating Margin1 Adjusted Operating Profit1 Adjusted Operating Margin1 £1,334m 27.3 % £462m 14.1% Geographic profile Geographic profile Developed markets 54% Developed markets 45% Developing markets 46% Developing markets 55% Key Health brands Key Nutrition brands 1. Non-GAAP measures are defined on page 77 Reckitt Annual Report and Accounts 2020 03 CHAIRMAN’S STATEMENT I am proud of what we were able to achieve this year in the face of some enormous challenges. Reckitt is emerging much stronger, as a more resilient and purposeful company. We made significant progress in 2020 in building the foundations for future growth. We have added exceptional leadership talent at the top of Reckitt and across many of our geographies to help steer the company through this transformational stage. We are investing in capabilities and have organised ourselves to become more focused and purpose-led. Business performance Full year net revenue was £13,993m, with growth of +11.8% on a like-for-like basis. This was underpinned by strong performances from both Hygiene and Health; despite mixed markets, Nutrition also made good operational improvements while separating from Health and integrating Vitamins, Minerals and Supplements. The performance uplift reflected the outstanding way our teams responded to the coronavirus pandemic (COVID-19), meeting the substantially increased demand for some of our brands through sharper execution, expanded capacity and better customer service. Together with our ongoing investment in our digital capabilities, this enabled us to deliver a stronger underlying performance across our portfolio of brands. Adjusted operating profit was £3,301m, at an adjusted operating margin of 23.6%, MOVING down 260bps on last year in line with our guidance and reflecting planned investment across many areas as laid out by Laxman in the strategy presentation in February 2020. Our business made solid progress on many fronts. It is an early indicator that the FORWARD strategy announced last February is gaining momentum and yielding positive results. We remain focused on delivering our strategy. Although it is too soon to be definitive, we believe that much of the additional demand we saw during 2020 for our Hygiene and Health TOGETHER brands is likely to be sustained even after the pandemic. We are accordingly investing in additional capacity and in expanding our Hygiene and disinfection business into new geographies and business segments. For our Nutrition business, we delivered good growth in North America and from our Vitamins, WITH PURPOSE Minerals and Supplements portfolio, although the operating environment in China continues to be challenging for our infant formula products. As a result, Laxman and the team are conducting a strategic review of our infant formula activities in China and we’ll act on the conclusions of this in due course. In the meantime, our focus is on sustaining the wider investments for growth that have already started to yield benefits with renewed innovation, such as our first adult nutrition product, launched in December. Governance and risk management have Chris Sinclair been important areas of focus for the Board Chairman over the last few years. We have done a lot 04 Reckitt Annual Report and Accounts 2020 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS of work through the Corporate Responsibility, considerable opportunities, but it also posed colleagues worldwide have been able to Sustainability, Ethics and Compliance Committee some major challenges during a global achieve in difficult times. That goes equally to broaden and deepen our approach to pandemic. Our factories, suppliers and logistics for my fellow Directors. The company is very managing safety and compliance risk, and to operations had to contend with social distancing fortunate to have highly talented individuals focus on our sustainability agenda. We continue and quarantine constraints, which were often on the Board who are committed to Reckitt to expand the investments and initiatives imposed at very short notice. This added to the and passionate about its purpose. that enhance the safety and efficacy of our complexity of stepping up supplies. I am proud We welcomed two new Non-Executive products, as well as their sustainability. to say that our people rose to the challenge. Directors this year who are already making Consistent with the expectations we set They responded with flexibility, commitment valuable contributions to our deliberations. out last year, the Directors have proposed and Reckitt’s characteristic, can-do spirit. Margherita Della Valle joined us in July 2020 a final dividend of 101.6 pence per share, These efforts allowed us to scale up our and also became a member of the Audit which when added to the interim dividend product supply dramatically in critical areas. Committee. Margherita has extensive of 73 pence, gives a full-year dividend of We strengthened our global supply chain and experience of financial markets and digital 174.6 pence per share. Subject to shareholder improved customer service levels. We continued technologies and has been instrumental approval at the AGM in May 2021, this will to make good strides in digital and e-commerce in business transformation programmes in be paid on 14 June 2021 to shareholders and are now building a competitive advantage her prior roles.
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