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Henkel: Annual Report 2008

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Henkel: Annual Report 2008 Annual Report 2008 Driving Change UnternehmenThe Company Performance at a Glance Key Financials Highlights in million euros 2007 2008 +/– Sales 13,074 14,131 8.1 % » Organic sales growth: Operating profit (EBIT) 1,344 779 –42.0 % +3.0 percent Return on sales (EBIT) in % 10.3 5.5 –4.8 pp » Share of sales attributable to Net earnings 941 1,233 31.0 % growth regions: Earnings after minority interests 921 1,221 32.6 % +3 percentage points to 37 percent Earnings per preferred share in euros 2.14 2.83 32.2 % » Adjusted3) operating profit (EBIT): Return on capital employed (ROCE) in % 15.4 6.9 –8.5 pp +6.6 percent to 1,460 million euros Capital expenditures on property, » Adjusted3) operating profit (EBIT) plant and equipment 470 473 0.6 % before amortization after purchase Research and development expenses 350 4291) 22.6 % price allocation: +9.1 percent to Employees (annual average) number 52,303 55,513 6.1 % 1,495 million euros Dividend per ordinary share in euros 0.51 0.512) 0.0 % » Adjusted3) earnings per preferred Dividend per preferred share in euros 0.53 0.532) 0.0 % 1) Includes restructuring charges of 52 million euros pp = percentage points share (EPS) before amortization 2) Proposed after purchase price allocation: 3) Adjusted for one-time charges/gains and restructuring charges +3.2 percent to 2.26 euros Sales by Region1) EBIT by Region2) Europe/Africa/ Europe/Africa/ Corporate 2 % Middle East 63 % Asia-Pacific 10 % Middle East 65 % Asia-Pacific 11 % Latin America 5 % Latin America 5 % North America 20 % North America 19 % 1) Including Corporate; for reconciliation with Henkel Group: 2) Excluding Corporate Corporate = sales and services not assignable to the individual business sectors Laundry & Home Care Cosmetics/Toiletries Adhesive Technologies Key Financials Key Financials Key Financials in mill. euros 2007 2008 +/– in mill. euros 2007 2008 +/– in mill. euros 2007 2008 +/– Sales 4,148 4,172 0.6 % Sales 2,972 3,016 1.5 % Sales 5,711 6,700 17.3 % Share of Share of Share of Group sales 32 % 30 % –2 pp Group sales 23 % 21 % –2 pp Group sales 43 % 47 % 4 pp Operating pro- Operating pro- Operating pro- fit (EBIT) 459 439 –4.2 % fit (EBIT) 372 376 0.9 % fit (EBIT) 621 658 6.0 % Share of Share of Share of Group EBIT1) 31 % 30 % –1 pp Group EBIT1) 26 % 25 % –1 pp Group EBIT1) 43 % 45 % 2 pp Return on sa- Return on sa- Return on sa- les (EBIT) 11.1 % 10.5 % –0.6 pp les (EBIT) 12.5 % 12.5 % 0 pp les (EBIT) 10.9 % 9.8 % –1.1 pp 1) Excluding Corporate 1) Excluding Corporate 1) Excluding Corporate pp = percentage points pp = percentage points pp = percentage points The Company Henkel at a Glance » Global supplier of brands and technologies » 132 years of brand success » Competence in the three business sectors: » Laundry & Home Care » Cosmetics/Toiletries » Adhesive Technologies » Globally structured » More than 125 countries » Over 55,000 employees Laundry & Home Care Cosmetics/Toiletries Adhesive Technologies Leading market positions world wide Leading market positions worldwide Leading our markets worldwide Achieving profitable growth Achieving profitable growth with Achieving profitable growth through innovation, strong brands attractive innovations under our through innovations under our and a height ened focus on our strong brands, aligned to exacting strong brands, efficient processes customer relationships customer demands and a firm focus on our customers Further expanding our strong Expanding our strong market posi­ Developing new applications and market position in Europe and our tions in Europe and North America growth potential in all regions of presence in both North America and selectively increasing our pres­ the world and the growth regions ence in the growth regions Henkel is a leader with brands and technologies that make people’s lives easier, better and more beautiful The Company Laundry & Home Care Cosmetics/Toiletries Adhesive Technologies Major Brands Major Brands Major Brands At a Glance Heavy-duty detergents; fabric soften- Hair shampoos and conditioners; hair Adhesive and sealant systems; surface ers; laundry conditioning products; colorants; hair styling and permanent treatment products for industrial appli- dishwashing products; all-purpose wave products; toilet soaps; shower cations in the automotive, packaging, clean ers; scouring agents; floor and gels, body wash and bath products; aircraft, electronics, durable consumer carpet care products; bath and WC deodorants; skin creams; skin care goods and metal sectors, and for mainte- cleaners; glass cleaners; kitchen clea- products; dental care and oral hygiene nance, repair and overhaul applications; ners; specialty cleaning products; air products; hair salon products. adhesives and sealants for craftsmen and freshen ers and insecticides for hou- consumers and for applications in the sehold applications. home, school and office. Major Innovations Major Innovations Major Innovations Purex Natural Elements Outstanding Taft Power with Cashmere Touch Loctite Flex Gel Instant Adhesive The performance and ready biodegradabi- for supple “power hold”: An innova- flexible instant adhesive for super-strong, lity with wash-active substances based tive styling line offering extra-strong fast bonding inside and out. exclusively on renewable raw materials hold combined with cashmere-like Macromelt OM 648 The first polyami- with natural fragrance essences. suppleness. de hotmelt adhesive with integrated UV Persil Gold Plus The “gold standard” Dial Yogurt The first body wash in protection extensively based on renew- among laundry detergents for opti- the USA with yogurt proteins – retains able raw materials. mum stain-free results without the moisture and cares for the skin. TecTalis An innovative technology for the need for an additional stain remover. Blond Me The all-inclusive blonding environmentally sound corrosion pro- Terra Activ Combining power and line for every requirement – the first tection of metals in the automotive and nature for high-performance quality integrated concept for the profession- durable consumer goods industries. without the compromise: 85 percent al hair salon with blonde products of the ingredients are based on renew- for highlighting, coloration, care and able raw materials and the exclusive styling. use of palm kernel oil certificates to promote rainforest protection. The Company 1 The Company Seeing change as an opportunity. 2 Interview with Albrecht Woeste and Kasper Rorsted Everything changes: 7 Report of the Supervisory Board requirement profiles, customer 10 Management Board 12 Driving Change needs, consumer behavior, mar- 14 Shares and Bonds kets and much more. Henkel has 17 Group Management Report 17 Group Management Report both the strength and the courage Subindex to respond quickly to change. 18 Corporate Governance 30 Operational Activities 30 Strategy and Financial Targets We are determined to be the for 2012 32 Value-based Management and best for our markets and our Control customers, and are dedicated to 34 Business Performance 41 Assets and Financial Analysis achieving – together with them 45 Employees 47 Procurement – ever better results. With our 48 Production 49 Research and Development 55,000-plus employees and with 50 Marketing and Distribution 52 Sustainability/ our brands and products, we are Corporate Social Responsibility 54 Business Sector Performance driving change. 67 Risk Report 71 Outlook for the Henkel Group 72 Subsequent Events 73 Consolidated Financial Statements 73 Consolidated Financial Statements Subindex 74 Consolidated Statement of Income 75 Consolidated Balance Sheet 76 Consolidated Cash Flow Statement 77 Consolidated Statement of Recognized Income and Expense 77 Notes to the Consolidated Financial Statements 130 Statement by the Personally Liable Partner 131 Auditors’ Report 132 Corporate Management of Henkel AG & Co. KGaA 138 Further Information 140 Responsibility Statement 141 Quarterly Breakdown of Key Financials 142 Five-Year Summary 143 Vision and Values 144 Credits Calendar Annual Report 2008 1 The Company » Interview “We’re driving change” Albrecht Woeste, Chairman of the Shareholders’ Committee and of the Supervisory Board, and Kasper Rorsted, Chairman of the Management Board, talk about events in 2008 and the outlook for 2009 Dipl.-Ing. Albrecht Woeste (left) and Kasper Rorsted Mr. Woeste, 2008 was an unusual year for Henkel in Mr. Rorsted, what in your view were the major chal- many respects. Are you happy with the way things have lenges that Henkel faced? gone? Kasper Rorsted: Well, the main problem was the raw ma- Albrecht Woeste: I am more than happy. It was, after terial prices. They reached their peak around the middle all, not an easy year. The substantial distortions on the of the year, and have since declined significantly. Looking financial markets have carried over to the economy as a at the year as a whole, however, our raw material costs whole, impacting our markets. But we were able to defend have risen appreciably. We were also confronted with our positions very well in this difficult environment, as substantial currency fluctuations, and the US dollar our figures show. On behalf of everyone, I would like was particularly volatile. And then, toward the end of to thank all our employees for the outstanding team the year, we too of course began to feel the onset of the performance that they have delivered. economic crisis. 2 Annual Report 2008 The Company » Interview Within the uncertainties of the present economic en- And we made a number of major changes and strategic vironment, you have developed and announced a long- decisions in 2008 to set us on our way toward achieving term strategy and financial targets for 2012. What is these objectives. the reasoning behind this? Kasper Rorsted: We are convinced that, particularly in How did the individual regions and markets perform times of uncertainty, it is important to set out clear objec- last year? tives for the longer term. To this end we have identified Kasper Rorsted: Generally, business was more difficult three strategic priorities: in North America and Western Europe than in previ- » First, we want to achieve our full business potential.
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