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Annual Report and Financial Statements 2016 Reckitt Benckiser Group Plc (RB) Annual Report and Financial Statements 2016

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Annual Report and Financial Statements 2016 Reckitt Benckiser Group Plc (RB) Annual Report and Financial Statements 2016 Reckitt Benckiser Group plc (RB) Annual Report and Financial Statements 2016 Reckitt Benckiser Group plc (RB) plc Group Benckiser Reckitt Annual Report and Financial Statements 2016 Purpose with a passion Reckitt Benckiser Group plc (RB) Annual Report and Financial Statements 2016 RB has a vision of a world where people are healthier and live better lives. Inspired by our purpose and a passionate culture that drives ownership and rewards success, we push ourselves to outperform, every day. Our purpose Our passion Our performance See more on pages See more on pages 4-5 See more on pages 6-7 2-3 2 3 4 5 6 7 Strategic Report Strategic Report Strategic Report Strategic Report Strategic Report Strategic Report Governance Governance Governance Governance Governance Governance Financial Statements Financial Statements Financial Statements Financial Statements Financial Statements Financial Statements Why RB delivers Our purpose… …combined with …drives our (out) Right portfolio strategy We identify unmet consumer needs, drive growth through innovation and invest our passion performance disproportionately behind our high-potential markets (Powermarkets) and our faster- growing brands (Powerbrands). Our purpose inspires us and informs what we do. RB has a unique culture that harnesses Bringing together passionate people and With every decision, we look for innovative solutions that Our purpose is to make the passion of our people. We have a compelling We want our people to behave as giving them a clear purpose makes RB a business where Powerbrands Powermarkets can help our consumers to live better, from new products a difference, by giving people desire to challenge ourselves and each other, if they own the business. The “Top40” we act fast, take responsibility and aim for and reward that improve health to social programmes that to not just deliver but to outperform and make exceptional performance. managers in RB have the highest 19 16 innovative solutions for healthier touch millions of lives. RB the best it can be. Rakesh Kapoor lives and happier homes. shareholding requirements in Chief Executive Officer the industry. See more on pages 36-37 Total share ownership Our world Our purpose informs every requirement for “Top40” Partnerships aspect of our strategy, from management is changing the brands we focus on and the We tap into innovation, innovations we bring to market, creativity and knowledge Many factors, from increasing life to the role we play in society. through our partnerships with Performance- Successful expectancy to rising healthcare £203m costs, are boosting demand for We have the highest other organisations, and strive health and hygiene products. based culture innovation shareholding requirement in for a spirit of openness. the industry and the FTSE 100. Our culture is central to our Continuous, successful outperformance. We live our innovation is the key to See more on values, and our compensation long-term success. We listen pages 18-19 approach and share ownership to our consumers, develop requirements encourage our new products and invest people to act as if the Company heavily behind them. Our culture means we continually Achievement was their own. People reached with Health As well as offering innovative look for ways to do things better and Hygiene messaging products, we improve people’s Everyone wants a sense of health and hygiene through achievement and for RB that our education and prevention £150m means outperformance. Virtuous Value creation 365m programmes. Savings targeted from Project Supercharge earnings model We have created substantial value through organic growth By targeting higher-margin See more on pages 30-31 See more on page 24 but, in a fragmented consumer segments and optimising cost, health market, we also have we expand our Gross Margin. the opportunity to acquire This gives us room to invest for strong brands. The combination Save a Child Entrepreneurship growth, increasing Net Revenue of our organic growth strategy and our Operating Margin. and acquisitions have Every Minute RB is 35,000 passionate generated significant returns people, pursuing projects for Shareholders. they believe in and Our campaign with Save the Children pushing the boundaries Total Shareholder Return since uses our expertise and our people’s Gross Margin efforts to stop diarrhoea being a of innovation. announcement of strategy in 2012 top five killer of children. £100 invested on 1 January 2012 was worth £253 on 31 December 2016. See more on pages 36-37 +180bps See more on pages 30-31 Reckitt Benckiser Group plc (RB) Reckitt Benckiser Group plc (RB) Reckitt Benckiser Group plc (RB) Reckitt Benckiser Group plc (RB) Reckitt Benckiser Group plc (RB) Reckitt Benckiser Group plc (RB) Annual Report and Financial Statements 2016 Annual Report and Financial Statements 2016 Annual Report and Financial Statements 2016 Annual Report and Financial Statements 2016 Annual Report and Financial Statements 2016 Annual Report and Financial Statements 2016 Our betterbusiness strategy Our betterbusiness strategy betterfinancials bettersociety betterenvironment focuses on how we deliver How we outperform, How we support our How we reduce our through our focus on communities, develop our environmental impact and financial performance, by our brands, markets people and drive quality ensure we source materials fulfilling our social and and creating a digitally and safety in all we do responsibly environmental responsibilities. connected company See more on pages 22-35 Contents Strategic Report 36 It’s my RB 74 Corporate Responsibility, Sustainability, 1 Highlights 38 Operating Review Ethics and Compliance Committee Report 2 Our purpose, passion and performance 42 Financial Review 76 Directors’ Remuneration Report 8 Chairman’s Statement 46 Our framework for risk management 81 RB’s Remuneration Policy at a glance 10 Acquiring the world leader in infant 82 Annual Report on Remuneration and children’s nutrition Governance 93 Report of the Directors 12 Chief Executive’s Statement 54 Board of Directors 96 Directors’ Statement of Responsibilities 14 Our ongoing support in South Korea 57 Executive Committee 16 How our business works 60 Chairman’s Statement on Corporate Financial Statements 18 The megatrends driving our business Governance 97 Financial Statements 20 Our operating model explained 62 Corporate Governance Statement 174 Shareholder Information 22 betterfinancials 68 Nomination Committee Report 28 bettersociety 69 Audit Committee Report 32 betterenvironment Reckitt Benckiser Group plc (RB) Annual Report and Financial Statements 2016 1 Strategic Report Governance Financial Statements Highlights Introduction from the Chairman betterfinancials Net Revenue Adjusted1 Earnings Per Share (diluted) £9.9bn 302.0p Like-for-like growth1 +3% +17% Total reported growth +11% Gross Margin Total dividend for the year 2016 was an important year for RB. Our earnings model remains strong, 60.9% 153.2p as our growth strategy continues to +180bps +10% deliver outperformance. The tragic humidifier sanitiser (HS) issue in South Adjusted1 Operating Margin Health and Hygiene Korea, and Oxy RB’s part in it, reminds us that consumer safety is our number one priority. The lessons from 28.1% 75% the HS issue and actions we have +130bps of Net Revenue taken are set out on pages 14 to 15. Operating Margin 24.3% (-90bps) Reported Earnings Per Share (diluted) Developing markets 256.5p 31% +6% of Net Revenue 1. Definitions of non-IFRS measures and their reconciliation to IFRS measures are shown on page 45. Our brands >80% bettersociety Net Revenue from Powerbrands Net Revenue from more People reached with Health sustainable products and Hygiene messaging See page 26 13.2% 365m betterenvironment Greenhouse gas emissions Water usage per unit per unit of production of production 25.0% 31.8% Reduction since 2012 Reduction since 2012 Reckitt Benckiser Group plc (RB) Annual Report and Financial Statements 2016 2 Strategic Report Governance Financial Statements Our purpose… Our purpose inspires us and informs what we do. With every decision, we look for innovative solutions that can help our consumers to live better, from new products that improve health to social programmes that touch millions of lives. Reckitt Benckiser Group plc (RB) Annual Report and Financial Statements 2016 3 Strategic Report Governance Financial Statements Our purpose is to make a difference, by giving people innovative solutions for healthier lives and happier homes. Our purpose informs every Our world aspect of our strategy, from the brands we focus on and the is changing innovations we bring to market, Many factors, from increasing to the role we play in society. life expectancy to rising healthcare costs, are boosting demand for health and hygiene products. See more on pages 18-19 People reached with Health As well as offering innovative and Hygiene messaging products, we improve people’s health and hygiene through our education and prevention 365m programmes. See more on pages 28-31 Save a Child Every Minute Our campaign with Save the Children uses our expertise and our people’s efforts to stop diarrhoea being a top five killer of children. See more on pages 28-31 Reckitt Benckiser Group plc (RB) Annual Report and Financial Statements 2016 4 Strategic Report Governance Financial Statements …combined with our passion RB has a unique culture that harnesses the passion of our people. We have a compelling desire to challenge ourselves and each other, to not just deliver but to outperform and make
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