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Henkel Ag & Co. Kgaa Annual Report Henkel Annual Report 2019 1 Contents The Company Consolidated financial statements 2 Fiscal 2019 at a glance 136 Consolidated statement of financial position 7 Foreword 138 Consolidated statement of income 11 Report of the Supervisory Board 139 Consolidated statement of 18 Our Management Board comprehensive income 140 Consolidated statement of changes in equity 19 Shares and bonds 141 Consolidated statement of cash flows 143 Notes to the consolidated financial statements 26 Corporate governance 243 Subsequent events 244 Recommendation for the approval of the annual Combined management report financial statements and the appropriation of 76 Fundamental principles of the Group the profit of Henkel AG & Co. KGaA 82 Economic report 245 Corporate bodies of Henkel AG & Co. KGaA 116 Henkel AG & Co. KGaA (condensed version according to the German Commercial Code Further information [HGB]) 249 Independent Auditor’s Report 120 Risks and opportunities report 256 Responsibility statement by the Personally 132 Forecast Liable Partner 257 Quarterly breakdown of key financials 259 Multi-year summary 261 Index of tables and graphs 265 Glossary 267 Credits 268 Contacts 268 Financial calendar Henkel Annual Report 2019 2 Sales The Company Fiscal 2019 at a glance Fiscal 2019 at a glance % Foreword 1 0.0 Key financials organic sales growth. Report of the Supervisory Board 2015 2016 2017 2018 2019 +/– in million euros 2018 – 2019 Our Management Board Sales 18,089 18,714 20,029 19,899 20,114 1.1 % EBIT Operating profit (EBIT) 2,645 2,775 3,055 3,116 2,899 – 7.0 % Shares and bonds Adjusted 1 operating profit (EBIT) 2,923 3,172 3,461 3,496 3,220 – 7.9 % Corporate governance Return on sales (EBIT) 14.6 % 14.8 % 15.3 % 15.7 % 14.4 % – 1.3 pp 16.0 % Adjusted 1 return on sales (EBIT) 16.2 % 16.9 % 17.3 % 17.6 % 16.0 % – 1.6 pp adjusted 1 return on sales Combined management report (EBIT): down 1.6 percentage Net income 1,968 2,093 2,541 2,330 2,103 – 9.7 % points. Consolidated financial statements Attributable to non-controlling interests 47 40 22 16 2 18 12.5 % Attributable to shareholders of Henkel AG & Co. KGaA 1,921 2,053 2,519 2,314 2 2,085 – 9.9 % Further information Earnings per preferred share in euros 4.44 4.74 5.81 5.34 2 4.81 – 9.9 % EPS Adjusted 1 earnings per preferred share in euros 4.88 5.36 5.85 6.01 5.43 – 9.7 % Return on capital employed (ROCE) 18.2 % 17.5 % 16.3 % 15.5 % 13.5 % – 2.0 pp Dividend per ordinary share in euros 1.45 1.60 1.77 1.83 1.83 3 0.0 % 5.43 € Dividend per preferred share in euros 1.47 1.62 1.79 1.85 1.85 3 0.0 % adjusted 1 earnings per preferred share (EPS): pp = percentage points down 9.7 percent. Sales by business unit 2019 2 Sales by region 2019 3 EPS development Beauty Care 19 % Corporate 4 1 % Japan / Australia / New Zealand 3 % Corporate 1% – 10.1 % at constant exchange rates. Emerging North America 26 % markets 5 40 % Laundry & Adhesive Home Care 33 % Technologies 47 % Western Europe 30 % Dividend 1 Adjusted for one-time charges / gains and restructuring expenses. 1.85 € 2 Prior-year figures amended (please refer to the notes on pages 154 to 157). dividend per preferred share 3. 3 Proposal to shareholders for the Annual General Meeting on April 20, 2020. 4 Sales and services not assignable to the individual business units. 5 Eastern Europe, Africa / Middle East, Latin America, Asia (excluding Japan). Henkel Annual Report 2019 3 The Company Our business units Fiscal 2019 at a glance Adhesive Technologies Foreword Report of the Supervisory Board Key financials 1 4 Our top brands Our Management Board in million euros 2018 2019 +/– Shares and bonds Sales 9,403 9,461 0.6 % Proportion of Henkel sales 47 % 47 % – Corporate governance Operating profit (EBIT) 1,669 1,631 – 2.3 % Adjusted 2 operating profit (EBIT) 1,761 1,712 – 2.8 % Combined management report Return on sales (EBIT) 17.7 % 17.2 % – 0.5 pp Consolidated financial statements Adjusted 2 return on sales (EBIT) 18.7 % 18.1 % – 0.6 pp Return on capital employed (ROCE) 19.3 % 17.2 % – 2.1 pp Further information Economic Value Added (EVA®) 762 685 – 10.2 % 1 Calculated on the basis of units of 1,000 euros; figures commercially rounded. 2 Adjusted for one-time charges / gains and restructuring expenses. pp = percentage points Sales Adhesive Technologies 5 in million euros 2015 8,992 2016 8,961 Sales 2017 9,387 2018 9,403 – 1.5 % 2019 9,461 organic sales growth. 0 2,000 4,000 6,000 8,000 10,000 Henkel Annual Report 2019 4 The Company Beauty Care Fiscal 2019 at a glance Foreword Report of the Supervisory Board Key financials 1 6 Our top brands Our Management Board in million euros 2018 2019 +/– Shares and bonds Sales 3,950 3,877 – 1.8 % Proportion of Henkel sales 20 % 19 % – Corporate governance Operating profit (EBIT) 589 418 – 29.0 % Adjusted 2 operating profit (EBIT) 675 519 – 23.1 % Combined management report Return on sales (EBIT) 14.9 % 10.8 % – 4.1 pp Consolidated financial statements Adjusted 2 return on sales (EBIT) 17.1 % 13.4 % – 3.7 pp Return on capital employed (ROCE) 14.8 % 10.1 % – 4.7 pp Further information Economic Value Added (EVA®) 230 88 – 61.9 % 1 Calculated on the basis of units of 1,000 euros; figures commercially rounded. 2 Adjusted for one-time charges / gains and restructuring expenses. pp = percentage points Sales Beauty Care 7 in million euros 2015 3,833 2016 3,838 Sales 2017 3,868 2018 3,950 – 2.1 % 2019 3,877 organic sales growth. 0 2,000 4,000 6,000 8,000 10,000 Henkel Annual Report 2019 5 The Company Laundry & Home Care Fiscal 2019 at a glance Foreword Report of the Supervisory Board Key financials 1 8 Our top brands Our Management Board in million euros 2018 2019 +/– Shares and bonds Sales 6,419 6,656 3.7 % Proportion of Henkel sales 32 % 33 % – Corporate governance Operating profit (EBIT) 970 973 0.3 % Adjusted 2 operating profit (EBIT) 1,162 1,096 – 5.7 % Combined management report Return on sales (EBIT) 15.1 % 14.6 % – 0.5 pp Consolidated financial statements Adjusted 2 return on sales (EBIT) 18.1 % 16.5 % – 1.6 pp Return on capital employed (ROCE) 13.1 % 12.6 % – 0.5 pp Further information Economic Value Added (EVA®) 306 356 16.2 % 1 Calculated on the basis of units of 1,000 euros; figures commercially rounded. 2 Adjusted for one-time charges / gains and restructuring expenses. pp = percentage points Sales Laundry & Home Care 9 in million euros 2015 5,137 2016 5,795 Sales 2017 6,651 2018 6,419 + 3.7 % 2019 6,656 organic sales growth. 0 2,000 4,000 6,000 8,000 10,000 Henkel Annual Report 2019 6 The Company What drives us Fiscal 2019 at a glance Foreword Report of the Supervisory Board Our purpose Our values Our Management Board Creating sustainable value. We put our customers and consumers Shares and bonds at the center of what we do. Corporate governance Combined management report We value, challenge and reward our Consolidated financial statements people. Further information We drive excellent sustainable financial performance. Our vision We are committed to leadership Leading with our innovations, in sustainability. brands and technologies. We shape our future with a strong entrepreneurial spirit based on our family business tradition. Henkel Annual Report 2019 7 The Company Fiscal 2019 at a glance At the beginning of this year, I took over as Chairman of the Foreword Management Board after serving eight years as Chief Financial Officer. It is an honor and privilege to lead this outstanding Report of the Supervisory Board company together with my colleagues on the Management Board. Our Management Board I am proud to serve a company with a strong tradition as a family business, a unique set of values, a distinct corporate culture Shares and bonds and an outstanding global team of more than 52,000 dedicated employees. Corporate governance Combined management report As one of my first tasks, I want to report to you about our per- formance and key developments at Henkel in 2019. I would Consolidated financial statements also like to reconfirm to you the unwavering commitment of Further information the Management Board and everyone at Henkel to creating “What really makes the sustainable value for all our stakeholders. This is our shared purpose. We are convinced that Henkel has the potential to difference is having the deliver lasting, superior returns to our shareholders, bring unique benefits through our brands, innovations and technol- right strategy, the right team ogies to customers and consumers around the world, attract and retain talented and dedicated employees, drive progress in and the right culture.” sustainable business practices and contribute to society as a responsible company. CARSTEN KNOBEL Mixed business performance in 2019 CHAIRMAN OF THE MANAGEMENT BOARD In 2019, our business performance was impacted by different developments. The year was characterized by decelerating growth in almost all major economies, increasing trade tensions between the USA and China, rising tariffs and trade barriers, geopolitical conflicts in different regions as well as uncertainty about the consequences of a potential “no deal” Brexit in Europe. Henkel Annual Report 2019 8 This impacted our Adhesive Technologies business, which In the course of the year, we gradually stepped up our invest- The Company serves mostly industrial customers.
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