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Henkel Annual Report 2012 Our Strategy 1

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Henkel Annual Report 2012 Our Strategy 1 Annual Report 2012 Henkel at a glance 2012 Highlights 16,510 million euros 14.1 % 3.70 euros 0.95 euros sales adjusted 1 return on adjusted 1 earnings per dividend per sales (EBIT): preferred share (EPS): preferred share 2 up 1.1 percentage points up 17.8 percent Key financials 2008 2009 2010 2011 2012 +/– in million euros restated 3 2011 – 2012 Sales 14,131 13,573 15,092 15,605 16,510 5.8 % Operating profit (EBIT) 779 1,080 1,723 1,765 2,199 24.6 % Adjusted ¹ operating profit (EBIT) 1,460 1,364 1,862 2,029 2,335 15.1 % Return on sales (EBIT) in % 5.5 8.0 11.4 11.3 13.3 2.0 pp Adjusted ¹ return on sales (EBIT) in % 10.3 10.0 12.3 13.0 14.1 1.1 pp Net income 1,233 628 1,143 1,191 1,556 30.6 % – Attributable to non-controlling interests 12 26 25 30 46 53.3 % – Attributable to shareholders of Henkel AG & Co. KGaA 1,221 602 1,118 1,161 1,510 30.1 % Earnings per preferred share in euros 2.83 1.40 2.59 2.69 3.49 29.7 % Adjusted ¹ earnings per preferred share in euros 2.19 1.91 2.82 3.14 3.70 17.8 % Return on capital employed (ROCE) in % 6.9 9.8 14.9 15.8 18.7 2.9 pp Dividend per ordinary share in euros 0.51 0.51 0.70 0.78 0.93 2 19.2 % Dividend per preferred share in euros 0.53 0.53 0.72 0.80 0.95 2 18.8 % pp = percentage points ¹ Adjusted for one-time charges/gains and restructuring charges. 2 Proposal to shareholders for the Annual General Meeting on April 15, 2013. 3 Application of IAS 8 “Accounting policies, changes in accounting estimates and errors” (see notes on pages 116 and 117). Sales by business sector Sales by region 1 % 28 % 4 % 1 % Corporate Laundry & Home Care Japan / Australia / New Zealand Corporate 18 % North America 50 % 21 % 34 % 43 % Adhesive Technologies Beauty Care Western Europe Emerging markets ¹ Corporate = sales and services not assignable ¹ Eastern Europe, Africa/Middle East, Latin America, to the individual business sectors. Asia (excluding Japan). Our business sectors Laundry & Home Care Beauty Care Adhesive Technologies + 4.7 % + 3.1 % + 3.6 % organic sales growth organic sales growth organic sales growth Key financials Key financials Key financials 2011 2012 +/– 2011 2012 +/– 2011 2012 +/– in million euros restated in million euros in million euros Sales 4,304 4,556 5.9 % Sales 3,399 3,542 4.2 % Sales 7,746 8,256 6.6 % Operating Operating Operating profit (EBIT) 419 621 48.3 % profit (EBIT) 471 483 2.6 % profit (EBIT) 1,002 1,191 18.9 % Adjusted ¹ operating Adjusted ¹ operating Adjusted ¹ operating profit (EBIT) 570 659 15.5 % profit (EBIT) 482 514 6.8 % profit (EBIT) 1,075 1,246 15.9 % Return on sales Return on sales Return on sales (EBIT) 9.7 % 13.6 % 3.9 pp (EBIT) 13.8 % 13.6 % – 0.2 pp (EBIT) 12.9 % 14.4 % 1.5 pp Adjusted ¹ return Adjusted ¹ return Adjusted ¹ return on sales (EBIT) 13.2 % 14.5 % 1.3 pp on sales (EBIT) 14.2 % 14.5 % 0.3 pp on sales (EBIT) 13.9 % 15.1 % 1.2 pp pp = percentage points pp = percentage points pp = percentage points ¹ Adjusted for one-time charges/gains and ¹ Adjusted for one-time charges/gains and ¹ Adjusted for one-time charges/gains and restructuring charges. restructuring charges. restructuring charges. Sales Sales Sales in million euros in million euros in million euros 2008 4,172 2008 3,016 2008 6,700 2009 4,129 2009 3,010 2009 6,224 2010 4,319 2010 3,269 2010 7,306 2011 4,304 2011 3,399 2011 7,746 2012 4,556 2012 3,542 2012 8,256 Our top brands Contents Our Vision The Company A global leader 2 Foreword 6 Report of the Supervisory Board 12 Our strategy in brands 22 Management Board Group management report and technologies. 24 Group management report subindex 25 Corporate governance 42 Shares and bonds 47 Operational activities 48 Strategy and financial targets 2016 54 Value-based management and control system 56 Business performance Our Values 63 Net assets and financial position 68 Employees 71 Procurement 72 Production 74 Research and development We put our customers at the 78 Marketing and distribution 80 Business sector performance center of what we do. 92 Risk report 98 Forecast 101 Subsequent events We value, challenge and reward our people. Consolidated financial statements 102 Consolidated financial statements subindex 104 Consolidated statement of financial position We drive excellent sustainable 106 Consolidated statement of income 107 Consolidated statement of financial performance. comprehensive income 107 Consolidated statement of changes in equity 108 Consolidated statement of cash flows We are committed to leadership 109 Notes to the consolidated financial statements in sustainability. 161 Independent Auditor’s Report 165 Responsibility statement by the We build our future on our Personally Liable Partner 166 Corporate management of Henkel AG & Co. KGaA family business foundation. Further information 171 Quarterly breakdown of key financials 172 Multi-year summary 173 Glossary 176 Contacts / Credits Financial calendar Henkel at a glance 2012 Henkel Annual Report 2012 Our strategy 1 Our Strategy We will outperform our competition as a globalized company with simplified operations and a highly inspired team! Outperform Globalize Our targets 2016 Leverage potential Focus on regions with in categories high potential 20 bn € sales bn € sales in A global leader 10 emerging markets in brands and technologies 10 % earnings per share 1 Including continuous portfolio optimization. Simplify Inspire Drive operational Strengthen our excellence global team 1 Average annual growth in adjusted earnings per preferred share (compound annual growth rate/CAGR). 2 Henkel Annual Report 2012 2012 was a milestone year for Henkel: We achieved Thanks to our strong business performance and excellent financial results in a highly volatile and a continuous focus on cost, we were able to sub- competitive market environment. We also deliv- stantially increase our cash flow from operating ered on the ambitious mid-term financial targets activities to 2,634 million euros and reduce our we set in 2008 for the period up to 2012. Over the net debt to 85 million euros. At the end of 2008, past four years, we have substantially advanced following the acquisition of the National Starch Henkel in all the strategic dimensions we had businesses, our net debt amounted to around defined: customer focus, achieving our full busi- 4.3 billion euros. ness potential and strengthening our global team. At the Annual General Meeting on April 15, we will We are now committed to moving the company propose a dividend payout of 0.95 euros per pre- forward with a clear strategy and new financial ferred share. This is an increase of 18.8 percent targets for the period up to 2016 – focused on our compared to 0.80 euros in the previous year. vision to become a global leader in brands and technologies. Delivering on our targets 2008–2012 Strong business performance in 2012 2012 also marks the successful achievement of our four-year targets. In 2008, when we In 2012, the global business environment contin- announced our financial targets for 2012, we had ued to be challenging: recession and austerity anticipated a more favorable business environ- programs in many countries in Western and ment with an average annual global GDP growth Southern Europe, slowing growth in China, of 3 to 4 percent. Instead, we had to counter the unrest in the Middle East, and a slow recovery biggest financial and economic crisis of the past combined with persistently high unemployment decades, which reduced average annual GDP in the United States of America continued to growth between 2008 and 2012 to around affect both consumer and industrial demand. 1.8 percent. “We have substantially strengthened Henkel’s Despite these challenges, we delivered on competitiveness in many dimensions, establish- our commitments. We met – and in some dimen- sions exceeded – the ambitious mid-term finan- ing a strong foundation for our future growth.” cial targets for the period 2008-2012. Specifically, we achieved: However, all three Henkel business sectors deliv- • average organic sales growth of 3.3 percent, in ered strong performance with profitable growth line with our target range of 3 to 5 percent, and expansion of market shares in their relevant • adjusted return on sales (EBIT margin) of 14.1 per- markets. cent, slightly above our target of 14 percent, • average adjusted EPS growth of 14.0 percent +3.8 % In 2012, Henkel Group revenue increased to compared to a target of more than 10 percent. organic sales growth. 16,510 million euros, which represents organic sales growth of 3.8 percent compared to 2011. On behalf of the Management Board, I would like 14.1 % Adjusted 1 EBIT rose 15.1 percent to 2,335 million to thank all Henkel employees around the world adjusted 1 return on sales. euros, while our adjusted return on sales (EBIT) for their contribution to the successful develop- increased to 14.1 percent compared to 13.0 per- ment of Henkel. Their commitment to our strate- +17.8 % cent in 2011. Adjusted earnings per preferred gic priorities and financial targets as well as their adjusted 1 earnings per share (EPS) grew by 17.8 percent to 3.70 euros. ambition to strive for excellence in everything preferred share. they do have been key to our success.
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