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C4738 PZ Cussons a Rep 05.Indd 2005. Annual Report and Accounts ANNUAL REPORT AND ACCOUNTS REPORT AND ACCOUNTS ANNUAL 2005 Designed by The Chase Photography by Michael Heffernan CHAIRMAN’S STATEMENT ANNUAL REPORT 2005 01 Welcome. 2005 has been another year of considerable 2005 has been another year of considerable progress Nigel Green, Group Chief Executive, will retire although profit improvement has been restricted by on 31st May 2006 after ten very successful years progress for the PZ Cussons Group. trading losses in Russia. leading the Group through a period of significant growth and change. This successful result has been achieved despite the challenging trading conditions with the weak US dollar Alex Kanellis, currently Deputy Chief Executive, will and high oil prices impacting all our businesses. succeed Nigel as Chief Executive on 1st June 2006. In the year we have continued our growth strategy David Godwin will retire from the Board on 30th and our margin improvement programme. September 2005 after seven years. David’s advice and work on behalf of the Group has been invaluable In particular: throughout this period of significant growth. • The milk factory in Nigeria is now in production. • The white goods venture with Haier in Nigeria is James Steel, currently head of Corporate Finance expanding rapidly. at Arbuthnot Securities, will be appointed a non- • The brand purchases in the UK of Original Source executive director on 1st October 2005. and Charles Worthington are planned to grow in line with expectations. Our strategic focus remains on growth in our key • The new bar soap factory in Thailand is on schedule markets and margin improvement. Additionally, we to be completed in October. continue to place great emphasis on the development • The restructuring of our Eastern European business of management and staff to ensure that we are best is progressing satisfactorily. placed to take advantage of the growth opportunities • The Chinese subsidiary has been sold. going forward. In this respect I would like to thank all our staff, whose work and dedication have made In June 2005 shareholder approval was given for these results possible. the enfranchisement of the ‘A’ non-voting shares and the repayment of our preference shares by a reduction of share capital. This exercise was considered by the board of directors to be an important step in ensuring that the company has a capital structure which is simple and attractive Anthony J Green to investors. This is now complete. Chairman 01 CHAIRMAN’S STATEMENT 02 GROUP STRUCTURE 04 HIGHLIGHTS 06 AN EXCITING FUTURE 08 MAJOR PROJECTS 10 BRANDS 12 PEOPLE 14 SUPPLY CHAIN 16 COMMUNICATIONS 18 EUROPE 20 AFRICA 22 ASIA 24 ACCOUNTS 02 ANNUAL REPORT 2005 GROUP STRUCTURE GROUP STRUCTURE ANNUAL REPORT 2005 03 Our international strategy. The PZ Cussons Group Indonesia Thailand Australia Managing director: Managing director: Managing director: George Sotiropoulos Gordon Robinson Chris Davis operates in Africa, Asia and Europe. We conduct Employees: 2,600 Employees: 990 Employees: 270 Locations: Head office Locations: Head office Locations: Head office our business in these regions according to our in Jakarta in Bangkok in Melbourne Activities: Manufacture and Activities: Manufacture and Activities: Manufacture international strategy. marketing of soaps, toiletries, marketing of soaps, toiletries and marketing of household baby products, powders, and dishwashing liquids detergents, bar soaps shampoos and lotions and toiletries Selected markets. Focusing on specific geographical markets, which have potential for future growth. Innovative products. Understanding the needs and aspirations of local consumers and developing relevant quality, innovative products. First class distribution. Ensuring the availability of these products via the establishment of first class distribution networks. Greece Poland United Arab Emirates Managing director: Managing director: Country Manager: George Kostianis Stephen Murphy Huw Morris Employees: 200 Employees: 600 Employees: 10 Locations: Head office Locations: Head office Locations: Head office in in Athens in Warsaw Jebel Ali Freezone of Dubai Activities: Manufacture Activities: Manufacture and Activities: Marketing and and marketing of olive oils, marketing of detergents, soaps distribution of soaps and margarines and cooking fats and toiletries toiletries Nigeria Kenya Ghana Cameroun United Kingdom Chief executive: Managing director: Managing director: Managing director: Managing director: Panos Varelas Dimitri Papadimitriou Panos Mouchteros Richard Shepherd Chris How Managing directors: Employees: 520 Employees: 540 Employees: 140 Employees: 430 Costas Theodorakopoulos Locations: Head office Locations: Head office Locations: Head office Locations: Head office (Soaps and detergents), in Nairobi in Accra in Douala in Manchester Ray Murphy (Health and beauty), Activities: Manufacture and Activities: Manufacture and Activities: Manufacture and Activities: Manufacture and Tolis Loizos (HPZ), Con Gendis marketing of soaps, toiletries, marketing of soaps, toiletries, marketing of toiletries marketing of soaps, toiletries (Nutricima), Christos Giannopoulos medicaments and household cosmetics and pharmaceuticals and household products (Distribution) products Employees: 5,600 Locations: Head office in Lagos, manufacturing units in Ilupeju, Ikorodu and Aba Activities: Manufacture and marketing of soaps, detergents, toiletries, feminine hygiene products, pharmaceuticals, packaging materials, white goods and milk 04 ANNUAL REPORT 2005 HIGHLIGHTS HIGHLIGHTS ANNUAL REPORT 2005 05 Highlights. Investments Post balance sheet event The value of our equity portfolio increased by 18% Following approval at an extraordinary general • Turnover increased by 5% to £480.1m • Strong performance from Nigeria, in the year to £18.8m from £15.9m. £3.0m has been meeting of the company held on 28th June 2005, taken to profit in relation to recognised gains and the share capital of the company has been from £457.9m. with operating profits up by 22%, and released provisions, leaving £2.8m of unrealised restructured by the conversion of the ‘A’ non-voting • Overall, operating profits have largely reorganisation into separate business surplus at 31st May 2005. shares into ordinary shares and the repayment and been in line with plan, despite a weak units to bring greater focus to growth cancellation of the preference shares. Following dollar and the high cost of oil related plans. Exceptional Items approval of the High Court, this restructuring is materials. However our operations • Net exceptional charges of £4.7m During the year our China and Russia businesses now complete. were closed incurring exceptional costs of £3.4m in Russia, which began in January were incurred in the year. and £1.7m respectively. Outlook 2004, produced operating losses of • Net funds at 31st May 2005, after PZ Cussons has a solid foundation for growth over approximately £5m and so these were initial acquisition payment of £23.0m In addition, a provision of £4.9m has been made to the next few years and the Group’s focus continues closed in Spring 2005. Pre-exceptional for Charles Worthington, amounted cover committed costs in relation to the closure of on improving margins. profits were £53.9m from £54.1m. to £74.0m. the Nottingham soap factory. Realisations from the sale of the site are anticipated within three years. The balance sheet remains strong, giving adequate • Sterling strengthened against the • Proposed dividend increase for year funds to finance opportunities for growth, particularly dollar resulting in a reduction in turnover of 10.2% to 35.25p from 32.00p. Profits on disposal from the sale and leaseback in Nigeria, where the relatively stable political situation of £20m and in profits of £3.1m on • Our focus remains on increasing of our head office and the sale of a UK warehouse and the strength of the economy, with high oil prices translation. amounted to £5.3m. and natural gas coming on stream, give reasons operating margins and pursuing growth for optimism. The debt forgiveness of $18 billion in all units, particularly in Nigeria, the Dividend recently announced by the Paris Club of creditors may UK, Australia and Indonesia. The board is recommending a dividend increase prove very important to Nigeria. of 10.2% for the year with a proposed final dividend Operating profits before exceptionals Pre-tax profits after exceptionals of 26.60p (2004 – 23.95p) per share for a total of 35.25p (2004 – 32.00p). ���� ���� �� �� ���� �� ���� ���� �� ���� ���� ���� ���� ���� ���� �� �� ���� Performance by region ���� �� �� Turnover (£m) Operating profit before ���� exceptional items (£m) �� �� Restated 2005 2004 2005 2004 �� �� Europe 213.0 201.8 21.2 24.7 � � ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� Africa 159.4 144.2 20.8 19.3 Asia 107.7 111.9 11.9 10.1 Diluted earnings per share before exceptionals Net funds Total 480.1 457.9 53.9 54.1 ����� ���� �� ��� �� ����� ���� ���� ��� �� ����� ���� �� ���� �� ���� ���� �� ���� ���� ���� ���� �� �� �� �� �� �� � � ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� 06 ANNUAL REPORT 2005 ANNUAL REPORT 2005 07 An exciting future lies ahead for all of us at PZ Cussons. 08 ANNUAL REPORT 2005 MAJOR PROJECTS MAJOR PROJECTS ANNUAL REPORT 2005 09 Major projects. Significant investment in key markets Nigeria In Nigeria we have invested in a plan to expand the The powdered milk plant is now in production ensures the Group is well placed for future growth. capacities of the detergent factory at Ikorodu
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