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2016 Annual Report CHURCH & DWIGHT CO., INC

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2016 Annual Report CHURCH & DWIGHT CO., INC 2016 Annual Report CHURCH & DWIGHT CO., INC. ® 55352c1.indd 1 3/22/17 2:36 PM 2016 Annual Report KEY FINANCIAL HIGHLIGHTS In Millions, except per share data 2015 2016 reported adjusted* reported adjusted* NET SALES $ 3,395 $ 3,395 $ 3,493 $ 3,493 GROSS PROFIT MARGIN 44.5 % 44.5 % 45.5 % 45.7 %(2) INCOME FROM OPERATIONS $ 674 $ 683 $ 724 $ 729 (3) OPERATING PROFIT MARGIN 19.9 % 20.1 % 20.7 % 20.9 %(3) NET INCOME $ 410 $ 434 $ 459 $ 464 (4) NET INCOME PER SHARE — DILUTED $ 1.54 $ 1.62 $ 1.75 $ 1.77 (4) DIVIDENDS PER SHARE $ 0.67 $ 0.67 $ 0.71 $ 0.71 YEAR-END STOCK PRICE $ 42.44 $ 42.44 $ 44.19 $ 44.19 2016 Key Financial Results On February 7, 2017, the Company • Worldwide net sales increased 2.9%. declared a 7% increase in its quarterly • Organic sales increased 3.2%. (1) dividend from $0.1775 per share to • Adjusted gross profi t margin increased 120 basis points to 45.7%. $0.19 per share. • Adjusted operating profi t margin increased 80 basis points to 20.9%. • Net cash from operations increased to a record level of $655 million. • Adjusted earnings per share increased 9.3%. Net sales Earnings per share (in millions of dollars) (in dollars) 2014 2014 2015 2016 $3,298 $1.51 2015 $3,395 $1.62 (4) 2016 $3,493 $1.77 (4) For additional information, see Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. * This annual report includes non-GAAP fi nancial measures, including adjusted income from operations, adjusted operating profi t margin, adjusted net income, adjusted EPS, organic sales, and free cash fl ow, which differ from reported results using Generally Accepted Accounting Principles (GAAP). (1) The reference to 3.2% organic net sales growth in 2016 refl ects the following adjustments to the 2.9% reported net sales growth: foreign currency exchange fl uctuations 0.9% and divestitures 0.3% partially offset by acquisitions (0.9%). (2) Adjusted gross profi t margin in 2016 excludes a $4.9 million (pre and post-tax) plant impairment charge at the Company’s Brazilian subsidiary (3) Adjusted income from operations in 2016 excludes a $4.9 million (pre and post-tax) plant impairment charge at the Company’s Brazilian subsidiary, 2015 excludes an $8.9 million pre-tax pension settlement charge (4) Adjusted Net Income and adjusted EPS in 2016 exclude the plant impairment charge at the Company’s Brazilian subsidiary ($4.9 million or $0.02 per share), 2015 excludes the after tax impact of the pension charge ($6.7 million or $0.03 per share) and the Natronx impairment charge ($17 million or $0.06 per share). 55352c1.indd 2 3/22/17 2:36 PM 2016 Annual Report CORPORATE INFORMATION Th e combination of the core ARM & HAMMER brand and the other nine power brands make Church & Dwight one of the leading consumer packaged goods companies in the United States. Church & Dwight., Inc., founded in 1846, is the leading XTRA, L’IL CRITTERS/VITAFUSION and BATISTE. About U.S. producer of sodium bicarbonate, popularly known as 40% of the Company’s domestic consumer products baking soda, a natural product that cleans, deodorized, are sold under the ARM & HAMMER brand name such as leavens and buffers. The Company’s ARM & HAMMER ARM & HAMMER liquid and powder laundry detergent, ARM brand is one of the nation’s most trusted trademarks for a & HAMMER cat litter, ARM & HAMMER dental care and ARM broad range of consumer and specialty products developed & HAMMER baking soda. The remaining nine power brands from the base of bicarbonate and related technologies. have been added to the Company’s portfolio since 2001 through several acquisitions. Church & Dwight’s consumer products business is organized into two segments: Consumer Domestic, which The combination of the core ARM & HAMMER brand encompasses both household and personal care products, and the other nine power brands make Church & Dwight and Consumer International, which primarily consists of one of the leading consumer packaged goods companies personal care products. The Company has ten key brands in the United States. Church & Dwight’s third business representing approximately 80% of its consumer sales. segment is Specialty Products. This business is a leader These “power brands” include ARM & HAMMER, TROJAN, in animal productivity and bulk sodium bicarbonate. OXICLEAN, SPINBRUSH, FIRST RESPONSE, NAIR, ORAJEL, Growth Driven by 10 Power Brands ® ARM & HAMMER OXICLEAN FIRST RESPONSE ORAJEL XTRA More aisles in the grocery store than #1 Laundry #1 Branded #1 Oral Care Pain #1 Extreme Value any other brand; A&H products are in Additive Brand Pregnancy Kit Relief Brand Laundry Detergent 86% of U.S. households in America TROJAN SPINBRUSH NAIR BATISTE L’IL CRITTERS & VITAFUSION #1 Condom Brand #1 Battery Powered #1 Depilatory Brand #1 Dry Shampoo #1 Gummy Brands for Kids and Adults Toothbrush Brand Based on AC Nielsen 52 weeks ending 12/19/16 All-Outlet 1 55352c1.indd 1 3/22/17 2:36 PM Church & Dwight Co., Inc. STOCKHOLDER LETTER Matthew T. Farrell Richard A. Dierker Patrick D. de Maynadier, Esq. President and Executive Vice President & Executive Vice President, Chief Executive Offi cer Chief Financial Offi cer General Counsel & Secretary Dear Fellow Stockholder, I am pleased to report that we delivered another successful year of net sales and earnings growth in 2016 : (1) • Reported net sales were $3,493.1 million, a • Adjusted EPS was $1.77 per share, a 9% increase. 2.9% increase over the previous year. • We generated $655.3 million of cash from • Organic sales increased 3.2% driven by 3.1% operating activities and invested $49.8 million in revenue growth in our Consumer Domestic business capital expenditures resulting in free cash fl ow of and stellar 10.0% revenue growth in our Consumer $605.5 million. International business. These results positively impacted the measure that matters • Adjusted gross margin increased 120 basis points to most to our stockholders—Total Shareholder Return 45.7% due to lower commodity costs, productivity (TSR)—which refl ects the combination of stock price programs and the impact of higher margin acquired appreciation and dividends. We manage Church & Dwight businesses. with the goal of delivering strong TSR to you and will continue to focus on this goal in 2017 and beyond. (1) The following discussion of the Company’s results includes non-GAAP fi nancial measures, including organic sales, adjusted EPS, free cash fl ow, adjusted gross margin, currency neutral net sales, and currency neutral operating profi t, which differ from reported results using Generally Accepted Accounting Principles (GAAP), and exclude impairment charges, currency fl uctuations and certain other items in 2015 and 2016. A reconciliation between the reported results (GAAP) and results excluding these items, including a description of such items is available on pages 6-7 of this annual report. 2 55352c1.indd 2 3/22/17 2:36 PM 2016 Annual Report STOCKHOLDER LETTER In 2016, we achieved a TSR of 5.7%. Over the past decade, (2) Build Power Brand Shares we delivered an annual TSR of 16.8%, signifi cantly better While we sell over 80 brands, 10 of these brands than the 4.7% TSR of the S&P 500 stock index during the generate over 80% of our revenues and profi ts. These same period. In dollar terms, if you invested $1,000 each 10 brands, which we call our “Power Brands,” are ARM on January 1, 2007 in Church & Dwight stock and the & HAMMER, TROJAN, OXICLEAN, VMS (L’IL CRITTERS S&P 500 stock index, the Church & Dwight investment and VITAFUSION), XTRA, FIRST RESPONSE, SPINBRUSH, was worth $4,700 on December 31, 2016, whereas ORAJEL, NAIR, and BATISTE. All 10 Power Brands are the S&P 500 investment was worth only $1,600. That market leaders. In 2016, our business teams did an signifi cant difference in return refl ects our dedication outstanding job in driving revenue and profi t growth to an evergreen business model and an understanding through innovative new products, increased marketing of the drivers of success. spending and superb sales execution. Our TSR is the result of the (3) Drive International Growth following key drivers Over the past 15 years, we have transformed ourselves from an almost totally U.S. business to a global player We deliver strong TSR by focusing on the following key with approximately 15% of our sales in foreign countries. drivers that are the “secret sauce” to our success: We have fully operational subsidiaries in 6 countries (U.K., France, Canada, Mexico, Australia and Brazil) (1) Diversifi ed Product Portfolio and export to over 80 other countries. Our Consumer Church & Dwight’s diverse consumer product portfolio, International team has delivered outstanding growth consisting of both premium (60%) and value (40%) over the past 6 years. Excluding FX translation, currency brands, enables us to succeed in various economic neutral Net Sales increases averaging 7.2% annually and environments. We believe no other consumer packaged currency neutral Operating Profi t increases averaging goods (CPG) company has such a well-balanced portfolio 8.5% annually. of both premium and value brands. We are maintaining strong marketing spending and launching innovative new (4) Focus on Gross Margin products to support our premium brands and deliver Gross margin expansion fuels our organic growth increased sales and profi ts through higher market share. because it enables us to increase marketing spending. At the same time, we continue to build consumer loyalty Our gross margin grew by 120 basis points in 2016.
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