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Making Sustainable Living Commonplace

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Making Sustainable Living Commonplace HUL Investor Relations App Hindustan Limited Unilever Scan the code given below to download the HUL Investor Relations App for iOS and Android ANNUAL REPORT 2012-13 Annual Report 2012-13 HINDUSTAN UNILEVER LIMITED MAKING Registered Office: Unilever House, For further information on our B. D. Sawant Marg, Chakala, SUSTAINABLE LIVING social, economic and environmental Andheri (East), performance, please visit our website Mumbai - 400 099 COMMONPLACE WWW.HUL.CO.IN ABOUT HUL OUR PURPOSE TO MAKE SUSTAINABLE LIVING COMMONPLACE. We work to create a better future every day, with brands and services that help people feel good, look good and get more out of life. Our first priority is to our consumers – then customers, employees, suppliers and communities. When we fulfil our responsibilities to them, we believe that our shareholders will be rewarded. EXAMPLES OF OUR PURPOSE-DRIVEN BRANDS In 2012, over 60% of Significant progress More than 60% of our More than 45 million About 47 million people tomatoes used in Kissan made in reducing the children’s ice cream people gained access to reached through Ketchup in India were amount of salt, calories portfolio in India safe drinking water from Lifebuoy hand washing from sustainable and trans fat in our contains 110 kilocalories Pureit globally by end of programmes by end of sources. portfolio. By the end of or fewer per portion. 2012. 2012. 2012, 66% of our Foods portfolio (by volume) was compliant with the 5 g per day salt target. OUR BRANDS IN ACTION HINDUSTAN UNILEVER IS KNOWN FOR SOME OF THE MOST LOVED BRANDS. TO FIND OUT MORE, GO TO WWW.HUL.CO.IN/BRANDS-IN-ACTION/ Produced by Hindustan Unilever Limited. Creative Consultants: AICL Communications Limited ([email protected]). Printed at HT Burda Media Limited. CONTENTS OVERVIEW REPORTS FINANCIAL SHAREHOLDER STATEMENTS INFORMATION 02 Operational Highlights 21 Notice of the Annual General Standalone Financial Statements 151 Investor Safeguards 04 Financial Performance Meeting 68 Balance Sheet 152 Corporate Information 05 Performance Trends 24 Profile of Directors and other 69 Statement of Profit and Loss • Shareholders’ Satisfaction Directorships 06 Chairman’s Letter 70 Cash Flow Statement Survey - 2013 28 Directors’ Report and 07 Board of Directors 72 Notes • E-Communication Management Discussion and Registration Form 08 Management Committee Analysis 110 Independent Auditors’ Report • Proxy Form 09 Our Business Model 50 Corporate Governance Report 113 Economic Value Added 10 Unilever Sustainable Living Plan 66 Secretarial Standards Report Consolidated Financial Statements 12 Winning with Brands and Secretarial Audit Report 114 Balance Sheet Innovation 115 Statement of Profit and Loss 14 Winning in the Marketplace 116 Cash Flow Statement 16 Winning through Continuous 118 N ote s Improvement 148 Independent Auditors’ Report 18 Winning with People 149 Statement Pursuant to 20 Awards and Felicitations Section 212 150 Subsidiary Companies’ Particulars OUR PROGRESS AGAINST THE UNILEVER SUSTAINABLE LIVING PLAN IS DETAILED IN THE UNILEVER SUSTAINABLE LIVING PLAN: INDIA PROGRESS REPORT 2012. SEE: www.hul.co.in/ sustainable-living TO READ OR DOWNLOAD THE REPORT 3 OPERATIONAL HIGHLIGHTS Against the backdrop of a challenging environment in Another year of competitive and profitable growth: Financial Year 2012-13, we have delivered broad • Domestic Consumer business delivered strong 16% turnover growth based growth and margin improvement whilst with an underlying volume growth of 7%. adding over Rs. 3,300 crores of incremental turnover. • Double digit growth across all segments. We are driving our strategy with much greater • Operating margins expand by +80 bps. vigour. We continued to invest in strengthening our • Profit After Tax (before exceptional items) grew by 28%; Net profit up 41%. brands and stepped up innovations. We are building differentiated capabilities and are driving in-market Strong track record of cash generation sustained; cash from operations up execution and operational efficiencies even harder. Rs. 1,002 crores. At the same time, we are making good progress on our Sustainable Living Plan agenda. Total dividend of Rs. 18.50 per share for the Financial Year. SEGMENTAL PERFORMANCE Segmental Revenue (%) Segmental Results (%) Soaps & Detergents 49.3 Soaps & Detergents 40.0 Personal Products 29.0 Personal Products 48.3 Beverages 11.6 Beverages 11.8 Packaged Foods 5.9 Packaged Foods 0.9 Others 4.2 Others -1.0 KEY NON-FINANCIAL INDICATORS HEALTH AND HYGIENE NUTRITION GREENHOUSE GASES WATER People reached with Lifebuoy Portfolio by volume meeting salt Reduction in CO2 per tonne of Reduction in water use per tonne handwashing programmes levels equivalent to 5g per day production of production 47 million 66% 22%* 29%* 2011: 30 million 2011: See ^ below 2011: 14.7%* 2011: 21.5%* WASTE SUSTAINABLE SOURCING BETTER LIVELIHOODS Reduction in total waste per Palm oil purchases from Number of Shakti entrepreneurs tonne of production sustainable sources (cumulative since 2010) 77%* 100% 48,000 2011: 52.8% 2011: 64% 2011: 45,000 ^ Measured January-September 2012. In 2012 we moved to full volume-based (tonnes sold) reporting for this target. This number is not comparable to previously reported numbers measured by product (stock keeping unit). * compared to 2008 baseline 2 Operational Highlights Hindustan Unilever Limited OVERVIEW REPORTS FINANCIAL STATEMENTS SHAREHOLDER INFORMATION OUR CATEGORIES SOAPS & • Turnover Rs. 12,461 crores PERSONAL • Turnover Rs. 7,309 crores DETERGENTS • Underlying Sales Growth: 19% PRODUCTS • Underlying Sales Growth: 13% • Underlying Volume Growth: 8% • Underlying Volume Growth: 6% • Key Innovations: Surf Excel • Key Innovations: Fair & Lovely Easy Wash; Comfort One Rinse; Advanced Multi-Vitamins; Lakmé Vim Anti Germ bar; Lifebuoy Perfect Radiance; Lakmé colour changing handwash; eyeconic; TRESemmé; Dove Bodywash Brylcreem; Dove Elixir Hair Oils; Pepsodent Expert Protection BEVERAGES • Turnover Rs. 2,914 crores PACKAGED • Turnover Rs. 1,474 crores • Underlying Sales Growth: 13% FOODS • Underlying Sales Growth: 10% • Underlying Volume Growth: 5% • Underlying Volume Growth: 3% • Key Innovations: BRU Exotica • Key Innovations: Kissan Sweet Guatemala; Taaza relaunch; Red and Spicy Ketchup; Knorr Soupy Label relaunch Noodles; Paddle Pop Jiggle Jelly; Cornetto NET REVENUE EPS (BASIC) Rs. 25,810 crores Rs. 17.56 PROFIT FOR THE YEAR EVA Rs. 3,797 crores Rs. 2,926 crores Annual Report 2012-13 Our Categories 3 FINANCIAL PERFORMANCE 10 YEAR RECORD STANDALONE Rs. crores Statement of Profit & Loss 2003 2004 2005 2006 2007 2008-09 2009-10 2010-11 ^ 2011-12 ^ 2012-13 ^ (15months) Gross Sales* 11,096.02 10,888.38 11,975.53 13,035.06 14,715.10 21,649.51 18,220.27 20,285.44 22,800.32 26,679.76 Other Income 459.83 318.83 304.79 354.51 431.53 589.72 349.64 627.38 659.08 1,210.73 Interest (66.76) (129.98) (19.19) (10.73) (25.50) (25.32) (6.98) (0.24) (1.24) (25.15) Profit Before Taxation @ 2,244.95 1,505.32 1,604.47 1,861.68 2,146.33 3,025.12 2,707.07 2,730.20 3,350.16 4,349.48 Profit After Taxation @ 1,804.34 1,199.28 1,354.51 1,539.67 1,743.12 2,500.71 2,102.68 2,153.25 2,599.23 3,314.35 Earnings Per Share of Re. 1 8.05 5.44 6.40 8.41 8.73 11.46 10.10 10.58 12.46 17.56 Dividend Per Share of Re. 1 5.50 5.00 5.00 6.00 9.00# 7.50 6.50 6.50 7.50 18.50# * Sales before Excise Duty Charge @ Before Exceptional/Extraordinary items ^ 2010-11 2011-12 and 2012-13 based on Revised Schedule VI # Includes Special Dividend Balance Sheet 2003 2004 2005 2006 2007 2008-09 2009-10 2010-11^ 2011-12^ 2012-13^ (15months) Fixed Assets 1,369.47 1,517.56 1,483.53 1,511.01 1,708.14 2,078.84 2,436.07 2,457.86 2,362.92 2,508.54 Investments 2,574.93 2,229.56 2,014.20 2,413.93 1,440.80 332.62 1,264.08 1,260.67 2,438.21 2,330.66 Net Deferred Tax 267.44 226.00 220.14 224.55 212.39 254.83 248.82 209.66 214.24 204.78 Net Assets (368.81) (409.30) (1,355.31) (1,353.40) (1,833.57) (182.84) (1,365.45) (1,268.67) (1,502.44) (2,369.96) (Current and Non-current) 3,843.03 3,563.82 2,362.56 2,796.09 1,527.76 2,483.45 2,583.52 2,659.52 3,512.93 2,674.02 Share Capital 220.12 220.12 220.12 220.68 217.74 217.99 218.17 215.95 216.15 216.25 Reserves & Surplus 1,918.60 1,872.59 2,085.50 2,502.81 1,221.49 1,843.52 2,365.35 2,443.57 3,296.78 2,457.77 Loan Funds 1,704.31 1,471.11 56.94 72.60 88.53 421.94 - - - 3,843.03 3,563.82 2,362.56 2,796.09 1,527.76 2,483.45 2,583.52 2,659.52 3,512.93 2,674.02 ^ 2010-11, 2011-12 and 2012-13 based on Revised Schedule VI Segment-Wise Sales (%) 2003 2004 2005 2006 2007 2008-09 2009-10 2010-11 2011-12 2012-13 (15months) Soaps and Detergents 44 45 45 47 47 49 48 46 48 49 Personal Products 24 26 28 29 29 29 30 32 31 31 Beverages and Packaged Foods 26 24 22 20 21 19 20 20 19 18 Others 6 5 5 4 3 3 2 2 2 2 Key Ratios and EVA 2003 2004 2005 2006 2007 2008-09 2009-10 2010-11 2011-12 2012-13 (15months) EBIT as % of Sales 18.4 13.4 12.3 13.1 13.1 13.1 14.1 12.1 13.5 14.1 Fixed asset Turnover (No.
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