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SSL Annual Report 2008

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SSL Annual Report 2008 Friday 10.40pm SSL International plc International plc Annual Report and Accounts 2008 In brief Governance 51 Consolidated statement 01 Financial highlights 33 Board of Directors of cash flows 02 A world of brands 34 Corporate governance 52 Notes to the consolidated 04 Chairman’s statement 36 Risks and uncertainties financial statements 06 Chief Executive’s review 38 Directors’ report 95 Principal Group undertakings 09 Our strategy 39 Remuneration report 96 Company balance sheet 46 Statement of Directors’ 97 Company accounting policies Business review responsibilities 99 Notes relating to the Company 11 Performance accounts 11 Products Financial statements 15 Platform 47 Independent auditors’ report Shareholder information 18 People 48 Consolidated income statement 104 SSL directory 19 Purchases 49 Consolidated balance sheet 106 Company information 21 Corporate responsibility 50 Consolidated statement of Financial calendar 28 Performance review recognised income and expense Day and night, all around the world, people trust, rely on and take delight in our products. Our desire to anticipate and satisfy our consumers’ needs — to become an essential part of daily life — is what defines SSL and drives our success. Financial 7% 11% highlights sales growth(1) operating driven by Durex profit growth(2) and Scholl exceeding our double- digit percentage £57.4m growth target profit before tax(3) increase of 22% 20.6p earnings per share(3) £99m increase of 20% net debt(4) after £38m acquisition 5.3p and one-off cash costs final dividend increase of 13% Sales 2007/08 Adjusted(1) £m growth % Durex 217.7 9.4 Scholl footcare 113.6 10.1 Scholl footwear 76.1 10.0 Locally owned brands 71.4 (2.3) Total branded consumer 478.8 7.7 Other 55.1 0.5 Total sales 533.9 6.9 (1) Adjusted sales growth is calculated after adjusting for currency movements and including 100 per cent of the China Durex business in both years. (2) Adjusted operating profit growth is calculated after adjusting for currency movements, including 100 per cent of the China Durex business in both years and before one-off restructuring charges of £41.3 million. (3) Adjusted figures are shown before one-off restructuring and finance charges of £41.3 million and £5.2 million respectively. (4) Net debt is defined as financial liabilities less cash and cash equivalents. See note 21 of the financial statements. exceeding targets In brief • Annual Report and Accounts 2008 01 Durex Scholl footcare Durex has been making condoms of the highest quality Through in-depth consumer insight combined with an for nearly 80 years and continues to strengthen its position innovative approach to foot health and wellbeing, grounded as the global market leader. With an increasing emphasis on in science and knowledge of the mechanics of the foot, the sexual wellbeing, the strategic development of Durex has led Scholl footcare product range addresses five key areas of to an expansion of the product range to include Durex Play foot conditions to help people improve their overall comfort lubricants and vibrators. and wellbeing: — Durex condoms: with over 30 per cent of the global branded — Foot skin conditions: e.g. dry, hard and cracked skin, condom market, making it the number one condom brand corn, callus and blister. The product range includes Scholl in the world, Durex condoms continue to go from strength Cracked Heel Repair Cream, Scholl Deep Moisturising to strength with new product introductions such as Durex Cream and Scholl Clear Gel Blister and Corn Plasters. Tingle and Durex Pleasuremax Warming. — Musculoskeletal conditions: are those caused by inherent — Durex Play lubricants: designed to enhance people’s sex malfunctions in feet and the body, e.g. bunions, arch problems, lives, the range is widened to include lubricants with warming heel pain and ball of foot pain. The product range includes and tingling sensations, fruity flavours and Durex Play Massage Scholl Party Feet, Scholl Spring Action Insoles and Scholl Gel 2 in 1 — a massage gel which doubles as a lubricant. Arch Support. — Durex Play vibrators: a range of personal vibrators, including — Foot environment conditions: are those caused by body the new, improved Durex Play Ultra, the latest vibrating ring functions or activities, e.g. odour, hot/cold feet and tired and Durex Play Touch vibrator, which are designed to help aching feet. The product range includes Scholl Odour Control people have happier, healthier and more fulfilling sex lives. Foot Spray, Scholl Fresh Step Anti-perspirant Foot Spray and Scholl Flight Socks. — Virus and fungus conditions: e.g. warts/verrucas and athletes foot. The product range includes Scholl Freeze Verruca and Wart Remover and Scholl Athletes Foot Cream. — Nail conditions: e.g. discoloured toenails, a problem which is now addressed by the newly launched Scholl Nail Brightening System/Perfect Nail Treatment — a revolutionary new product with a simple three-step approach to reducing discolouration, smoothing and conditioning toenails. a world of brands 02 In brief •Annual Report and Accounts 2008 Scholl footwear Locally owned brands Scholl footwear continues with its strategy to expand Locally owned brands are those brands which are distribution beyond its traditional heartland of pharmacy into sold only in specific countries, predominantly in Italy high street shoe retail outlets. Three core technologies are and the UK. They play an important part in achieving used within all Scholl footwear which defines the individual operating profit objectives by improving overall sales collections for each distribution channel: and distribution efficiencies. — Gelactiv: all shoes in the Gelactiv range have a pliable, — UK: Over-the-counter (OTC) products are sold in the soothing, supportive gel insole inside the heel to cushion UK to both pharmacies and grocery stores. The range every step. includes oral analgesics such as Paramol and Cuprofen, headlice treatments such as Full Marks and paediatric — Bioprint: a new, improved bio-mechanically designed medicines such as Medised. and proven cork foot-bed which is flexible and comfortable offering the wearer better comfort, improved posture and — Italy: Mister Baby offers a complete range of products easier walking. designed to meet all the most important needs of infancy including products for feeding, hygiene and play for babies — Exercise: the exercise sandal is the original and renowned and children from 0 to 3 years. Scholl shoe. Its classic styling and contoured wooden foot- bed exercises and tones foot and leg muscles while you walk. Also available in Italy is Sauber, a range of wellbeing and healthcare products which includes deodorants, hosiery, anti-cellulite treatments and other body care products. Sales by geography 1 1. Europe 76% 2. Asia Pacific 18% 3. Americas 6% 2 3 Sales by brand 1 1. Durex 41% 2. Scholl footcare 21% 3. Scholl footwear 14% 2 3 4. Locally owned 4 brands 14% 5 5. Other 10% 03 “We are growing sales, increasing earnings and generating cash” Gerald Corbett Chairman 04 In brief •Annual Report and Accounts 2008 Chairman’s It has been another year of steady progress and good results from SSL. We have total clarity in what we are trying to do and our executive team led by Chief Executive Garry Watts is successfully doing it. statement This year has been strong as our global brands Durex and Scholl have benefited from innovative new products and further investment. We have made solid progress on our European supply chain restructuring projects and our cash flow generation has been good. Since March 2007 we have made two important acquisitions, firstly to further strengthen our Scholl brand with Orthaheel and secondly to expand our geographical footprint to Eastern Europe and the CIS. Underlying sales grew 6.9 per cent, driven by growth in each of the three major categories, Durex, Scholl footcare and Scholl footwear. Durex growth was underpinned by an 8.4 per cent growth in branded condom sales, while sales of the Durex Play range grew 15.4 per cent to £32.2 million. Scholl footcare sales were up 10.1 per cent to £113.6 million thanks in large part to strong performances from Scholl Cracked Heel Repair Cream and our Scholl pharmacy ranges in France and Germany. Scholl footwear sales increased by 10.0 per cent to £76.1 million driven by excellent Autumn/Winter ’07 range sales and a solid sell-in of the Spring/Summer ’08 range. Operating profit for the year, before one-off costs, was £68.1 million, an underlying increase of 11.5 per cent, meeting the target of double-digit operating profit growth in the year. Our operating profit margin has increased to 12.8 per cent (2007: 12.2 per cent). Earnings per share, before one-off costs, increased by 20 per cent to 20.6 pence from 17.1 pence. Dividends The Board is recommending an increased final dividend of 5.3 pence, 13 per cent ahead of last year. The total dividend for the year is 7.6 pence. The final dividend will be paid on 4 September 2008 to shareholders on the register on 1 August 2008. Board of Directors Susan Murray, one of our Non-Executive Directors, will step down from our Board following the Annual General Meeting in July this year. I would like to thank her for the contribution she has made and wish her success with her future endeavours. Outlook The new year has begun satisfactorily. By increasing our investment in innovation to drive new product development, by expanding distribution into new and developing territories and with our focus on cost control, we will continue to deliver strong sales and profit growth. We remain confident of once again achieving our double-digit operating profit growth target. I would like to take this opportunity, on behalf of the Board, to thank our employees throughout all our operations for their individual contributions in helping us achieve such success.
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