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June Quarter '09 Financial Results Conference Call

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June Quarter '09 Financial Results Conference Call June Quarter ’09 Financial Results Conference Call CORPORATE PARTICIPANTS Mr. Nitin Paranjpe - ChiefExecutiveOfficer-HindustanUnileverLimited Mr. R. Sridhar ChiefFinancialOfficer-HindustanUnileverLimited Mr. Srini Srinivasan VicePresident-InvestorRelations,TreasuryandM&A-HindustanUnileverLimited No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Hindustan Unilever Limited. - 1 - PRESENTATION Shubha - Moderator Good evening ladies and gentlemen. I am Shubha the moderator for this conference. Welcome to Hindustan Unilever Limited Investor Conference Call for quarter ended on June 30, 2009, of the full year ending March 31, 2010. For the duration of the presentation all participants’lineswillbeinthelisten-onlymode.Afterthepresentation,thequestionandanswersessionwillbeconductedfortheparticipants onthiscall.PresentwithusonthecalltodayistheseniorleadershipteamoftheHindustanUnileverLimited.Weproposetocommencethiscall withopeningremarksbyMr.SriniSrinivasan,VP-InvestorRelations,Treasury &Mergers&AcquisitionsofHindustanUnileverLimited,after whichthefloorwillbeopenedforthequestionandanswersession.InowhandoverthecalltoMr.SriniSrinivasan.Thankyouandovertoyou Mr.Srinivasan. Srini Srinivasan V. P Investor Relations Treasury & Mergers & Acquisitions – Hindustan Unilever Limited ThankyouShubha.Goodeveningandwelcometoallofyou.WelcometoHindustanUnilever'sJunequarterresult’sconferencecall.Wehave withusNitinParanjpeourChiefExecutiveOfficerandR.SridharourChiefFinancialOfficer.WewillstartthepresentationwithJunequarter resultsbySridhar.Nitinwillthenaddresssomeofthequeries,whichhavebeenraisedbyyouandthenwewillhaveaQ&Asession.Ifyouhave anyquestionsIwouldrequestyoutoregisterwiththemoderator.Pleaseidentifyyournameandorganisationbeforeaskingthequestion.For thesakeofgoodorderbeforeSridharstartsthepresentationIwouldliketodrawyourattentiontotheSafeHarbourstatementincludedaspart ofthispresentation.ThankyouandovertoSridhar. R. Sridhar – Chief Financial Officer – Hindustan Unilever Limited ThankyouSriniandonmybehalfaswellaverywarmwelcometoourJunequarterresultsconferencecall.LetustakealookattheFMCG marketcontextinJunequarter,beforewetalkaboutourperformance.FMCGmarketsgrewwell,atrendthatwehavebeenseeingcontinuing forsomequarters.Stronggrowthwasobservedinbothurbanandruralmarkets.Marketgrowthwasbroadbasedacrossallourkeycategories, thoughthemixbetweenpriceandvolumegrowthhaschangedcomparedtoMarchquarterinfavorofalittlebitmorevolumeandlessprice. Off take in modern trade improved and we did not observe any significant outlet consolidations in June quarter; however the trend in de- stockingcontinuedasretailersbroughtdowninventorylevels.Wealsowitnessedsignsofdowntradinginsomecategoriesparticularlylaundry. Thistrendindicatesfastergrowthinthemasssegmentacrossbrandsandpacks.Focusonconsumervaluethereforehasbeenakeyprioritywith pricereductionsandpackweightincreasesobservedacrossseveralcategories. Coming now to our results for June quarter, our FMCG business grew by just under 13% some 100-basis points higher than the previous quarterwithadistinctimprovementinvolumegrowthduringJunequarter.OurHPCbusinessgrewjustunder12%,whilegrowthinourfoods businesswasaheadof17%.InJunequarterthevolumegrowthrecoveredandweachievedpositive2%volumegrowth,whichwhencompared tothevolumedeclineinMarchquarterrepresentsaswingof6.2%.Netsalesincreasedbyjustunder8%duetoaplanreductioninnon-core exports.Wecontinuedtofocusonimprovingthequalityofourbrandofferingsthroughinnovationsandcommunication.Anumberofbrands especiallyinpersonalproductsandfoodswerere-launchedduringthisquarterleadingtothe26%growthinourA&Pspend,anincreaseof about 180-basis points as a percentage of sales. The operating margin or PBIT margin grew by 12.6%, an expansion of 60-basis points comparedtoJunequarter‘08.Thisimprovementinoperatingmarginwasdeliveredafterabsorbingthehigherbrandinvestmentof180-basis pointsaswellasanegativeimpactofRs.32croresrelatingtothemark-to-marketchargefromaccountingrestatementofForexexposuresat closingrates.ThisForexmark-to-marketimpactduringJunequarter2008wasacreditofRs.25crores.Ourprofitaftertaxbeforeexceptional itemsandbeforethemark-to-marketaccountingchargeatRs.559croresgrewbyjustunder7%,whilereportedPATbeiat538croreswasin linewiththeprioryear.Netprofitwaslowerby2.7%duetotheimpactofexceptionalitems.YouwillrecallthatduringourMarchquarter resultscallwehadsetoutsomekeyactionstoregainmarketsharesandimprovevolumegrowth.Thesewerearoundstrengtheningthebrands, and our portfolio including deploying our full portfolio continuously improving our mixes and delivering consumer value. We had also had specific time bound action plans for each of our categories. In addition, we also targeted reducing the cycle time of execution while we enhanced the front-end go-to market capability by improving quality of coverage in urban and rural through consolidation and leveraging technology.Iamhappytosaythatallthesekeyactionshaveprogressedwellandareontrack. IwouldnowliketosharewithyouthekeyhighlightsofourperformanceinJunequarter.Firstlywereturnedtopositivevolumegrowtha6% swingfromMarchquarter.Personalproductsandfoodscategoriesbothwitnessedstrongvolumegrowthwhilesoapsanddetergentsfaced someresidualtransitionimpactduringthisquarter.Thetimeboundactionplansinitiatedinthelastquarterarenowunderwayandsomeearly resultsarevisibleintermsofvolumegrowthaswellassharegaininourpersonalproductcategories.Weincreasedtheinvestmentbehindour brandsduringthisquarter,alargepartofthisinvestmentwentbehindsupportingtheinnovationsthatweredeployedinthisquarteraswellas makingsurethatourspendswerecompetitivetofurtherstrengthenourbrandequities.Wehavealsomadesignificantprogressinoururbango- to market initiatives, which isalso progressing as per plan.We have deliveredan improvement in operating margin of 60-basis points.This improvementhasbeenachievedthroughacombinationoflowerinputcostsincludingourbuyingefficiencies,averytightmanagementofour own costs, our indirect and overheads and improved operating leverage through savings and overheads. Further the operating margin improvement has been achieved after absorbing higher advertising and promotional investments and absorbing the Forex mark-to-market chargeof32croresrelativetoagainof25croresinJunequarterlastyear.Youwillalsobeawarethatarisingfromthehugevolatilityinfinancial marketsinDecemberquarterlastyearweshiftedourfinancialinvestmentsintomoresecurefixeddeposits,butwithloweryields.Lastyear duringJunequarterwehadrealizedprofitfromsaleofdoubleindexationFMPs.Consequentlythisyearthefinancialincomeislowertothetune ofabout56crores,whichislargelyduetothesaleofmutualfundinvestmentsinJunequarter’08.Theeffectivetaxratehasincreasedto23%, duetotheendof100%taxholidayinsomeofourunits;theseunitsarenowenjoying30%taxexemption.Asameasureofourunderlying No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Hindustan Unilever Limited. - 2 - operationalperformanceourprofitaftertaxexcludingtheimpactofexceptionalitemsandtheforexmark-to-marketrestatementhasdelivered anincreaseof6.7%. ComingnowtosalesourFMCGsalesgrowthinthecurrentquarterisjustunder13%withavolumegrowthof2%,whichasImentioned earliercomparedtotheMarchquarter’09,isaswingof6%.ThepricegrowthduringJunequarteris10.6%,whichislowerthantheprice growthrealisedinMarchquarter’09.ThisimprovedvolumegrowthperformancehasbeendrivenbytheactionsImentionedearlierincluding stepstoenhanceconsumervalue.LookingatoursalesperformanceacrossHPCandfoodsbusinessesourgrowthinhomeandpersonalcareis justbelow12%withverystrongvolumegrowthinpersonalproducts,butaresidualimpactoftransitioninsoapsanddetergents.Ourfoods growth at 17.3% has been driven by a strong volume growth in ice creams and processed foods. Driving this growth has been the A&P investmentbehindourbrands,whichincreasedby35.8%to12.5%ofsales.Thisisanincreaseof180-basispointsaspercentageofsalesand we invested this incremental A&P behind the innovations that were launched across various categories as well as higher media spends to strengthenourbrandequitiesfurther.TheincreaseinspendlevelsrelativetoMarchquarterisentirelyintheareaofmediaspendsaswestepped up our investments towards longer term brand building. After absorbing this 180-basis points increase in our A&P investments we have improvedthePBITmarginsby60-basispointsthroughthecombinationoffactorsthatImentionedbefore. Iwouldnowliketomovetoanalysisofourcategoryperformancestartingfirstwiththetoplinegrowth.Soapsanddetergentsbusinessgrewby justunder10%witharesidualimpactofthetransitionduringthisquarter.Personalproductsbusinessgrowthwasjustunder15%withavery largecontributionfromvolume.Ourbeveragesbusinessgrewat18.6%whilewesawstronggrowthlargelyvolumeledinbothicecreamsand processedfoodsat23%and14.7%respectively.InHomeandPersonalCareallourcategorieshaverecordedgrowthduringthequarter.Inthe nextfewslideswewilldiscusstheperformanceineachofourkeycategoriesinsomedetail.StartingfirstwithourHomeCarecategory,wehave implementedallthekeyactionstoimprovecompetitivenessinourlaundrybusiness;ourgrowthduringthisquarterwasledbySurfandRin.In Wheel while we have taken action to improve consumer value through gram mage increases there has been some share loss during the transition. As the commodity prices in this category have softenedwe benefited from lower input cost, which hascontributed to improved categorymargins.InHouseholdCare,VimcontinuestoperformwellwithstrongvolumegrowthandVimDishWashLiquidcontinuestogrow well.DuringthequarterwelaunchedCifSurfaceCleaners.Movingonnowtosoapsandskincare;insoapsthestepsthatwehavetakeninclude
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