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Annual Report and Financial Statements 2006 Live It RECKITT COVER 7/3/07 5:35 Am Page 2 RECKITT COVER 7/3/07 5:35 am Page 1 Annual Report and Financial Statements 2006 live it RECKITT COVER 7/3/07 5:35 am Page 2 Live it. Love it. Breathe it. It’s the passion of our people that drives our business. Contents 1 Chairman’s Statement 2 Chief Executive’s Review 4 Business Review 2006 11 The Board of Directors and Executive Committee 12 Report of the Directors 17 Directors’ Remuneration Report 23 Independent auditors’ report to the members of Reckitt Benckiser plc 24 Accounting policies 28 Group income statement 28 Group statement of recognised income and expense 29 Group balance sheet 30 Group cash flow statement 31 Notes to the accounts 54 Five-year summary 55 Parent company – independent auditors’ report to the members of Reckitt Benckiser plc 56 Parent company accounting policies 57 Parent company balance sheet 58 Notes to the parent company accounts 64 Shareholder information Reckitt Benckiser plc. Registered in England No. 527217 RECKITT 01-22:RECKITT 01-22 7/3/07 02:07 Page 1 Chairman’s Statement We are pleased to report to shareholders The Board reviewed various aspects of the another year of progress and considerable business during the year, including annual achievement. The Company again exceeded reviews of corporate governance, corporate its financial targets and has put in place a responsibility, reputational and business risk. powerful platform in consumer healthcare, The Board regularly reviews the performance through the acquisition and integration of and results of the business and holds specific Boots Healthcare International (BHI), reviews with management on brand, area offering new growth opportunities. and functional performance. The Board also conducted its annual appraisal of its own Strategy performance. The Company’s strategy, as clearly set out in the Chief Executive’s Review, remains unchanged Annual General Meeting resolutions but with raised horizons in consumer healthcare. The Board strongly recommends that shareholders The management team continues to develop support the resolutions at the AGM on 3 May 2007, a world-leading business in household cleaning endorsing the policies that have brought the and health & personal care with powerful Company continuing success. brands, global reach and a clear focus on Thanks delivering better products to consumers. On behalf of all shareholders I extend thanks Management to Bart Becht and his team for the fine The year has seen some evolution in the achievements of this past year. My thanks also management team. Fortunately we have to the members of the Board for their helpful replaced strength with strength confirming and supportive contributions. that our long-term succession planning is working well, ensuring both a supply of talented people and strong continuity Adrian Bellamy in culture and style. Chairman Returning cash to shareholders Shareholders have again benefited from the very strong cash generation of the business. Despite the cost of acquiring Boots Healthcare International (£1.9bn) and integrating it into Reckitt Benckiser, the Company has continued to return cash to shareholders. If the proposed final dividend is approved, declared dividends for the year will total 45.5p, an overall increase of 17%. Together with the £300m share buy back programme completed during the year, this will mean that over £625m will have been returned to shareholders in total. Even with these distributions the Company’s finances remain strong. The Board of Directors George Greener retired at the last AGM following ten years as a Director. Once again I thank him for his considerable contribution. I welcome David Tyler who has joined the Board as a Non-Executive Director since the year end. Ken Hydon has taken over the chair of the Audit Committee and has therefore relinquished his role as Senior Non-Executive Director. Peter White, who is no longer an independent director due to his tenure on the Board, has been an excellent Chairman of the Audit Committee since 1998 and I thank him very much. Graham Mackay has been appointed Senior Non-Executive Director. The Board continually seeks to strengthen itself with new Non-Executive Directors as appropriate opportunities arise. Reckitt Benckiser Annual Report and Financial Statements 2006 1 RECKITT 01-22:RECKITT 01-22 7/3/07 02:07 Page 2 Chief Executive’s Review 2006 was another good year for Reckitt During the past year we have passed the baton Reinforce our brands with an exceptional Benckiser. in a number of senior executive positions but rate of product innovation. Offering the business has continued to prosper without consumers ever-better solutions stimulates them Let me briefly explain why: major disruption. Erhard Schoewel, after 27 years to purchase, helping to grow both the category • Financial results for the year were ahead of with the Company, latterly as Executive Vice and our market share. Up to 40% of our net target. Net revenues grew by 7% on a like- President (EVP) Europe, retired in June. His revenues come from products launched in the for-like basis and by 18% overall, while contribution to Reckitt Benckiser was immense, past three years. adjusted earnings per share rose by 19%. not least in demonstrating how our cultural Back our brands with consistently high Net cash flow rose by 26%, while we values deliver superior business performance. marketing investment. Our media spend rate, reduced the net borrowings following the We thank him and wish him a long and happy at around 12% of net revenues, is consistently BHI acquisition to £660m. Dividends were retirement. His position has been taken by the industry’s highest. And in the past year we increased by 17% and we returned £300m Elio Leoni-Sceti, whose role as EVP Category have put even greater investment behind direct to shareholders through share buy back. Development has been assumed by Rakesh interaction with consumers through in-store Kapoor. We wish them both well in their new • We launched even better products and demonstrations, sampling programmes and challenges. Tony Gallagher also retired during the invested at record levels in our Power Brands point-of-sale communication. year after eight years of achievement for which to excite consumers and stimulate growth. we thank him, and we welcome Gareth Hill Roll out our major brands into new Examples of successful new products include who has joined the Company as Senior Vice geographies. Few of our major brands are yet Vanish Oxi Action Crystal White, Cillit Bang President (SVP) Information Services. A large present in all our territories, and we continue to Stain & Drain, Finish 5in1 and Quantum and number of changes in management down the roll them out as market opportunities develop. Air Wick Freshmatic. line followed, but I am happy to report minimal Finally, leverage our financial strength • We established a strong platform in consumer disruption and strong continuity. to enhance long-term growth by making healthcare. The acquisition of BHI in February, Strong management, bound together in add-on acquisitions that strengthen and its subsequent integration into Reckitt a common culture, properly targeted by our core business. Benckiser has been executed ahead of plan, a compelling strategy and appropriately delivering more savings than originally 2. Convert growth into even more attractive incentivised makes a powerful force for expected. We will now turn our attention profit and cash flow through continuing business performance. That is why we continue to driving growth from this platform. margin expansion and cash conversion. to place so much credence on our remuneration We therefore ended the year a stronger business system, which pays for performance. For the most We expand margins through intensive work than we began it. senior management, 80% or more of total on cost containment and mix management. remuneration is performance-related from We find exciting rewards in the most People ask me why Reckitt Benckiser continues our annual bonus and long-term incentive unglamorous places: using less packaging, to deliver. I think it is down to several factors. programmes, rewarding the achievement of standardising product formulas, renegotiating First, and perhaps most important, is a highly superior in-year results, and the building of supply contracts, simplifying processes. We capable management team and broader long-term shareholder value. At the same time, also drive margins by focusing on active mix workforce bound together with a strong, senior management commits its own capital management by driving higher margin products unifying and enabling culture. Second is our to the business through our stringent share and categories. Margin expansion fuels the very clear strategy for the business, a roadmap ownership policy, making us behave like part- business, funding marketing investment and that is understood and followed by all in the proprietors of the business, sharing the risks driving profit growth. business. Finally our strong portfolio of leading and rewards of shareholders. brands in above average growth categories with Finally, we focus on converting all of this into attractive margins underpins our strategy. A clear strategy cash through intensive work on net working I make no apology for repeating our strategy capital and relentless attention to cash. Strong management team sharing for delivering profitable growth. It has served It is no accident that we have the lowest net a compelling culture the Company and its shareholders well for six working capital and the highest cash conversion At the heart of any successful company is consecutive years now, and we intend to do rates in our industry peer group. a set of strong, commonly-held beliefs and plenty more of the same. We believe that the ways of working. At Reckitt Benckiser, we A strong brand portfolio simplicity and clarity of our strategy helps us work together with passion and commitment We have the benefit of executing this strategy with the execution as our strategy is so well to excite consumers.
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