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Annual Report Church & Dwight Co., Inc

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Annual Report Church & Dwight Co., Inc CHURCH & DWIGHT CO., INC. 2013 ANNUAL REPORT CO., CHURCH & DWIGHT ® CHUrcH & DWIGHT CO., INC. CHURCH & DWIGHT CO., INC. 2013 Princeton South Corporate Center 500 Charles Ewing Boulevard Ewing, NJ 08628 ANNUAL REPORT www.churchdwight.com FINANCIAL HIGHLIGHTS IN MILLIONS, EXCEPT PER SHARE DATA 2012 2013 net sales $ 2,922 $ 3,194 gross profit margin 44.2 % 45.0 % income from operations $ 545 $ 622 operating profit margin 18.7 % 19.5 % net income $ 350 $ 394 net income per share - diluted $ 2.45 $ 2.79 dividends per share $ 0.96 $ 1.12 year-end stock price $ 53.57 $ 66.28 2013 HIGHLIGHTS • Worldwide net sales increased 9.3%. • Adjusted net cash from operations increased to a record level of $536 million.(2) • Organic sales increased 1.9%.(1) • Earnings per share increased 13.9%. • Gross profit margin increased 80 basis points to 45.0%. • On January 29, 2014, the Company declared a 11% increase in its quarterly dividend from $0.28 share to • Operating profit margin increased 80 basis $0.31 share. points to 19.5%. NET SALES EARNINGS PER SHARE (in millions of dollars) (in dollars) , , . , . .* 2011* ADJUSTED FOR Tax Charge $0.09 2011 Reported EPS $2.12 ‘11 ‘12 ‘13 ‘11 ‘12 ‘13 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, 2013. (1) The reference to the 1.9% organic net sales growth in 2013 reflects the following adjustments to the 9.3% reported on net sales growth: foreign currency exchange fluctuations +0.5% partially offset by acquisitions (7.6%) and sales in anticipation of ERP conversion (0.3%). (2) Net cash from operations was unfavorably impacted due to deferral of the Company’s fourth quarter 2012 federal tax payment of approximately $36.0 million as allowed by the IRS due to the impact of Hurricane Sandy. Reported Net Cash from Operations is $499.6 million. annual report 2013 COMPANY PROFILE Church & Dwight Co., Inc., founded in 1846, is the leading U.S. producer of sodium bicarbonate, popularly known as baking soda, a natural product that cleans, deodorizes, leavens and buffers. The Company’s ARM & HAMMER brand is one of the nation’s most trusted trademarks for a broad range of consumer and specialty products developed from the base of bicarbonate and related technologies. Church & Dwight’s consumer products business is organized into two segments: Consumer Domestic, which encompasses both household and personal care products, and Consumer International, which primarily consists of personal care products. The Company has nine key brands representing approximately 80% of its consumer sales. These so-called “power brands” include ARM & HAMMER, TROJAN, OXICLEAN, SPINBRUSH, FIRST RESPONSE, NAIR, ORAJEL, XTRA and VMS. About 40% of the Company’s domestic consumer products are sold under the ARM & HAMMER brand name and derivative trademarks, such as ARM & HAMMER liquid and powder laundry detergent, ARM & HAMMER DENTAL CARE Toothpaste and ARM & HAMMER SUPER SCOOP Clumping Cat Litter. The remaining eight power brands have all been added to the Company’s portfolio since 2001 through several acquisitions. The combination of the core ARM & HAMMER brands and the other eight power brands make Church & Dwight one of the leading consumer packaged goods companies in the United States. Church & Dwight’s third business segment is Specialty Products. This business is a leader in specialty inorganic chemicals, animal nutrition, and specialty cleaners. GROWTH DRIVEN BY 9 POWER BRANDS ® spinbrush arm & hammer #1 Battery Powered Toothbrush Brand xtra More aisles in the grocery store than any #1 Extreme Value other brand; A&H brands are in 86% of Laundry Detergent U.S. households in America first response #1 Branded Pregnancy Kit trojan #1 Condom Brand vitafusion & l’il critters #1 Gummy Brands nair for Kids and Adults #1 Depilatory Brand Based on AC Nielsen 52 weeks oxiclean ending 12/21/13 All-Outlet #1 Laundry Additive Brand orajel #1 Oral Care Pain Relief Brand page 1 annual report 2013 James R. Craigie Matthew T. Farrell Patrick D. de Maynadier Chairman and Executive Vice President Finance Executive Vice President Chief Executive Officer and Chief Financial Officer General Counsel and Secretary DEAR FELLOW STOCKHOLDER: It is my pleasure to report the completion of another very successful year in which we achieved record sales and profits. More importantly, these record results positively impacted the measure that I believe matters most to so many of our shareholders—Total Shareholder Return (TSR)—which reflects the combination of stock price appreciation and dividends. We manage Church & Dwight with the goal of delivering strong TSR to you and will continue to focus on this goal in 2014 and beyond. In 2013, we achieved a TSR of 26%. Over the past decade, we delivered an annual TSR of approximately 16%, significantly better than the 3% TSR of the S&P 500 stock index during the same period. In addition, we delivered over 10% EPS growth per year for each of the past 13 years, a result that only a few companies in the S&P 500 have achieved. This consistent performance reflects the work of an experienced management team that is never satisfied with the status quo. Our TSR is Driven by 10 Key Initiatives Despite an increasingly challenging business environment, we have been able to deliver strong TSR by continuing to focus on 10 key initiatives that are the “secret sauce” to our success: (1) Recession-Resistant Product Portfolio Church & Dwight’s diverse consumer product portfolio, consisting of both premium (55%) and value (45%) brands, enables us to succeed in various economic environments. We believe no other consumer packaged goods company has such a well-balanced portfolio of both premium and value brands. In the current environment reflecting sluggish economies around the world, our value brands are thriving as cost-conscious consumers are finding that our products’ performance exceeds their expectations. We intend to continue to build consumer loyalty to our value brands through a steady stream of appealing new products. At the same time, we are maintaining strong marketing spending and launching innovative new products to support our premium brands and deliver increased sales and profits through higher market share. We aim to continue to leverage our recession-resistant product portfolio to drive continuous strong earnings growth in the ever-changing economic environment. (2) Build Mega Brands While we sell over 80 brands, nine of these brands are considered “Power Brands.” Four of the nine Power Brands gener- ate over 60% of our revenues and profits. These four brands, which we call our “Mega Brands,” are ARM & HAMMER, page 2 annual report 2013 TROJAN, OXICLEAN and vitamins (L’IL CRITTERS and VITAFUSION). All four Mega Brands are market leaders. In 2013, our business teams did an outstanding job in driving revenue and profit growth on all four of these Mega Brands with innovative new products, increased marketing spending and superb sales execution. (3) Ferociously Defend Our Brands Despite being a relatively small player in the consumer packaged goods industry, we have defended, and will continue to aggressively defend, our brands when they are challenged by larger competitors. Most of our expert management team started their careers by working for larger companies and, as a result, they know how to compete, and win, when challenged. (4) Drive International Growth Over the past 13 years, we have transformed ourselves from an almost totally U.S. business to a global player with approximately 17% of our sales in foreign countries. We have fully operational subsidiaries in six countries (Canada, Mexico, U.K., France, Australia and Brazil) and export to over 90 other countries. Our Consumer International team has delivered outstanding growth over the past five years with Net Sales increases averaging over 5% annually and Operating Profit increases averaging over 12% annually. (5) Expand Gross Margin Gross margin expansion fuels our organic growth because it enables us to increase marketing spending. Despite strong competitive pressure and fluctuating commodity costs, the gross margin of our business expanded 80 basis points in 2013. This improvement builds upon the 1,510 basis point gross margin increase achieved between 2001 and 2012. Driving higher gross margin through productivity improvements, launching higher margin new products and buying margin accretive businesses continue to be paramount goals for us in the future. (6) Superior Overhead Management Maintaining tight controls on our overhead costs has been a hallmark of Church & Dwight. Since 2006, we have increased revenues by 64% or $1.2 billion and lowered our overhead costs as a percentage of revenue from 15.0% to 13.0%. As a result, we believe we have the highest revenue per employee of any major consumer packaged goods company. And, our management team “walks the walk” on this issue as, unlike some other companies, we do not have perks like company cars, company planes, or country club memberships. (7) Expert Management Team Unlike some of our competitors that rotate their top managers between functions and have high turnover, we believe in utilizing leadership expertise by encouraging longevity in all functional areas. Their expertise in their respective functional areas is a key factor in our ability to build and defend our brands, lower our costs, and make smart acquisitions. (8) Proven Track Record on Acquisitions We have an enviable track record in making accretive acquisitions. We have very clear acquisition guidelines and we quickly integrate acquisitions to leverage our existing capital base in manufacturing, logistics and purchasing. We acquired three of our four current Mega Brands over the past 12 years. In October of 2012, we were excited to announce our latest acquisition of Avid Health, Inc., a leader in the fast growing gummy vitamin category for children and adults.
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