BUILDING A CLEANER HEALTHIER WORLD
Annual Report and Accounts 2022
01
Reckitt Annual Report and Accounts 2022 | STRATEGIC REPORT | GOVERNANCE | FINANCIAL STATEMENTS |
CONTENTS
ABOUT THIS REPORT
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- Investment Case
- At a Glance
- Chair's Statement
- Chief Executive Officer's Statement
- Culture and Inclusion
- Our Strategy
- Our Business Model
- Market Context
16 Our Sustainability Approach and Performance
18 Key Performance Indicators
- Progress Against Our Strategy: Hygiene
- Progress Against Our Strategy: Health
- Progress Against Our Strategy: Nutrition
- Focus on: Innovation
- Focus on: Executional Resilience
- Focus on: Digital Transformation
- Focus on: Our Productivity Journey
41 Focus on: Human Health and Planetary Health
44 Focus on: Winning in Attractive Categories
- Stakeholder Engagement
- TCFD Summary
- S172 Statement
- Non-FinancialInformation Statement
- Group Financial Review
- Risk Management
- Our Viability Statement
GOVERNANCE
88 Corporate Governance Report
- Board Leadership and Company Purpose
- Division of Responsibilities
- Composition, Succession and Evaluation
- Nomination Committee Report
- Audit Committee Report
- CRSEC Committee Report
- Directors' Remuneration Report
- Report of the Directors
- Statement of Directors' Responsibilities
FINANCIAL STATEMENTS
- Independent Auditor's Report
- Financial Statements
- Shareholder Information
Culture and Inclusion
For further information see page 9
Our Strategy
For further information see page 12
Our Business Model
For further information
see page 13
02
Reckitt Annual Report and Accounts 2022 | STRATEGIC REPORT | GOVERNANCE | FINANCIAL STATEMENTS |
INVESTMENT CASE
REASONS TO INVEST
RIGHT CATEGORIES | MARKET-LEADING BRANDS |
Large addressable | Trusted and loved brands |
market, attractive | that innovate and grow |
growth and margins | across large demand spaces |
ATTRACTIVE
EARNINGS MODEL
High gross margin business driving a strong earnings model
SUPERIOR EXECUTION
Relentless focus on execution
SUSTAINABILITY EMBEDDED
Sustainability embedded in how the company runs
OWNERSHIP CULTURE
Strong and evolving culture: run by owners
HYGIENE1 |
#1 globally #1 globally #1 globally #3 globally #3 globally
HEALTH1
#1 globally #1 globally #1 globally #1 Europe | #2 US |
NUTRITION1
#1 globally #2 globally
ORGANIC REVENUE GROWTH | IMPROVEMENT IN CUSTOMER |
MID-SINGLE | RELATIONSHIP SCORE |
DIGIT | +100bps |
MEDIUM -TERM TARGET | SHARE OF MARKETS WHERE |
ADJUSTED OPERATING | RECOGNISED AS TOP TIER |
BY SUPPLIER PARTNERS2 | |
PROFIT (AOP) MARGIN | |
+6 positions | |
MID-20s | |
BY THE MID -20S | |
MEDIUM -TERM TARGET | REACHING RECKITT'S |
HIGHEST RANK IN US KANTAR | |
POWERRANKING SURVEY | |
SINCE 2015 3 | |
NET REVENUE FROM MORE
SUSTAINABLE PRODUCTS
24.4%
REDUCTION IN ABSOLUTE CARBON EMISSIONS IN OUR
OPERATIONS SINCE 2015
66%
EMPLOYEE
SHAREHOLDERS
c.50%
- Claims based on information aggregated and reported in part from data supplied by Nielsen through its Retail Measurement Services and in part from data inputs from other suppliers, in each case, for the relevant category, geographic focus and latest available MAT
- Based on Advantage Group 2022 survey of retailers. 100bps increase in markets rated top tier, from 43.7% in 2021 to 44.7% 2022. Share of markets excludes US
- Kantar USA PowerRanking overall composite score 2016-2022
03
Reckitt Annual Report and Accounts 2022 | STRATEGIC REPORT | GOVERNANCE | FINANCIAL STATEMENTS |
AT A GLANCE
FINANCIAL HIGHLIGHTS
STRATEGIC HIGHLIGHTS
SUSTAINABILITY HIGHLIGHTS
LIKE- FOR- LIKE (LFL)
NET REVENUE GROWTH¹
7.6%
2021: 3.5%
ADJUSTED OPERATING
MARGIN EXCL . IFCN CHINA¹
23.8%
2021: 22.9%
ADJUSTED TOTAL EPS¹
DILUTED
341.7p
2021: 288.5p
FULL YEAR DIVIDEND
183.3p
2021: 174.6p
IFRS NET REVENUE GROWTH
9.2%
2021: -5.4%
IFRS OPERATING MARGIN
22.5%
2021: -6.1%
IFRS TOTAL EPS
DILUTED
324.7p
2021: -4.5p
CATEGORY MARKET UNITS (CMUS)
HOLDING OR GAINING MARKET SHARE
62%
2021: 62%
SHARE OF MARKETS WHERE RECOGNISED
AS TOP TIER BY SUPPLIER PARTNERS2
+100bps
2021: +930bps
TOTAL RECKITT SHARE OF
TOTAL DISTRIBUTION POINTS 3
+70bps
2021: +110bps4
- Adjusted and other non-GAAP measures, definitions and terms are defined on page 75
- Based on Advantage Group 2022 survey of retailers. 100bps increase in markets rated top tier, from 43.7% in 2021 to 44.7% 2022. Share of markets excludes US
- Increase from 24.0% (YTD Oct 2021) to 24.7% (YTD Oct 2022)
- Increase from 22.2% (Dec 2020) to 23.3% (Nov 2021)
NET REVENUE FROM MORE
SUSTAINABLE PRODUCTS
24.4%
2021: 24.9%
ABSOLUTE REDUCTION IN GREENHOUSE GAS
EMISSIONS FROM OPERATIONS SINCE 2015
66%
2021: 66%
INVESTED IN FIGHT FOR
ACCESS FUND IN 2022
£32m
2021: £38m
04
Reckitt Annual Report and Accounts 2022 | STRATEGIC REPORT | GOVERNANCE | FINANCIAL STATEMENTS |
AT A GLANCE CONTINUED
OUR GLOBAL BUSINESS UNITS
HYGIENE 41%
of Group net revenue
ADJUSTED | ||
NET REVENUE | OPERATING PROFIT | |
£5,960m | £1,214m | |
-3.1% LFL net revenue growth | 20.4% adjusted operating | |
0.8% IFRS net revenue growth | profit margin | |
CATEGORY PROFILE | GEOGRAPHICAL PROFILE |
Surface & Disinfection | North America |
Auto Dishwash | Europe/ANZ |
Air Care | Developing Markets |
Fabric Additives | |
Lavatory Care | |
Pest Control | |
Other |
HEALTH 42%
of Group net revenue
ADJUSTED | ||
NET REVENUE | OPERATING PROFIT | |
£5,992m | £1,648m | |
14.7% LFL net revenue growth | 27.5% adjusted operating | |
18.6% IFRS net revenue growth | profit margin | |
CATEGORY PROFILE | GEOGRAPHICAL PROFILE |
OTC | North America |
Germ Protection | Europe/ANZ |
Intimate Wellness | Developing Markets |
VMS | |
Personal Care |
NUTRITION 17%
of Group net revenue
ADJUSTED | ||
NET REVENUE | OPERATING PROFIT | |
£2,501m | £577m | |
22.9% LFL net revenue growth | 23.1% adjusted operating | |
10.2% IFRS net revenue growth | profit margin | |
CATEGORY PROFILE | GEOGRAPHICAL PROFILE |
Infant & Child | North America |
Specialty & Adult | Europe/ANZ |
Developing Markets |
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Reckitt Benckiser Group plc published this content on 22 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 March 2023 09:20:10 UTC.