CLSA Conference Investor Presentation · GOAL Achieve sustainable, competitive and profitable...
Transcript of CLSA Conference Investor Presentation · GOAL Achieve sustainable, competitive and profitable...
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24th Sept 2008
CLSA ConferenceInvestor Presentation
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Safe harbour statementThis Release / Communication, except for the historical information, may contain statements, including the words or phrases such as ‘expects, anticipates, intends, will, would, undertakes, aims, estimates, contemplates, seeks to, objective, goal, projects, should’ and similar expressions or variations of these expressions or negatives of these terms indicating future performance or results, financial or otherwise, which are forward looking statements. These forward looking statements are based on certain expectations, assumptions, anticipated developments and other factors which are not limited to, risk and uncertainties regarding fluctuations in earnings, market growth, intense competition and the pricing environment in the market, consumption level, ability to maintain and manage key customer relationship and supply chain sources and those factors which may affect our ability to implement business strategies successfully, namely changes in regulatory environments, political instability, change in international oil prices and input costs and new or changed priorities of the trade. The Company, therefore, cannot guarantee that the forward looking statements made herein shall be realized. The Company, based on changes as stated above, may alter, amend, modify or make necessary corrective changes in any manner to any such forward looking statement contained herein or make written or oral forward looking statements as may be required from time to time on the basis of subsequent developments and events. The Company does not undertake any obligation to update forward looking statements that may be made from time to time by or on behalf of the Company to reflect the events or circumstances after the date hereof.
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Agenda
Financials & Summary
Overview
India Opportunity
HUL - Uniquely Placed
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75 year history & Strong leadership
3.7
1.00.7 0.7 0.6 0.5 0.5 0.4 0.3 0.2
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
HUL Nestle ITC Britannia P&G Dabur Marico Colgate GSK GCPL
Touches 2 out of every
3 Indians everday*
Reach 80%
Households*
Shelf Availability
84% outlets in India
(6.3 mln)
Direct Coverage
1mln Outlets**
15000 employees
1100 managers
2000 suppliers & associates
71 manufacturing locations
2700 stockists, 35 CFAs
0.7 0.8 0.8 0.9 1.1 1.41.9
4.2
13.1
GSK GCPL Britannia Marico Tata Tea Colgate Dabur Nestle HUL
Turnover Market Cap
*Based on Hansa Research, Guide to Indian Markets, 2006 Turnover of companies - SQ’07 to JQ’08 ITC Turnover: FMCG others segment
** Based on AC Nielsen Market Research Market Cap BSE as on 11th September, 2008
P&G Turnover= sum of P&G Home Products (estimated), P&G Health & Hygiene and Gillette
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Source : A.C Nielsen - Quarter Ended Jun 2008 Value shares
Market Leaders across Categories
46.9
66.9
36.8
5.7
23.230.4
59.6
46.553.4
58.452.7
38.3
21.2
12.915
23.9
7.58.19.113.3
FabricWash
PersonalWash
PacketTea
Skin Shampoo TalcumPowder
Dishwash Jams
24.530.0 27.6
47.9
Toothpaste Ketchups
Market Leader Strong No. 2
HUL – Market Share (%) Competition Market Share (%)
CoffeeDeos
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6 MEGA BRANDS ~ more than $ 200 mn each, 52% FMCG portfolio
An unmatched brand portfolio
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* Figures based on FY 2007 Audited Results ++ Market Capitalization as per BSE as on 11th Sep 2008
Financial Overview 2007
Exports10%
PersonalProducts
26%
Icecreams1%
Processed Foods
4%
Breverages11%
Soaps and Detergents
46%
Others2%
Turnover 3473
EBIT 499
EBIT % 14.4%
PAT (bei) 448
Reported Profit 487
EPS 21c
Market Capitalisation 13117
Mn $
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Agenda
Financials & Summary
Overview
India Opportunity
HUL - Uniquely Placed
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Increasing per capita income drives FMCG growth
India and its consuming class
Changing consumption patterns
Evolving trade structure
Opportunities & Challenges
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5.43.9 4.5
6.97.9
9.0 9.78.9
8.1
0.0
2.0
4.0
6.0
8.0
10.0
12.0
2000 2001 2002 2003 2004 2005 2006 2007 20080
200
400
600
800
1000
1200
GDP Growth Per Capita Income
Per capita Disposable Income ($)*
424461
494 505551
599
2002 2003 2004 2005 2006 2007
2008 estimates Source: CRISIL (S&P)
Favourable Economics & Demographics
15
25
35
45
55
Europe US China World India
2005 2020
Population below 25 years(%)
10
15
20
25
30
35
40
45
1950 1960 1970 1980 1990 2000 2010 2020 2030
(% of total population)
Urbanisation Source: CRISIL (S&P)
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Changing Income Pattern
The shape of India is going to change… from a pyramid to a diamond
2003181 mn households
2013231 mn households
Source : National Council of Agriculture & Economic Research
131
46
3
124
11
96
Affluent
Aspirers
Strivers
Rich ClassesTop End Business
Changing attitudes
Trebling
Credit Culture
B.O.P Opportunity
Aspiring Classes
Striving Classes
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22.916.6
12.1
1.92.21.4India China Indonesia Brazil Germany USA
7.56.76.0
1.01.00.3
India China Indonesia Brazil USA Germany
Per Capita Consumption (US $ )
Source : Euromonitor, 2006
1.0 3.0 5.9
33.9
49.4
0.2
India Indonesia China Brazil Germany USA
3.2 0.8
12.2
26.9
36.6
0.3
India China Indonesia Brazil USA Germany
Opportunity to grow consumption
Detergents Shampoo
Ice Creams Skin care
India India
India India
Mkt Size Mln. $ 2247 Mkt Size Mln. $ 542
Mkt Size Mln. $ 698
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Evolving trade structure…
General TradeModern Trade
90%10%201075%25%2025
95%5%2007General TradeModern TradeYear
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Agenda
Financials & Summary
Overview
India Opportunity
HUL - Uniquely Placed
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HUL – Uniquely Positioned to Create Value
Our Strategy
Competitive Strengths
Innovation and R&D capabilities to straddle the pyramid
Versatile distribution network
Strong Corporate Responsibility and Governance
Strong Local talent base
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Our vision
To earn the love and respectof India, by making a realdifference to every Indian.
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GOAL
Achieve sustainable, competitive and profitable growth across our portfolio
STRATEGY
Leverage brand portfolio and consumer understanding by
Straddling the pyramid
Driving consumption and penetration opportunity
Build segments & markets for the future where
Unilever has strong expertise such as, Foods, Top End and Deodorants
Leverage positive impact of growing Indian economy on consumer spending
Actively drive Portfolio Mix improvement through Innovation, Technology and R&D leading to better margins
Leverage Unilever scale to generate buying efficiencies and cost savings
Integrate our economic, environment and social objectives with strong commitment to sustainable development
Our Goal & Strategy
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Portfolio straddling the pyramid across categories
Affluent
Aspiring
Striving
CoffeeTeaToothPaste
SkinShampooSoapsLaundryParticulars
177111369169854216582247Market Size - $ mln
13.3%
38.3%
36.8%21.2%47.9%7.5%23.9%9.1%Nearest Competitor
46.9%23.2%30.0%53.4%46.5%52.7%HUL Share
Source : A.C Nielsen - Quarter Ended Jun 2008 Value shares
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Laundry Market Shares
34.1 34.3 34.635.2
36.537.0
37.5 37.838.3
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
Q3-07
Q4-07
Q1-08
Q2-08
Category Leadership: Laundry
Affluent
Aspiring
Striving
-Surf Excel Children Festival- Bring alive “Dirt is good” campaign
-More than 40,000 children participated
Wheel Smart ShrimatiSeason 3 higher TRP ratings than Season2
Launch of Wheel Active Gold – upgrading the consumer
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Creating successful brands: Dove Hair
1.2
2.42.9
3.33.8
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Jun-07 Sep-07 Dec-07 Mar-08 Jun-08
Dove MT share graph
PR
INTERNET
OOH
POS- GT- MT
TV
Launch Phase
Activation to Create Relevance, Provide Experience, Amplification
Survey for 1 week via Internet and SMS
Dove Beautiful Hair Gallery
5000 hair washes in malls
Market Leader in MT in premium shampoos within 1 year of launch
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Building Category: Ponds Top EndTop End CountersGlobal trainers 943 advisors across 13 cities700 counters in 60 daysOne global look for counters
Superior Quality ProductsMore than 50 SKUs backed by Knock Out Claims
Market Leader in Anti Ageing Segment
Direct Marketing Model3 million consumer contacts in 9 monthsConsumer Satisfaction Ratio : 89%Reaching LSM 8+ through Alliances (Citibank, Readers’ Digest, etc)
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Building Category: Processed Foods
Knorr Indian soups-moves soup from ‘alien/ foreign’ to ‘familiar/ for me’
Knorr enters the centre of the plate with the launch of Meal Makers
Launch of Jam in Tubes. Easy to use format
Actrivation through Disney cartoon characters
Will gain share from the 400 crore dish specific spice mealmaker market in India growing at 25%
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Pureit’ … a breakthrough innovation
Complete protection … `as safe as boiled water’.
Meets US EPA standards.
No harmful viruses, bacteria, parasites.
Works without electricity, pressurised piped water.
Great tasting , clear water
• Affordable: Purifier INR 1800 ; Germkill Battery INR 300
• Ongoing price : Rs 0.20 per litreProgress364 towns, 20 states coveredLives protected so far:more than 1m homes
Pureit Zones > 40010,000 jobs generated
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Tapping ‘Out of Home’ OpportunityGrowing incidence of Out of Home consumption Creating a Large &Growing Market
58% LSM 8+ consumers work between 9 a.m. to 6 p.m.Market in Premium channel estimated at 1500 cr. Growing at 23% p.a.
HUL uniquely poised to unlock the opportunityBrands:
Lipton Tea-World’s Largest, Brookebond Tea, Bru Coffee, Knorr Soups-India’s Largest
Dominant presence in all ; tea, coffee & soup Currently serve 1.7 bill cups per annum
Appropriate customer/ consumer solutions to unlock value
Cardamom Tea, Bru Coffee,Tea Bag Tea
Penetration
Freshly brewed coffee, Ice Tea &
Cold coffee
Masstige
Connoisseur Tea Bags, Turbo Tea
Topend
ProductsSolutionSegment
Leverage key relationships for accelerated growth
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Modern Trade - Reaching ShoppersDAIRY Ice creamMEAT
WINE
CHECKOUTS
BAK
ERY
DEL I
Jam
s, S
quas
hes
Soap
Cosm
etics
LAU
ND
RY
SOU
P
SEAS
ON
ING
S
DR
ESSI
NG
S
SNAC
KS
PAST
A S
AUC
E
SAU
CETe
a
OIL
Cus
tard
s an
d je
lly
Cof
fee
Hai
r
Skin
Toot
hpas
te
T
ooth
bru
sh
Dis
h W
ash
DEO
DIA
PER
S
Sani
tary
nap
kins
Pape
r pdt
s
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Town Based
Distributor
Rural distribution Model
SS
Villages
Large Villages – accessible by Motor-able Roads
Villages Accessible from nearer villages
Small Villages
Van BasedFixed Route
Coverage
Phase I
25% Rural pop
Shakti Entrepreneurs
Phase III
50% Rural Pop (Target)
SS - Star Seller Distributor Based
In the Village Hub & Spoke Model
Phase II
37% Rural Pop
Villages
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Project Shakti- Enabling direct rural reachTo Reach:
Small, scattered settlements and poor infrastructure make distribution difficultOver 500,000 villages not reached directly by HUL
To Communicate:Low literacy hampers effectiveness of print mediaPoor media-reach: 500 million Indians lack TV and radio
To Influence:Low category penetration, consumption, brand awarenessPer capita consumption in Unilever categories is 33% of urban levels
Acc
essi
bilit
yTurnover per market
Conventional business models
500,000 villages
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Capabilities :Leveraging IT for Growth
Planning Hub
Kirana Distributor C & FA Factory
Supplier
Daily Daily DailyDaily
35 Brands, 1500 skus 35 Depots, 2700 stockists
- On shelf availability
- Stocks
- sales
- Sales
- Stocks
- Prices, Invoicing
- Prod. Plan – wkly
- Despatch - Daily
Hand – held terminal
Dist Mgmt System
Central Unify
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HUL leads global research in Oral, Skin and Laundry
Some achievements:
• Single Shot Soap making process
• Skin Lightening Cream
• Non Soap Detergent Bars
• Poly coated Dish Wash Bar
• Drinking water purifier (Pure-It)
• Amaze
Innovation and R&D capabilities
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Continued focus on Safety and EnvironmentCO2 reduction 2004-2007
311.9276.4 250.9 242.2
2004 2005 2006 2007
Kg/
T
Total Water Consumption2.38 2.14 1.87 1.87
00.5
11.5
22.5
2004 2005 2006 2007Year
M3/T
Energy Consumption3.27
2.73 2.28 2.21
2004 2005 2006 2007Year
GJ/T
Reducing water consumption
Received carbon credits for innovative soap manufacturing process.
Reducing Oil Dependency through
Bio Mass Based Boilers
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Corporate Responsibility –Aiding in the Development of the Country
Combining corporate responsibility and business strategies to aid development of rural India
Lifebouy Swasthya Chetana - Health & Hygiene
Shakti – Empowerment of women through micro-enterprise Opportunity
Yashodadham - Relief and Reconstruction in Gujarat's Kutch district
Asha Daan - Happy Home actively supported by Unilever
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Agenda
Financials & Summary
Overview
India Opportunity
HUL - Uniquely Placed
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Key Financials
420 Mn
15.4%
14.4%
13.5%
13.3%
2007
11.4%9.4%Reported Growth
$365 Mn
16.2%
14.1%
10.0%
2006
$489 MnOperating cash flow*
1.1%EBIT Growth
13.3%EBIT/ Sales %
11.5%Continuing sales growth*
2005
* Before restructuring, disposal
As per audited financial statements of the company; accounting as per Indian GAAP
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3rd consecutive year of accelerated growth in FMCG portfolio.
Growth broad based and across all categories
Consumer spending in FMCG continues
Successfully implement the top end skin & processed Foods
strategy.
Build momentum to the Water Business
Build on competitive capabilities across business system
Manage Cost inflation effectively, through pricing, cost savings
and better mix
Strong commitment to governance and CSR
Summary
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Thank you