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GlaxoSmithKline Consumer Healthcare Ltd Analyst Presentation
Q 4 2011 Update
6th February 2012
AGENDA
Quarter highlights
Financial Performance
Working Capital
Market Performance
Quarter Highlights
Impressive Sales Growth at 19% • Driven by volume growth of 11% • Successful launch of OATS in South market
Investments behind brands continue ; A&P as % sales at 19%
Material cost higher by 40 bps • High Input costs • Mitigated by emphasis on Cost reduction initiatives
PBT grew by 22% Q on Q
PAT growth by 11% due to prior year adjustment (Intrinsic growth @ 23%)
Profitably Doubling Business 2007 - 2011
A vision crafted for the Organization in 2007….. Achieved in 2011
2007 2011
Sales (Rs cr) 1396
PBT (Rs cr)
2832
245 540
Business doubled in 2011
53
59
Q 4 10 Q 4 11
PAT
80
97
Q 4 10 Q 4 11
PBT
536
635
Q 4 10 Q 4 11
Sales (Gross)
Sustained Growth….
Rs in crs
508
602
Q 4 10 Q 4 11
Sales (Net)
Regional Split
% share to total sales
92%
8%
Domestic Exports
6%
36%
46%
4% 8%
North East South West Exports
8% 11%
Q on Q sales growth
Price
Volume Overall Growth
19%
Other Income growing fast….
Rs in crs
12
16
6
16
22
10
Business Auxillary Comm Interest Income Others
Q 4 10 Q 4 11
18
20
22
24
26
28
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q 4 11
Malted Barley
High inflation continues 18%
-
5
10
15
20
25
30
35
40
45
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Q3 11
Q4 11
Sugar
Inflationary trend in input costs
at all time high levels
Represents Q on Q inflation
3%
14 14 15 15 16 16 17 17 18 18
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
Wheat Flour
Remains flat Q on Q
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Q3 11
Q4 11
SMP 30%
35%
24%
18%
12%
2%
36%
25%
19%
10%
2%
Material Other Costs A&P Employee Dep
Q 4 10 Q 4 11
Our Cost Structures…..
Cost as % to sales
Inflation hits RM
costs
Investment behind brands
continues
Sustained Negative Working Capital …..
43
(61) (69)
(118)
(65)
(160)
(108)
(211)
(102)
(203)
(176)
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11
Net WC
Market Performance……
GSK outperforms Sensex and FMCG index
14091
596
Jan
-07
Fe
b-0
7
Mar
-07
A
pr-
07
M
ay-0
7
Jun
-07
Ju
l-0
7
Au
g-0
7
Sep
-07
O
ct-0
7
No
v-0
7
Dec
-07
Ja
n-0
8
Feb
-08
M
ar-0
8
Ap
r-0
8
May
-08
Ju
n-0
8
Jul-
08
A
ug-
08
Se
p-0
8
Oct
-08
N
ov-
08
D
ec-0
8
Jan
-09
Fe
b-0
9
Mar
-09
A
pr-
09
M
ay-0
9
Jun
-09
Ju
l-0
9
Au
g-0
9
Sep
-09
O
ct-0
9
No
v-0
9
Dec
-09
Ja
n-1
0
Feb
-10
M
ar-1
0
Ap
r-1
0
May
-10
Ju
n-1
0
Jul-
10
A
ug-
10
Se
p-1
0
Oct
-10
N
ov-
10
D
ec-1
0
Jan
-11
Fe
b-1
1
Mar
-11
A
pr-
11
M
ay-1
1
Jun
-11
Ju
l-1
1
Au
g-1
1
Sep
-11
O
ct-1
1
No
v-1
1
Dec
-11
Sensex FMCG GSK
15455
2541
4035
1906
Thank you