We have always operated in categories with a significant runway for long-term growth with trusted market-leading brands. His salary for 2015 was 23.2 million. As Volker said earlier, an important driver of both our growth and category growth is innovation. And I think that if we hadn't done that, I think that during the last three years, it would have been impossible to manage the business, mainly in terms of supply chain capabilities that we created and things like that. The single total figure of remuneration (excluding buyout arrangements) remains unchanged at 5,366,489. Glassdoor provides our best prediction for total pay in today's job market, along with other types of pay like cash bonuses, stock bonuses, profit sharing, sales commissions, and tips. Salaries posted anonymously by Reckitt employees. I think we just mentioned OTC. - Extensive proactive talent mapping across functions and roles. 2022 was particularly tough for our supply chain team who had to cope with some very strong demands in both our OTC and Nutrition business. See here for a complete list of exchanges and delays. Why is that the right level? Yes, as you said, it has been a very strong season. A free inside look at Reckitt salary trends based on 1580 salaries. Unfortunately, we cannot disclose this exactly what's going to be the size of BEI increase, but most of them will be self-financed. If I think about the reinvestment that we have made for the past three years, we can clearly see you invested well in CapEx and the supply chain was strong. Now separately, let me just refer to the situation in the U.S. related to the infant formula market. I will now provide you with a few highlights from 2022. . All of this is our biggest category. The work the team did across our supply chain and with all key stakeholders, including the U.S. administration, was exceptional. All those issues that I mentioned about trade negotiations is behind us. Let me start with some key highlights in 2022. Let me start with the Health and Hygiene separation, they are 2.0. Harpic's largest market is India, where we have a 78% market share. Founded: 1819-1823 in UK by millers Isaac and Thomas Reckitt, and Johann A Benckiser, industrial chemicals business owner Presence: 60 countries, with 37,000 employees Sources: RB website . We have a leading position in each category with our well-trusted brands. Overall, it's been a strong performance across the board in 2022, but I'm very pleased that our balance sheet also continues to strengthen with net debt moving from 8.4 billion to just under 8 billion, and that's despite a negative 500 million movement due to foreign exchange rate movements, specifically with the U.S. dollar. Find investor information and see what the media are saying about Reckitt. There have been significant geopolitical events, and we have all faced inflationary conditions, unseen for many years. Nous sommes dsols pour la gne occasionne. Let me take the first question. This announcement is made by Catheryn ORourke, Company Secretary, for Reckitt Benckiser Group plc. Good morning, everyone, and welcome to Reckitt's Full Year 2022 Results Presentation. Long-Term Investment Value. naar But to summarize, we had a very strong performance in '22, and we are transitioned from transformation to delivery. What are the group's prospects like for 2023 . So all in all, that's something that really gives us more confidence in our future as we're accelerating our innovation pipeline. So turning to our view on capital allocation. And with cost inflation running at 17% for the year, this is really a truly commendable performance. And then if we look at the U.S. As Nicandro is moving to the UK, he is eligible for relocation benefits. Consumers are actively switching everywhere in the world from the low tier to the high tier. We made changes to our distribution network, we upgraded our sales force technology and we undertook extensive training of the sales force. Found 2,963 of over 5K reviews. Popular. Quarter four, we had a similar decline in terms of volume that we had in Q3. So that's why we believe it's actually still good timing. We are not yet where we want to be, but I'm pleased that the Company continues to make progress with such important stakeholders. We are not satisfied with our status quo as we always aim to raise the bar. I talked about our -- out of this category, we are holding share, but we're growing double digits. Found 1,814 of over 5K reviews. Elsewhere, BEI was generally in line with 2021 as a percentage of net revenue. We also have a strong innovation program for 2023. Find investor information and see what the media are saying about Reckitt. CEO Laxman Narasimhan. So we've given the guidance, the clear guidance of underlying margins, ex the 80, to be flat or slightly up. So should we be thinking about a smaller headwind to group than the 2.5%? Actually, I think innovation that brings consumer value is always at a good timing and can always come faster. You used to have industry-leading margins in Nutrition. See Reckitt salaries collected directly from employees and jobs on Indeed. A perfect example of our win, win, win, win model. Let's start from there. RB is blessed with incredibly talented people with an owner driven mindset. Sort. Forbes Lists #373. And after a dip in Q3 due to pricing-related customer issues in Western Europe, that all have been resolved by now, our shares are improving month-on-month. Competition in Hygiene categories have intensified in recent years. Over the last three years, we delivered 7.6% net revenue CAGR. But I was pleased with our broad-based growth in 2022, with all our Health regions in growth for the year, including those without a large OTC business. Our brands are available in nearly 200 countries. Si continas recibiendo este mensaje, infrmanos del problema To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Nutrition and for our cold and flu products. First, we have world-class brands in each of the attractive categories we play in. Cash conversion was 83%, a significant improvement from the prior year. '22 was a very strong quarter. . Quality of Products/Services. We delivered broad-based mid-single-digit growth across our portfolio, except for Lysol. Our growth is broad-based in all categories and all geographies, and we are earning industry-leading margins. Any other questions in the room? We had some three negotiations that we didn't have some of our products in the trade for some months. If we break out our total GBU growth in 2022, our underlying business grew around 5%. What classifies as significant? And I mean, obviously, you have access to the POS data as well, and you can see what's happening in the marketplace. Due to the shortage of available formula, the government allowed parents to purchase formula for manufacturers who did not hold the WIC contract in that state. Registered office at 103 - 105 Bath Road, Slough, Berkshire, SL1 3UH, Registered in England & Wales, No 6270876, Copyright Reckitt Benckiser Group PLC. With the symptoms of COVID becoming more flu-like over time, the lines are blurring between the two. So moving on now to Nutrition. Annual revenues at Reckitt Benckiser have increased 9.2% to 14.5bn as the Dettol and Durex owner increased prices by almost 10%.. Based on the final calculations of the CEO pay as set out above, the pay ratio compared to the median UK employee reduces from the 1:194 estimated in the report to 1:177. . A couple of questions for me, if I may. I am therefore pleased that 2022 was a year of delivery and momentum for Reckitt. Reckitt is a well-invested resilient business with a clear strategy and purpose, a strong and evolving culture, an excellent portfolio of leading brands and a dynamic and engaged leadership team. This had a significant impact on top line growth and on our adjusted operating profit margins. But coming out from Q1, we expect to see growth in Lysol, growth in disinfectants as a whole. Now we have five members of our Global Executive Committee presenting to you today, following which they'll be happy to take any Q&As that you may have. Again, net revenue was 6.0 billion, coincidentally. Sure, I can take that. Breaking this out, we believe the benefit on like-for-like net revenue growth was approximately 2.5% in the year, and the impact on adjusted operating profit margins in 2022 was approximately 80 basis points. In North America, we are now the number one infant formula manufacturer in both the United States as well as Canada. He will be eligible to participate in the Company's existing annual bonus plan with a target of 120% of salary; in line with our Remuneration Policy this has a maximum of 3.57 times and with onethird of any bonus deferred into Reckitt shares for a period of three years. Intimate Wellness had a strong year despite weakness in China due to the extended COVID-related lockdowns. And should we also be thinking about a smaller headwind to group margins than 80 bps this year? The long-term share award vested at 52.6% of target on 25 March and the long-term cash award was paid at 110% of target in March 2021. He led the household goods maker through the pandemic, which boosted sales of its health and hygiene products, and as the company navigated a baby formula crisis in the United States. Reckitt Benckiser's sales volumes slide as demand for disinfectant wanes And in OTC, was there any reason -- or has there been any reason to top up inventories at retailers more than usual in what all in Q1? No further disclosure obligations arise under paragraphs 9.6.11 or 9.6.13 of the UK Listing Authority'sListing Rules in respect of this appointment. Whether you saw any kind of destocking in the latter part of '22, or whether there are actually areas where the retailers are still kind of quite short of stock? Like-for-like growth for the year was 14.7% and 6.7% for the quarter with much stronger comps in the fourth quarter of last year. Reckitt Benckiser CEO Laxman Narasimhan. And based on your guidance, it looks like '23 will not substantially change this conclusion. But just relying on category growth is not enough. Going forward next year, you know that interest cost is going up a little bit, not for us, but for the whole world, unfortunately. The global dishwashing machine penetration is below 15%. Nutrition. As it relates to the future, as we cited in another part of the presentation, we don't have a crystal ball. I don't see any big movement in retailers stocking. In one of our fastest ever innovation cycles, we launched these pods in June 2022, following an innovation cycle of just eight months from idea to launch, and quickly achieved a 6% value share within the category. Five years ago, 100% of our detergent revenue was generated by hard press tabs. Now this was due to reduced investment in Russia and the fact we did not increase our BEI spend in proportion to net revenue growth in two key areas: U.S. It's very non-elastic. Laxman said, "I am very grateful to have had the opportunity to lead Reckitt. As expected, Lysol's trend improved through the year. And those things have been resolved. For Indian consumers, Harpic is synonymous with toilet hygiene. And what we have also seen in previous crisis is that there is normally always two areas that win and one that's losing. In line with the Remuneration Policy, bonus payments and LTIP awards will be pro-rated for time employed. . Reckitt has invested significantly behind organic and inorganic growth opportunities in recent years. Brand equity investments were up 5.7% at actual rates and essentially flat at constant currency. I'm very pleased that adjusted operating profit reached 3.4 billion, up 9.2% versus last year at constant currency with a margin of 23.8%, up 90 basis points versus 2021. Following publication of PepsiCo's proxy report on 24 March, the final calculation of vesting was completed. Pros. Because, again, if you're keeping some of the top line, I'd expect you to keep some of the margin. We are sorry for the inconvenience. So we think that's a good position to be in. real person. Previously wrote about U.S. based retailers, major financial institutions and covered the Tokyo 2020 Olympic Games. Now let me explain why. Leverage has fallen to around 2x. Our Nutrition business is a 2.5 billion business based primarily in five markets where we have strong market shares of greater than 20%, established infrastructure, and leading go-to-market capabilities. But there are a lot of work in progress in order to streamline the operation and be more effective. So I'm not going to start talking about upside or things like that. But we do see that COVID is becoming endemic. It's an unexpected move. As explained in the Capital Markets Day in '21, we are refocusing on our historic strength: one, to grow categories by driving penetration and premiumization with innovation and by creating new segments; two, to delight our consumers with preferred product and packaging experiences delivered by brands, their love and trust; and three, to execute with speed and rigor; four, to fuel growth and deliver shareholder return with our best-in-class earnings model powered by world-class productivity, very strong innovation, and leading premium brands with pricing power; and five, this is all executed by a capable organization that is focused to outperform with grit. For example, in India, we started the year with a goal to increase our direct reach to customers by around 50%. . With immediate effect, Nicandro will cease to be the Senior Independent Director and will step down from the Nomination, Remuneration and CRSEC Committees of the Board. If you have an ad-blocker enabled you may be blocked from proceeding. Supported by a strong innovation pipeline, which gives us the confidence. 1,593 salaries (for 648 job titles) Updated 3/1/2023. The shape seems to have been roughly the same, which is an unusually early and sharp spike in flu, which then sort of tapered off. Shares in the maker of Durex condoms and Dettol cleaning products tumbled more than 4% on the news. Outside of China, Intimate Wellness grew 10%. 2020 But you look at Auto Dish, for example, we have 11% price increase during 2022, and the volume was 1% down. Yes, happy to comment on that. But I now feel we have returned to a more normalized position with working capital at a sustainable level at around minus 11% of net revenue, and we're confident of delivering strong future cash flows and high cash conversion in the coming years. And so in that regard, we are not expecting any kind of very sharp drop off in demand. And with a strong cash flow generation and healthy balance sheet, the directors recommend a 5% increase in our total dividend. It put the resilience and grit of our teams to test, and they have risen to the challenges, as our people do. My second question on innovation, and I think it's probably more in Hygiene, that seems to be more on the premium side, which I think about air care, if I think about the Auto Dishwash, just wanted to see how you see the reception with retailers, but how you see that as well with the current environment and private label discussions. Three years ago, we started our journey to rejuvenate sustainable growth at Reckitt. "It was a surprise to find out Reckitt's CEO is stepping down, having only been in the role for three years and just starting to receive some credibility," said Tineke Frikee, fund manager at Reckitt shareholder Waverton Investment Management. What we've decided this year is to significantly 5% increase in the dividend. However, there's no doubt the market will become more competitive in 2023. Further details of the Remuneration Committee's decisions and the pay for Reckitt's Executive Directors are set out on pages 134 . Can you discuss the drivers of multiyear margin expansion, of course, beyond easing cost pressures? Be part of something bigger. Jeff is going to take the second one. Nutrition situation. I last loved the stock up just over four months ago and since then it has gone almost perfectly sideways. As a result of this great progress in 2022, I am proud to highlight to you today a summary of some of the key strengths of our Nutrition business as we enter 2023. We had single-digit inflation. And we've made a reasonably, I think, appropriate and conservative assumption around what we can sell in the coming year. Reckitt Benckiser Group today announced that its CEO Laxman Narasimhan will step down from his position on September 30, 2022, and will relocate to the United States, for personal and family reasons. Se continui a visualizzare Based on our data team's research, Laxman Narasimhan is the Reckitt Benckiser's CEO. For those of you who might not have met yet, we have Volker Kuhn, our President for Hygiene; Kris Licht, our President for Health; and Pat Sly, our President for Nutrition. Quarter one is still with the Omicron peak that we have and that you can all read will be negative in volumes and then our trends will improve. So now we've been able to really focus on driving our flywheel in these developing markets. So finally, let's turn to the outlook for the year. These awards remained subject to PepsiCos performance conditions and full details can be found on page 125 of the 2019 Annual Report. And as you can see from the chart that we're showing here, the sequential improvement in the quarterly year-on-year Lysol performance has resulted in an improvement in Hygiene business unit such that we saw a return to growth in the fourth quarter with 1.3% like-for-like net revenue growth. And then the second question, just thinking through the headwind from U.S. infant formula unwind in '23. I don't think -- the second question, I'll start from that. Actually, when you look at the dish category, you see that the premium segments are growing faster than the low-tier segments, and that's simply because the results are much better. On to the surface and disinfectant category. So turning to Health. You have that across pretty much all of our categories. Go ahead. The total value of the vesting of these awards, relating to legacy arrangements implemented by his previous employer, was 3,067,845, a reduction of more than 800,000 from the estimate in the 2020 Annual Report. When I'm saying brand investments, we are going to invest more because of the innovations that we are deploying in the market. los inconvenientes que esto te pueda causar. As this performance was not known at the date Reckitt finalised its 2020 Annual Report (15 March 2021), the value of the awards was estimated, as set out on page 146 of the report. They expect to announce a permanent CEO later this year, by the way. And given the healthy state of our balance sheet, I'm delighted that the Board has approved a 5% increase in our total dividend for 2022 with the aim of delivering sustainable dividend growth in future years. Reckitt Benckiser employees earn $65,000 annually on average, or $31 per hour, which is 2% lower than the national salary average of $66,000 per year. Auto Dish has enormous penetration upside. Reckitt Benckiser Group Plc (IW 1000/286) shareholders protested the 23.2 million-pound (US$33.6 million) pay package for chief Rakesh Kapoor, the latest sign of growing investor discontent at hefty executive compensation. enviando un correo electrnico a And we expect clearly our volume trend to improve post quarter one. Almost 18% of shareholders who voted rejected the company's remuneration report, Reckitt Benckiser said in a statement Thursday after its annual general meeting in London. Prices rose by 12% in the final quarter of 2022, with volumes falling 5.8% as lockdowns in China hurt the intimate wellness business. Is the business profitable over there? So without any further ado, I'd like to introduce our CEO, Nicandro Durante, to kick things off. So to your question about competition intensifying, I think the whole thing of our strategy is all about category growth, okay? Our productivity muscle remains firmly embedded within the DNA of record and will continue to drive our earnings model in the future. This was the 2009 annual pay of the executive behind the Finish Powerball - a dishwasher tablet brand. Dhaka, Bangladesh. Reckitt Benckiser's Chief Executive Rakesh Kapoor got a 69 percent pay rise last year, following an improvement in the company's performance after three tough years. Two, thanks to our strengthened go-to-market capabilities, more and more customers are recognizing us as a top-tier supplier. And what we've said before is we do expect to get back to the low 20s in terms of underlying margin. "I am honoured to have an opportunity to lead Reckitt, a Company that I have been a part of for many years. The other example is 24/7 Active Fresh. The updated total value of the replacement awards at vesting and the 2020 single total figure will be restated in the 2021 Annual Report as follows: In addition, page 152 of the 2020 Annual Report sets out the CEO pay ratio. So therefore, we are actively partnering with leading dishwashing machine brands to drive consumer conversion to Auto Dish. All rights reserved, Reckitts response to the Infant formula shortage in the US, Sustainable livelihoods and working conditions. We are learning with that. It's also the quality of the categories in which we operate, which underpins the high group margin structure of our business and which is key to a strong earnings model. So it's quite a solid performance. We further improved our service to consumers and customers, recognized in both the advantage survey scores by Kantar United States and through some specific customers' awards. And the additional investment for next year is down basically because you have a fantastic portfolio innovation. TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH. A win for sustainability. Reckitt said Durante will move from Brazil to the UK and receive relocation expenses and a salary of 1.1 million ($1.3 million). But growth was broad-based. Reckitt Benckiser Group plc (OTCPK:RBGPF) Q4 2022 Results Conference Call March 1, 2023 8:00 AM ET. And we expect a stable performance in 2023 versus '22, eliminating the recent COVID volatility that many of you have commented on. The estimated salary at Reckitt ranges from approximately $42,737 per year for Laboratory Technician to $179,864 per year for Knowledge Manager. This compared to 24.9% in 2021 with a slight decline coming from a negative mix impact as Nutrition has a lower ratio, but has delivered strong growth during the year. We haven't been able to introduce prices last year because of the situation that we were there when the price has gone through already. Let me, Iain, address the guidance question. From a category perspective, we have a very significant OTC portfolio with intimate wellness and germ protection making other meaningful contributions. In the case of supply chain, I have to say that we have done that. That's one point. You asked, Celine, the question on -- obviously, we still go down in quarter one. I guess it depends how old you are whether brands such as Harpic, Vanish, Dettol and Finish have a lot more relevance for you than Durex or baby food ones, but at least the FTSE 100's Reckitt (RKT) has a bunch of interesting global brands. The price and mix effect at 12% was consistent with quarter three, and group volumes were down 5.8%, similar to quarter three, but with weaker China Intimate Wellness and stronger comps in Health, which, as Nicandro mentioned, on Intimate Wellness, we expect to improve in 2023. Firstly, I was really intrigued to hear the revenue uplift that you got from combining your Health and Hygiene sales forces in India. Having the trust of HCPs is critical as it is the HCPs who interact with parents and help them make the choice of the right formula for their babies. We are now in the last quarter of very tough comps with Omicron in the base period. Rakesh Kapoor's pay soared thanks to a share-based bonus linked to the performance of the . You can judge that at the end of the year, which obviously means, from a free cash flow perspective, it was roughly minus 400 million this year, and that gives us a benefit from a free cash flow perspective next year. For Reckitt, specifically, we have also seen unprecedented demand for a number of our products, causing more pressure on our supply chain, normalization of disinfection business as we left off COVID comps, and of course, the departure of our CEO, Laxman Narasimhan. However, Lysol is much stronger now than pre-pandemic. I'm responsible for: - Recruitment of all FTEs, trainee programs and BizLearner program. "Reckitt was getting its mojo back. Thank you, Richard, and welcome, everyone. How could the leader of a company that makes an array of mundane household products, like Dettol, Air-Wick and Strepsils, be worth so much Let me give you a flavor on how this is working with just two examples. Top story. And in particular, for the outstanding job that you and the team did to help mothers across the U.S. gain access to high-quality, safe formula under such difficult circumstances. But I can assure you that with our leading brands and stronger reputation with health care professionals, including being the number one recommended brand by pediatricians in the U.S., we will be fighting hard for every new parent who enters the category in 2023 and beyond. pour nous faire part du problme. Nicandro is a highly experienced CEO who led the transformation of BAT over a nine-year period. He will receive benefits in line with Reckitts Remuneration Policy, however he will not receive a pension allowance. The two areas that are winning is the high tier, where you get better value, then some dent on the very low tier or smaller sizes and the mid-tier is the one that is struggling. I'm happy to extend the large suppliers, but we have a responsibility towards the small suppliers and obviously collecting our cash in a timely manner. We're now generating around $200 million of POS in the U.S. alone. And in 2023, we expect to deliver efficiencies of over 500 million. We're at the right level of inventory, payables and such forth. To know first hand how is it like to work at Reckitt Benckiser read detailed reviews by job profile, department and location in the reviews section. On behalf of the entire Board, I want to thank Laxman for leading the organization through a significant transformation over the last three years. I cannot be precise how much it's going to be. Moving to OTC. So at an operating margin level, our business in Latin America and ASEAN, the two regions where we're really strong is somewhat similar. Upon joining Reckitt, and as previously announced on 6 August 2019, Laxman Narasimhan, Chief Executive Officer, received awards to compensate for remuneration arrangements forfeited upon leaving PepsiCo, his previous employer. We create simple, innovative products that make it easy for individuals, families and communities to live healthier and happier. We will continue to focus on capacity and agility within our supply chain and ensure that we keep delivering for both our customers and consumers. After three years as chief executive officer, he's decided step down on Sept. 30. And clearly, that's starting to enter into the territory that we talk about as looking to have surplus cash. Reckitt Benckiser Salary. I think that's unheard of in the last years. Available in nearly 200 countries, our brands are loved and trusted by people all over the world. Reckitt Benckiser's <RB.L> chief executive Rakesh Kapoor got an 18 percent pay cut in 2017, his second in two years, due to a halving of his long-term incentive benefits, after a year of . And every time that you come up with innovation, you end up pricing up the innovation, the way of getting price in a good way because you are getting something else to consumers.
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