colgate annual reports 2013

5/26/2018 Colgate Annual Reports 2013

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At Colgate, developing innovative new

growth. Colgates nine consumer in-

novation centers, in strategic locations

throughout the world, are focused on

developing insight-driven innovation

that provides value-added new prod-

ucts across all price points. Marketing

personnel work closely with scientists

and other researchers, as well as ex-

ternal organizations and academia, to

ensure we have the technology in place

to meet both short- and long-term con-

sumer needs. Beyond new products,

innovation is embedded into the Com-

panys culture to encourage new ideas

and improved processes throughout

every aspect of the organization

from the supply chain to marketing to

GLOBAL

Recently launched in Turkey and Brazil, Col-

gate Maximum Cavity Protection plus Sugar

-

in plaque, the leading cause of cavities. While

by the sugar acids on the tooth enamel, the

patented technology in Colgate Maximum

Cavity Protection plus Sugar Acid Neutral-

izer helps neutralize sugar acids before they

can harm teeth, keeping the mouth healthy.

Clinically proven to reduce early tooth decay

by half, Colgate Maximum Cavity Protection

plus Sugar Acid Neutralizer toothpaste will berolled out globally with a focus on emerging

markets. Colgate is partnering with the Alli-

ance for a Cavity-Free Future, a charitable or-

ganization representing a worldwide group of

dental and public health experts, to undertake

an innovative approach to educate communi-

ties and dental professionals that cavities are

still a major public health issue.


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VI ET NA M

Since 1991, Colgates Bright Smiles, Bright Futures global oral health

initiative has provided oral health education to over 750 million children

worldwide. In Vietnam, Colgate is extending this reach even further. On

Monday mornings, after children at Vietnamese primary schools gather

utilizes this unique time to provide the students with oral health education

and samples of Colgate products. Endorsed by the Ministry of Education

and Training and welcomed by students and teachers, this innovative pro-

gram has enabled Colgate to increase its coverage of students by more

than three-fold in eight key cities and provinces throughout Vietnam.

At Colgate, we have long believed

that our values-based culture forms

a strong foundation for good gover-

nance, which leads to good results.

Employees at all levels learn to take

personal responsibility for being lead-

ers, and they commit to conducting

business with the highest integrity, in-

corporating Colgates values of Caring,

Continuous Improvement and Global

Teamwork into all business activities.

Colgate also demonstrates leadership

as a member of the global community.

are ensuring that the business grows

consistently and responsibly and ben-

promoting the well-being of future

generations.


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North America(18% of Net sales)

Net sales increased 3.5% in 2013 and unit volume grew 3.5%.Operating profit increased 14%.Colgate Optic White, Colgate Total and Colgate Max Fresh Cool

Scrub toothpastes, Colgate 360 Optic White and Colgate 360Total Advanced Floss Tip bristles manual toothbrushes, ColgateOptic White and Colgate Total Advanced Pro-Shield mouth-washes, Palmolive Soft Touch dish liquid and Suavitel fabricconditioner contributed to volume growth in the U.S.

Latin America(29% of Net sales)

Net sales decreased 0.5% in 2013 and unit volume grew 5.5%.Operating profit decreased 5%.Colgate Luminous White and Colgate Total Professional Gum

Health toothpastes, Colgate 360 Luminous White and ColgateTriple Action manual toothbrushes, Colgate Luminous White andColgate Plax Fresh Tea mouthwashes, Protex for Men bar soapand shower gel, Lady Speed Stick and Speed Stick deodor-ants and Axion Oats dish liquid contributed to volume growththroughout the region.

Ian Cook

Q.Can you please give us an update on the 2012

Restructuring Program?

A.Colgates 2012 Restructuring Program is a four-year

-

line our cost structure to further invest in growth. We an-

ticipate savings in the range of $275 million to $325 million

program focuses on three initiatives we have been acting

on for quite some time, now taking them to the next level.

First, we are expanding our use of commercial hubs.

That is, clustering single-country subsidiaries into more

decision making on the ground by providing strengthened

resources and capabilities to the smaller operations within

the region, and it improves cost structure. Successful

in Latin America for many years, we are expanding this

structure around the world, beginning with the formation of

our Central and Western European hubs, which are already

underway.

A second area of focus is extending our Colgate service

centers to support the business in all regions. The general

principle is to be as global as possible, enabled by our

enterprise-wide use of SAPsoftware, while staying as lo-

cal as necessary to assure success in building our brands,

our market shares and our top-line growth. We have seen

best practices in accounts payable for all 34 European

subsidiaries, and are now reducing the number of vendor

providers from 16,000 to 6,000. Similar centers have now

been established in Mumbai and Mexico City and work is

beginning to be transferred there.

For more than 20 years, Colgate has been on a journey

faster speed-to-market. We have today 54 facilities servic-

ing our global business, down from 85 prior to 2004, and

we expect to be down another 10% by the end of 2016. We

have begun the consolidation of our oral care p

Europe to a dedicated state-of-the-art facility i

Poland, and have announced the relocation of

arm deodorant manufacturing facility in Morrist

Jersey to Greenwood, South Carolina.

As planned, savings began in 2013 and sho

able growth. Our reinvestment priorities for the

erated by this program are focused on: enablin

and analytics, digital engagement, emerging m

innovation and brand building.

Q.How is Colgate enhancing its innovation f or

A.At Colgates nine consumer innovation cent

cally located around the world, marketing pers

closely with consumers, scientists and other re

stream of insight-driven, value-added new proall of our categories.

One recent example is Colgate Maximum C

ties. In emerging markets, where this disease c

most prevalent, we are working with local healt

through Colgates Bright Smiles, Bright Future

health education initiative to make a public hea

part of what drives this product around the wo

In personal care, we are reaching new cons

Protex for Men bar soap and shower gel. Clinic

to provide 10 times more protection against od

bacteria than ordinary bar soap, Protex for Me

supported with a fully integrated marketing cam

cused on the idea, Man enough to be a dad, m

Europe/South Pacific(19% of Net sales)

Net sales declined 0.5% in 2013 and unit volume gOperating profit increased 8%.Colgate Max White One and Colgate Total Pro Inte

toothpastes, Colgate 360 Max White One and CoInterdental manual toothbrushes, Colgate Max WhColgate Plax Complete Care mouthwashes, SanePalmolive Mediterranean Moments shower gels anPerfect Glide fabric conditioner contributed to voluthroughout the region.

On the following pages, Ian Cook, Chairman, President and

CEO, answers questions often asked by our shareholders

regarding our business results, key strategic initiatives and

prospects for future growth.*

Q.Please comment on the Companys 2013 global

business results.

A.We are delighted to have delivered another year of strong

performance in 2013. Net sales grew 2.0%, global unit

volume grew 5.0% and organic sales, or net sales excludingforeign exchange, acquisitions and divestments, grew 6.0%.

The strong top-line growth was led by emerging markets,

where organic sales grew a robust 9.5%. We achieved our

despite an intense competitive environment, volatile foreign

currency exchange and challenging macroeconomic condi-

tions worldwide.

overhead expenses. This allowed us to increase advertis-

ing spending behind the Companys brands by 6%, driving

strong market share performance worldwide.

We also maintained our strong balance sheet and cash

increase in the quarterly dividend and a two-for-one stock

Overall, we are very pleased with our results in 2013 and

remain sharply focused on strengthening our fundamentals

U N I T E D K I N G D O M

0"&, A5'/"

G E O G R A P H I C H I G H L I G H T S

*In the questions and answers provided, the Companys results and outlook

are discussed excluding charges resulting from the implementation of the

2012 Restructuring Program and certain other items in 2013 and 2012. A

complete reconciliation between reported results (GAAP) and results exclud-

ing these items (Non-GAAP), including a description of such items, is avail-

able on Colgates web site and on page 24 of this report.


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