Dividend Increase 072 : Reckitt Benckiser

 

SIGNIFICANT PROGRESS ON PORTFOLIO TRANSFORMATION
• Significant progress on our portfolio transformation:
o Mead Johnson Nutrition (MJN) acquired on 15 June, earlier than expectations and integration progressing well.
o Food disposal announced. Proceeds to be used to reduce debt.
o RB base business on track in a challenging environment.
• LFL net revenue decline of -1% (Q2: -2%) – in line with our announcement on 6 July. (specific issues: Scholl, Korea,
GST and cyber-attack)
• ENA (-3% LFL) and DvM (+3% LFL growth) – impacted by specific issues in challenging market conditions.
• Health (-2% LFL) – continuing strong dynamics offset by specific issues. Hygiene (+1% LFL growth), Home (-3% LFL).
• Adjusted operating margin expansion of +30bps to 23.7%, (ex MJN: +50bps to 23.9%).
• Adjusted net income growth of +14% (-1% at constant rates); adjusted diluted EPS of 124.9p (+15%).
• Adjusting items of £127m principally in respect of the MJN acquisition.
• £318m provision in respect of Indivior / DoJ discussions taken within discontinued operations. Further details on p15, 26.
• Reported net income increased by +61% (+34% constant); reported diluted EPS of 109.3p (+62%).
• Strong free cash flow generation of £1,251m.
• Full year net revenue target adjusted to +2% (previously +3%) as previously announced. MJN net revenue target for H2
of -2% to flat.
The Board declares an interim dividend of 66.6p per share (2016: 58.2p), an increase of 14%.


Reckitt Benckiser fa parte del gruppo “CONSUMERS” all’interno del portafoglio Black Dog.

Ad oggi ha restituito 6.4 euro che corrispondono ad un tasso di payback del 0.94%.

Il nuovo dividend yeld netto “on cost” si attesta al 1.58% e al 1.59% considerando i dividendi già incassati.

Ad oggi l’investimento in RB corrisponde allo 1% dell’intero portafoglio.

Il rendimento attuale ,dividendi inclusi , si attesta allo 0.48%.


 

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