#1Year End Results PZ Cussons Plc 31 May 2018 OCEAN WAVES bracing bergamot & sea minerals CHERRY # BERRY BLAST BOMB pampering cherry blossom & vanilla blackberry & wild fig Cussons Cussons Cussons IMPERIAL LEATHER MASTER PERFUMERS foamburst luxurious body wash with SKYNNY DIP IMPERIAL LEATHER MASTER PERFUMES IMPERIAL LEATHER MASTER Finnis foamburst luxurious body wash with SKYNNY DIP foamburst luxurious body wash with SKYNNY DIP PZ Cussons#2Group Highlights Pz Cussons Revenue Reported revenue 5.8% lower than prior year and 2.3% lower on a constant currency basis. Profits Adjusted operating profit 18.2% lower largely as a result of the macro economic situation in Nigeria. Initiatives Group wide initiatives underway to strengthen brand portfolios and reduce cost base. Net debt Strong balance sheet with net debt at 1.5 x EBITDA. Dividend Full year dividend maintained at 8.28p per share. 2#3Regional Macro Themes • Europe UK retail trading conditions remain challenging Volumes very sensitive to price points Beauty robust in both UK and US . All regions Consumer disposable Africa • Strong foreign exchange · reserves High interest rates Naira relatively stable but low liquidity at both trade and consumer level • General elections early . income under pressure Cost inflation ahead of wage growth • Exchange rates volatile . Strong brands, innovation and consumer focus critical . Asia Australia retail trading conditions challenging Higher costs in Indonesia impacting consumer Consumer responding well to product innovation General elections early 2019 2019 PZ Cussons 3#4Group Results Year ended Year ended Reported 31 May 2017 31 May 2018 % change Constant currency % change (Restated)* Revenue £762.6m £809.2m (5.8%) (2.3%) Adjusted operating profit £85.7m £104.8m (18.2%) (15.7%) Adjusted profit before tax £80.1m £102.0m (21.5%) (19.0%) Adjusted EPS 13.39p 16.42p (18.5%) Dividend per share 8.28p 8.28p Net debt (£165.4m) (£143.8m) *Restated to reflect a change in accounting policy in relation to recognition of pension surplus PZ Cussons 4#5Africa results Revenue¹ Operating profit PZ Cussons 2018 2017 Reported change % Constant currency change % £275.6m £305.6m (9.8%) (2.0%) £6.3m £28.3m (77.7%) (76.1%) Nigeria exchange rates relatively stable and foreign exchange reserves in the country strong as a result of higher oil price Significantly lower profits in Nigeria due to market contraction as a result of lack of liquidity in the trade and reduced consumer disposable income ■ No structural change in the landscape of the categories in which we operate with No.1 and No.2 brand shares remaining strong Notes 1. Nigeria represents 90% approximately of Africa revenue. 2. PZ Wilmar revenue (not consolidated) £141.6m (2017: £156.9m). 3. Above results for Nigeria translated at CBN rate. Nigeria results from 1 June 2018 to be translated using NIFEX rate. 5#6Asia results Revenue Operating profit 2018 2017 Reported change % £212.0m £222.7m (4.8%) £18.6m £15.9m 17.0% 68880 9900 0800999 PZ Cussons Constant currency change % (1.8%) 21.6% Continued improvement in profitability in Australia across all categories of Personal Care, Home Care and Food & Nutrition Good mix improvement in Indonesia driven by successful new product launches across Cussons Baby, Cussons Kids and Imperial Leather Significant new product launches across all portfolios 6009 900 6209 6806 000000 000000 0000 6#7Europe results Revenue Operating profit 2018 £275.0m £60.8m 0000 00 0000 60 00 000 Pz Cussons 2017 (restated) £280.9m £60.6m Reported change % (2.1%) 0.3% Constant currency change % (3.0%) 0.4% ☐ 00000 0000 9000 UK Washing and Bathing performance lower than the previous year due to tighter UK retail landscape, with volumes remaining very sensitive to price points and discounting Brand initiatives were accelerated in the second half of the year across Imperial Leather, Carex and Original Source with innovation increasingly important to secure distribution Good performance in Beauty division across all brands and in both UK and US markets Expanding distribution both in store and online continues to play an important part in the growth strategy 7#8Cash Flow and Net Debt (143.8) 83.6 (24.5) (18.0) (34.6) (22.2) (5.9) (165.4) Net debt 2017 Operating cash flow Working capital Taxation Dividends Capex Other Net debt 2018 (ex WC) ■ Strong balance sheet with net debt of 1.5 x EBITDA Working capital improved since half year reported levels of c.£44m outflow Capex reflects final SAP costs following June 2017 go-live and lower on-going capex costs PZ Cussons 8#9Looking forward Cussons Cussons Cussons Cussons IMPERIAL LEATHER NASTIL PERTEMENT IMPERIAL LEATHER IMPERIAL LEATHER IMPERIAL LEATHER Cosmic UniGoRN LIMITED EDITION MOON & SPARKLES UNICORN DUST FANTASY ICONS SHOWER GEL 325 TROPIC MERMAZING LIKE IT'S FIJIAN WATER LIMITED EDITION & LOTUS FLOWER FANTASY ICONS SHOWER GEL HOT LIMITED EDITION PINEAPPLE & COCONUT FANTASY ICONS SHOWER GEL # Flamingle LIMITED EDITION PINK LYCHEE & RASPBERRY FANTASY ICONS SHOWER GEL PZ Cussons 6#10Business Model CAN DO values 3 Regions: • Europe Asia CAN DO culture, people and values Flexible and low cost supply chain • Africa eographies Business Model supply World-cl 4 Product Categories: • • Personal Care Home Care Food & Nutrition Electricals Our categories Good 4 Business G4B G4B Ethics and Governance PZ Cussons 10 10#11FY19 and beyond...... Group wide initiatives A further optimisation of the Group's operating model A detailed review of the Group's product portfolio in Nigeria in HPC and Nutricima A review of product costs with focus on areas such as packaging A sharper consumer focus driving a re-prioritisation of the Group's new product pipeline in all markets to focus on fewer, bigger projects PZ Cussons Evaluation of other growth opportunities utilising the Group's product portfolio and distribution capacity 11#12Fewer, bigger projects.. Premier HYGIENE BAR Lime Fresh Trusted to cleanse and protect your family Joy BEAUTY BAR EXFOLIATING WITH AVOCADO &PAPAYA Africa Home and Personal Care (HPC) NEW Super Saver! Premier COOL DEO DEODORANT BODY SPRAY TEMPO Multipurpose Detergent Cleans & Freshens Guaranteed Freshness PZ Cussons Joy BODY LOTION INTENSE MOISTURISING y Y LOTION RISHING COCOA & SHEA BUTTER FOR DEEP MOISTURISED SKIN K&HONEY OR SOFT 100TH SKIN 12#13Fewer, bigger projects KING'S Cooking Margarine For Baking, Cooking & Frying Source of Vitamins A&D - Outedand Fare 250g EW Spreading NU NU Instant Filled Milk Powder 70Ltr BIGGER amador Classic Spread Cooking Baking RICH IN 7 ESSENTIAL VITAMINS AND ENERGY 450g UP TO 70LITRES FREEZER SPACE ENERGY SAVE MONEY Africa Food & Nutrition and Electricals UP TO 35% ENERGY SAVINGS with Eco-friendly Refrigerant Holec NOCOOL UP TO 40% ENERGY SAVINGS NUTRIACTIVE FOR STRONG BONES & SHARP MINDS Ohmpic Olympic TRACTIVE pare Comment ce prépare Live Fit, Live Life Olympic Filled Evaporated Milk Lait concentré non-sucré PZ Cussons Instant Filled Milk Powde ecce Crosse p alt tantané Avec Ma Live Fit, Live Life Olgrapic Instant Filled Milk Powder 13#14Fewer, bigger projects... Asia Indonesia Cussons baby SensiCare gentle hair & body wash Derma-Soft COMPLEX Extra mild cleansing for skin & hair, Suitable for new born, sensitive and eczema prone skin. Hypoallergenic and pH balanced With Organic Oats, Organic Olive Oil, Argan Oil & Ceramide. Netto 200ml ALL NEW Cussons IMPERIAL LEATHER BODY MIST Breezy ZESTY LEMON IMPERIAL LEATHER IMPERIAL LEATHER IMPERIAL LEATHER BODY MIST BODY MIST Softly Softly White Princess BODY MIST Uplifting CHERRY BLOSSOM & PEONY Cussons baby Natural Hair Oil for dark & shiny hair Mild Formula Tested CANDLE NUT & PRO-VIT B5 Netto 100ml LONG LASTIN FRAGRANC leaves skin gently scente Infused with a citrus fruity scen LONG LASTIN FRAGRANCE unique combination of for beautifully soft sk NettoNer LONG LASTIM FRAGRENS for brighter and radiant Netto PZ Cussons 14#15Fewer, bigger projects... Asia Australia Raarden no adde sugar pear & vanilla yoghurt Rafferty's no added sugar strawberry yoghurt RaGarden no added sugar peach & mango yoghurt 6+ 70g e months 6+ 70g e months 6+ 70g e months FUDGE PZ Cussons FUDGE CLEAN BLONDE CLEAN BLONDE VIOLET-TONING SHAMPOO INSTANTLY REMOVES VELLOW TONES FROM BLONDE HAIR WITH HYDRATING GUARANA VIOLET-TONING CONDITIONER NEUTRALISES YELLOW TONES FROM BLONDE HAIR LOCKS IN SMOOTHNESS & SHINE POWER OF AN OVERNIGHT SOAK WITH ONE SQUIRT Cussons MORNING FRESH ULTRA CONCENTRATE ULTIMATE 250ml e8.4 fl oz 250ml e8.4 fl oz POWER AWAY BAKED-ON FOOD SPECIALLY FORMULATED TO LEMON DISHWASHING LIQUID 350mL 15#16Fewer, bigger projects... Europe UK Washing & Bathing mited edition IMPERIAL LEATHER IMPERIAL LEATHER IMPERIAL LEATHER IMPERIAL LEATHER "Cosmic UniGoRN LIMITED EDITION TROPIC MERMAZING LIKE IT'S HOT Flamingle LIMITED EDITION Fun Edition Cussons Carex MOON & SPARKLES UNICORN DUST FANTASY ICONS SHOWER GEL FIJIAN WATER & LOTUS FLOWER FANTASY ICONS SHOWER GEL Cussons IMPERIAL LEATHER EXTRA 33% FREE Unicorn Magic foamburst luxurious body wash UNICORN Marsh Mallow Arribacterial Hand Wash LIMITED EDITION PINEAPPLE & COCONUT FANTASY ICONS SHOWER OFL 100% NATURAL FRAGRANCE Vegan ORIGINAL SOURCE 10% MORE FOAM FOAMING SHOWER GEL LEMON & LIME 180 mle 100% NATURAL FRAGRANCE ORIGINAL SOURCE 10% MORE FOAM FOAMING SHOWER GEL MINT & TEA TREE 180mLe G Vegual 100% NATURAL FRAGRANCE ORIGINAL SOURCE 10% MORE FOAM FOAMING SHOWER GEL ORANGE 180mLe Vegan 100% NATURAL FRAGRANCE ORIGINAL SOURCE 10% MORE FOAM FOAMING SHOWER GEL PINEAPPLE 180mLe PINK LYCHEE & RASPBERRY FANTASY ICONS SHOWER GEL 16#17Fewer, bigger projects... CHARLES WORTHINGTON TONING VIOLET SHAMPOO WORTHINGTON Europe Beauty-UK and US 25845 SANCTUARY -SPA WET SKIN MOISTURE MIRACLE Super-quick & hard working co that locks in twice the moisting as fast. The easiest, quickest active way to mosturise you by Lotion Hydratante Miracule Sur Peau Humide LONG CASTING CHARLES CHARLES WORTHINGTON LONDEN CHARLES WORTHINGTON TONING ULTRAVIOLET SHAMPOO TONING BLUE ENHANCING BRUNETTE CHARLES WORTHINGTON LONDEN PROTECTING BRUNETTE CHARLES WORTHINGTON ENHANCING BLOND SHAMPOO SHAMPOO SHAMPOO SHAMPOO COLOURPLEX COLOURPLEX 25e845 PURITY COLOURPLEX COLOURPLEX 250me/845f 250me/845 e 25m NATURAL GLOWING SEN Bronzing Water Mouse Aqua-Masse Bronzage PURITY CAL HEALTHY GLOW Joxe Mat 17 PZ Cussons CHARLES WORTHINGTON PROTECTING BLONDE SHAMPOO COLOURPLE#18Summary • Market shares remain strong in all regions despite a challenging year Focus on fewer, bigger product launches to further differentiate brands ADVANCED 1 HOUR TAN Bronzing Mousse 24 HOUR INSTANT BRONZER Wash of Face & Body Loton Medium/Dox Lotion lavacie Visage et Corps Mayen/Ford Ongoing focus on product cost and overheads through further optimisation of the operating model Balance sheet remains strong Group is well placed to take advantage of any improvement in the economic climate ST TROPEZ PZ Cussons 18#19Thank you PZ Cussons Contact Brandon Leigh Chief Financial Officer [email protected] Tel: +44 161 435 1236 199