Henkel Integrative Case Year
European Household and Personal Care, 2009 2009
Ticker Company FYE Currency
Revenues
(in euros)
Revenues
Cost of
sales
SG&A Amortization
Operating
profit
(EBITA)
Inventory
Accounts
receivable
Accrued
payroll
Accounts
payable
PP&E
BEI-FF Beiersdorf 12/31/09 EUR 5,748.0 5,748.0 1,892.0 3,250.0 24.0 630.0 561.0 947.0 –699.0 725.0
GIVN-VX Givaudan SA 12/31/09 CHF 2,669.4 3,959.0 2,355.0 1,084.0 176.0 696.0 633.0 831.0 92.0 322.0 1,437.0
HEN-FF Henkel AG 12/31/09 EUR 13,573.0 13,573.0 7,293.0 5,025.0 108.0 1,363.0 1,236.0 2,115.0 67.0 1,885.0 2,248.0
OR-FR L’Oreal SA 12/31/09 EUR 17,472.6 17,472.6 5,090.8 9,716.2 –2,665.6 1,476.7 2,826.8 –2,603.1 2,599.0
ORI-SK Oriflame Cosmetics 12/31/09 EUR 1,316.6 1,316.6 450.8 778.1 2.7 90.4 221.3 72.1 –45.2 134.1
RB.-LN Reckitt Benckiser 12/31/09 GBP 8,726.4 7,753.0 3,115.0 2,699.0 8.0 1,947.0 486.0 896.0 –790.0 639.0
SCA’B-SK Svenska Cellulosa AB 12/31/09 SEK 10,821.7 110,857.0 68,844.0 36,381.0 306.0 5,938.0 11,459.0 18,447.0 2,236.0 12,277.0 86,801.0
ULVR-LN Unilever plc 12/31/09 GBP 39,785.8 35,347.7 18,416.3 11,705.0 149.1 5,375.4 3,173.0 2,775.7 –3,531.3 5,920.4
Henkel Integrative Case
U.S. Household and Personal Care
Ticker Company FYE Currency
Revenues
(in euros)
Revenues
Cost of
sales
SG&A Amortization
Operating
profit
(EBITA)
Inventory
Accounts
receivable
Accrued
payroll
Accounts
payable
PP&E
AVP-N Avon Products Inc. 12/31/09 USD 7,168.5 10,284.7 3,881.6 5,311.6 47.7 1,139.2 1,067.5 923.0 291.0 746.7 1,529.6
CHD-N Church & Dwight Co. 12/31/09 USD 1,757.1 2,520.9 1,420.4 709.0 28.4 419.9 216.9 222.8 65.4 177.8 455.6
CL-N Colgate-Palmolive Co. 12/31/09 USD 10,683.0 15,327.0 6,303.0 5,360.0 22.0 3,686.0 1,209.0 1,626.0 431.0 1,172.0 3,516.0
CLX-N Clorox Company (The) 06/30/09 USD 3,885.6 5,450.0 3,111.0 1,328.0 17.0 1,028.0 366.0 492.0 123.0 381.0 955.0
RDEN-O Elizabeth Arden 06/30/09 USD 763.0 1,070.2 659.7 400.3 9.8 20.0 318.5 190.3 –191.2 64.1
EL-N Estee Lauder Co. 06/30/09 USD 5,227.3 7,331.9 1,888.4 4,902.5 13.8 554.8 795.0 853.3 280.8 329.8 1,026.7
ENR-N Energizer Holdings 09/30/09 USD 2,736.4 3,999.8 2,141.2 1,212.8 19.4 665.2 667.3 864.3 92.3 231.6 863.4
KMB-N Kimberly-Clark Corp. 12/31/09 USD 13,323.2 19,115.0 12,603.0 3,300.0 18.0 3,230.0 2,033.0 2,566.0 411.0 1,920.0 8,033.0
PG-N Procter & Gamble Co. 06/30/09 USD 56,343.8 79,029.0 38,723.0 23,957.0 648.0 16,997.0 6,880.0 5,836.0 1,464.0 5,980.0 19,462.0
Source: JPMorgan, Worldscope, Thomson Financial.
Henkel Integrative Case
Capital structure, 2009
Total Unfunded Debt & Net Share Shares Market
Ticker Company name FYE Currency
debt1retirements equivalents Cash debt price2outstanding capitalization
BEI-FF Beiersdorf 12/31/09 EUR 155.0 81.0 236.0 (1,813.0) (1,577.0) 46.2 226.8 10,470.0
GIVN-VX Givaudan SA 12/31/09 CHF 3,073.0 282.0 3,355.0 (892.0) 2,463.0 826.5 9.1 7,516.6
HEN-FF Henkel AG 12/31/09 EUR 4,179.0 844.0 5,023.0 (1,226.0) 3,797.0 31.0 433.7 13,445.2
OR-FR L’Oreal SA 12/31/09 EUR 3,131.3 1,015.5 4,146.8 (1,238.5) 2,908.3 78.0 586.2 45,720.2
ORI-SK Oriflame Cosmetics 12/31/09 EUR 262.3 –262.3 (107.2) 155.1 428.5 57.0 24,416.0
RB.-LN Reckitt Benckiser 12/31/09 GBP 136.0 200.0 336.0 (356.0) (20.0) 33.6 725.5 24,348.6
SCA’B-SK Svenska Cellulosa AB 12/31/09 SEK 43,979.0 3,411.0 47,390.0 (5,342.0) 42,048.0 95.5 702.3 67,038.6
ULVR-LN Unilever plc 12/31/09 GBP 8,721.0 2,289.8 11,010.8 (3,205.0) 7,805.8 19.9 2,815.5 56,141.1
Henkel Integrative Case
Segment comparables
Total Unfunded Debt & Net Share Shares Market
Ticker Company name FYE Currency debt retirements equivalents Cash debt price outstanding capitalization
Laundry & Home Care
CLX-N Clorox Company (The) 06/30/09 USD 3,149.0 263.0 3,412.0 (206.0) 3,206.0 61.0 139.4 8,506.0
PG-N Procter & Gamble Co. 06/30/09 USD 36,972.0 5,240.0 42,212.0 (4,781.0) 37,431.0 60.6 2,799.2 169,715.1
ULVR-LN Unilever plc 12/31/09 GBP 8,721.0 2,289.8 11,010.8 (3,205.0) 7,805.8 19.9 2,815.5 56,141.1
Cosmetics & Toiletries
BEI-FF Beiersdorf AG 12/31/09 EUR 155.0 81.0 236.0 (1,813.0) (1,577.0) 46.2 226.8 10,470.0
CL-N Colgate-Palmolive Co. 12/31/09 USD 3,182.0 1,283.0 4,465.0 (740.0) 3,725.0 82.2 482.7 39,652.5
EL-N Estee Lauder Co. 06/30/09 USD 1,421.4 286.2 1,707.6 (881.2) 826.4 48.4 195.8 9,467.9
Adhesives
MMM-N 3M Company 12/31/09 USD 5,830.0 2,190.0 8,020.0 (3,809.0) 4,211.0 82.7 714.9 59,097.4
AVY-N Avery Dennison Corp. 01/02/10 USD 1,624.3 326.6 1,950.9 (143.6) 1,807.3 36.5 109.4 3,992.6
FUL-N Fuller (H B) Co. 11/28/09 USD 212.7 73.4 286.1 (100.2) 186.0 22.8 49.0 1,114.3
Source: Worldscope, Thomson Financial.
1For Henkel AG, total debt includes current financial liabilities, excluding operating sundry items.
2Data as of fiscal year-end 2009, except share price, which was measured on December 31, 2009.
Debt and debt equivalents
Debt and debt equivalents
Henkel Integrative Case
Adjusted stock prices (adjusted for dividends and splits)
EUR CHF EUR EUR EUR GBP SEK GBP USD USD GBP EUR USD USD USD USD USD
Date BEI-FF GIVN-VX HEN-FF OR-FR ORI-SK RB.-LN SCA’B-SK ULVR-LN CLX-N PG-N ULVR-LN BEI-FF CL-N EL-N MMM-N AVY-N FUL-N
12/31/2009 46.2 826.5 31.0 78.0 428.5 3,356.0 95.5 1,994.0 61.0 60.6 1,994.0 46.2 82.2 48.4 82.7 36.5 22.8
11/30/2009 43.5 795.0 28.7 72.3 411.0 3,100.0 96.0 1,784.0 60.3 62.3 1,784.0 43.5 84.2 46.8 77.4 37.6 20.4
10/30/2009 41.6 762.0 26.7 69.7 400.0 3,035.0 99.0 1,804.7 59.2 58.0 1,804.7 41.6 78.6 42.0 73.1 35.5 19.1
9/30/2009 40.1 777.0 24.8 67.9 357.0 3,058.0 94.5 1,754.4 58.3 57.5 1,754.4 40.1 75.9 36.7 73.3 35.8 20.8
8/31/2009 35.5 761.0 23.3 68.7 346.0 2,853.0 92.8 1,657.7 58.6 53.7 1,657.7 35.5 72.3 35.4 71.6 30.7 19.7
7/31/2009 35.3 714.5 22.0 60.8 358.0 2,831.9 92.8 1,559.0 60.5 55.1 1,559.0 35.3 72.0 36.0 69.6 26.4 20.1
6/30/2009 33.5 665.5 19.2 53.3 335.5 2,723.6 81.0 1,405.1 54.9 50.3 1,405.1 33.5 69.9 32.3 59.3 25.4 18.6
5/29/2009 34.7 671.2 19.1 55.8 334.5 2,637.9 87.3 1,430.7 51.6 51.1 1,430.7 34.7 65.2 32.7 56.3 26.8 16.9
4/30/2009 30.1 697.6 18.7 54.2 337.4 2,626.1 78.5 1,274.1 55.1 48.7 1,274.1 30.1 58.3 29.6 56.3 28.0 17.5
3/31/2009 32.8 549.7 18.4 50.4 247.0 2,578.8 59.4 1,266.4 50.2 46.0 1,266.4 32.8 57.9 24.4 48.6 21.8 12.9
2/27/2009 32.1 630.2 16.5 49.9 208.6 2,652.7 55.8 1,314.4 47.4 47.0 1,314.4 32.1 59.1 22.4 44.5 19.2 11.3
1/30/2009 37.3 733.6 17.8 50.7 190.8 2,586.7 62.2 1,470.1 48.9 53.2 1,470.1 37.3 63.8 26.0 52.0 23.1 13.8
12/31/2008 41.0 773.7 18.5 60.6 216.8 2,492.9 63.4 1,517.2 53.7 59.9 1,517.2 41.0 66.8 30.6 55.7 31.2 15.9
11/28/2008 42.3 740.2 18.7 61.9 211.9 2,669.8 62.0 1,434.5 57.2 62.4 1,434.5 42.3 63.4 27.6 64.7 29.2 17.5
10/31/2008 41.2 735.1 18.7 57.4 229.7 2,523.8 53.9 1,322.9 58.7 62.5 1,322.9 41.2 61.2 34.9 61.7 32.9 17.4
9/30/2008 43.7 866.9 21.1 67.3 305.2 2,621.5 68.7 1,442.3 60.1 67.1 1,442.3 43.7 73.0 48.4 65.5 41.8 20.5
8/29/2008 38.6 855.2 23.2 66.0 359.5 2,687.2 69.8 1,399.7 56.6 67.2 1,399.7 38.6 73.6 48.2 68.7 45.3 25.6
7/31/2008 40.5 797.9 23.9 65.5 378.7 2,640.6 65.6 1,315.3 52.2 63.0 1,315.3 40.5 71.9 42.8 67.0 41.0 24.5
6/30/2008 45.5 850.6 23.1 67.2 372.5 2,433.1 81.0 1,354.2 49.6 58.2 1,354.2 45.5 66.5 45.0 66.3 40.9 21.9
5/30/2008 49.0 940.9 28.1 76.0 409.5 2,843.2 91.5 1,583.5 54.3 63.2 1,583.5 49.0 71.6 46.1 73.9 47.6 24.3
4/30/2008 52.6 980.1 25.1 74.1 429.0 2,808.8 96.0 1,579.9 50.3 64.1 1,579.9 52.6 68.1 44.2 72.8 44.5 22.6
3/31/2008 51.0 915.3 25.6 76.8 368.7 2,668.3 98.8 1,577.1 53.4 66.6 1,577.1 51.0 74.6 44.4 74.9 45.5 19.9
2/29/2008 50.8 958.3 25.6 75.1 387.0 2,610.0 93.1 1,481.5 54.9 62.9 1,481.5 50.8 72.9 41.3 74.2 47.0 22.2
1/31/2008 49.5 968.3 26.8 78.7 324.3 2,478.0 92.7 1,534.4 57.8 62.2 1,534.4 49.5 73.3 40.9 74.9 47.4 20.2
12/31/2007 50.7 996.6 33.3 93.5 386.0 2,756.1 104.6 1,754.4 61.0 69.5 1,754.4 50.7 74.3 42.3 79.3 48.7 21.8
11/30/2007 52.7 993.0 32.9 90.6 363.1 2,733.4 104.1 1,656.0 60.8 70.0 1,656.0 52.7 76.3 43.0 78.3 47.4 24.6
10/31/2007 52.4 1,039.5 30.4 86.5 358.9 2,637.9 102.3 1,493.4 58.6 65.8 1,493.4 52.4 72.7 42.0 80.7 52.6 28.6
9/28/2007 50.2 982.9 31.6 87.8 365.4 2,716.4 109.8 1,419.8 56.8 66.2 1,419.8 50.2 67.7 40.6 87.5 51.8 28.8
8/31/2007 47.4 996.6 32.9 82.1 353.3 2,552.8 109.1 1,436.4 55.7 61.5 1,436.4 47.4 62.9 39.8 85.1 54.4 26.1
7/31/2007 49.1 1,035.9 34.3 80.6 322.0 2,485.6 109.8 1,424.4 56.3 58.2 1,424.4 49.1 62.6 43.1 82.7 55.4 26.8
6/29/2007 50.6 1,105.3 33.7 83.8 301.4 2,563.4 105.0 1,484.2 57.4 57.3 1,484.2 50.6 61.2 43.6 80.7 60.0 28.9
5/31/2007 51.2 1,064.2 33.4 84.3 338.3 2,573.7 109.3 1,432.7 62.1 59.5 1,432.7 51.2 63.2 45.3 81.8 58.6 26.4
4/30/2007 50.8 1,038.6 32.7 83.0 322.5 2,578.4 105.8 1,419.1 62.0 60.3 1,419.1 50.8 63.9 49.2 76.5 55.8 24.7
3/30/2007 48.5 1,010.1 31.5 77.0 244.7 2,479.9 113.8 1,378.6 58.6 58.8 1,378.6 48.5 62.7 46.8 70.7 57.7 26.3
2/28/2007 46.3 974.2 29.9 74.5 246.1 2,403.1 107.1 1,225.5 58.4 59.1 1,225.5 46.3 63.3 45.8 68.5 59.3 24.1
1/31/2007 48.7 1,008.3 33.2 76.4 255.2 2,273.1 109.6 1,246.2 60.2 60.4 1,246.2 48.7 64.1 45.5 68.3 61.0 24.9
12/29/2006 46.7 1,013.7 30.8 71.5 256.6 2,166.4 105.4 1,285.8 58.8 59.6 1,285.8 46.7 61.0 39.1 71.6 60.6 24.9
11/30/2006 42.3 964.3 29.6 71.7 234.7 2,099.6 98.9 1,227.3 58.6 58.2 1,227.3 42.3 60.8 39.1 74.9 59.8 25.1
10/31/2006 42.2 925.6 29.4 71.8 237.5 2,117.2 97.8 1,144.0 59.2 58.8 1,144.0 42.2 59.8 38.2 72.0 56.0 23.9
9/29/2006 39.6 899.6 30.3 75.4 221.1 2,055.0 99.1 1,158.0 57.5 57.2 1,158.0 39.6 57.7 38.1 68.0 53.4 22.5
8/31/2006 41.1 891.9 27.8 76.9 227.5 2,023.5 91.6 1,104.4 54.6 57.1 1,104.4 41.1 55.6 34.9 65.5 54.6 18.5
7/31/2006 39.1 913.1 26.2 73.9 223.4 1,975.0 89.2 1,113.2 54.7 51.8 1,113.2 39.1 55.1 35.3 63.9 51.7 19.2
6/30/2006 37.3 865.0 25.5 69.5 217.9 1,857.3 87.7 1,069.2 55.3 51.0 1,069.2 37.3 55.4 36.6 73.3 51.2 20.9
5/31/2006 35.3 886.6 25.3 65.8 222.9 1,806.8 88.8 1,050.8 57.4 49.8 1,050.8 35.3 55.8 38.7 76.0 52.0 23.1
4/28/2006 37.4 935.5 27.3 68.3 236.1 1,838.0 98.4 1,109.6 58.3 53.4 1,109.6 37.4 54.7 35.1 77.1 54.7 25.0
3/31/2006 37.2 885.4 27.5 67.5 220.0 1,862.9 97.5 1,121.9 54.1 52.6 1,121.9 37.2 52.5 35.2 68.3 51.2 24.5
2/28/2006 35.6 830.2 26.6 69.0 218.3 1,847.4 94.7 1,119.1 55.1 54.7 1,119.1 35.6 50.1 35.4 66.4 52.5 19.4
1/31/2006 32.8 803.7 26.1 62.1 183.5 1,679.9 90.3 1,125.7 54.1 54.0 1,125.7 32.8 50.5 34.5 65.3 52.0 18.0
12/30/2005 32.4 786.9 24.1 58.3 194.1 1,747.3 84.7 1,098.1 51.2 52.5 1,098.1 32.4 50.2 31.7 69.5 48.1 15.3
11/30/2005 31.8 740.1 23.2 56.9 180.1 1,629.0 80.1 1,079.1 48.8 51.9 1,079.1 31.8 49.9 30.9 70.4 50.8 14.8
10/31/2005 28.1 734.3 20.7 57.0 174.2 1,553.4 76.6 1,078.4 48.7 50.8 1,078.4 28.1 48.4 31.0 67.8 48.9 14.3
9/30/2005 29.8 732.5 21.8 59.9 191.1 1,571.6 77.4 1,114.2 49.7 53.7 1,114.2 29.8 48.0 32.6 65.5 45.3 14.7
8/31/2005 29.4 709.1 22.1 60.4 154.7 1,561.6 76.7 1,049.3 51.5 50.1 1,049.3 29.4 47.7 37.8 63.5 45.8 15.6
7/29/2005 29.2 683.1 22.3 60.5 155.1 1,540.0 75.0 1,036.1 50.0 50.3 1,036.1 29.2 48.1 36.6 66.5 48.6 16.4
6/30/2005 28.8 658.7 21.5 55.1 150.9 1,481.5 71.3 1,013.5 49.6 47.4 1,013.5 28.8 45.1 36.6 64.2 45.4 16.1
5/31/2005 27.2 657.0 21.8 54.8 128.4 1,513.0 72.2 1,009.7 52.0 49.6 1,009.7 27.2 45.2 36.5 68.0 45.0 15.3
4/29/2005 25.8 648.4 19.5 50.9 123.7 1,524.7 70.7 913.7 56.3 48.7 913.7 25.8 45.0 35.9 67.5 44.6 14.3
3/31/2005 26.4 663.9 19.9 56.5 119.7 1,514.8 73.0 961.5 55.8 47.4 961.5 26.4 46.9 42.0 75.6 52.7 13.6
2/28/2005 26.3 676.9 19.6 54.2 123.3 1,461.1 73.3 915.0 53.2 47.5 915.0 26.3 47.6 41.1 74.1 51.7 12.5
1/31/2005 26.6 648.4 19.6 52.6 135.9 1,404.9 73.3 926.5 52.7 47.6 926.5 26.6 47.3 42.2 74.1 50.9 12.5
12/31/2004 26.3 647.5 18.4 51.1 125.0 1,402.3 77.7 940.3 52.0 49.0 940.3 26.3 45.8 42.8 72.1 50.8 13.4
11/30/2004 24.9 651.8 18.3 49.8 115.6 1,374.6 76.7 880.6 48.6 47.6 880.6 24.9 41.2 40.4 69.9 49.6 13.4
10/29/2004 22.7 647.1 16.8 48.9 116.8 1,331.0 72.4 832.5 48.2 45.6 832.5 22.7 39.9 39.8 67.8 51.2 12.6
9/30/2004 23.4 656.1 17.0 48.3 133.5 1,206.3 77.6 815.8 46.8 48.0 815.8 23.4 40.2 38.7 69.9 55.3 12.8
8/31/2004 24.5 678.6 17.0 50.0 139.6 1,300.7 77.3 863.4 46.4 49.6 863.4 24.5 48.1 40.7 72.0 52.3 12.3
7/30/2004 29.6 633.7 17.2 54.5 206.9 1,325.2 77.8 880.6 43.7 46.2 880.6 29.6 47.4 40.7 71.7 50.6 12.5
6/30/2004 29.5 626.7 19.5 60.1 218.3 1,375.4 78.4 981.3 46.9 48.0 981.3 29.5 51.8 45.2 78.3 53.5 13.2
5/31/2004 28.0 579.2 18.9 58.6 190.3 1,302.2 79.1 940.5 45.7 47.5 940.5 28.0 50.7 42.4 73.6 49.3 12.4
4/30/2004 27.4 557.6 20.1 56.6 192.7 1,291.7 82.1 943.0 45.2 46.6 943.0 27.4 51.3 42.3 74.9 53.4 12.7
3/31/2004 26.1 546.3 18.5 56.1 172.4 1,185.1 79.9 954.5 42.5 46.0 954.5 26.1 48.6 41.1 70.9 51.7 13.2
2/27/2004 26.6 548.8 18.7 59.5 0.0 1,225.3 78.3 997.1 42.6 45.0 997.1 26.6 48.9 39.5 67.6 52.3 12.6
1/30/2004 28.0 554.8 18.3 57.3 0.0 1,118.1 76.8 938.1 42.4 44.4 938.1 28.0 45.3 38.0 68.2 51.3 12.9
12/31/2003 29.2 542.1 17.1 58.5 0.0 1,101.5 77.9 923.0 41.9 43.6 923.0 29.2 44.0 36.4 73.4 46.3 13.7
11/28/2003 28.1 499.0 17.3 55.7 0.0 1,105.9 77.2 895.1 40.5 42.0 895.1 28.1 46.1 34.9 68.2 45.2 12.3
10/31/2003 29.3 508.3 17.6 57.2 0.0 1,080.6 78.0 878.8 39.1 42.9 878.8 29.3 46.7 34.4 67.8 43.1 11.4
9/30/2003 32.8 472.0 16.1 52.8 0.0 1,054.5 74.2 898.9 39.4 40.4 898.9 32.8 48.9 31.3 59.3 41.4 11.1
8/29/2003 34.7 489.7 15.9 57.0 0.0 1,023.6 76.7 899.8 36.8 37.9 899.8 34.7 48.4 31.7 61.2 44.9 12.2
7/31/2003 32.2 473.7 15.2 52.7 0.0 984.0 72.5 892.8 37.2 38.2 892.8 32.2 47.8 34.3 59.9 44.0 11.1
6/30/2003 34.9 481.3 14.6 55.3 0.0 956.5 72.5 843.8 36.4 38.6 843.8 34.9 50.5 30.8 55.1 40.9 10.1
5/30/2003 33.8 434.9 14.7 55.5 0.0 1,022.7 71.0 951.4 38.1 39.7 951.4 33.8 51.9 30.6 54.1 44.9 10.9
4/30/2003 32.6 443.3 15.1 56.8 0.0 949.2 73.4 1,053.1 38.6 38.9 1,053.1 32.6 49.8 29.9 53.6 42.9 11.2
3/31/2003 30.3 429.1 14.6 49.2 0.0 892.0 68.4 1,003.4 39.2 38.3 1,003.4 30.3 47.2 27.9 55.3 47.5 10.5
2/28/2003 30.2 462.3 14.4 53.1 0.0 861.0 67.1 969.2 35.9 35.2 969.2 30.2 43.6 25.8 53.3 46.2 10.0
1/31/2003 29.4 474.8 13.9 57.0 0.0 894.5 69.2 905.8 32.5 36.8 905.8 29.4 44.2 27.7 52.7 47.9 11.5
12/31/2002 31.5 515.6 15.3 64.3 0.0 1,021.6 75.2 1,012.0 34.8 36.8 1,012.0 31.5 45.3 24.3 52.2 49.1 11.7
11/29/2002 29.7 513.0 15.4 63.6 0.0 947.0 80.3 980.3 37.0 36.2 980.3 29.7 44.4 24.9 54.9 51.6 13.1
10/31/2002 32.6 513.9 16.3 66.6 0.0 983.5 71.6 1,071.4 37.9 37.9 1,071.4 32.6 47.5 26.6 53.4 49.8 12.9
9/30/2002 29.1 548.8 16.3 64.7 0.0 1,017.4 73.4 978.9 33.7 38.1 978.9 29.1 46.5 26.2 46.3 45.6 12.0
8/30/2002 29.0 523.0 17.7 65.2 0.0 1,002.1 82.0 999.3 36.2 37.8 999.3 29.0 47.0 27.3 52.6 50.5 12.2
7/31/2002 31.8 494.8 16.8 63.4 0.0 913.3 81.3 954.3 32.3 38.0 954.3 31.8 44.2 27.7 52.7 49.5 12.2
6/28/2002 36.3 498.9 18.4 70.0 0.0 986.2 83.6 1,014.6 34.5 37.9 1,014.6 36.3 43.0 32.1 51.5 49.9 13.2
5/31/2002 36.8 509.7 20.1 67.1 0.0 1,015.5 86.7 1,065.5 38.2 37.7 1,065.5 36.8 46.5 33.5 52.6 51.8 13.0
4/30/2002 39.6 496.4 19.1 76.2 0.0 1,018.0 89.2 1,047.4 36.9 38.0 1,047.4 39.6 45.5 32.9 52.5 50.7 14.0
3/29/2002 40.3 443.8 18.8 74.3 0.0 966.9 80.2 937.3 36.3 37.8 937.3 40.3 48.9 31.1 48.0 48.3 13.4
2/28/2002 37.5 460.3 17.4 70.8 0.0 937.6 83.8 977.3 36.4 35.6 977.3 37.5 47.9 28.4 49.2 50.4 11.9
1/31/2002 39.6 446.3 16.9 69.1 0.0 857.4 76.0 949.8 33.9 34.3 949.8 39.6 48.9 29.4 46.0 46.9 12.1
12/31/2001 37.2 415.9 16.5 70.9 0.0 827.6 71.5 940.7 32.7 33.0 940.7 37.2 49.3 29.2 49.0 44.5 12.8
11/30/2001 36.3 415.0 17.3 67.4 0.0 763.9 66.7 944.8 32.7 32.3 944.8 36.3 49.8 30.3 47.5 42.3 13.3
10/31/2001 36.5 411.0 17.5 67.2 0.0 794.5 60.0 825.0 29.5 30.8 825.0 36.5 49.1 29.3 43.1 36.3 11.5
9/28/2001 35.4 400.2 17.3 66.4 0.0 809.4 57.8 853.1 30.4 30.2 853.1 35.4 49.5 30.1 40.6 37.0 10.2
8/31/2001 39.3 420.8 18.4 65.4 0.0 855.7 60.3 971.2 30.6 30.8 971.2 39.3 46.1 35.2 43.0 40.3 11.9
Laundry
Cosmetics
Adhesives
7/31/2001 39.4 403.6 18.7 72.7 0.0 849.1 58.8 989.4 30.7 29.5 989.4 39.4 46.1 35.9 45.9 39.9 11.7
6/29/2001 36.3 409.7 18.2 66.9 0.0 836.9 57.4 989.4 27.7 26.3 989.4 36.3 50.0 39.1 46.8 39.7 11.0
5/31/2001 32.9 397.4 18.7 66.5 0.0 761.8 58.7 886.1 28.3 26.5 886.1 32.9 48.0 36.8 48.7 45.3 10.1
4/30/2001 33.5 371.4 18.5 71.3 0.0 778.5 55.0 872.1 26.0 24.8 872.1 33.5 47.3 36.0 48.6 43.4 9.1
3/30/2001 34.9 355.2 17.7 66.9 0.0 733.2 50.9 822.3 25.5 25.7 822.3 34.9 46.7 33.0 42.4 40.3 9.3
2/28/2001 36.2 373.1 18.3 70.9 0.0 764.2 54.4 837.7 29.2 28.9 837.7 36.2 49.9 35.0 46.1 40.8 9.1
1/31/2001 31.4 363.3 17.6 72.2 0.0 703.9 52.1 836.1 27.4 29.5 836.1 31.4 50.8 34.5 45.0 41.8 8.5
12/29/2000 32.2 347.5 17.1 79.4 0.0 741.7 48.1 928.4 28.6 32.0 928.4 32.2 54.4 39.6 49.0 42.3 8.6
11/30/2000 37.3 351.1 17.4 79.9 0.0 720.7 47.3 946.2 36.0 30.6 946.2 37.3 49.5 39.2 40.6 42.1 7.5
10/31/2000 33.8 349.5 17.4 78.2 0.0 728.8 49.2 748.9 36.0 29.2 748.9 33.8 49.5 42.0 39.0 38.7 7.4
9/29/2000 31.5 362.9 16.5 76.5 0.0 664.8 40.8 703.5 31.7 27.2 703.5 31.5 39.7 33.1 36.8 35.5 6.2
8/31/2000 30.2 377.9 17.8 70.8 0.0 661.2 43.0 693.0 29.0 25.1 693.0 30.2 42.8 37.0 37.6 41.2 7.5
7/31/2000 30.9 394.5 16.5 76.6 0.0 601.8 47.3 640.8 33.2 23.1 640.8 30.9 46.8 39.7 36.2 41.3 8.4
6/30/2000 25.7 402.6 14.9 78.9 0.0 585.2 40.2 642.5 35.8 23.1 642.5 25.7 50.2 44.6 33.1 51.2 9.8
5/31/2000 24.0 0.0 15.8 63.8 0.0 579.7 43.3 708.7 31.6 26.9 708.7 24.0 44.1 40.4 34.4 46.5 8.4
4/28/2000 20.7 0.0 15.9 64.5 0.0 518.8 40.8 618.8 29.3 24.1 618.8 20.7 47.9 39.9 34.5 49.8 8.3
3/31/2000 21.3 0.0 15.9 58.3 0.0 471.6 47.2 630.6 26.2 22.7 630.6 21.3 47.1 45.2 35.3 46.3 8.6
2/29/2000 18.1 0.0 14.4 59.6 0.0 425.2 49.4 605.5 32.1 35.3 605.5 18.1 43.6 39.1 35.2 46.1 13.2
1/31/2000 18.9 0.0 14.9 57.3 0.0 471.2 51.3 594.1 37.9 40.6 594.1 18.9 49.5 46.1 37.1 51.2 14.0
12/31/1999 19.3 0.0 15.6 68.8 0.0 448.4 58.3 715.0 39.8 43.9 715.0 19.3 54.2 45.4 38.8 55.1 12.0
Henkel Integrative Case
Total returns (including dividends)
EUR CHF EUR EUR EUR GBP SEK GBP USD USD GBP EUR USD USD USD USD USD
Date BEI-FF GIVN-VX HEN-FF OR-FR ORI-SK RB.-LN SCA’B-SK ULVR-LN CLX-N PG-N ULVR-LN BEI-FF CL-N EL-N MMM-N AVY-N FUL-N
Equity beta
0.31 0.61 0.33 0.29 1.37 -0.02 1.01 0.28 0.53 0.28 0.28 0.19 0.15 0.96 0.89 1.26 0.88
######## 6.2% 4.0% 8.1% 7.9% 4.3% 8.3% –0.6% 11.8% 1.2% –2.8% 11.8% 6.2% –2.4% 3.3% 6.8% –2.8% 11.7%
######## 4.5% 4.3% 7.6% 3.7% 2.7% 2.1% –3.0% –1.1% 1.8% 7.5% –1.1% 4.5% 7.1% 11.4% 6.0% 5.9% 6.5%
######## 3.7% –1.9% 7.6% 2.5% 12.0% –0.8% 4.7% 2.9% 1.6% 0.9% 2.9% 3.7% 3.7% 14.6% –0.3% –1.0% –8.3%
9/30/2009 13.0% 2.1% 6.5% –1.1% 3.2% 7.2% 1.8% 5.8% –0.5% 7.0% 5.8% 13.0% 4.9% 3.4% 2.4% 16.5% 5.9%
8/31/2009 0.5% 6.5% 5.5% 12.9% –3.4% 0.7% 0.1% 6.3% –3.1% –2.5% 6.3% 0.5% 0.4% –1.6% 3.0% 16.3% –2.1%
7/31/2009 5.7% 7.4% 14.7% 14.1% 6.7% 4.0% 14.5% 11.0% 10.2% 9.5% 11.0% 5.7% 3.0% 11.5% 17.3% 4.1% 7.8%
6/30/2009 –3.5% –0.9% 0.8% –4.5% 0.3% 3.2% –7.2% –1.8% 6.5% –1.6% –1.8% –3.5% 7.3% –1.2% 5.3% –5.5% 10.3%
5/29/2009 15.0% –3.8% 2.1% 2.9% –0.9% 0.4% 11.1% 12.3% –6.4% 5.1% 12.3% 15.0% 11.8% 10.6% 0.0% –4.1% –3.6%
4/30/2009 –8.1% 26.9% 1.6% 7.7% 36.6% 1.8% 32.2% 0.6% 9.8% 5.9% 0.6% –8.1% 0.8% 21.3% 15.8% 28.6% 36.4%
3/31/2009 2.3% –12.8% 11.6% 0.9% 18.4% –2.8% 6.4% –3.7% 5.9% –2.2% –3.7% 2.3% –2.0% 8.8% 9.4% 13.3% 14.0%
2/27/2009 –14.0% –14.1% –7.4% –1.5% 9.3% 2.6% –10.3% –10.6% –3.1% –11.6% –10.6% –14.0% –7.5% –13.7% –14.6% –16.8% –18.0%
1/30/2009 –9.0% –5.2% –3.7% –16.4% –12.0% 3.8% –1.9% –3.1% –8.9% –11.2% –3.1% –9.0% –4.5% –15.2% –6.5% –26.0% –13.3%
######## –3.1% 4.5% –1.0% –2.1% 2.3% –6.6% 2.3% 5.8% –6.1% –3.9% 5.8% –3.1% 5.3% 11.0% –14.0% 6.8% –9.2%
######## 2.6% 0.7% 0.1% 7.9% –7.7% 5.8% 15.0% 8.4% –2.7% –0.3% 8.4% 2.6% 3.7% –21.0% 5.0% –11.2% 0.4%
######## –5.8% –15.2% –11.6% –14.8% –24.7% –3.7% –21.5% –8.3% –2.2% –6.8% –8.3% –5.8% –16.1% –27.8% –5.9% –21.3% –15.0%
9/30/2008 13.2% 1.4% –8.9% 2.0% –15.1% –2.4% –1.7% 3.0% 6.1% –0.1% 3.0% 13.2% –0.9% 0.3% –4.6% –7.8% –19.9%
8/29/2008 –4.6% 7.2% –3.0% 0.8% –5.1% 1.8% 6.5% 6.4% 8.4% 6.6% 6.4% –4.6% 2.4% 12.9% 2.4% 10.5% 4.3%
7/31/2008 –11.0% –6.2% 3.2% –2.5% 1.7% 8.5% –19.1% –2.9% 5.3% 8.4% –2.9% –11.0% 8.1% –5.1% 1.1% 0.2% 11.7%
6/30/2008 –7.2% –9.6% –17.6% –11.7% –9.0% –14.4% –11.4% –14.5% –8.6% –7.9% –14.5% –7.2% –7.1% –2.4% –10.3% –14.1% –9.8%
5/30/2008 –6.8% –4.0% 11.9% 2.6% –4.6% 1.2% –4.7% 0.2% 7.8% –1.5% 0.2% –6.8% 5.2% 4.4% 1.5% 7.0% 7.8%
4/30/2008 3.3% 7.1% –1.9% –3.5% 16.4% 5.3% –2.9% 0.2% –5.7% –3.8% 0.2% 3.3% –8.8% –0.5% –2.8% –2.2% 13.4%
3/31/2008 0.4% –4.5% – 2.2% –4.7% 2.2% 6.1% 6.5% –2.7% 5.9% 6.5% 0.4% 2.4% 7.7% 1.0% –3.3% –10.3%
2/29/2008 2.6% –1.0% –4.5% –4.5% 19.3% 5.3% 0.5% –3.4% –5.1% 1.2% –3.4% 2.6% –0.5% 0.9% –1.0%) –0.8% 9.9%
1/31/2008 –2.4% –2.8% –19.5% –15.8% –16.0% –10.1% –11.4% –12.5% –5.2% –10.4% –12.5% –2.4% –1.4% –3.2% –5.5% –2.6% –7.5%
######## –3.7% 0.4% 1.3% 3.2% 6.3% 0.8% 0.4% 5.9% 0.4% –0.8% 5.9% –3.7% –2.6% –1.6% 1.3% 2.8% –11.2%
######## 0.5% –4.5% 8.0% 4.7% 1.2% 3.6% 1.8% 10.9% 3.7% 6.4% 10.9% 0.5% 5.0% 2.2% –3.0% –10.0% –14.1%
######## 4.4% 5.8% –3.6% –1.5% –1.8% –2.9% –6.9% 5.2% 3.3% –0.7% 5.2% 4.4% 7.5% 3.4% –7.7% 1.5% –0.6%
9/28/2007 5.9% –1.4% –4.0% 7.0% 3.4% 6.4% 0.6% –1.2% 2.0% 7.7% –1.2% 5.9% 7.5% 2.1% 2.8% –4.6% 10.3%
8/31/2007 –3.5% –3.8% –4.0% 1.9% 9.7% 2.7% –0.6% 0.8% –1.1% 5.6% 0.8% –3.5% 0.5% –7.6% 2.9% –1.9% –2.6%
7/31/2007 –2.9% –6.3% 1.6% –3.9% 6.8% –3.0% 4.6% –4.0% –2.0% 1.7% –4.0% –2.9% 2.3% –1.1% 2.5% –7.7% –7.3%
6/29/2007 –1.1% 3.9% 1.0% –0.6% –10.9% –0.4% –4.0% 3.6% –7.5% –3.7% 3.6% –1.1% –3.2% –3.8% –1.3% 2.5% 9.7%
5/31/2007 0.7% 2.5% 2.1% 1.6% 4.9% –0.2% 3.4% 1.0% 0.1% –1.3% 1.0% 0.7% –1.2% –8.0% 6.9% 4.9% 6.6%
4/30/2007 4.7% 2.8% 3.8% 7.8% 31.8% 4.0% –7.1% 2.9% 5.8% 2.5% 2.9% 4.7% 2.0% 5.3% 8.3% –3.2% –6.0%
3/30/2007 4.9% 3.7% 5.2% 3.3% –0.6% 3.2% 6.3% 12.5% 0.5% –0.5% 12.5% 4.9% –0.9% 2.0% 3.2% –2.7% 9.2%
2/28/2007 –5.0% –3.4% –9.7% –2.4% –3.6% 5.7% –2.3% –1.7% –3.1% –2.1% –1.7% –5.0% –1.3% 0.8% 0.3% –2.8% –3.2%
1/31/2007 4.4% –0.5% 7.7% 6.9% –0.5% 4.9% 3.9% –3.1% 2.5% 1.4% –3.1% 4.4% 5.2% 16.4% –4.7% 0.6% 0.2%
######## 10.3% 5.1% 3.9% –0.3% 9.3% 3.2% 6.6% 4.8% 0.2% 2.4% 4.8% 10.3% 0.3% 0.1% –4.3% 1.3% –1.0%
######## 0.3% 4.2% 0.7% –0.1% –1.2% –0.8% 1.2% 7.3% –0.9% –0.9% 7.3% 0.3% 1.7% 2.2% 3.9% 6.9% 5.2%
######## 6.5% 2.9% –3.0% –4.9% 7.4% 3.0% –1.3% –1.2% 2.9% 2.8% –1.2% 6.5% 3.6% 0.2% 5.9% 4.9% 6.0%
9/29/2006 –3.5% 0.9% 9.0% –2.0% –2.8% 1.6% 8.2% 4.9% 5.3% 0.1% 4.9% –3.5% 3.7% 9.4% 3.8% –2.2% 21.9%
8/31/2006 5.1% –2.3% 6.1% 4.1% 1.8% 2.5% 2.6% –0.8% –0.2% 10.1% –0.8% 5.1% 0.9% –1.2% 2.5% 5.6% –3.8%
7/31/2006 4.6% 5.6% 2.8% 6.2% 2.5% 6.3% 1.7% 4.1% –1.2% 1.6% 4.1% 4.6% –0.5% –3.5% –12.8% 1.0% –7.9%
6/30/2006 5.7% –2.4% 0.7% 5.7% –2.2% 2.8% –1.2% 1.8% –3.5% 2.5% 1.8% 5.7% –0.7% –5.5% –3.5% –1.6% –9.7%
5/31/2006 –5.6% –5.2% –7.2% –3.7% –5.6% –1.7% –9.7% –5.3% –1.5% –6.8% –5.3% –5.6% 2.1% 10.3% –1.5% –5.0% –7.7%
4/28/2006 0.6% 5.7% –0.7% 1.1% 7.3% –1.3% 0.8% –1.1% 7.7% 1.6% –1.1% 0.6% 4.1% –0.2% 12.9% 6.9% 2.1%
3/31/2006 4.4% 6.7% 3.4% –2.1% 0.8% 0.8% 3.0% 0.3% –1.8% –3.8% 0.3% 4.4% 4.8% –0.6% 2.9% –2.5% 26.5%
2/28/2006 8.5% 3.3% 1.8% 11.2% 18.9% 10.0% 4.9% –0.6% 1.8% 1.2% –0.6% 8.5% –0.7% 2.6% 1.8% 1.1% 7.8%
1/31/2006 1.2% 2.1% 8.1% 6.4% –5.5% –3.9% 6.6% 2.5% 5.7% 2.8% 2.5% 1.2% 0.6% 8.9% –6.1% 8.1% 17.8%
######## 2.0% 6.3% 4.2% 2.4% 7.8% 7.3% 5.7% 1.8% 4.8% 1.2% 1.8% 2.0% 0.6% 2.6% –1.2% –5.4% 3.5%
######## 13.2% 0.8% 12.1% –0.1% 3.4% 4.9% 4.7% 0.1% 0.3% 2.1% 0.1% 13.2% 2.9% –0.5% 3.8% 3.8% 3.4%
######## –5.8% 0.2% –5.3% –4.8% –8.9% –1.2% –1.1% –3.2% –2.0% –5.4% –3.2% –5.8% 0.9% –4.8% 3.6% 8.1% –3.2%
9/30/2005 1.3% 3.3% –1.1% –0.9% 23.6% 0.6% 0.9% 6.2% –3.5% 7.2% 6.2% 1.3% 0.6% –13.8% 3.1% –1.3% –5.3%
8/31/2005 0.5% 3.8% –1.2% –0.1% –0.3% 1.4% 2.3% 1.3% 3.1% –0.3% 1.3% 0.5% –0.8% 3.2% –4.6% –5.7% –5.0%
7/29/2005 1.4% 3.7% 3.9% 9.7% 2.8% 4.0% 5.2% 2.2% 0.7% 6.0% 2.2% 1.4% 6.7% 0.0% 3.7% 7.0% 1.7%
6/30/2005 6.2% 0.3% –1.6% 0.7% 17.5% –2.1% –1.2% 0.4% –4.6% –4.4% 0.4% 6.2% –0.1% 0.1% –5.7% 1.0% 5.1%
5/31/2005 5.4% 1.3% 12.0% 7.6% 3.8% –0.8% 2.0% 10.5% –7.7% 1.8% 10.5% 5.4% 0.4% 1.8% 0.8% 0.9% 6.9%
4/29/2005 –2.6% –2.3% –1.8% –10.0% 3.4% 0.7% –3.2% –5.0% 0.9% 2.7% –5.0% –2.6% –4.0% –14.6% –10.8% –15.5% 5.0%
3/31/2005 0.4% –1.9% 1.5% 4.4% –3.0% 3.7% –0.4% 5.1% 4.9% –0.2% 5.1% 0.4% –1.4% 2.3% 2.1% 2.0% 8.9%
2/28/2005 –1.2% 4.4% –0.2% 3.0% –9.3% 4.0% 0.0% –1.2% 1.0% –0.3% –1.2% –1.2% 0.7% –2.6% 0.0% 1.6% 0.3%
1/31/2005 1.3% 0.1% 6.5% 2.9% 8.8% 0.2% –5.6% –1.5% 1.3% –2.9% –1.5% 1.3% 3.2% –1.4% 2.8% 0.2% –6.5%
######## 5.7% –0.7% 0.7% 2.7% 8.1% 2.0% 1.2% 6.8% 6.9% 3.0% 6.8% 5.7% 11.2% 5.8% 3.1% 2.2% –0.4%
######## 9.5% 0.7% 9.0% 1.8% –1.0% 3.3% 6.1% 5.8% 1.0% 4.5% 5.8% 9.5% 3.1% 1.6% 3.1% –3.0% 6.4%
######## –2.8% –1.4% –1.3% 1.3% –12.5% 10.3% –6.7% 2.1% 2.9% –5.0% 2.1% –2.8% –0.7% 2.7% –3.0% –7.5% –1.4%
9/30/2004 –4.8% –3.3% –0.1% –3.5% –4.4% –7.3% 0.4% –5.5% 0.9% –3.3% –5.5% –4.8% –16.3% –4.9% –2.9% 5.8% 4.1%
8/31/2004 –17.0% 7.1% –1.4% –8.2% –32.6% –1.8% –0.7% –2.0% 6.2% 7.3% –2.0% –17.0% 1.5% 0.1% 0.4% 3.2% –1.5%
7/30/2004 0.3% 1.1% –11.4% –9.3% –5.2% –3.7% –0.7% –10.3% –7.0% –3.8% –10.3% 0.3% –8.6% –10.0% –8.5% –5.4% –5.5%
6/30/2004 5.5% 8.2% 3.1% 2.5% 14.7% 5.6% –0.9% 4.3% 2.7% 1.0% 4.3% 5.5% 2.2% 6.5% 6.4% 8.4% 6.0%
5/31/2004 2.1% 3.9% –6.1% 3.6% –1.3% 0.8% –3.7% –0.3% 1.1% 2.0% –0.3% 2.1% –1.2% 0.2% –1.8% –7.5% –2.2%
4/30/2004 5.1% 2.1% 8.8% 1.0% 11.8% 9.0% 2.8% –1.2% 6.4% 1.3% –1.2% 5.1% 5.5% 3.1% 5.6% 3.2% –3.3%
3/31/2004 –2.1% –0.5% –1.1% –5.8% –3.3% 2.0% –4.3% –0.3% 2.3% –4.3% –2.1% –0.6% 4.1% 4.9% –1.3% 4.2%
2/27/2004 –5.0% –1.1% 2.3% 3.9% 9.6% 1.9% 6.3% 0.4% 1.4% 6.3% –5.0% 8.2% 4.0% –0.9% 1.9% –2.1%
1/30/2004 –4.1% 2.3% 6.6% –2.1% 1.5% –1.4% 1.6% 1.2% 1.7% 1.6% –4.1% 2.9% 4.4% –7.0% 11.0% –5.9%
######## 3.9% 8.6% –0.9% 5.0% –0.4% 0.9% 3.1% 3.5% 3.8% 3.1% 3.9% –4.7% 4.1% 7.6% 2.4% 11.5%
######## –4.0% –1.8% –1.9% –2.7% 2.3% –1.0% 1.9% 3.6% –2.1% 1.9% –4.0% –1.3% 1.6% 0.6% 4.8% 7.6%
######## –10.7% 7.7% 9.5% 8.4% 2.5% 5.2% –2.2% –0.7% 6.4% –2.2% –10.7% –4.4% 9.6% 14.2% 4.1% 2.6%
9/30/2003 –5.5% –3.6% 1.1% –7.3% 3.0% –3.3% –0.1% 7.0% 6.3% –0.1% –5.5% 1.1% –1.1% –3.0% –7.7% –8.4%
8/29/2003 7.8% 3.4% 4.7% 8.1% 4.0% 5.9% 0.8% –1.2% –0.7% 0.8% 7.8% 1.2% –7.6% 2.1% 2.1% 9.7%
7/31/2003 –7.8% –1.6% 4.1% –4.6% 2.9% 0.0% 5.8% 2.4% –1.0% 5.8% –7.8%) –5.4% 11.3% 8.7% 7.5% 10.2%
6/30/2003 3.5% 10.7% –0.8% –0.5% –6.5% 2.1% –11.3% –4.5% –2.9% –11.3% 3.5% –2.8% 0.6% 2.0% -8.9% –7.6%
5/30/2003 3.6% –1.9% –2.6% –2.2% 7.7% –3.2% –9.7% –1.2% 2.2% –9.7% 3.6% 4.3% 2.5% 0.9% 4.7% –2.9%
4/30/2003 7.5% 3.3% 3.5% 15.4% 6.4% 7.3% 4.9% –1.6% 1.4% 4.9% 7.5% 5.5% 7.0% –3.1% –9.6% 6.6%
3/31/2003 0.5% –7.2% 1.5% –7.3% 3.6% 1.9% 3.5% 9.1% 8.8% 3.5% 0.5% 8.2% 8.2% 3.7% 2.9% 4.9%
2/28/2003 2.5% –2.6% 3.7% –6.8% –3.7% –3.0% 7.0% 10.7% –4.3% 7.0% 2.5% –1.2% –7.0% 1.2% –3.7% –12.6%
1/31/2003 –6.6% –7.9% –9.5% –11.4% –12.4% –8.0% –10.5% –6.8% 0.0% –10.5% –6.6% –2.5% 14.3% 1.0% –2.4% –2.0%
######## 6.0% 0.5% –0.6% 1.1% 7.9% –6.4% 3.2% –5.9% 1.7% 3.2% 6.0% 2.0% –2.5% –5.0% –4.7% –10.7%
######## –8.8% –0.2% –5.7% –4.6% –3.7% 12.1% –8.5% –2.4% –4.4% –8.5% –8.8% –6.5% –6.3% 2.8% 3.5% 1.8%
######## 11.9% –6.4% 0.5% 3.0% –3.3% –2.4% 9.4% 12.4% –0.6% 9.4% 11.9% 2.2% 1.3% 15.4% 9.2% 7.5%
9/30/2002 0.5% 4.9% –7.9% –0.7% 1.5% –10.5% –2.0% –6.7% 0.8% –2.0% 0.5% –1.1% –4.0% –12.0% –9.7% –1.3%
8/30/2002 –8.9% 5.7% 5.2% 2.9% 9.7% 0.8% 4.7% 11.8% –0.4% 4.7% –8.9% 6.2% –1.2% –0.2% 2.0% –0.4%
7/31/2002 –12.3% –0.8%) –8.7% –9.5% –7.4% –2.8% –5.9% –6.4% 0.2% –5.9% –12.3% 3.0% –13.9% 2.3% –0.9% –7.2%
6/28/2002 –1.5% –2.1% –8.7% 4.3% –2.9% –3.5% –4.8% –9.7% 0.5% –4.8% –1.5% –7.7% –4.1% –1.9% –3.5% 1.5%
5/31/2002 –6.9% 2.7% 5.4% –12.0% –0.2% –2.9% 1.7% 3.5% –0.8% 1.7% –6.9% 2.2% 1.7% 0.2% 2.1% –7.3%
4/30/2002 –1.8% 11.8% 1.5% 2.6% 5.3% 11.3% 11.7% 1.9% 0.6% 11.7% –1.8% –6.9% 5.8% 9.4% 4.9% 4.2%
3/29/2002 7.5% –3.6% 8.4% 4.9% 3.1% –4.3% –4.1% –0.4% 6.3% –4.1% 7.5% 2.1% 9.7% –2.5% –4.1% 12.3%
2/28/2002 –5.3% 3.1% 2.9% 2.5% 9.4% 10.3% 2.9% 7.4% 3.8% 2.9% –5.3% –2.0% –3.4% 6.8% 7.6% –1.5%
1/31/2002 6.5% 7.3% 2.1% –2.6% 3.6% 6.3% 1.0% 3.7% 3.7% 1.0% 6.5% -0.7% 0.7% –6.1% 5.3% –5.5%
######## 2.3% 0.2% –4.3% 5.3% 8.3% 7.1% –0.4% 0.1% 2.2% –0.4% 2.3% –1.0% –3.8% 3.2% 5.4% –3.7%
######## –0.6% 1.0% –1.5% 0.2% –3.9% 11.2% 14.5% 10.7% 5.0% 14.5% -0.6% 1.5% 3.5% 10.3% 16.6% 16.2%
######## 3.3% 2.7% 1.2% 1.3% –1.8% 3.9% –3.3% –2.9% 1.9% –3.3% 3.3% –0.9% –2.7% 6.1% –2.1% 12.8%
9/28/2001 –10.0% –4.9% –5.8% 1.5% –5.4% –4.1% –12.2% –0.7% –1.8% –12.2% –10.0% 7.6% –14.6% –5.5% –8.0% –14.7%
8/31/2001 –0.1% 4.3% –1.6% –10.1% 0.8% 2.5% –1.8% –0.3% 4.4% –1.8% –0.1% –0.1% –1.8% –6.4% 0.9% 1.9%
7/31/2001 8.3% –1.5% 2.4% 8.8% 1.5% 2.4% 0.0% 11.1% 11.9% 0.0% 8.3% –7.8% –8.2% –1.9% 0.4% 6.0%
6/29/2001 10.6% 3.1% –2.3% 0.5% 9.9% –2.1% 11.6% –2.3% –0.7% 11.6% 10.6% 4.1% 6.3% –3.8% –12.3% 9.3%
5/31/2001 –1.9% 7.0% 0.9% –6.8% –2.1% 6.6% 1.6% 8.8% 7.0% 1.6% –1.9% 1.4% 2.1% 0.1% 4.3% 10.4%
4/30/2001 –3.9% 4.6% 4.8% 6.7% 6.2% 8.1% 6.1% 1.9% –3.5% 6.1% –3.9% 1.4% 9.1% 14.5% 7.8% –1.4%
3/30/2001 –3.6% –4.8% –3.7% –5.6% –4.1% –6.4% –1.8% –12.5% –11.2% –1.8% –3.6% –6.4% –5.6% –7.8% –1.3% 1.8%
2/28/2001 15.3% 2.7% 4.3% –1.8% 8.6% 4.4% 0.2% 6.5% –1.9% 0.2% 15.3% –1.7% 1.4% 2.4% –2.2% 6.9%
1/31/2001 –2.7% 4.5% 2.8% –9.1% –5.1% 8.2% –9.9% –4.3% –8.0% –9.9% –2.7% –6.7% –13.0% –8.2% –1.2% –1.4%
######## –13.7% –1.0% –1.6% –0.7% 2.9% 1.8% –1.9% –20.6% 4.8% –1.9% –13.7% 9.9% 1.3% 20.7% 0.3% 15.6%
######## 10.3% 0.5% 0.0% 2.1% –1.1% –3.9% 26.4% 0.1% 4.8% 26.4% 10.3% 0.0% –6.7% 4.0% 8.9% 0.9%
######## 7.6% –3.7% 5.1% 2.3% 9.6% 20.6% 6.4% 13.4% 7.1% 6.4% 7.6% 24.9% 26.8% 6.0% 8.9% 18.4%
9/29/2000 4.2% –4.0% –7.1% 8.0% 0.5% –5.0% 1.5% 9.3% 8.4% 1.5% 4.2% –7.3% –10.4% –2.0% –13.8% –16.2%
8/31/2000 –2.4% –4.2% 7.7% –7.7% 9.9% –9.1% 8.1% –12.4% 8.7% 8.1% –2.4% –8.5% –7.0% 3.9% –0.3% –11.2%
7/31/2000 20.5% –2.0% 11.0% –2.8% 2.8% 17.6% –0.3% –7.3% –0.1% –0.3% 20.5% –6.7% –11.0% 9.2% –19.2%) –14.8%
6/30/2000 6.9% –5.9% 23.6% 1.0% –7.2% –9.3% 13.1% –13.9% –9.3% 6.9% 13.8% 10.4% –3.8% 10.1% 17.4%
5/31/2000 16.1% –0.6% –1.0% 11.7% 6.2% 14.5% 7.8% 11.3% 14.5% 16.1% –7.9% 1.4% –0.4% –6.7% 1.0%
4/28/2000 –2.7% 0.0% 10.5% 10.0% –13.5% –1.9% 12.0% 6.3% –1.9% –2.7% 1.6% –11.7% –2.2% 7.5% –3.2%
3/31/2000 17.6% 10.6% –2.2% 10.9% –4.4% 4.1% –18.4% –35.7% 4.1% 17.6% 8.0% 15.6% 0.4% 0.6% –34.9%
2/29/2000 –4.1% –3.2% 4.1% –9.8% –3.6% 1.9% –15.3% –13.0% 1.9% –4.1% –11.9%) –15.2% –5.2% –10.0% –5.6%
1/31/2000 –2.2% –4.8% –16.8% 5.1% –12.1% –16.9% –4.8%) –7.5% –16.9% –2.2% –8.6% 1.4% –4.3% –7.0% 16.6%
Henkel Integrative Case
Capital structure, 2009
OLS Bloomberg Debt-to- Unlevered
Ticker Company name FYE Currency
beta1adjustment2equity2beta3
BEI-FF Beiersdorf 12/31/09 EUR 0.31 0.54 –15.1% #VALUE!
GIVN-VX Givaudan SA 12/31/09 CHF 0.61 0.74 32.8% 0.56
HEN-FF Henkel AG 12/31/09 EUR 0.33 0.55 28.2% 0.43
OR-FR L’Oreal SA 12/31/09 EUR 0.29 0.52 6.4% 0.49
ORI-SK Oriflame Cosmetics 12/31/09 EUR 1.37 1.25 0.6% 1.24
RB.-LN Reckitt Benckiser 12/31/09 GBP -0.02 0.32 –0.1% 0.47
SCA’B-SK Svenska Cellulosa AB 12/31/09 SEK 1.01 1.00 62.7% 0.62
ULVR-LN Unilever plc 12/31/09 GBP 0.28 0.51 13.9% 0.45
0.64
Henkel Integrative Case
Segment comparables
OLS Bloomberg Debt-to- Unlevered
Ticker Company name FYE Currency beta
adjustment2equity beta
Laundry & Home Care
CLX-N Clorox Company (The) 06/30/09 USD 0.53 0.68 37.7% 0.50
PG-N Procter & Gamble Co. 06/30/09 USD 0.28 0.52 22.1% 0.42
ULVR-LN Unilever plc 12/31/09 GBP 0.28 0.51 13.9% 0.45
0.46
Cosmetics & Toiletries
BEI-FF Beiersdorf AG 12/31/09 EUR 0.19 0.46 –15.1% 0.62
CL-N Colgate-Palmolive Co. 12/31/09 USD 0.15 0.43 9.4% 0.39
EL-N Estee Lauder Co. 06/30/09 USD 0.96 0.97 8.7% 0.89
0.64
Adhesives
MMM-N 3M Company 12/31/09 USD 0.89 0.92 7.1% 0.86
AVY-N Avery Dennison Corp. 01/02/10 USD 1.26 1.18 45.3% 0.81
FUL-N Fuller (H B) Co. 11/28/09 USD 0.88 0.92 16.7% 0.79
0.82
Source: Worldscope, Thomson Financial.
1Equity beta is calculated by regressing 10 years of monthly returns on the MSCI World Index (in the same currency).
2Debt-to-equity is calculated as the ratio of the most recent year-end debt (and equivalents) divided by the market value of equity.
3Unlevered beta equals the OLS equity beta divided by (1 + D/E ).
Henkel Integrative Case
MSCI World Index
MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI
Date CHF EUR GBP SEK USD CHF EUR GBP SEK USD
######## 1,207.9 814.4 723.6 8,342.9 1,168.5 4.8% 6.6% 3.5% 4.0% 1.8%
######## 1,152.4 764.3 699.2 8,020.1 1,147.5 2.1% 2.3% 4.6% 3.2% 4.1%
######## 1,128.6 746.8 668.5 7,771.7 1,101.9 –3.0% –2.7% –4.7% –0.9% –1.8%
######## 1,163.8 767.3 701.3 7,843.3 1,121.6 2.1% 2.1% 6.0% 2.4% 4.0%
######## 1,139.6 751.4 661.6 7,656.4 1,078.3 2.3% 2.9% 6.0% 1.5% 4.2%
######## 1,114.0 730.1 624.4 7,541.1 1,035.1 7.4% 7.3% 7.8% 2.0% 8.5%
######## 1,037.6 680.2 579.3 7,391.6 954.0 1.6% 0.5% –2.5% 1.8% –0.4%
######## 1,021.6 676.8 594.1 7,261.3 957.9 2.2% 2.2% 0.3% 2.8% 9.2%
######## 999.3 662.1 592.1 7,066.5 877.3 11.5% 11.5% 7.7% 8.5% 11.3%
######## 896.1 593.6 549.9 6,515.7 788.1 5.0% 2.9% 7.0% –1.1% 7.6%
######## 853.3 576.7 513.9 6,589.1 732.5 –9.8%% –9.4% –9.1% –2.6% –10.2%
######## 946.4 636.3 565.6 6,763.6 815.4 –0.5% –1.0% –9.0% –4.3% –8.7%
######## 950.9 642.7 621.4 7,064.8 893.4 –9.5% –5.7% 10.2% 0.8% 3.3%
######## 1,050.9 681.8 563.8 7,007.2 865.2 –2.7% –6.5% –1.4% –2.7% –6.4%
######## 1,079.7 729.0 572.1 7,204.9 924.4 –15.6% –10.2% –10.6% –9.4% –18.9%
######## 1,278.6 811.8 639.7 7,950.8 1,140.3 –10.0% –7.6% –9.8% –4.3% –11.9%
######## 1,420.8 878.6 709.2 8,307.7 1,293.6 3.4% 4.5% 7.1% 4.7% –1.4%
######## 1,374.3 840.5 662.0 7,936.1 1,311.4 0.4% –1.5% –2.0% –1.8% –2.4%
######## 1,368.9 853.0 675.3 8,083.9 1,343.9 –10.2% –9.2% –8.6% –7.8% –7.9%
######## 1,525.2 939.4 738.7 8,766.0 1,459.8 2.0% 1.8% 1.9% 1.8% 1.6%
######## 1,495.8 922.4 725.1 8,607.8 1,436.1 10.9% 7.2% 5.7% 6.5% 5.3%
######## 1,348.5 860.4 686.0 8,084.6 1,363.4 –6.1% –5.1% –0.8% –4.8% –0.9%
######## 1,436.1 906.3 691.7 8,488.9 1,375.9 –4.3% –3.0% –0.6% –4.1% –0.5%
######## 1,500.1 934.2 695.8 8,851.5 1,383.2 –11.5% –8.8% –7.5% –8.5% –7.6%
######## 1,695.1 1,024.1 752.2 9,677.3 1,497.3 –1.0% –0.9% 2.0% –0.1% –1.3%
######## 1,712.1 1,033.1 737.5 9,687.5 1,516.4 –6.5% –5.4% –3.1% –3.6% –4.0%
######## 1,831.6 1,092.3 760.7 10,052.4 1,580.3 2.3% 1.3% 1.1% 1.4% 3.1%
######## 1,790.8 1,077.9 752.4 9,916.7 1,532.9 1.3% 0.4% 3.7% –1.6% 4.8%
######## 1,767.6 1,073.1 725.3 10,076.1 1,462.9 0.4% 0.4% 0.7% 2.2% 0.0%
######## 1,761.0 1,069.0 720.1 9,859.9 1,463.4 –4.0% –3.5% –3.4% –3.9% –2.2%
######## 1,833.7 1,107.8 745.7 10,259.6 1,496.2 –0.7% –1.1% –2.1% –1.5% –0.7%
######## 1,847.1 1,120.2 762.0 10,419.0 1,507.3 4.5% 4.4% 4.0% 6.0% 2.9%
######## 1,767.6 1,073.3 732.4 9,826.4 1,464.8 3.3% 1.9% 2.5% –0.1% 4.5%
######## 1,711.7 1,053.3 714.9 9,837.5 1,402.1 1.8% 1.1% 1.8% 1.9% 1.9%
######## 1,680.8 1,041.9 702.3 9,657.2 1,376.3 –2.6% –2.1% –0.6% 0.2% –0.5%
######## 1,725.6 1,064.3 706.5 9,635.9 1,383.0 3.4% 2.7% 1.2% 3.0% 1.2%
######## 1,668.1 1,036.4 698.2 9,351.4 1,366.6 4.0% 2.6% 2.6% 2.1% 2.1%
######## 1,604.1 1,010.2 680.7 9,160.4 1,339.0 –1.3% –1.3% –0.6% –2.9% 2.5%
######## 1,624.8 1,023.5 684.9 9,433.4 1,306.3 2.9% 2.9% 1.6% 2.2% 3.7%
######## 1,579.8 994.5 674.4 9,232.7 1,259.8 2.9% 2.3% 3.1% 2.6% 1.2%
######## 1,534.6 972.3 654.3 9,002.4 1,244.6 2.8% 2.3% 0.8% 2.8% 2.6%
######## 1,493.0 950.2 649.4 8,754.7 1,212.5 1.2% 0.8% -0.3% 0.9% 0.6%
######## 1,475.8 942.2 651.4 8,678.4 1,204.7 0.8% 0.5% 1.2% -0.2% 0.0%
######## 1,463.6 937.9 643.7 8,692.1 1,204.6 –5.6% –5.2% –6.1% –5.6% –3.3%
######## 1,549.7 989.2 685.5 9,203.1 1,246.1 –1.9% –1.0% –1.6% –2.3% 3.1%
######## 1,579.6 998.8 696.8 9,420.3 1,208.7 1.9% 0.7% 3.2% 0.6% 2.2%
######## 1,550.6 991.6 675.1 9,360.8 1,182.2 2.3% 1.7% 1.4% 3.9% –0.1%
######## 1,516.1 974.6 665.8 9,012.0 1,183.4 1.6% 1.5% 0.9% 0.0% 4.5%
######## 1,492.8 960.2 659.8 9,014.3 1,132.6 2.5% 2.2% 3.1% 0.7% 2.2%
######## 1,456.4 939.6 640.2 8,949.9 1,107.8 5.3% 5.0% 5.8% 4.9% 3.4%
######## 1,383.4 894.6 605.3 8,533.4 1,071.5 –2.3% –1.8% –2.5% 0.5% –2.4%
######## 1,415.5 910.7 620.6 8,486.7 1,098.0 5.1% 4.7% 4.3% 4.5% 2.6%
######## 1,346.4 869.9 594.8 8,124.4 1,069.9 –1.3% –0.4% –1.3% –1.3% 0.8%
######## 1,364.0 873.8 602.8 8,234.3 1,061.4 3.8% 3.2% 5.4% 2.8% 3.5%
######## 1,313.5 846.9 572.0 8,006.7 1,025.3 3.8% 2.9% 2.6% 6.4% 0.9%
######## 1,265.0 822.9 557.5 7,523.6 1,016.1 6.5% 6.5% 6.7% 5.9% 1.9%
######## 1,187.6 772.7 522.3 7,107.6 997.6 –2.2% –1.5% –3.1% –1.0% –2.1%
######## 1,214.7 784.2 539.3 7,177.7 1,019.1 1.0% 0.2% 0.0% 1.3% –1.9%
######## 1,203.0 782.7 539.5 7,088.6 1,038.8 0.6% 1.4% 1.1% 0.8% 3.2%
######## 1,196.2 772.1 533.6 7,031.9 1,006.5 2.2% 1.9% –0.5% 2.8% –2.2%
######## 1,170.6 757.4 536.2 6,841.2 1,029.5 3.8% 1.5% 3.4% 2.6% 3.8%
######## 1,128.0 745.9 518.6 6,670.8 991.3 –0.3% 0.8% 0.9% –0.4% 5.3%
######## 1,131.1 740.1 513.8 6,696.7 941.4 –1.4% 0.1% 1.2% 0.1% 2.5%
######## 1,147.2 739.7 507.7 6,688.6 918.7 0.4% –0.3% 1.3% –1.2% 1.9%
######## 1,143.0 741.7 501.1 6,772.1 901.4 –0.4% –0.5% 1.6% –1.6% 0.5%
######## 1,147.7 745.1 493.3 6,884.3 897.1 –1.2% –2.2% –3.5% –1.4% –3.2%
######## 1,161.1 762.1 511.2 6,984.0 927.1 1.9% 2.5% 3.2% 3.2% 2.1%
######## 1,139.1 743.6 495.3 6,770.1 908.1 –2.3% –0.9% –2.3% –1.5% 1.0%
######## 1,166.0 750.2 507.1 6,870.0 899.3 0.3% 0.5% 1.6% –0.7% –2.0%
######## 1,162.4 746.7 499.3 6,919.6 917.6 –0.9% 0.5% 0.3% 0.7% –0.6%
######## 1,172.6 743.1 497.5 6,873.4 923.3 2.5% 1.7% –0.2% 2.2% 1.7%
######## 1,144.2 730.7 498.7 6,727.9 907.8 3.6% 3.2% –0.1% 4.7% 1.6%
######## 1,104.8 708.2 499.0 6,427.3 893.3 1.7% 1.0% 2.1% 1.2% 6.3%
######## 1,086.3 701.0 488.6 6,349.7 840.3 –1.7% –1.5% 0.2% –1.6% 1.5%
######## 1,105.1 711.9 487.7 6,455.6 827.5 7.1% 6.1% 3.7% 6.9% 6.0%
######## 1,031.5 670.7 470.1 6,041.7 781.0 –5.1% –5.1% –4.2% –6.9% 0.6%
######## 1,087.0 706.9 490.7 6,489.3 776.1 4.2% 4.8% 3.8% 4.0% 2.2%
######## 1,042.8 674.8 472.5 6,237.7 759.5 3.4% 4.1% 4.8% 4.7% 2.0%
######## 1,008.1 648.1 451.0 5,957.8 744.3 5.8% 4.2% 1.0% 4.9% 1.8%
######## 952.5 621.8 446.4 5,681.2 731.3 1.6% 0.4% 3.2% 0.4% 5.8%
######## 937.8 619.6 432.7 5,656.1 691.5 9.3% 6.5% 7.7% 5.1% 8.9%
######## 857.9 581.7 401.6 5,382.4 634.8 –0.6% –1.5% –0.6% –0.6% –0.3%
######## 863.2 590.6 404.1 5,416.3 636.5 –2.5% –2.1% 2.6% –2.9% –1.7%%
######## 885.7 603.3 394.0 5,577.8 647.6 –4.1% –5.2% –5.0% –4.1% –3.0%
######## 923.4 636.4 414.8 5,818.8 667.8 –11.3% –9.8% –8.0% –8.5% –4.8%
######## 1,040.9 705.4 450.9 6,360.9 701.7 5.9% 5.0% 6.0% 4.3% 5.4%
######## 982.6 672.0 425.5 6,098.6 665.6 7.6% 7.2% 8.0% 6.1% 7.4%
######## 913.1 627.1 394.1 5,746.9 619.8 –12.6% –11.7% –12.4% –12.1% –11.0%
######## 1,044.7 709.9 450.1 6,535.5 696.2 1.5% 0.2% 1.2% –1.1% 0.2%
######## 1,029.5 708.6 444.7 6,605.9 694.7 –8.8% –7.7% –10.6% –5.2% –8.4%
######## 1,128.9 768.0 497.7 6,971.6 758.6 –10.8% –11.1% –9.8% –11.3%% –6.0%
######## 1,265.0 864.1 551.8 7,863.1 807.4 –3.1% –3.3% –0.2% –5.0% 0.2%
######## 1,305.1 893.9 552.8 8,277.2 805.6 –6.9% –6.4% –5.6% –4.1% –3.4%
######## 1,401.9 955.4 585.4 8,634.1 833.6 3.1% 3.6% 3.7% 3.4% 4.4%
######## 1,360.3 922.6 564.3 8,351.3 798.1 –1.3% –1.3% –0.9% –2.5% –0.8%
######## 1,377.9 934.9 569.5 8,564.3 804.9 0.0% 0.3% –0.1% –1.6% –3.0%
######## 1,378.0 932.2 570.3 8,706.4 830.0 1.5% 1.2% –1.4% –1.2% 0.6%
######## 1,358.1 921.0 578.3 8,811.3 824.7 6.8% 6.6% 8.0% 6.4% 5.9%
######## 1,271.3 864.3 535.3 8,279.6 778.5 3.0% 3.1% 3.0% 1.6% 1.9%
######## 1,234.7 838.7 519.7 8,148.5 763.8 –11.7% –9.0% –10.0% –6.9% –8.8%
######## 1,397.8 921.9 577.4 8,751.3 837.5 –8.0% –8.3% –6.4% –6.4% –4.8%
######## 1,519.3 1,005.1 617.2 9,346.8 879.6 –5.2% –4.5% –2.6% –3.7% –1.3%
######## 1,602.0 1,052.9 633.7 9,701.9 891.3 –2.9% –3.0% –2.1% –2.1% –3.1%
######## 1,650.5 1,085.3 647.6 9,905.0 920.0 2.1% 3.3% –0.5% 3.5% –1.2%
######## 1,616.1 1,050.8 651.1 9,568.2 931.6 8.0% 7.1% 6.7% 6.9% 7.4%
######## 1,496.8 981.0 610.0 8,949.3 867.2 –3.7% –2.8% –5.2% –2.0% –6.5%
######## 1,554.3 1,009.0 643.4 9,128.7 928.0 –6.7% –7.4% –7.2% –5.5% –8.4%
######## 1,666.4 1,089.9 693.7 9,660.4 1,013.6 3.4% 2.9% 4.2% 3.0% 1.9%
######## 1,611.2 1,059.0 665.6 9,381.4 994.3 –5.1% –5.8% –3.6% –4.4% 1.6%
######## 1,698.1 1,123.8 690.1 9,811.0 978.3 –9.3% –8.5% –3.8% –6.0% –6.1%
######## 1,872.5 1,228.4 717.2 10,434.4 1,041.4 2.3% 2.4% 0.1% 2.3% –1.7%
######## 1,830.4 1,200.0 716.3 10,201.4 1,059.0 –6.1% –4.6% –6.8% –3.3% –5.3%
######## 1,948.7 1,257.8 768.6 10,552.9 1,118.3 7.8% 7.6% 6.3% 6.3% 3.3%
######## 1,807.5 1,168.7 723.1 9,931.7 1,083.0 –0.2% 0.6% –1.8% 1.6% –2.8%
######## 1,811.8 1,162.3 736.0 9,772.3 1,114.2 –0.8% 0.0% 2.1% 0.6% 3.4%
######## 1,826.8 1,162.1 721.1 9,713.9 1,077.8 –4.0% –4.2% 2.1% –1.9% –2.5%
######## 1,902.2 1,213.2 706.6 9,898.3 1,105.6 –0.9% 0.6% –2.3% –0.8% –4.2%
######## 1,919.2 1,206.1 723.6 9,973.1 1,154.3 6.6% 7.6% 5.8% 5.4% 6.9%
######## 1,801.0 1,121.2 683.8 9,464.1 1,079.5 1.8% 1.9% 3.0% 0.0% 0.3%
######## 1,769.5 1,100.1 664.1 9,465.9 1,076.5 –3.2% –3.4% –6.3% –3.0% –5.7%
######## 1,827.6 1,138.9 708.4 9,754.1 1,141.8
Yields by Corporate Default Rating
Bloomberg, December 2009
U.S. Dollar–Denominated Bonds Euro-Denominated Bonds
Rating 1Y 2Y 5Y 10Y 20Y Rating 1Y 2Y 5Y 10Y 20Y
Treasury1
0.49 1.15 2.71 3.92 4.61
Treasury20.85 1.38 2.53 3.38 4.23
AAA 0.56 1.29 3.00 4.51 5.25 AA+/AA 1.34 1.87 3.12 4.13 n/a
AA 0.97 1.63 3.47 4.83 5.60 AA– 1.47 1.94 3.31 4.49 n/a
A+ 0.99 1.65 3.49 4.85 5.62 A 1.52 2.06 3.46 4.52 5.01
A 1.05 1.71 3.61 4.97 5.71 BBB+ 1.60 2.30 3.67 4.74 5.46
A– 1.39 1.97 3.81 5.23 5.97 BBB 1.86 2.67 4.09 5.08 n/a
BBB+ 2.06 2.66 4.49 5.57 6.23 BBB– 2.00 2.83 4.32 5.58 n/a
BBB 2.07 2.68 4.49 5.59 6.27 BB 3.42 4.36 6.43 8.03 n/a
BBB– 2.77 3.51 5.46 6.51 7.11
BB+ 4.04 4.86 6.44 7.51 8.08
BB 4.06 4.88 6.46 7.54 8.09
BB– 4.32 5.19 6.76 7.83 8.35
B+ 4.56 5.40 7.16 8.23 8.72
B 5.40 6.31 8.11 9.21 9.74
B– 5.91 6.80 8.60 9.69 10.22
1U.S. Treasury.
2German Treasury.
Henkel Credit Ratings
Rating actions
S&P
Agency Date Rating equivalent
Moody’s Jul-09 A3 A–
S&P May-09 A– A–
S&P Apr-07 A A
Fitch Nov-05 A– A–
S&P Oct-04 A– A–
S&P Apr-04 A– A–
S&P Dec-03 A+ A+
Henkel Integrative Case
Cost of capital
Key inputs
Risk-free rate 3.4%
Market risk premium 5.0%
Henkel: Cost of debt 4.6%
Henkel: Marginal tax rate 31.0%
Henkel: After-tax cost of debt 3.2%
Target After-tax Target
Unlevered debt-to- Levered Cost of cost of debt-to- Cost of
Segment beta equity beta equity debt value capital
Henkel 0.64 28.2% 0.82 7.5% 3.2% 22.0% 6.6%
Laundry & Home Care 0.44 28.2% 0.56 6.2% 3.2% 22.0% 5.5%
Cosmetics/Toiletries 0.67 28.2% 0.86 7.7% 3.2% 22.0% 6.7%
Adhesives 0.71 28.2% 0.91 7.9% 3.2% 22.0% 6.9%