Proctor and Gamble 2014 Annual Report Download

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 Annual Report

Table of contents

  • Page 1
    Annual Report

  • Page 2
    ... Brands Sectors and SMOs Form 10-K Index Form 10-K Measures Not Defined by U.S. GAAP Global Leadership Council Board of Directors Company & Shareowner Information Recognition 1 6 8 9 10 42 87 87 88 89 FINANCIAL HIGHLIGHTS (unaudited) Amounts in millions, except per share amounts 2014 2013 2012...

  • Page 3
    ... value for consumers, build leadership brands and businesses, and create value for P&G shareowners. We met our business and financial objectives for fiscal year $ . billion of free cash ï¬,ow, with dividend % - the . Organic sales grew %, in line with the market. Core earnings per share increased...

  • Page 4
    ... supply network on fewer, more important brands. It will focus our selling resources on brands that really matter to consumers and retail customers, on businesses where we know how to win. It will provide consumers with a better shopping experience by simplifying shelf sets. It will improve service...

  • Page 5
    ... laundry market sales, but earn approximately % of the profit and cash generated in the category. We have a nearly % share of blades and razors sales globally - and a % share of value or profit. We earn a higher share of profit as a direct result of our innovation-focused business strategy and...

  • Page 6
    ...end of the premium segment. Fusion grew global share for consecutive quarters, reaching $ billion in sales faster than any other P&G brand in history. Last month, we launched the newest product in the Fusion line-up - Fusion ProGlide with FlexBall* Technology, the first razor designed to respond to...

  • Page 7
    ... month. We are setting the brand and product innovation agenda in our industry. When we do this well, we build consumer preference for our brands, extend our brands' competitive advantage, grow sales and market share cumulatively over time, and capture a larger share of category value - profit and...

  • Page 8
    ... potential. Nearly all of our billion-dollar brands and the vast majority of our $ million to $ billion brands hold the number one or two position in their category or segment, and they all have significant growth and value creation potential. Baby, Feminine and Family Care Fabric and Home Care

  • Page 9
    The Procter & Gamble Company 7 Beauty Health and Grooming

  • Page 10
    ... Oral Care Shave Care CATEGORIES: Electronic Hair Removal, Female Blades & Razors, Male Blades & Razors, Pre/Post Shave, Other Shave Care We take our portfolio of brands to consumers through five regional Selling and Market Operations. Asia Europe Latin America North America India, Middle East...

  • Page 11
    ...Item 12. Item 13. Item 14. Directors, Executive Officers and Corporate Governance Executive Compensation Certain Relationships and Related Transactions and Director Independence Principal Accountant Fees and Services Part IV Item 15. Exhibits and Financial Statement Schedules Page 11 12 16 16 16 16...

  • Page 12
    ... & Gamble Plaza, Cincinnati, Ohio 45202 Telephone (513) 983-1100 IRS Employer Identification No. 31-0411980 State of Incorporation: Ohio Securities registered pursuant to Section 12(b) of the Act: Title of each class Common Stock, without Par Value Name of each exchange on which registered New York...

  • Page 13
    ..., drug stores, department stores, salons, e-commerce and high-frequency stores. We utilize our superior marketing and online presence to win with consumers at the "zero moment of truth" - when they are searching for information about a brand or product. We work collaboratively with our customers to...

  • Page 14
    ... and non-manufacturing employees. A discussion of progress on non-manufacturing enrollment objectives is included in Note 3 to our Consolidated Financial Statements. Historical numbers include employees of discontinued operations. Total Number of Employees 2014 2013 2012 2011 2010 2009 118,000...

  • Page 15
    ... global demand for our brands and products. To achieve business goals, we must develop and sell products that appeal to consumers. This is dependent on a number of factors, including our ability to develop effective sales, advertising and marketing programs. We expect to achieve our financial...

  • Page 16
    ... Note 5 to our Consolidated Financial Statements. We face risks related to changes in the global and political economic environment, including the global capital and credit markets. Our business is impacted by global economic conditions, which continue to be volatile. Our products are sold in more...

  • Page 17
    ... uninterrupted leadership and direction for our business. This includes developing and retaining organizational capabilities in key growth markets where the depth of skilled or experienced employees may be limited and competition for these resources is intense. Our ability to successfully manage...

  • Page 18
    ... products to consumers; collecting and storing customer, consumer, employee, investor and other stakeholder information and personal data; processing transactions; summarizing and reporting results of operations; hosting, processing and sharing confidential and proprietary research, business plans...

  • Page 19
    ... Family Care Group President - Global Health and Grooming Group President - Global Business Services and Chief Information Officer Chief Human Resources Officer Global Information & Decision Solutions Officer President - Latin America Chief Technology Officer President - Asia Chief Legal Officer and...

  • Page 20
    .... Mr. Lafley consulted with a number of Fortune 50 companies on business and innovation strategy. He also advised on CEO succession and executive leadership development, and coached experienced, new and potential CEOs. He currently serves on the board of directors of Legendary Pictures, LLC (a film...

  • Page 21
    ...of this Form 10-K. Shareholder Return Performance Graphs Market and Dividend Information P&G has been paying a dividend for 124 consecutive years since its incorporation in 1890 and has increased its dividend for 58 consecutive years at an annual compound average rate of over 9%. (in dollars; split...

  • Page 22
    ...broad market comparison) and the S&P 500 Consumer Staples Index (line of business comparison). The graph and table assume $100 was invested on June 30, 2009, and that all dividends were reinvested. Cumulative Value of $100 Investment, through June 30 Company Name/Index 2009 2010 2011 2012 2013 2014...

  • Page 23
    ... Statements. Financial Summary (Unaudited) Amounts in millions, except per share amounts 2014 2013 2012 2011 2010 2009 Net sales Gross profit Operating income Net earnings from continuing operations Net earnings from discontinued operations Net earnings attributable to Procter & Gamble Net Earnings...

  • Page 24
    ... Policies and Estimates Other Information number of financial measures that are not defined under accounting principles generally accepted in the United States of America (U.S. GAAP), including organic sales growth, core earnings per share (Core EPS), free cash flow and free cash flow productivity...

  • Page 25
    ...Services (GBS) and Corporate Functions (CF). Global Business Units Under U.S. GAAP, the GBUs are aggregated into five reportable segments: Beauty; Grooming; Health Care; Fabric Care and Home Care; and Baby, Feminine and Family Care. The GBUs are responsible for developing overall brand strategy, new...

  • Page 26
    ... consumers and customers. The GBS organization is responsible for providing world-class solutions at a low cost and with minimal capital investment. Corporate Functions CF provides Company-level strategy and portfolio analysis, corporate accounting, treasury, tax, external relations, governance...

  • Page 27
    ... our key customers, in order to effectively compete and achieve our business plans. As a company that manages a portfolio of consumer brands, our ongoing business model involves a certain level of ongoing acquisition, divestiture and joint venture activities. We must be able to successfully manage...

  • Page 28
    ... key employees, is critical to our success. Global Economic Conditions. Demand for our products has a correlation to global macroeconomic factors. The current macroeconomic factors remain dynamic. Economic changes, terrorist activity, political unrest and natural disasters may result in business...

  • Page 29
    ... sales, driven by price increases across all business segments, primarily executed in prior periods to offset cost increases and devaluing developing market currencies. Foreign exchange reduced net sales by 2%. Organic sales growth was 3% driven by both volume and price increases. Operating Costs...

  • Page 30
    .... See Significant Accounting Policies and Estimates (Goodwill and Intangible Assets) and Note 2 to our Consolidated Financial Statements for more details, including factors leading to the impairment charges. Since goodwill is included in Corporate for internal management and segment reporting, the...

  • Page 31
    ... announced share repurchase program, partially offset by shares issued under share-based compensation plans. Diluted net earnings per share from discontinued operations was $0.03 due to the earnings of the Pet Care business. Diluted net earnings per share from discontinued operations in 2012 was...

  • Page 32
    ...management reporting and in segment results, with full recognition of the individual income statement line items through before-tax earnings. Eliminations to adjust these line items to U.S. GAAP were included in Corporate. In determining after-tax earnings for the businesses, we eliminated the share...

  • Page 33
    ... mix reduced net sales by 1% due to disproportionate growth in developing regions, which have lower than segment average selling prices. Unfavorable foreign exchange reduced net sales by 2%. The mix impact of minor brand divestitures reduced net sales by 1%. Global market share of the Beauty segment...

  • Page 34
    ...which was driven by a decrease in marketing spending. Gross margin increased slightly as the benefits of pricing and manufacturing cost savings more than offset the negative impacts of foreign exchange and geographic and product mix. Fiscal year 2013 compared with fiscal year 2012 Grooming net sales...

  • Page 35
    ... 2012 Fabric Care and Home Care net sales increased 1% in 2013 to $25.9 billion on a 3% increase in unit volume. Organic sales were up 4%. Price increases contributed 1% to net sales growth. Unfavorable foreign exchange reduced net sales by 3%. Global market share of the Fabric Care and Home Care...

  • Page 36
    ... driven by the impact of higher pricing and manufacturing and commodity cost savings, partially offset by unfavorable product and geographic mix. The effective tax rate increased due to the geographic mix of earnings. CORPORATE ($ millions) 2014 Change vs 2013 2013 Change vs 2012 Volume Net sales...

  • Page 37
    ...primarily driven by a $1 billion discretionary contribution into a foreign pension plan. Operating cash flows resulted primarily from net earnings, adjusted for non-cash items (depreciation and amortization, stock-based compensation, deferred income taxes and gains on sale and purchase of businesses...

  • Page 38
    ... year 2012 Net investing activities consumed $6.3 billion in cash in 2013 mainly due to capital spending, cash paid for acquisitions and investments in available-for-sale securities, partially offset by asset sales. Capital Spending. We manage capital spending to support our business growth plans...

  • Page 39
    ... us to refinance our debt as it becomes due at favorable rates in commercial paper and bond markets. In addition, we have agreements with a diverse group of financial institutions that, if needed, should provide sufficient credit funding to meet short-term financing requirements. On June 30, 2014...

  • Page 40
    ... take-or-pay obligations represent future purchases in line with expected usage to obtain favorable pricing. Approximately 19% relates to service contracts for information technology, human resources management and facilities management activities that have been outsourced. While the amounts listed...

  • Page 41
    ...of health care and life insurance for retirees. For accounting purposes, the defined benefit pension and OPEB plans require assumptions to estimate the projected and accumulated benefit obligations, including the following variables: discount rate; expected salary increases; certain employee-related...

  • Page 42
    ... lives. Our assessment as to brands that have an indefinite life and those that have a determinable life is based on a number of factors including competitive environment, market share, brand history, underlying product life cycles, operating plans and the macroeconomic environment of the countries...

  • Page 43
    ...the Consolidated Financial Statements includes a detailed discussion of our accounting policies for financial instruments. Derivative positions can be monitored using techniques including market valuation, sensitivity analysis and value-atrisk modeling. The tests for interest rate, currency rate and...

  • Page 44
    ... our financial statements. Currency Rate Exposure on Financial Instruments. Because we manufacture and sell products and finance operations in a number of countries throughout the world, we are exposed to the impact on revenue and expenses of movements in currency exchange rates. Corporate policy...

  • Page 45
    ... available for dividends, share repurchases, acquisitions and other discretionary investments. Free cash flow is also one of the measures used to evaluate senior management and is a factor in determining their at-risk compensation. Free Cash Flow Productivity. Free cash flow productivity is defined...

  • Page 46
    .... MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING At The Procter & Gamble Company, we take great pride in our long history of doing what's right. If you analyze what's made our Company successful over the years, you may focus on our brands, our marketing strategies, our organization design and...

  • Page 47
    ... of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America. Strong internal controls is an objective that is reinforced through our Worldwide Business Conduct Manual, which sets...

  • Page 48
    ... opinion. A company's internal control over financial reporting is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing similar functions, and effected by the company's board of directors, management, and other...

  • Page 49
    ... except per share amounts; Years ended June 30 2014 2013 2012 NET SALES Cost of products sold Selling, general and administrative expense Goodwill and indefinite-lived intangible asset impairment charges OPERATING INCOME Interest expense Interest income Other non-operating income, net EARNINGS FROM...

  • Page 50
    ... 30 2014 2013 2012 NET EARNINGS OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX Financial statement translation Unrealized gains/(losses) on hedges (net of $209, $92 and $441 tax, respectively) Unrealized gains/(losses) on investment securities (net of $4, $5 and $3 tax, respectively) Defined benefit...

  • Page 51
    ... stock, stated value $1 per share (10,000 shares authorized; shares issued: 2014 - 4009.2, 2013 4,009.2) Additional paid-in capital Reserve for ESOP debt retirement Accumulated other comprehensive income/(loss) Treasury stock, at cost (shares held: 2014 - 1,298.4, 2013 - 1,266.9) Retained earnings...

  • Page 52
    ..., 2012 Net earnings Other comprehensive income Dividends to shareholders: Common Preferred, net of tax benefits Treasury purchases Employee plan issuances Preferred stock conversions ESOP debt impacts Noncontrolling interest, net BALANCE JUNE 30, 2013 Net earnings Other comprehensive loss Dividends...

  • Page 53
    ... in millions; Years ended June 30 2014 2013 2012 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR OPERATING ACTIVITIES Net earnings Depreciation and amortization Share-based compensation expense Deferred income taxes Gain on sale and purchase of businesses Goodwill and indefinite-lived intangible asset...

  • Page 54
    ... Consolidated Financial Statements NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations The Procter & Gamble Company's (the "Company," "Procter & Gamble," "we" or "us") business is focused on providing branded consumer packaged goods of superior quality and value. Our products are...

  • Page 55
    ..., including the competitive environment, market share, brand history, product life cycles, operating plans and the macroeconomic environment of the countries in which the brands are sold. When certain events or changes in operating conditions occur, an impairment assessment is performed and Amounts...

  • Page 56
    ...impact on the Consolidated Financial Statements. The change in the net carrying amount of goodwill by reportable segment was as follows: Health Care Fabric Care and Home Care Baby, Feminine Total and Family Corporate Company Care Beauty Grooming GOODWILL at JUNE 30, 2012 - Gross GOODWILL at JUNE...

  • Page 57
    ... in North America, Latin America and other selected countries. The Company is pursuing alternate plans to sell its Pet Care business in the other markets, primarily the European Union countries. As a result, the Pet Care goodwill is included in the Corporate Segment as of June 30, 2013 and 2012. Pet...

  • Page 58
    ... of supply chain, research and development, marketing and overheads. The productivity and cost savings plan was designed to accelerate cost reductions by streamlining management decision making, manufacturing and other work processes in order to help fund the Company's growth strategy. The Company...

  • Page 59
    ...total restructuring costs related to our reportable segments: Years Ended June 30 2014 2013 $ Beauty Grooming Health Care Fabric Care and Home Care Baby, Feminine and Family Care Corporate (1) Total Company (1) 83 20 10 121 155 417 806 $ 132 50 14 140 129 491 956 Employee separation charges for...

  • Page 60
    ... debt and securities issued by its 100% finance subsidiaries. NOTE 5 RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS As a multinational company with diverse product offerings, we are exposed to market risks, such as changes in interest rates, currency exchange rates and commodity prices. We...

  • Page 61
    ...the credit risk of both the Company and our counterparties. When active market quotes are not available for financial assets and liabilities, we use industry standard valuation models. Where applicable, these models project future cash flows and discount the future amounts to a present value Amounts...

  • Page 62
    ... Procter & Gamble Company using market-based observable inputs including credit risk, interest rate curves, foreign currency rates and forward and spot prices for currencies. In circumstances where marketbased observable inputs are not available, management judgment is used to develop assumptions...

  • Page 63
    The Procter & Gamble Company 61 During fiscal 2013, we recorded impairments of certain goodwill and intangible assets. Also, during fiscal 2013, we applied purchase accounting and re-measured assets and liabilities at fair value related to the purchase of the balance of a joint venture in Iberia (...

  • Page 64
    ... and the reclassifications out of accumulated other comprehensive income/(loss): Changes in Accumulated Other Comprehensive Income/(Loss) by Component Pension and Financial Other Investment Statement Retiree Hedges Securities Translation Benefits (3) $ (5,300) $ (357) $ $ (3,673) $ (24) 363 731 710...

  • Page 65
    ...Gamble less preferred dividends (net of related tax benefits) are divided by the weighted average number of common shares outstanding during the year to calculate basic net earnings per common share. Diluted net earnings per common share are calculated to give effect to stock options and other stock...

  • Page 66
    ...compensation plans under which we annually grant stock option, restricted stock, restricted stock unit (RSU) and performance stock unit (PSU) awards to key managers and directors. Exercise prices on options granted have been, and continue to be, set equal to the market price of the underlying shares...

  • Page 67
    .... For the U.S. DC plan, the contribution rate is set annually. Total contributions for this plan approximated 15% of total participants' annual wages and salaries in 2014, 2013 and 2012. We maintain The Procter & Gamble Profit Sharing Trust (Trust) and Employee Stock Ownership Plan (ESOP) to provide...

  • Page 68
    ... benefit retirement pension plans to certain employees. These benefits relate primarily to local plans outside the U.S. and, to a lesser extent, plans assumed in previous acquisitions covering U.S. employees. We also provide certain other retiree benefits, primarily health care and life insurance...

  • Page 69
    ... Gamble Company 67 Pension Benefits June 30 2014 2013 Other Retiree Benefits 2014 2013 CLASSIFICATION OF NET AMOUNT RECOGNIZED Noncurrent assets Current liabilities Noncurrent liabilities NET AMOUNT RECOGNIZED AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI) Net actuarial loss...

  • Page 70
    ... retirement benefits. The weighted average assumptions used to determine benefit obligations recorded on the Consolidated Balance Sheets as of June 30, were as follows(1): Pension Benefits 2014 2013 Other Retiree Benefits 2014 2013 Discount rate Rate of compensation increase Health care cost trend...

  • Page 71
    ...weighted average assumptions used to determine net benefit cost recorded on the Consolidated Statement of Earnings for the years ended June 30, were as follows(2): Pension Benefits 2014 2013 2012 Other Retiree Benefits 2014 2013 2012 Discount rate Expected return on plan assets Rate of compensation...

  • Page 72
    70 The Procter & Gamble Company Pension Benefits Level 1 June 30 2014 2013 2014 Level 2 2013 2014 Level 3 2013 2014 Total 2013 ASSETS AT FAIR VALUE Cash and cash equivalents Common collective fund - equity Common collective fund - fixed income Other TOTAL ASSETS AT FAIR VALUE $ 79 - - 5 84 $ 71 -...

  • Page 73
    ...are allocated to employees based on debt service requirements, net of advances made by the Company to the Trust. The number of preferred shares outstanding at June 30 was as follows: Shares in thousands 2014 2013 2012 Years ended June 30 2014 2013 2012 United States International TOTAL $ 9,005...

  • Page 74
    ... Pension and postretirement benefits Stock-based compensation Loss and other carryforwards Goodwill and other intangible assets Accrued marketing and promotion Fixed assets Unrealized loss on financial and foreign exchange transactions Accrued interest and taxes Inventory Other Valuation allowances...

  • Page 75
    ... INFORMATION Effective July 1, 2013, we reorganized our Global Business Unit (GBU) structure, which resulted in changes to our reporting segments. We reorganized our GBUs into four industry-based sectors, comprised of 1) Global Beauty, 2) Global Health and Grooming, 3) Global Fabric and Home Care...

  • Page 76
    ...product categories. In 2014, 2013 and 2012, nine business units individually accounted for 5% or more of consolidated net sales as follows: % of Sales by Business Unit Years ended June 30 2014 2013 2012 • • Fabric Care Baby Care Hair Care and Color Shave Care Beauty Care Home Care Family Care...

  • Page 77
    ... included in net earnings from discontinued operations in the Consolidated Statement of Earnings for the year ended June 30, 2012. The Snacks business had historically been part of the Company's former Snacks and Pet Care reportable segment. In accordance with the applicable accounting guidance for...

  • Page 78
    ... and segment results for all years presented. Following is selected financial information included in net earnings from discontinued operations for the pet care and snacks businesses: Earnings from Discontinued Operations Income Tax Expense Gain on Sale of Discontinued Operations Income Tax Benefit...

  • Page 79
    ... the Company's Chief Financial Officer, Jon R. Moeller, performed an evaluation of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (Exchange Act)) as of the end of the period covered by this Annual Report on Form 10...

  • Page 80
    ... Plan; The Procter & Gamble 2003 NonEmployee Directors' Stock Plan; The Gillette Company 2004 Long-Term Incentive Plan; The Procter & Gamble 2009 Stock and Incentive Compensation Plan; and The Procter & Gamble 2013 Non-Employee Directors' Stock Plan. (b) Weightedaverage exercise price of outstanding...

  • Page 81
    ... as a result of the merger. After the merger, all outstanding options became options to purchase shares of The Procter & Gamble Company subject to an exchange ratio of .975 shares of P&G stock per share of Gillette stock. Only employees previously employed by The Gillette Company prior to October...

  • Page 82
    ... was originally adopted by the shareholders at the annual meeting on October 12, 1992 (Incorporated by reference to Exhibit (10-2) of the Company's Annual Report on Form 10-K for the year ended June 30, 2013).* The Procter & Gamble Executive Group Life Insurance Policy (Incorporated by reference to...

  • Page 83
    ... of the Company's Form 10-Q for the quarter ended September 30, 2012).* The Gillette Company Executive Life Insurance Program (Incorporated by reference to Exhibit (10-15) of the Company's Annual Report on Form 10-K for the year ended June 30, 2012).* The Gillette Company Personal Financial Planning...

  • Page 84
    ... adopted by shareholders at the annual meeting on October 13, 2009 (Incorporated by reference to Exhibit (10-3) of the Company's Form 10-Q for the quarter ended December 31, 2011), and the Regulations of the Compensation and Leadership Development Committee for The Procter & Gamble 2009 Stock and...

  • Page 85
    ... authorized in the city of Cincinnati, State of Ohio. THE PROCTER & GAMBLE COMPANY By /s/ A.G. LAFLEY (A.G. Lafley) Chairman of the Board, President and Chief Executive Officer August 8, 2014 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by...

  • Page 86
    ... Executive Group Life Insurance Policy (Incorporated by reference to Exhibit (10-3) of the Company's Annual Report on Form 10-K for the year ended June 30, 2013)* The Procter & Gamble Deferred Compensation Plan for Directors (as amended December 12, 2006), which was originally adopted by the Board...

  • Page 87
    ...of the Company's Annual Report on Form 10-K for the year ended June 30, 2012).* Senior Executive Recoupment Policy (Incorporated by reference to Exhibit (10-20) of the Company's Annual Report on Form 10-K for the year ended June 30, 2012).* The Gillette Company Deferred Compensation Plan (for salary...

  • Page 88
    86 The Procter & Gamble Company (1) * Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 ...

  • Page 89
    ... Legal Officer and Secretary Jon R. Moeller Chief Financial Officer Filippo Passerini Group President - Global Business Services and Chief Information Officer Marc S. Pritchard Global Brand Building Officer Yannis Skoufalos Global Product Supply Officer Carolyn M. Tastad Global Customer Business...

  • Page 90
    ... the Procter & Gamble Shareholder Investment Program. Registered shareowners and Program participants needing account assistance with share transfers, plan purchases/sales, lost stock certificates, etc. should contact Computershare at: Website: www.computershare.com/pg E-mail: [email protected]...

  • Page 91
    ...10 Companies for Executive Women. The Human Rights Campaign (HRC) has recognized P&G among a select group of companies, scoring a perfect 100 on the Human Rights Campaign's Corporate Equality Index. SUPPLIER DIVERSITY Procter & Gamble was this year's leader for the 2013 New Product Pacesetters list...

  • Page 92
    90 The Procter & Gamble Company The paper utilized in the printing of this annual report is certified to the FSC® Standards, which promotes environmentally appropriate, socially beneficial and economically viable management of the world's forests. Design: VSA Partners, Inc.

  • Page 93
    ...in greatest need. The program has helped save an estimated , lives, as drinking contaminated water is a primary cause of death and illness in developing countries. DISASTER RELIEF This year, P&G committed to % less water in every dose of P&G liquid laundry detergents sold in North America by . This...

  • Page 94
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