Henkel AG & Co. KGaA http://www.alacrastore.com/company-snapshot/Henkel_AG_Co_KGaA-1007887 Saturday, July 26, 2008 1:30:06 PM 1007887 Henkel AG & Co. KGaA en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/bir/464249bir/464249normHenkel KGaALoctite Corp.GermanyManufacturing: Manufacture of chemicals and detergents. The four business sectors are: Laundry and homecare; cosmetics/toiletries; consumer and craftsmen adhesives; Henkel technologies.281928412869287928993251313251883253203256113259989IKHEN37/12/2008 6:14:14 AM464249Company Profiles & FinancialsGale Company ProfilesPOLAND - VVF Ltd of India acquired a soap manufacturing unit of Henkel Polska Sp zoo, a Warszawa-based manufacturer of personal care products and a unit of Henkel AG & Co KGaA. Terms were not disclosed.7/10/2008 11:44:33 AM92724W42559A92724W42550ZVVF LtdHenkel Polska Sp zoo-Soap Manufacturing UnitVVF LtdHenkel AG & Co KGaAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/VVF_Ltd_acquires_Henkel_Polska_Soap_Mnfr_Unit_from_Henkel_AG_Co_KGaA-1994450040sdc/19944500401994450040Copyright © 2008, Thomson Financial, All Rights ReservedSoaps, Cosmetics, and Personal-Care ProductsIndiaPerfumes, cosmetics, and other toilet preparations2844FFForeignPrivate2079:Edible fats and oils, nec2841:Soap & other detergents, except specialty cleaners2842:Specialty cleaning and polishing preparations2844:Perfumes, cosmetics, and other toilet preparations2899:Chemicals and chemical preparations, nec2079:Edible fats and oils, nec2841:Soap & other detergents, except specialty cleaners2842:Specialty cleaning and polishing preparations2844:Perfumes, cosmetics, and other toilet preparations2899:Chemicals and chemical preparations, necSoaps, Cosmetics, and Personal-Care ProductsPolandSoap & other detergents, except specialty cleaners2841FFForeignSubsidiary37417001Mnfr oleochemicals,cosmeticsMnfr,whl personal care prodUnspecifiedAssets1027892001Jul 10 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.00000VVF Ltd, located in Mumbai,India, manufactures oleochemicals and personal careproducts. The companymanufactures partiallyhydrogenated vegetable oils,fatty alcohols, fatty acids,glycerin and soap noodles,soaps, face washes, handwashes, body washes, scrubs,shampoos, conditioners,creams, lotions, moisturizers,gels, shaving creams, aftershave lotions, antisepticliquids, tooth pastes andmouthwashes.VVF Ltd, located in Mumbai, India, manufactures oleochemicals and personal care products. The companymanufactures partially hydrogenated vegetable oils, fattyalcohols, fatty acids, glycerin and soap noodles, soaps,face washes, hand washes, body washes, scrubs, shampoos,conditioners, creams, lotions, moisturizers, gels, shavingcreams, after shave lotions, antiseptic liquids, toothpastes and mouthwashes.VVF Ltd, located in Mumbai, India, manufactures oleo chemicals and personal care products. The company manufactures partially hydrogenated vegetable oils, fatty alcohols, fatty acids, glycerin and soap noodles, soaps, face washes, hand washes, body washes, scrubs, shampoos, conditioners, creams, lotions, moisturizers, gels, shaving creams, after shave lotions, antiseptic liquids, tooth pastes and mouthwashes.1.000002.000003.00000Soap manufacturing unit ofHenkel Polska Sp zoo, locatedin Poland, manufactures soaps.Soap manufacturing unit of Henkel Polska Sp zoo, located inPoland, manufactures soaps.Soap manufacturing unit of Henkel Polska Sp zoo, located in Poland, manufactures soaps.0.000000.000000.000000.00000Y07 Jul 08Mon, 07 Jul 2008 00:00:00 ESTDate Announced: 07/07/200807 Jul 08Date Effective: 07/07/200807 Jul 08Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.00000100.00000100.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.00000POLAND - VVF Ltd of Indiaacquired a soap manufacturingunit of Henkel Polska Sp zoo,a Warszawa-based manufacturerof personal care products anda unit of Henkel AG & Co KGaA.Terms were not disclosed.POLAND - VVF Ltd of India acquired a soap manufacturing unit of Henkel Polska Sp zoo, a Warszawa-based manufacturer of personal care products and a unit of Henkel AG & Co KGaA. Terms were not disclosed.POLAND - VVF Ltd of India acquired a soap manufacturing unit of Henkel Polska Sp zoo, aWarszawa-based manufacturer of personal care products and a unit of Henkel AG & Co KGaA.Terms were not disclosed.POLAND - VVF Ltd of India acquired a soap manufacturing unit of Henkel Polska Sp zoo, a Warszawa-based manufacturer of personal care products and a unit of Henkel AG & Co KGaA. Terms were notdisclosed.POLAND - VVF Ltd of India acquired a soap manufacturing unit of Henkel Polska Sp zoo, a Warszawa-based manufacturer of personal careproducts and a unit of Henkel AG & Co KGaA. Terms were not disclosed.Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Completed-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000002841:Soap & other detergents, except specialty cleaners37417001India2844ForeignPrivate2841:Soap & other detergents, except specialty cleaners2842:Specialty cleaning and polishing preparations2844:Perfumes, cosmetics, and other toilet preparations2891:Adhesives and sealants5169:Chemicals and allied products, nec2810001FrankfurtGermany2844ForeignPublicHNKG0.000000.000000.000000.00000Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/fitch/391232_report_framefitch/391232_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Henkel AG & Co. KGaA808396306/30/2008 6:29:05 PM010000000103000001030200165Credit UpdateHEN391232_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/spcred/656670spcred/656670normThe latest Full Report from S&Pglobal6/27/2008 10:35:56 AM400Full Report656670GermanyHousehold ProductsEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsChemicalsFull ReportLeading and improving world market positions in adhesives, sealants, and surface treatments Good financial flexibility Commitment to a conservative financial policy Lower profitability than leading peers Increasing exposure to more cyclical industrial adhesives business The ratings on Germany-based branded consumer goods and adhesives manufacturer Henkel AG&Co. KGaA are supported by Henkel's strong financial profile as the result of a conservative financial policy; its leading positions in continental Europe in laundry and homecare products and, to a lesser extent, in cosmetics and toiletries; and its worldwide leading positions in adhesives and the related sealants and surface-treatment sector. The ratings are constrained by Henkel's continued lower-than-peer profitability despite its growing geographic diversification through a series of acquisitions in the U.S.DEU30301010 303010 3030 30Henkel AG&Co. KGaA126588EUROMIDAFRUSAHEN3@GRFULLGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656671spcred/656671normThe latest Summary from S&Pglobal6/27/2008 10:35:56 AM175Summary656671GermanyHousehold ProductsEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsChemicalsSummaryThe ratings on Germany-based branded consumer goods and adhesives manufacturer Henkel AG&Co. KGaA are supported by Henkel's strong financial profile as the result of a conservative financial policy; its leading positions in continental Europe in laundry and homecare products and, to a lesser extent, in cosmetics and toiletries; and its worldwide leading positions in adhesives and the related sealants and surface-treatment sector. The ratings are constrained by Henkel's continued lower-than-peer profitability despite its growing geographic diversification through a series of acquisitions in the U.S. and organic expansion in emerging markets in recent years. Henkel's ratio of adjusted funds from operations (FFO) to debt, which was a strong 68% at year-end 2007, remained at about 65% after first-quarter 2008.DEU30301010 303010 3030 30Henkel AG&Co. KGaA126588EUROMIDAFRUSAHEN3@GRSUMMARYGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/407812_pr_framefitch/407812_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Henkel KGaA808396302/28/2008 10:14:00 AM01000000010300000103020085Press ReleaseHEN407812_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/spcred/626244spcred/626244normThe latest Summary from S&P1/17/2008 8:28:52 AMSummary175global626244GermanyHousehold ProductsEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsChemicalsSummaryThe ratings on Germany-based branded consumer goods manufacturer Henkel KGaA (Henkel) are supported by Henkel's strong financial profile as the result of a more conservative financial policy after a series of debt-funded acquisitions at the beginning of the decade; its leading positions in continental Europe in laundry and home-care products and, to a lesser extent, in cosmetics and toiletries; and its worldwide leading positions in adhesives and the related surface-treatment sector. The ratings are constrained by Henkel's continued lower-than-peer profitability and geographic diversification that is still lower than that of peers despite a series of acquisitions in the U.S. and organic expansion in emerging markets. Based on favorable trading conditions both for European and emerging market activities, Henkel sustained itsDEU30301010 303010 3030 30Henkel KGaA126588EUROMIDAFRUSAHEN3@GRSUMMARYGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/63286cs/63286norm63286 #### Euro Consumer Goods Outlook Heading into #### trading conditions are expected to remain challenging for the mass-market Euro consumer goods names, reflecting rising commodity costs, U.S. dollar weakness and an ongoing limited ability...2702YesD0Article1031631138510041542091163410116281051874corp478724821Sector Outlooks1/7/2008 11:12:44 PM150We maintain our underweight recommendation on the Euro Consumer Goods sector heading into 2008, fuelled by significant uncertainty surrounding Cadbury Schweppes in the coming months and ongoing M&A event risk in the luxury segment.63286Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/COP_593900moodys/COP_593900htmlGlobal Credit Research Credit Opinion ## MAR #### Credit Opinion: Henkel Kommanditgesellschaft auf Aktien Henkel Kommanditgesellschaft auf Aktien Duesseldorf, Germany Ratings Category Moody's Rating Outlook Negative Senior Unsecured...Credit Opinion1/3/2008 8:04:00 PMHenkel Kommanditgesellschaft auf Aktien593900150.0000NewshtmlHenkel Kommanditgesellschaft auf AktienCOP_593900Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/296376_pr_framefitch/296376_pr_framehtml7580839630Press ReleaseFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.12/24/2007 11:15:26 AMHENHenkel KGaA296376_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/spcred/448827spcred/448827normThe latest Full Report from S&P12/23/2007 11:36:15 PMFull Report400global448827Global IssuersCorporationsChemicalsFull ReportSubstantial business diversity; Leading positions worldwide in adhesives, sealants, and metal surface treatments; Leading European positions in laundry and home care products; and Good financial flexibility owing to minority stake in U.S. Ecolab Inc., with a current market value of $2.4 billion. Relatively weak financial profile for the rating category in the wake of partly debt financed acquisitions; Cyclicality of parts of the industrial adhesives business and, to a lesser extent, of parts of the consumer adhesives business; and Lower profitability than leading peers in laundry, home care, and cosmetics and toiletries products. The ratings on Germany-based branded consumer goods manufacturer Henkel KGaA (Henkel) are supported by its balanced business diversity; its leading positions in continental Europe in laundry andHenkel KGaA126588FULLHenkel Finance Europe N.V.Henkel Corp. Finance Inc.348586348587GLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/448832spcred/448832normThe latest Summary from S&P12/23/2007 11:36:15 PMSummary175global448832Global IssuersCorporationsChemicalsConsumer ProductsSummaryThe ratings on Germany-based branded consumer goods manufacturer Henkel KGaA (Henkel) are supported by its balanced business diversity; its leading positions in continental Europe in laundry and home care products and, to a lesser extent, in cosmetics and toiletries; and its worldwide leading positions in adhesives, sealants and the related surface treatment sector. The ratings are constrained by Henkel's below-peer profitability; the cyclicality of parts of the consumer adhesives and technologies divisions; and by a weaker financial profile in the wake of the debt-financed acquisition of U.S.-based household products manufacturer The Dial Corp. and other bolt-on acquisitions in 2004. Group net debt was Ç3.6 billion ($4.3 billion) at the end of the first quarter 2005, including pension obligations of aboutHenkel KGaA126588SUMMARYEcolab Inc.Dial Corp. (The)109625114150GLOBISSCORPChemicalsConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PBC_104968moodys/PBC_104968pdfAnalysis9/28/2007 4:11:32 PM...Global leadership in home and personal care products, and preferred supplier in industrial adhesives segment Henkel KGaA ( Henkel , rated A#/Prime-#/n egative outlook) is one of the world s leading producers of home and personal care products such as heavy-duty and special detergents, household cleaners and ha ir and body care products. Henkel is also the world s leading producer of adhesives for the consumer, craftsmen and industrial segments. In ####, Henkel pos ted total revenues of EUR ## billion. On ## August ####, Moody's affirmed t he senior unsecured A# rating, the subordinated Baa# rating and the Prime-# short-term rating of Henkel KGaA and its guaranteed subsidiaries and changed the outlook to negative. The change in Henkel's rating outlook follows the company's announcement of a back-to-back transaction with Akzo Nobel N.V. to acquire National Starch s, Adhesives and Electronics Materials business for GBP#.# billion in cash. The acquisition is conditional on... Henkel Kommanditgesellschaft auf Aktien593900300.0000AnalysispdfHenkel Kommanditgesellschaft auf AktienPBC_104968Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_139271_600057796moodys/PR_139271_600057796htmlRating Action8/14/2007 12:44:52 AMGlobal Credit Research Rating Action ## AUG #### Rating Action: Henkel Corporation Finance, Inc. Moody's reviews Akzo Nobel, ICI ratings following Akzo bid for ICI. Rating outlook on Henkel changed to negative. London, ## August ####...Henkel Corporation Finance, Inc.600057796150.00Newshtml600035953ICI Investments (Netherlands) NV600019560Dial Corporation (The)593900Henkel Kommanditgesellschaft auf Aktien407500Imperial Chemical Industries PLC390000ICI Finance plc389270ICI Wilmington Inc.366275Henkel Finance Europe N.V.366250Henkel of America Inc18025Akzo Nobel N.V.Akzo Nobel N.V.; Dial Corporation (The); Henkel Corporation Finance, Inc.; ...PR_139271_600057796Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/CMT_0000394752moodys/CMT_0000394752htmlIssuer Comment7/31/2007 12:26:35 AMGlobal Credit Research Issuer Comment ## JUL #### Issuer Comment: Henkel Kommanditgesellschaft auf Aktien Moody's comments on Henkel's planned acquisition of National Starch Moody's Investors Service has noted Henkel's agreement to...Henkel Kommanditgesellschaft auf Aktien593900150.00NewshtmlHenkel Kommanditgesellschaft auf AktienCMT_0000394752Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/593438spcred/593438norm7/30/2007 1:27:19 PMThe latest News from S&PNewsDEPEND DETAILS FRESH GOES HENKEL REASSESSED TAKEOVER AKZO AHEAD IMPERIAL NONCORE KGAA STARCH BRANDED NOBEL EXPECT GUIDELINE ICI WAY DIVEST DILUTION RAISE CHEMICAL ADHESIVES SUBMITSFRANKFURT (Standard&Poor's) July 30, 2007--Standard&Poor's Ratings Services said today that its ratings and outlook on Germany-based branded consumer goods manufacturer Henkel KGaA (A/Stable/A-1) remained unchanged in light of the company's announcement that it is considering acquiring the National Starch adhesives business of U.K.-based Imperial Chemical Industries PLC (ICI; BBB/Positive/A-2) if Akzo Nobel N.V. (A-/Stable/A-2) submits a formal takeover offer for ICI. Henkel has not released any details on the financing of this transaction. The acquisition is subject to the takeover of ICI by Akzo Nobel. If the acquisition goes ahead, the impact on Henkel's financial risk profile would depend on Henkel's funding mix. The group would be able to finance the acquisition in line with itsHenkel KGaA30301010 303010 3030 30DEUglobal100.00126588593438Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/588354spcred/588354norm7/2/2007 12:07:18 PMThe latest Full Report from S&PFull ReportDIVESTMENT GENERATES ASSISTED SECTOR GBP0.6758 BRANDS PAYOUT DOWNWARD DIFFER DISHWASHING BENEFIT RAW ALIGNED STAY CONTINENTAL LAGS NAMES OVERVIEW MARGINALLY CONSUMERS UNILEVER CONFIRMED ORAL RECONCILIATION NONCORE DER BENIGN BODY TONE ROBUST MINORITY OREAL PRITT CYCLICAL HIGHLY MANUFACTURES ADJUSTMENTS COMPARABLE COMPARISON INNOVATIONS GUARD PRICES BATH GAMBLE EBIT METRICS MARGINAL PRODUCTION DEODORANTS DRY SOMAT EMEA TAKE INTEGRATING ARRANGEMENT CENTENNIAL TECHNOLOGIES HAIR DIY CYCLICALITY WIDENED SKIN SALON LEADERSHIP DIVERSIFIED DURABLE OVERHAUL DOMINATED CONSIDER SIDOLIN DETERIORATED STEADILY DEODORANT TREATMENTS UNFUNDED WASHES PROCTER BRANDED NOTABLY CLEANERS DUCK FFO DIVIDENDS INDEBTEDNESS APPLYING ECOLAB IFRS DEVIATION ASSUMING CORRIDOR LOCTITE PERSIL EQUIVALENT UNUSED REPORTING TOILETRIES INNOVATIVE RAISE HEADROOM RETAILER IDEA PROMOTIONAL ADHESIVES ENHANCED RANKS NETTED DIVISIONAL FAR PREVAILING SUSTAINABLE DUTY STOOD HENKEL PENSION SOFT CRAFTSMEN CORE PLAYER METAL LEADERSLeading positions worldwide in adhesives, sealants, and metal surface treatments, and leading European positions in laundry and home-care products Good financial flexibility, also owing to a minority stake in U.S. Ecolab Inc., with a current market value of Ç2.4 billion More conservative financial policy after a series of debt-funded acquisitions Lower profitability than leading peers in laundry, home care, and cosmetics and toiletries products Lower (but improving) geographic diversification compared with leading peers in the industry, with two-thirds of sales generated in European home markets Areas of the industrial adhesives business and, to a lesser extent, the consumer-adhesives business operating in cyclical industries The ratings on Germany-based branded consumer goods manufacturer Henkel KGaA (Henkel) are supported by Henkel's strong financialHenkel KGaA30301010 303010 3030 30DEUglobal180.00126588588354Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/588357spcred/588357norm7/2/2007 12:07:18 PMThe latest Summary from S&PSummarySECTOR SUSTAINABLE DOWNWARD HENKEL CORE RAW CONTINENTAL MARGINALLY KGAA RISING TRADING BENIGN ROBUST EXPECT EBIT METRICS LESSER INNOVATION LAUNDRY EFFICIENCY MARGINAL SUPPORTED ORGANIC CONSIDER SUSTAIN BRANDED FFO EUR TREATMENT COSMETICS DEVIATION CORRIDOR EQUIVALENT UNUSED TOILETRIES HEADROOM ADHESIVES ENHANCED EBITDAThe ratings on Germany-based branded consumer goods manufacturer Henkel KGaA (Henkel) are supported by Henkel's strong financial profile as a result of more conservative financial policy after a series of debt-funded acquisitions; its leading positions in continental Europe in laundry and home-care products and, to a lesser extent, in cosmetics and toiletries; and its worldwide leading positions in adhesives and the related surface-treatment sector. The ratings are constrained by Henkel's continued lower-than-peer profitability and a still lower degree of geographic diversification compared with peers, despite a series of acquisitions in the U.S. and organic expansion in emerging markets. Based on favorable trading conditions both for European and emerging market activities, Henkel sustained rising organic growth trends in the first quarterHenkel KGaA30301010 303010 3030 30DEUglobal100.00126588588357Credit & Investment ResearchS&P Credit Research