...Healthy Organic Revenue Growth: Henkel AG & Co. KGaA (Henkel) was able to deliver 9M14 organic sales growth of 3.3%, mainly fuelled, as in 2013, by volume increases (+2.9%). Prices, however, rose only 0.4%, against the 3.1% increase seen in 2012, reflecting a fiercely competitive environment. Continuous Improvement in Profitability: From 2008 to 9M14 Henkel improved its pre- exceptional EBIT margin to 16.1% from 10.3%, with all divisions contributing. Henkel's consolidated EBIT margin and its margin in home and personal care are now more aligned with major industry peers such as Unilever PLC/NV (A+/Stable) and Procter & Gamble. The company achieved these improvements thanks to a successful implementation of cost-saving measures and efficiency gains, as well as a portfolio optimisation strategy. Improving Emerging-Market Exposure: Henkel is working to further increase its already healthy exposure to fast-growing emerging markets towards 50% (45% of 9M14 sales). Fitch Ratings views this strategy...
