welcome to the nine-month sales conference · this presentation contains forward looking statements...
TRANSCRIPT
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Welcome to the Full-YearResultsConference
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Disclaimer
This presentation contains forward looking statements
which reflect Management’s current views and estimates.
The forward looking statements involve certain risks and
uncertainties that could cause actual results to differ materially
from those contained in the forward looking statements.
Potential risks and uncertainties include such factors as general
economic conditions, foreign exchange fluctuations, competitive
product and pricing pressures and regulatory developments
2 18 February 2016 Nestlé Full-Year Results 2015
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Full-YearResultsConference
Paul Bulcke
Nestlé CEO
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Full-Year 2015
4
Sales
CHF
88.8 bn
Organic
Growth
4.2%
Real
Internal Growth
2.2% + 10 bpsin constant
currencies
Trading
Operating
Profit Margin
18 February 2016 Nestlé Full-Year Results 2015
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Full-Year Results
2015
François-Xavier Roger
Chief Financial Officer
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6 18 February 2016 Nestlé Full-Year Results 2015
11.2%
of sales
Free
Cash Flow
Profitable Growth in Challenging MarketsFocus on Cash Flow and Shareholder Return
Organic
Growth
+ 4.2% + 10 bps + 6.5%
Trading
Operating Profit*
Underlying
Earnings Per Share*
*in constant currency
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Each region includes Zones, Nestlé Waters, Nestlé Nutrition, Nestlé Professional, Nespresso, Nestlé Health Science, and Nestlé Skin Health
Sales
RIG
OG
(in CHF)
Broad-based Organic Growth in all Geographies
AOA
22.2 bn
+1.2%
+1.9%
AMS
39.1 bn
+2.4%
+5.8%
EMENA
27.5 bn
+2.8%
+3.5%
Nestlé Full-Year Results 20157 18 February 2016
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51.0 bn
57%
+1.9%+1.1%
37.8 bn
43%
+7.0%+8.9%
Developed and Emerging Markets Growth
EmergingDeveloped
Sales (in CHF)
% of Group sales
Organic GrowthOrganic Growth - 2014
Nestlé Full-Year Results 20158 18 February 2016
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Market share gains
Acceleration in North America
– U.S. frozen turn-around
– Coffee-mate, Ice cream, and Petcare had good momentum
Latin America had good growth and some inflationary pressure
– Brazil was resilient with positive growth in a challenging
environment
– Mexico delivered good performance across all categories
Margin drivers: favorable product mix, operational efficiencies, lower
input costs, and lower restructuring
Nestlé Full-Year Results 20159
Sales: CHF 25.8 bn Trading Operating Profit
RIG % 1.6 OG % 5.5 TOP % 19.4 vs. LY1 +80 bps
Zone AMSFY 2015
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Zone EMENAFY 2015
Broad-based market share gains
Highlights: Nescafé Dolce Gusto & soluble coffee, Petcare, Pizza
Western Europe
– Positive volume-driven growth, despite deflationary environment
– France, Germany, Benelux solid
Central and Eastern Europe
– Growing with positive RIG
– Russia with careful management of pricing
MENA
– Resilient despite difficult political environment
– Turkey grew nicely
Margin drivers: positive pricing, cost savings supported increased
brand investment
Nestlé Full-Year Results 201510
Sales: CHF 16.4 bn Trading Operating Profit
RIG % 2.5 OG % 3.7 TOP % 15.7 vs. LY1 +50 bps
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Growth improving, but was impacted by India
Emerging markets
– China improved, with good performance in Nescafé and
confectionery; Yinlu recovery ongoing
– India was challenged by Maggi case; gradual sales resumption
from November
– Vietnam, Indonesia, and Sub-Saharan Africa did well
Developed markets
– Japan was good, driven by innovation in Nescafé and KitKat
– Oceania had solid performance, with KitKat the highlight
Margin drivers: decline due to India Maggi case, favorable input costs
which were partly re-invested into brand support
Nestlé Full-Year Results 201511
Zone AOAFY 2015
Sales: CHF 14.3 bn Trading Operating Profit
RIG % -0.1 OG % 0.5 TOP % 18.4 vs. LY1 -80 bps
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Good growth momentum across geographies and brands
Nestlé Pure Life had double-digit growth
Premium brands S. Pellegrino and Perrier had high-single digit growth
Local brands continued to be strong: Buxton (UK), Poland Spring (US),
Erikli (Turkey), and Santa Maria (Latin America)
Margin drivers: volume growth, lower input costs and other cost
improvements, enabling brand re-investment
Nestlé Full-Year Results 201512
Nestlé WatersFY 2015
Sales: CHF 7.6 bn Trading Operating Profit
RIG % 6.7 OG % 6.7 TOP % 10.8 vs. LY +110 bps
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Solid organic growth with accelerating RIG, but
– Difficult comparisons in Asia
– Headwinds in some volatile markets (Middle East, Russia, Brazil)
– Lower contribution from pricing
Infant Formula and growing-up milks positive driven by Wyeth with
Illuma in China and innovation in NAN
Infant Cereals did well, also had market share gains
Margin drivers: portfolio management, lower input costs, control of
fixed costs, and lower impairment costs, partly offset by brand
investment
18 February 2016 Nestlé Full-Year Results 201513
Nestlé NutritionFY 2015
Sales: CHF 10.5 bn Trading Operating Profit
RIG % 1.4 OG % 3.1 TOP % 22.6 vs. LY1 +110 bps
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Nespresso
Solid growth across all regions
Innovation in coffee, machines and services
Nestlé Professional
Emerging markets drove growth
Davigel divestment completed in November as part of portfolio management
Nestlé Health Science
Consumer care strong, driven by Boost in US
Medical nutrition solid, led by allergy portfolio
Nestlé Skin Health
Double-digit growth, led by Self-Medication and Aesthetics & Corrective
Nestlé Full-Year Results 201514
Other Businesses margin drivers
Impacted by Skin Health (rebate adjustment in Q3), currency effect on
Nespresso, and generic competition for Lotronex
Other BusinessesFY 2015
Sales: CHF 14.1 bn Trading Operating Profit
RIG % 3.7 OG % 5.3 TOP % 15.7 vs. LY1 -330 bps
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2.23.1
7.0
1.32.3
-1.3
1.8
3.5
2.0
2.3
0.0
0.4
2.1
1.4
4.4
2.44.2
5.4
7.0
1.7
4.4
0.1
6.25.9
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
TOTAL GROUP Powdered andLiquid Beverages
Water Milk products andIce cream
Nutrition andHealth Science
Prepared dishesand cooking aids
Confectionery PetCare
Broad-based growth across product groups
% Pricing
% Real Internal Growth
Nestlé Full-Year Results 201515
Trading
Operating
Profit (reported)
in bps
15.1%
-20
21.3%
-180
11.2%
+90
16.9%
+180
19.6%
-190
13.7%
+40
14.0%
+20
20.8%
+100
18 February 2016
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Cost benefits reinvested for growth
18 February 2016 Nestlé Full-Year Results 201516
*in constant currency
15.3% 15.4%15.1%
+160 bps -170 bps
+20 bps -30 bps
TOPFY 2014
COGS &Distribution*
Marketing,Administration,
R&D*
Other* TOPFY 2015*
Currencyimpact
TOPFY 2015
+10 bps
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Underlying EPS +6.5% in constant currency
18 February 2016 Nestlé Full-Year Results 201517
Total Group FY 2014 FY 2015 Difference
in CHF bn % of sales % of sales bps
Trading operating profit 15.3 15.1 -20
Net other operating income/expenses (3.4) (1.1) 230
Net financial income/expenses (0.7) (0.7) -
Taxes (3.7) (3.7) -
Income from associates and JVs 8.8 1.1 -770
Non-controlling interests (0.5) (0.5) -
Net profit 15.8 10.2 -560
Underlying EPS (CHF) 3.44 3.31 -3.8%
Underlying EPS (CHF) in constant currency +6.5%
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11.0%
10.2%
10.9%
11.2%
9.0%
9.5%
10.0%
10.5%
11.0%
11.5%
12.0%
12.5%
13.0%
2012 2013* 2014** 2015
18 February 2016 Nestlé Full-Year Results 201518
Consistent industry-leading free cash flow generation
*Adjusted for exceptional income due to Givaudan disposal (CHF 1.1 bn)
**Adjusted for exceptional income due to L’Oréal transaction (CHF 4.1 bn)
Free cash flow as a % of sales
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19 Nestlé Full-Year Results 2015
Continued focus on working capitalAverage working capital as a % of sales
8.5%
6.5%
5.3%4.7%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
2012 2013 2014 2015
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5.9%
5.3%
4.3% 4.4%
1.0%
6.0%
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2012* 2013 2014 2015
20
Capex discipline while supporting growth
18 February 2016 Nestlé Full-Year Results 2015
*Restated following implementation of IFRS 11 and IAS 19
Capex as a % of sales
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-12.3-15.4
-6.5
-6.9-0.3 +0.7
+9.9
Net Debt31 Dec 2014
Share Buy-Back Dividends M&A(net)
FX & Other Free CashFlow
Net debt31 Dec 2015
21
CHF 13.4 bn cash returns to shareholders
18 February 2016 Nestlé Full-Year Results 2015
CHF 13.4 bn returned to
shareholders
In CHF bn
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Organic growth at high end of industry
Acceleration of Real Internal Growth
Declining Pricing benefits
Superior and profitable growth in challenging environment
Reinvestment of savings and cost efficiencies to support growth
Focus on sustainable Cash Flow generation
Strong Balance Sheet
Summary
18 February 2016 Nestlé Full-Year Results 201522
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We expect to deliver organic growth in line with 2015, with improvements in
margins and underlying earnings per share in constant currencies,
and capital efficiency.
23
Guidance 2016
18 February 2016 Nestlé Full-Year Results 2015
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Full-YearResultsConference
Paul Bulcke
Nestlé CEO
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Continue building our brands
25 18 February 2016 Nestlé Full-Year Results 2015
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26 18 February 2016 Nestlé Full-Year Results 2015
Continue building our brands
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27 18 February 2016 Nestlé Full-Year Results 2015
Continue building our brands
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28 18 February 2016 Nestlé Full-Year Results 2015
Continue building our brands
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29 18 February 2016 Nestlé Full-Year Results 2015
A unique position in coffee
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30 18 February 2016
USA: frozen food
Nestlé Full-Year Results 2015
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China: growth market
31 18 February 2016 Nestlé Full-Year Results 2015
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Digital engagement
32 18 February 2016
Strategic alliances
Strategy & Plans
to support each market
Dedicated
eBusiness team
eBusiness: capabilities to accelerate growth
Listening EngagingInspiring &
Transforming
Digital marketing
Nestlé Full-Year Results 2015
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Continuous cost awareness
33 18 February 2016 Nestlé Full-Year Results 2015
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18 February 2016 Nestlé Full-Year Results 201534
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35 18 February 2016 Nestlé Full-Year Results 2015
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Full Year Results Appendix
18 February 2016 Nestlé Full-Year Results 201536
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2.21.6
2.5
-0.1
6.7
1.4
3.7
2.03.9
1.2
0.6
0.0
1.7
1.64.2
5.5
3.7
0.5
6.7
3.1
5.3
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
TOTALGROUP
ZoneAMS
ZoneEMENA
ZoneAOA
NestléWaters
NestléNutrition
OtherBusinesses
Operating Segments
18 February 2016 Nestlé Full-Year Results 201537
% Pricing
% Real Internal Growth
Trading
Operating
Profit (reported)
in bps
15.1%
-20
19.4%
+80
15.7%
+50
18.4%
-80
10.8%
+110
22.6%
+110
15.7%
-330
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Currency Overview
18 February 2016 Nestlé Full-Year Results 201538
Weighted average rate
FY 2014 FY 2015 Variation
US Dollar 1 USD 0.92 0.96 +5.1%
Euro 1 EUR 1.22 1.07 -12.1%
Chinese Yuan Renminbi 100 CNY 14.88 15.32 +3.0%
Brazilian Reais 100 BRL 38.90 29.00 -25.4%
UK Pound Sterling 1 GBP 1.51 1.47 -2.3%
Mexican Pesos 100 MXN 6.88 6.07 -11.8%
Philppine Pesos 100 PHP 2.06 2.11 +2.6%
Canadian Dollar 1 CAD 0.83 0.75 -9.3%
Russian Ruble 1 RUB 0.024 0.016 -33.9%
Australian Dollar 1 AUD 0.83 0.72 -12.4%
Japanese Yen 100 JPY 0.86 0.80 -7.4%
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FX Impact
18 February 2016 Nestlé Full-Year Results 201539
FX Impact
FY 2015
Zone AMS -8.1%
Zone EMENA -12.2%
Zone AOA -3.1%
Nestlé Waters -1.8%
Nestlé Nutrition -6.0%
Other Businesses -8.2%
Total -7.4%
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Notes
1 2014 figures have been restated on the following main transfers, effective as from 1 January 2015:
the Maghreb, the Middle East, the North East Africa region, Turkey and Israel in Zone Asia, Oceania and Africa to Zone Europe;
Growing-Up Milks business in the geographic Zones to Nestlé Nutrition;
Bübchen business in Nestlé Nutrition to Other businesses.
Abbreviations
OG Organic Growth AMS Zone Americas
RIG Real Internal Growth EMENA Zone Europe, Middle East, and North Africa
TOP Trading Operating Profit AOA Zone Asia, Oceania, and sub-Saharan Africa
FCF Free Cash Flow
COGS Cost of Goods Sold
40
Glossary & Footnotes
18 February 2016 Nestlé Full-Year Results 2015