• Organic growth at 2.3%, with 1.4% real internal growth (RIG) and 0.9% pricing
• Sales impacted by net divestments of -2.3% (mainly due to the creation of the Froneri JV) and foreign
exchange (-0.3%), total reported sales of CHF 43.0 billion (-0.3%)
• Underlying trading operating profit* margin increased by 10 basis points in constant currency, stable at 15.8%
on a reported basis
• Due to increased restructuring activity the trading operating profit margin decreased by 20 basis points in
constant currency and by 30 basis points to 15.0% on a reported basis
• Underlying earnings per share increased by 3.4% in constant currency and by 2.1% to CHF 1.68 on a
• 2017 full-year guidance confirmed with organic growth likely to be in the lower half of the 2-4% range; stable
trading operating profit margin in constant currency as a result of considerable increase in restructuring costs;
underlying earnings per share in constant currency and capital efficiency expected to increase
Mark Schneider, Nestlé CEO: “We are pleased with our value creation progress in the first half of 2017. This
includes solid operational improvements as well as portfolio management choices and our decision to increase
balance sheet efficiency.
Organic growth in the first half did not fully meet our expectations. While volume growth remains at the high end of
our industry, pricing continues to be soft. Asia and Africa confirmed their positive growth momentum. Western
Europe experienced a volume decline, which we consider largely transitory. North America and Latin America saw
a slight improvement in organic growth, mainly driven by volume. Our coffee, water and petcare businesses
confirmed their growth potential with solid first-half results.
Profitability is in line with our expectations, as restructuring savings and efficiencies have offset higher commodity
costs. We are accelerating our margin improvement initiatives.
We confirm our 2017 guidance with organic growth likely to be in the lower half of the 2-4% range. Our 2020 midrange
expectations for organic growth remain unchanged.”
* Underlying trading operating profit is defined as trading operating profit before net other trading income/expenses. Net other trading
income/expenses includes mainly restructuring, impairment and results on disposals of PP&E, litigations and onerous contracts.
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