Nestle

7886 mots 32 pages
Half-Yearly Report January–June 2010

www.nestle.com

© 2010, Nestlé S.A., Cham and Vevey (Switzerland) Concept Nestlé S.A., Group Accounting and Reporting Production Altavia Swiss Paper This report is printed on Arctic Volume paper produced from well-managed forests and other controlled sources certified by the Forest Stewardship Council (FSC).

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Letter to shareholders
Fellow shareholders, The Group’s very successful first-half performance is due to the excellent execution of our proven strategies in all parts of the world, covering the full range from premium brands to value-priced offerings, combined with the ongoing successful implementation of Nestlé Continuous Excellence. We have increased investment in our brands, people and capabilities and have prepared the Company for a more challenging second half, which allows us to reconfirm our earlier full-year guidance for Food and Beverages: organic growth of around 5% combined with an increase in EBIT margin in constant currencies.

First-Half Results
The first-half results reflect our focus on delivering total performance in all categories and operations. In the first half of 2010, the Nestlé Group’s organic growth was 6.1%, including real internal growth of 4.6%. Foreign exchange impacted sales by –1.5%, whilst acquisitions, net of divestitures, added 1.3%. Overall, Group sales increased by 5.9% to CHF 55.3 billion. Food and Beverages’ organic growth was 5.7%, with real internal growth of 4.2%. The foreign exchange impact was –1.5%, and acquisitions, net of divestitures, added 1.4%. Overall, Food and Beverages’ sales increased by 5.6% to CHF 51.0 billion. The Group’s EBIT margin increased by 80 basis points like-for-like, or 70 basis points like-for-like in constant currencies, and by 100 basis points reported, to 15.1%. For Food and Beverages, the

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