Nestlé reports half-year results for 2017
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Nestlé S.A. /
Nestlé reports half-year results for 2017
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.......................................
Vevey, 27 July 2017
Nestlé reports half-year results for 2017
* 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 reported basis
* 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 mid-range 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.
Group results
+------------------------------------------------------------------------------+
| Total Zone Zone Nestlé Nestlé Other |
| Group Zone AMS EMENA AOA Waters Nutrition Businesses|
+------------------------------------------------------------------------------+
|Sales 43'023 13'314 7'800 7'902 4'025 5'184 4'798 |
|6M-2017 |
|(CHF m) |
+------------------------------------------------------------------------------+
|Sales 43'155 12'938 8'694 7'799 3'937 5'171 4'616 |
|6M-2016 |
|(CHF m) |
+------------------------------------------------------------------------------+
|Real 1.4% -0.1% 0.6% 3.0% 3.5% -0.2% 4.5% |
|internal |
|growth |
|(RIG) |
+------------------------------------------------------------------------------+
|Pricing 0.9% 1.4% 0.4% 1.8% 0.5% 1.1% -0.8% |
+------------------------------------------------------------------------------+
|Organic 2.3% 1.3% 1.0% 4.8% 4.0% 0.9% 3.7% |
|growth |
+------------------------------------------------------------------------------+
|Net M&A -2.3% -0.9% -9.3% -0.5% -0.3% -0.3% 0.2% |
+------------------------------------------------------------------------------+
|Foreign -0.3% 2.5% -2.0% -2.9% -1.7% -0.2% 0.0% |
|exchange |
+------------------------------------------------------------------------------+
|Reported -0.3% 2.9% -10.3% 1.4% 2.0% 0.4% 3.9% |
|sales |
|growth |
+------------------------------------------------------------------------------+
|6M-2017 TOP 15.0% 17.2% 16.9% 19.6% 12.0% 24.3% 13.1% |
|Margin |
+------------------------------------------------------------------------------+
|6M-2016 TOP 15.3% 17.7% 16.8% 20.1% 12.4% 23.2% 15.6% |
|Margin |
+------------------------------------------------------------------------------+
Sales
Total reported sales were CHF 43.0 billion (-0.3%), reflecting the impact of net
divestments (-2.3%, largely related to the creation of the Froneri joint
venture) and foreign exchange (-0.3%). Organic growth was below our expectations
at 2.3%. RIG was resilient at 1.4% but pricing remained soft at 0.9%.
Zone AMS was broadly in line with our expectations as petcare in the US
recovered after a slow start to the year. Zone EMENA delivered softer growth
than anticipated in the second quarter. Selective price increases in Western
Europe and unfavourable weather in June resulted in a short-term negative impact
on RIG. Zone AOA accelerated for a fifth consecutive quarter, re-establishing
its position as a growth engine for the Group. Nestlé Waters demonstrated a
consistent level of growth. Nestlé Nutrition saw weak growth as the Chinese
market remained difficult and developed markets overall were slightly negative.
Nestlé Skin Health diluted Group sales growth due to difficult comparables and
pressure from generics in the prescription business. Nespresso continued to be a
key growth driver for the Group.
Overall, developed markets delivered soft organic growth of 0.8%, with solid RIG
of 1.1% offset by negative pricing of 0.3%. In emerging markets, organic growth
decelerated by 100 basis points to 4.4%, with RIG of 1.9% and pricing of 2.5%.
Growth by category was broad-based, led by water, coffee and petcare.
Confectionery was the only category with negative growth although it stabilised
in the second quarter.
Trading Operating Profit
Underlying trading operating profit was flat at CHF 6.8 billion. The margin held
stable at 15.8% but increased by 10 basis points in constant currency.
Efficiency projects, pricing and portfolio management generated 100 basis points
of additional value. However, these benefits were absorbed by a broadly equal
increase in input costs as our basket of commodities saw inflation for the first
time in 2 years. Consumer-facing marketing spend decreased only slightly.
As expected, both restructuring expenditure and net other trading items
increased overall by 77% to CHF 166 million and CHF 349 million, respectively,
as we implemented our structural savings initiatives. As a consequence, trading
operating profit (TOP) decreased by 2.5% to CHF 6.4 billion. The TOP margin
decreased by 30 basis points on a reported basis (-20 basis points in constant
currency) to 15.0%.
Net Profit
Net profit increased by 19% to CHF 4.9 billion as the prior year was impacted by
a one-off, non-cash adjustment to deferred taxes. Reported earnings per share
also increased by 19% to CHF 1.58 for the same reason. Underlying earnings per
share increased by 2.1% to CHF 1.68, and by 3.4% in constant currency.
Cash Flow
Free cash flow declined by CHF 2.0 billion year-on-year from CHF 3.3 billion to
CHF 1.3 billion. The largest contributor to this decrease was working capital
with a cash outflow of CHF 1.3 billion. In the first half of 2017 the increase
of working capital was higher than in the same period last year due to commodity
price inflation and the phasing of payables for marketing and capital
expenditure.
On our balance sheet, continued progress was made to structurally reduce net
working capital, resulting in a further reduction of CHF 0.5 billion as of June
2017 compared to June 2016.
Zone Americas (AMS)
* 1.3% organic growth: -0.1% RIG; 1.4% pricing
* Organic growth in North America was flat following an improvement in the
second quarter, driven by RIG
* Latin America had mid single-digit organic growth driven by pricing, RIG
turned slightly positive
* Zone AMS's underlying trading operating profit margin increased by 30 basis
points but the trading operating profit margin decreased by 50 basis points
to 17.2% as a result of increased restructuring costs
+--------------+--------------+-------+----------------+-------+-------+-------+
| Sales |Sales | |Organic TOP |TOP |Margin |Margin |
| 6M-2017 |6M-2016 RIG |Pricing|growth 6M-2017|6M-2016|6M-2017|6M-2016|
+--------------+--------------+-------+----------------+-------+-------+-------+
|Zone CHF |CHF -0.1%|1.4% |1.3% CHF |CHF |17.2% |17.7% |
|AMS 13.3 bn |12.9 bn | | 2.3 bn |2.3 bn | | |
+--------------+--------------+-------+----------------+-------+-------+-------+
Reported sales in zone AMS increased by 2.9% to CHF 13.3 billion. Organic growth
was modest at 1.3%, but this represented a solid improvement in the second
quarter based on stronger RIG. Pricing of 1.4% mainly came from Latin America,
with pricing in North America slightly positive. Net divestments reduced
reported sales by 0.9% but foreign exchange added 2.5%.
The trading environment was challenging in North America, characterised by weak
consumer demand. In this context we had broadly flat growth in the US, driven by
sustained positive momentum in coffee creamers and a return to solid growth in
petcare. Confectionery remained weak and ice cream declined due to poor weather.
Frozen food was slightly negative against difficult comparables. Brazil remained
negative but improved markedly compared to the subdued trading in the first
quarter as RIG turned positive. Mexico had good growth and petcare maintained
its dynamic growth across Latin America.
The zone's underlying trading operating profit margin improved by 30 basis
points, as efficiency savings and the initial benefits from restructuring
projects exceeded the inflation in commodity costs. The trading operating profit
margin decreased by 50 basis points to 17.2% as restructuring costs increased
significantly, largely related to projects in the US, Brazil and Mexico.
Zone Europe, Middle East and North Africa (EMENA)
* 1.0% organic growth: 0.6% RIG; 0.4% pricing
* Western Europe declined slightly on an organic basis with negative RIG and
flat pricing
* Central and Eastern Europe achieved mid single-digit organic growth, with
solid RIG and positive pricing
* Middle East and North Africa saw low single-digit organic growth, both RIG
and pricing were positive
* Zone EMENA's underlying trading operating profit margin grew by 50 basis
points, while the trading operating profit margin also improved by 10 basis
points to 16.9% even as restructuring spend increased
+---------------+-------------+-------+----------------+-------+-------+-------+
| Sales |Sales | |Organic TOP |TOP |Margin |Margin |
| 6M-2017 |6M-2016 RIG |Pricing|growth 6M-2017|6M-2016|6M-2017|6M-2016|
+---------------+-------------+-------+----------------+-------+-------+-------+
|Zone CHF 7.8 |CHF 8.7 0.6%|0.4% |1.0% CHF |CHF |16.9% |16.8% |
|EMENA bn |bn | | 1.3 bn |1.5 bn | | |
+---------------+-------------+-------+----------------+-------+-------+-------+
Reported sales in zone EMENA declined by 10.3% to CHF 7.8 billion. Organic
growth of 1.0% was lower than in the first quarter, as higher pricing was offset
by lower RIG. Net divestments reduced reported sales by 9.3%, mainly reflecting
the transfer of ice cream to the Froneri joint venture. Foreign exchange
headwinds reduced reported sales by a further 2.0%.
We applied price increases across the zone, especially in Nescafé. This had a
short-term impact on RIG in the second quarter. The hot weather in June was also
unfavourable for key categories in Western Europe. Petcare continued to generate
strong growth across the zone, especially in Russia. North Africa performed
well, driven by price increases, but the Middle East continued to be affected by
political instability and sustained deflation.
Despite higher commodity costs, the zone's underlying trading operating profit
margin increased by 50 basis points, reflecting price increases, portfolio
management and cost savings. The trading operating profit margin also increased
by 10 basis points to 16.9% as efficiency improvements more than offset
restructuring costs.
Zone Asia, Oceania and sub-Saharan Africa (AOA)
* 4.8% organic growth: 3.0% RIG; 1.8% pricing
* China's organic growth turned positive in the second quarter
* South-East Asia maintained good organic growth, driven by mid single-digit
RIG
* Sub-Saharan Africa maintained strong growth with positive RIG and pricing
* Developed markets were solid, with sustained good RIG partially offset by
negative pricing
* Zone AOA's underlying trading operating profit margin decreased by 20 basis
points, while the trading operating profit margin decreased by 50 basis
points to 19.6% due to higher restructuring-related costs
+--------------+-------------+-------+-----------------+-------+-------+-------+
| Sales |Sales | |Organic TOP |TOP |Margin |Margin |
| 6M-2017 |6M-2016 RIG |Pricing|growth 6M-2017 |6M-2016|6M-2017|6M-2016|
+--------------+-------------+-------+-----------------+-------+-------+-------+
|Zone CHF 7.9 |CHF 7.8 3.0%|1.8% |4.8% CHF 1.6 |CHF |19.6% |20.1% |
|AOA bn |bn | | bn |1.6 bn | | |
+--------------+-------------+-------+-----------------+-------+-------+-------+
Reported sales in zone AOA increased by 1.4% to CHF 7.9 billion. Organic growth
accelerated for a fifth consecutive quarter to 4.8%. RIG was steady at 3.0% and
pricing improved to 1.8%. Net divestments lowered reported sales by 0.5% and
foreign exchange also had a negative impact, reducing sales by 2.9%.
Growth in China turned positive in the second quarter as Yinlu, confectionery
and culinary gained momentum. South-East Asia and sub-Saharan Africa were core
drivers of growth for the zone. India delivered good growth despite some
uncertainty around the introduction of a Goods and Services Tax (GST). Japan's
good performance was maintained. Oceania was negative due to pricing pressure.
Zone AOA's underlying trading operating profit margin decreased by 20 basis
points due to an increase in commodity costs and commercial investments made to
stabilise Yinlu. The trading operating profit margin decreased by 50 basis
points to 19.6% due to higher restructuring-related costs.
Nestlé Waters
* 4.0% organic growth: 3.5% RIG; 0.5% pricing
* The US reported low to mid single-digit organic growth despite slightly
negative pricing
* Europe accelerated to mid single-digit organic growth with negative pricing
* Emerging markets overall delivered mid single-digit growth
* The underlying trading operating profit margin held stable but the trading
operating profit margin declined by 40 basis points to 12.0% as
restructuring costs increased
+----------------+-------------+-------+---------------+-------+-------+-------+
| Sales |Sales | |Organic TOP |TOP |Margin |Margin |
| 6M-2017 |6M-2016 RIG |Pricing|growth 6M-2017|6M-2016|6M-2017|6M-2016|
+----------------+-------------+-------+---------------+-------+-------+-------+
|Nestlé CHF 4.0 |CHF 3.9 3.5%|0.5% |4.0% CHF |CHF |12.0% |12.4% |
|Waters bn |bn | | 0.5 bn |0.5 bn | | |
+----------------+-------------+-------+---------------+-------+-------+-------+
Sales in Nestlé Waters increased on a reported basis by 2.0% to CHF 4.0 billion.
Organic growth of 4.0% reflects an acceleration in the second quarter. RIG
improved to 3.5% and pricing remained limited at 0.5%. Net divestments and
foreign exchange reduced reported sales by 0.3% and 1.7%, respectively.
Nestlé Waters continued to grow in all regions with some acceleration in Europe,
helped by favourable weather conditions. The US also had solid organic growth
with a modest improvement in the second quarter. In emerging markets South-East
Asia saw solid growth, China performed well after a slow start to the year, and
Latin America saw double-digit growth. In the Middle East and Turkey, growth was
soft.
Nestlé Waters underlying trading operating profit margin held stable as
efficiencies and increased structural savings compensated for commodity
headwinds, particularly PET. However, the trading operating profit margin
decreased by 40 basis points to 12.0% as restructuring spend increased.
Nestlé Nutrition
* 0.9% organic growth: -0.2% RIG; 1.1% pricing
* In China, organic growth was slightly positive
* Growth was slightly positive in the US as the Gerber brand stabilised in the
second quarter
* Price increases in Brazil and Mexico weighed on RIG, but the Philippines and
India were strong
* The underlying trading operating profit margin increased significantly by
130 basis points and the trading operating profit margin also increased by
110 basis points to 24.3%
+-----------------+-------------+-------+---------------+-------+-------+-------+
| Sales |Sales | |Organic TOP |TOP |Margin |Margin |
| 6M-2017|6M-2016 RIG |Pricing|growth 6M-2017|6M-2016|6M-2017|6M-2016|
+-----------------+-------------+-------+---------------+-------+-------+-------+
|Nestlé CHF |CHF -0.2%|1.1% |0.9% CHF |CHF |24.3% |23.2% |
|Nutrition 5.2 bn |5.2 bn | | 1.3 bn |1.2 bn | | |
+-----------------+-------------+-------+---------------+-------+-------+-------+
Reported sales in Nestlé Nutrition increased by 0.4% to CHF 5.2 billion. Organic
growth was subdued at 0.9%, with -0.2% RIG and 1.1% pricing. Net divestments and
foreign exchange reduced reported sales by 0.3% and 0.2%, respectively.
Growth in China was mixed. Illuma and NAN showed positive results, while S-26
Gold declined as competition from parallel imports intensified. In developed
markets growth was slightly negative with weak category dynamics. Although the
nutrition business in the US remained soft, it was helped by the stabilisation
of Gerber in the second quarter. Price increases weighed on RIG in Brazil and
Mexico, but growth was strong in the Philippines and India.
Nestlé Nutrition's underlying trading operating profit margin increased by 130
basis points. The trading operating profit margin also increased by 110 basis
points to 24.3%, despite commodity headwinds. This was achieved through price
increases, premiumisation and significant structural savings in non-consumer-
facing activities, mostly in the US and China.
Other Businesses
* 3.7% organic growth: 4.5% RIG; -0.8% pricing
* Nespresso delivered good organic growth, with double-digit growth in North
America
* Nestlé Health Science maintained mid single-digit organic growth
* Nestlé Skin Health saw lower RIG and pricing in the second quarter
* Overall the underlying trading operating profit margin fell by 270 basis
points. The trading operating profit margin also fell by 250 basis points to
13.1% as we are investing for growth
+------------------+------------+-------+---------------+-------+-------+-------+
| Sales |Sales | |Organic TOP |TOP |Margin |Margin |
| 6M-2017|6M-2016 RIG |Pricing|growth 6M-2017|6M-2016|6M-2017|6M-2016|
+------------------+------------+-------+---------------+-------+-------+-------+
|Other CHF |CHF 4.5%|-0.8% |3.7% CHF |CHF |13.1% |15.6% |
|Businesses 4.8 bn |4.6 bn | | 0.6 bn |0.7 bn | | |
+------------------+------------+-------+---------------+-------+-------+-------+
Reported sales in Other Businesses increased by 3.9% to CHF 4.8 billion. Organic
growth of 3.7% was comprised of 4.5% RIG, partially offset by 0.8% of
deflationary pricing. Net acquisitions increased reported sales by 0.2% and
foreign exchange had no impact.
Nespresso delivered mid single-digit growth, accelerating in the second quarter,
as all geographies gained momentum. Growth in North America continued at a
double-digit pace. Nestlé Health Science maintained mid single-digit growth,
with good growth in medical nutrition but a subdued performance in consumer care
in the US. Nestlé Skin Health remained positive but saw a significant
deceleration in the second quarter as difficult comparables and pressure from
generics in the prescription business weighed on growth.
Overall the underlying trading operating profit margin fell by 270 basis points
as we are investing in marketing and distribution for these three businesses.
Consequently, the trading operating profit margin fell by 250 basis points to
13.1%.
2017 outlook
Full-year guidance confirmed with organic growth likely to be in the lower half
of the 2-4% range. In order to drive future profitability, we are increasing
restructuring costs considerably. As a result, the trading operating profit
margin in constant currency is expected to be stable. Underlying earnings per
share in constant currency and capital efficiency are expected to increase.
Contacts
Media Robin Tickle Tel.: +41 21 924 22 00
Investors Steffen Kindler Tel.: +41 21 924 35 09
Annex
Effective as of 1 January 2017, Nestlé Professional is reported as a Regionally
Managed Business included in the zones. Effective the same date, Venezuela is
excluded from RIG, pricing and organic growth to better reflect the underlying
business performance.
Six-month sales and trading operating profit (TOP) overview by operating segment
+------------------------------------------------------------------------------+
| Total Zone Zone Nestlé Nestlé Other |
| Group Zone AMS EMENA AOA Waters Nutrition Businesses|
+------------------------------------------------------------------------------+
|Sales 43'023 13'314 7'800 7'902 4'025 5'184 4'798 |
|6M-2017 |
|(CHF m) |
+------------------------------------------------------------------------------+
|Sales 43'155 12'938 8'694 7'799 3'937 5'171 4'616 |
|6M-2016 |
|(CHF m) |
+------------------------------------------------------------------------------+
|RIG 1.4% -0.1% 0.6% 3.0% 3.5% -0.2% 4.5% |
+------------------------------------------------------------------------------+
|Pricing 0.9% 1.4% 0.4% 1.8% 0.5% 1.1% -0.8% |
+------------------------------------------------------------------------------+
|Organic 2.3% 1.3% 1.0% 4.8% 4.0% 0.9% 3.7% |
|growth |
+------------------------------------------------------------------------------+
|Net M&A -2.3% -0.9% -9.3% -0.5% -0.3% -0.3% 0.2% |
+------------------------------------------------------------------------------+
|Foreign -0.3% 2.5% -2.0% -2.9% -1.7% -0.2% 0.0% |
|exchange |
+------------------------------------------------------------------------------+
|Reported -0.3% 2.9% -10.3% 1.4% 2.0% 0.4% 3.9% |
|sales |
|growth |
+------------------------------------------------------------------------------+
|6M-2017 TOP 6'449 2'284 1'315 1'550 481 1'260 628 |
|(CHF m) |
+------------------------------------------------------------------------------+
|6M-2016 TOP 6'611 2'290 1'461 1'570 487 1'199 718 |
|(CHF m) |
+------------------------------------------------------------------------------+
|6M-2017 TOP 15.0% 17.2% 16.9% 19.6% 12.0% 24.3% 13.1% |
|Margin |
+------------------------------------------------------------------------------+
|6M-2016 TOP 15.3% 17.7% 16.8% 20.1% 12.4% 23.2% 15.6% |
|Margin |
+------------------------------------------------------------------------------+
Six-month sales and trading operating profit (TOP) overview by product
+-------------------------------------------------------------------------------+
| Milk Prepared |
| Powdered products Nutrition dishes & |
| Total & liquid & ice & Health cooking Confection- |
| Group beverages Water cream Science aids ery Petcare|
+-------------------------------------------------------------------------------+
|Sales 43'023 9'814 3'772 6'499 7'476 5'732 3'703 6'027 |
|6M-2017 |
|(CHF m) |
+-------------------------------------------------------------------------------+
|Sales 43'155 9'653 3'680 6'991 7'364 5'903 3'735 5'829 |
|6M-2016 |
|(CHF m) |
+-------------------------------------------------------------------------------+
|RIG 1.4% 1.7% 3.7% 0.1% 1.2% 1.2% -0.6% 2.6% |
+-------------------------------------------------------------------------------+
|Pricing 0.9% 1.5% 0.5% 2.1% 0.2% 1.5% -1.0% 0.6% |
+-------------------------------------------------------------------------------+
|Organic 2.3% 3.2% 4.2% 2.2% 1.4% 2.7% -1.6% 3.2% |
|growth |
+-------------------------------------------------------------------------------+
|6M-2017 6'449 2'192 460 1'065 1'376 857 322 1'246 |
|TOP (CHF |
|m) |
+-------------------------------------------------------------------------------+
|6M-2016 6'611 2'204 461 1'220 1'359 897 384 1'200 |
|TOP (CHF |
|m) |
+-------------------------------------------------------------------------------+
|6M-2017 15.0% 22.3% 12.2% 16.4% 18.4% 15.0% 8.7% 20.7% |
|TOP |
|Margin |
+-------------------------------------------------------------------------------+
|6M-2016 15.3% 22.8% 12.5% 17.5% 18.5% 15.2% 10.3% 20.6% |
|TOP |
|Margin |
+-------------------------------------------------------------------------------+
This press release is also available in:
Français (pdf): http://www.nestle.com/asset-
library/Documents/Library/Events/2017-half-year-results/Press-Release-FR.pdf
Deutsch (pdf): http://www.nestle.com/asset-
library/Documents/Library/Events/2017-half-year-results/Press-Release-DE.pdf
Report published today
2017 Half-yearly Report: http://www.nestle.com/asset-
library/Documents/Library/Documents/Half_Yearly_Reports/2017-Half-Yearly-Report-
EN.pdf
Other language versions: http://www.nestle.com/investors/publications
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nestlé S.A. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 27.07.2017 - 07:19 Uhr
Sprache: Deutsch
News-ID 554097
Anzahl Zeichen: 34087
contact information:
Town:
Vevey
Kategorie:
Business News
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