鸟巢报告英文(pdf 61页)

Solid organic growth
•EBITA improvement (despite higher raw material prices and a very competitive environment
•Significantly higher net profit
2004: Focus on profitable growth
•RIG accelerates to 2.9%, organic growth of 4.5%
-strong performances in Americas, AOA and Alcon
-achieved despite negative growth in Europe (weather)
-good market share performances: robust growth vs. industry
•EBITA margin up 10bps, 40bps in constant currency
-CHF 1.3 billion of efficiencies exceed cost pressures
-like-for-like Marketing & Admin increases 20 bps
•ROIC unchanged
-including goodwill, reflects 12 month inclusion of Dreyer's
-excluding goodwill, -10bps, reflects currency impact
Nestlé: improvement in the bottom linewhile investing in sustainable top line growth
4 Full Year Results 2004 CorpNoarmatee o Cf cohmaimrmuannications
2004 performance creates new options for management of capital structure
•2004 operating cash flow of CHF10.4 billion &
free cash flow of CHF 6.6 billion
-despite impact of currencies
•Net debt of CHF 10.2 billion
-helped by currency allocation
•Management of capital structure
-dividend increased 11% to CHF 8.00 per share
-share buy-back & cancellation programme to start in H2
2005 of max CHF 1 billion
-future buy-back programmes likely to be more
significant, subject to market conditions, respecting AAA
rating
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