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Wan Ling Martello, Chief Financial Officer, Nestlé SA Ian Metcalfe NESTLÉ S.A. 2012 FIRST HALF RESULTS ROADSHOW TRANSCRIPT 9 August 2012, 08:30 CET Speakers: Wan Ling Martello, Chief Financial Officer, Nestlé S.A. Ian Metcalfe, Investor Relations Officer, Nestlé S.A. This transcript may have been edited for clarity, and the spoken version is the valid record. This document is subject to the same terms and conditions found at http://www.nestle.com/Footer/Pages/TC.aspx. 1 Ian Metcalfe, Nestlé SA, Investor Relations Officer Slide: Title slide Good morning and welcome to the Nestlé half year results presentation for 2012. As usual we will go through a few slides before opening it up for Q&A. Slide: Disclaimer We‟ll take the “safe harbour” statement as read, so without further delay, it‟s my pleasure to hand you over to our Chief Financial Officer, Wan Ling Martello. Wan Ling Martello, Nestlé SA, Chief Financial Officer Slide 2 : Agenda Thank you, Ian. Good morning. We are doing this webcast live from the Swiss Stock Exchange in Zurich, a very warm welcome to those of you who are joining us here in person. And before I get started, a special good morning to Roddy, who you all know is our head of IR. Roddy is recovering and will be back in top form sooner than later. I know Roddy you are watching and if I am not mistaken, this is a first call you are missing in 12 years. So Roddy this one‟s for you. We have an hour and a half together this morning. I will take you through highlights of our first half, followed by a more detailed look at the performance for the year so far. I will then spend some time talking about the key elements of our cash flow performance, as well as some important changes we have made in the spirit of building on our transparency in that area. With that, let us go to our Group highlights. Slide 3: First Half 2012 Group highlights During the first half of 2012, we saw continuing macro trends with regards to consumer sentiment in both the developed and emerging markets. North America remains challenging as you all know, while the European trading environment has deteriorated, no surprise, especially in the Southern countries. In contrast, the emerging markets have continued to show robust levels of growth. This is the environment we are operating in. You know what is more important though is how we have anticipated, how we have responded to that environment – driving performance that is aligned to our strategic priorities. You know those priorities well. They are reflected in the Nestlé Roadmap which I gather you all have seen many times. I believe that the numbers we are going to discuss today, demonstrate that we have indeed delivered once again. Remaining true to our culture of combining shorter term action with longer term thinking. We have been fast moving and flexible, achieving strong performances relative to our markets, in both emerging and developed countries. We have done this by embracing opportunities, making the right choices, tough choices even, to deliver sustainable profitable growth. 2 We have continued to invest behind our innovations and our brands. We have been deepening and widening our distribution. We have been focused on flawless execution. And we have benefited from having a well-established, global, multi-tier strategy from value-to- premium to capture growth across all consumer segments. And above all, we have benefitted from having over 300,000 people aligned behind the Nestlé Roadmap, driving our performance such that regardless of the environment, we are able to reconfirm our full year guidance. Slide 4: First Half 2012 Group highlights Let‟s now take a look at the highlights of our performance. The Group maintained its growth momentum with an organic growth of 6.6% in the first half of 2012. This reflects a good balance between a real internal growth of 2.9% and pricing of 3.7%. The Group‟s Trading Operating Profit was 6.6 bio CHF, up from 6.2 bio CHF in the first half of 2011. The resulting margin of 15% is in line with our First Quarter conference call comment, that our 2012 Trading Operating Profit margin improvement will be weighted towards the 2nd half. You also see here the Group‟s Operating Cash Flow of 5.1 billion CHF is up from 2.1 billion in 2011. Now why is that? This was mainly due to improvements in operations as well as working capital that I will get to later on in my presentation. Other elements of this chart as you can see, I would like to highlight are Net profit, which was up 8.9% at 5.1 billion CHF, and the underlying earnings per share (EPS), that rose 12.4% in constant currencies. Slide 5: Growth across all regions Nestlé continues to grow in all three regions. Our European performance reflects some tough comparisons for the globally managed businesses, but the zone continues to perform at the same level as Q1. Americas has maintained its momentum, which with increases in both RIG and organic growth in North America in Q2, we actually saw increases in RIG and organic growth from Q1 to Q2 this despite the low consumer confidence there. Asia, Oceania and Africa continued to deliver double-digit growth. Slide 6: Growth continues to be broad based Overall, as you can see on this slide, the emerging markets continued to do very well and grew by almost 13%. The developed markets posted 2.6% organic growth, a good performance in view of the environment in Europe. Portugal, Italy, Greece and Spain had a slightly negative organic growth overall. Last but not least our Billionaire Brands grew over 8%, which is above the group average. Slide 7: Growth across all operating segments 3 Here you can see the overview of our Zones and Globally Managed Businesses. I‟ll now take you through the highlights of each of these individually. Slide 8: Zone Americas Starting with Zone AMS where we had 5.7% organic growth and a RIG that is flattish at -0.1%. While the North American trading environment remains challenging like I said before, we actually saw a slight improvement in growth over the 1st quarter. The Frozen aisle is continuing the trend we have seen. We recognize, that as the market leader, we are at the forefront of returning value to the category – be it through new product offerings or the approach we take in communicating to consumers. This is relevant. Whether we are talking about technologies, such as flash freezing, that preserve the freshness behind our frozen brands. Or successful new range extensions such as those launched by Lean Cuisine and DiGiorno. The Frozen Pizza category unfortunately remains soft overall. But our strong brands are enabling us to hold market share, despite the significant pricing we have taken. Talking about pricing we have also taken significant pricing action in Ice Cream. The category has also seen increased pressure from private label as well as regional players in Premium take-home. An important step-change in Premium for us is the relaunch of Slow Churn, the Dreyer‟s brand Slow Churn – bringing all the taste but with half the fat and a third less calories. For those of you in the U.S., if you have not tried our Slow Churn, I urge you to run to the store, don‟t walk to the store – run, after listening to this webcast. I promise you I love ice cream, you can tell, it‟s fantastic, it tastes great, it tastes even better than full fat. Ok so we have also seen growth in Ice Cream snacks, and the Super Premium. Confectionery has accelerated year-to-date with innovations such as Skinny Cow still growing well. Nescafé showed good organic growth thanks to Nescafé Classico and innovations like Nescafé Memento targeting younger coffee consumers. CoffeMate launched new varieties of Natural Bliss, enabling the consumer to individualise their coffee moment. That, achieved high single-digit growth. Last but not least for North America, PetCare category is growing, and we have actually increased our share. Our innovations delivered high-single digit growth with examples like Beneful Baked Delights and Friskies Plus. We have also entered the Ultra-Premium segment via the speciality channel with Canyon Creek Ranch, which is a whole natural food for adult dogs with added vitamins and minerals. Our Latin America story is very positive, with double-digit organic growth. The key drivers by category are Confectionery, Coffee and PetCare where Dog Chow and Pro Plan stood out, and by geography, Brazil, Mexico, and the Andean and Plata regions are the highlights. 4 Overall market shares across all categories in the zone were mixed with highlights being Beverages in the U.S. and Confectionery and Petcare across the entire Zone. The Zone‟s Trading Operating Margin increased 10 basis points. Slide 9: Zone Europe Moving on to Zone Europe, the growth is in line with our Q1 performance, so again it is important to highlight that we did not see a deceleration which is great. This despite the tough comparison to 2011. Although the trading environment has deteriorated during the year, as you all know and as I mentioned earlier, particularly in the south, we continue to see growth both with PPPs and with Premium products. With PPP growing at over twice the zone average. In the West, we achieved mid-single digit growth in the UK, driven by Coffee and Culinary, and in France, with most categories contributing.
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