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Driving Sustainable Profitable Growth

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Driving Sustainable Profitable Growth Nes The Management Report contains forward Management Report 2006 looking statements which refl ect Management’s tlé current views and estimates. The forward looking statements involve certain risks and uncertainties that could cause actual results Driving sustainable to differ materially from those contained in the forward looking statements. Potential risks and uncertainties include such factors as profi t able growth general economic conditions, foreign exchange fl u ctuations, competitive product and pricing pressures and regulatory developments. In case of doubt or differences of interpretation, the English version shall prevail over the French and German text. Man age men Table of contents t Re 2 Letter to our shareholders por Corporate governance t 20 6 Board of Directors of Nestlé S.A. 8 Executive Board of Nestlé S.A. 06 10 Corporate Governance and Compliance Corporate social responsibility 12 Our principles of doing business Our food and beverages business 22 Nestlé – a company built on strong brands 23 Our billionaire brands 24 Leadership in Nutrition, Health and Wellness 38 Driving profi table growth 44 Leveraging our scale and structure to enable profi table growth Products for vision, health and beauty 48 Pharmaceutical and Cosmetics activities Group performance 50 Financial review 62 Geographic data: people and factories General information 64 The Nestlé story – 140 years of growth 66 Shareholder information 66 Important dates © 2007, Nestlé S.A., Cham and Vevey (Switzerland) Annexes Concept: Nestec Ltd., SGDU, Corporate Identity and Design, Corporate Governance Report 2006 Vevey (Switzerland) with messi&schmidt, Lausanne (Switzerland) Pictures: apg image Ltd.; Nicole Bachmann; Patrick Brown; 2006 Financial Statements Markus Bühler-Rasom; Sam Faulkner; Fotoagentur Ex-Press/Heike Grasser; Harmen Hoogland; The Nestlé water management report Véronique Vial; Christian Vogt; Paul Weinberg Printed by Genoud SA, Entreprise d’arts graphiques, Le Mont-sur-Lausanne (Switzerland) The brands in italics are registered trademarks of the Nestlé Group Nes The Management Report contains forward Management Report 2006 looking statements which refl ect Management’s tlé current views and estimates. The forward looking statements involve certain risks and uncertainties that could cause actual results Driving sustainable to differ materially from those contained in the forward looking statements. Potential risks and uncertainties include such factors as profi t able growth general economic conditions, foreign exchange fl u ctuations, competitive product and pricing pressures and regulatory developments. In case of doubt or differences of interpretation, the English version shall prevail over the French and German text. Man age men Table of contents t Re 2 Letter to our shareholders por Corporate governance t 20 6 Board of Directors of Nestlé S.A. 8 Executive Board of Nestlé S.A. 06 10 Corporate Governance and Compliance Corporate social responsibility 12 Our principles of doing business Our food and beverages business 22 Nestlé – a company built on strong brands 23 Our billionaire brands 24 Leadership in Nutrition, Health and Wellness 38 Driving profi table growth 44 Leveraging our scale and structure to enable profi table growth Products for vision, health and beauty 48 Pharmaceutical and Cosmetics activities Group performance 50 Financial review 62 Geographic data: people and factories General information 64 The Nestlé story – 140 years of growth 66 Shareholder information 66 Important dates © 2007, Nestlé S.A., Cham and Vevey (Switzerland) Annexes Concept: Nestec Ltd., SGDU, Corporate Identity and Design, Corporate Governance Report 2006 Vevey (Switzerland) with messi&schmidt, Lausanne (Switzerland) Pictures: apg image Ltd.; Nicole Bachmann; Patrick Brown; 2006 Financial Statements Markus Bühler-Rasom; Sam Faulkner; Fotoagentur Ex-Press/Heike Grasser; Harmen Hoogland; The Nestlé water management report Véronique Vial; Christian Vogt; Paul Weinberg Printed by Genoud SA, Entreprise d’arts graphiques, Le Mont-sur-Lausanne (Switzerland) The brands in italics are registered trademarks of the Nestlé Group Key fi gures (consolidated) Net profi t In millions of CHF (except per share data) 2005 (a) 2006 2002 2003 2004 2005 (a) 2006 2002 2003 2004 2005 (a) 2006 Sales 91 115 98 458 Net profit (d) Total earnings In millions of CHF per share EBIT (Group) Earnings Before Interest, Taxes, restructuring and impairments 11 876 13 302 In CHF as % of sales 13.0% 13.5% EBIT (Food and Beverages) Earnings Before Interest, Taxes, restructuring and impairments 10 043 11 166 as % of sales (Food and Beverages) 11.8% 12.2% Profit for the period attributable to shareholders of the parent Net profit 8 081 9 197 7 564 6 213 6 621 8 081 9 197 19.51 16.05 17.04 20.78 23.90 as % of sales 8.9% 9.3% (d) Profit for the period attribuable to shareholders of the parent Underlying 18.90 20.23 18.82 21.49 24.12 as % of average equity attributable to shareholders of the parent 18.6% 18.7% Capital expenditure 3 375 4 200 as % of sales 3.7% 4.3% Equity attributable to shareholders of the parent before proposed appropriation of profit of Nestlé S.A. 47 498 50 991 Market capitalisation, end December 152 576 166 152 Operating cash flow 10 205 11 676 Free cash flow (b) 6 557 7 018 Net debt 9 724 10 971 Shareholder returns Ratio of net debt to equity (gearing) 20.5% 21.5% 2002 2003 2004 2005 2006 2004 2005 2006 Per share Dividend per share Total cash returned +41% Total earnings per share CHF 20.78 23.90 In CHF to shareholders +57% Underlying (c) CHF 21.49 24.12 In billions of CHF Equity attributable to shareholders of the parent before proposed appropriation of profit of Nestlé S.A. CHF 122.16 132.51 Dividend as proposed by the Board of Directors of Nestlé S.A. CHF 9.00 10.40 (a) 2005 comparatives have been restated. See Consolidated Financial Statements (b) Operating cash flow less capital expenditure, disposal of tangible assets, purchase and disposal of intangible assets, movement with associates as well as with minority interests (c) Profit for the period attributable to shareholders of the parent from continuing operations before impairments, restructuring costs, 7.00 7.20 8.00 9.00 10.40 Dividend 2.8 3.1 3.5 results on disposals and significant one-off items. The tax impact from the adjusted items is also adjusted for. Share buy-back 1.3 2.7 Profi t ability Capital expenditure/return on invested capital 2002 2003 2004 2005 (a) 2006 2002 2003 2004 2005 (a) 2006 2002 2003 2004 2005 2006 2002 2003 2004 2005 (a) 2006 EBIT EBIT margin Capital expenditure Return on In millions of CHF In % In millions of CHF invested capital* In % 10 940 11 006 10 760 11 876 13 302 12.3 12.5 12.7 13.0 13.5 3 577 3 337 3 260 3 375 4 200 Excluding goodwill 18.9 19.9 19.9 20.8 21.2 Including goodwill 11.0 11.0 10.8 11.4 11.7 * based on segment reporting Key fi gures (consolidated) Net profi t In millions of CHF (except per share data) 2005 (a) 2006 2002 2003 2004 2005 (a) 2006 2002 2003 2004 2005 (a) 2006 Sales 91 115 98 458 Net profit (d) Total earnings In millions of CHF per share EBIT (Group) Earnings Before Interest, Taxes, restructuring and impairments 11 876 13 302 In CHF as % of sales 13.0% 13.5% EBIT (Food and Beverages) Earnings Before Interest, Taxes, restructuring and impairments 10 043 11 166 as % of sales (Food and Beverages) 11.8% 12.2% Profit for the period attributable to shareholders of the parent Net profit 8 081 9 197 7 564 6 213 6 621 8 081 9 197 19.51 16.05 17.04 20.78 23.90 as % of sales 8.9% 9.3% (d) Profit for the period attribuable to shareholders of the parent Underlying 18.90 20.23 18.82 21.49 24.12 as % of average equity attributable to shareholders of the parent 18.6% 18.7% Capital expenditure 3 375 4 200 as % of sales 3.7% 4.3% Equity attributable to shareholders of the parent before proposed appropriation of profit of Nestlé S.A. 47 498 50 991 Market capitalisation, end December 152 576 166 152 Operating cash flow 10 205 11 676 Free cash flow (b) 6 557 7 018 Net debt 9 724 10 971 Shareholder returns Ratio of net debt to equity (gearing) 20.5% 21.5% 2002 2003 2004 2005 2006 2004 2005 2006 Per share Dividend per share Total cash returned +41% Total earnings per share CHF 20.78 23.90 In CHF to shareholders +57% Underlying (c) CHF 21.49 24.12 In billions of CHF Equity attributable to shareholders of the parent before proposed appropriation of profit of Nestlé S.A. CHF 122.16 132.51 Dividend as proposed by the Board of Directors of Nestlé S.A. CHF 9.00 10.40 (a) 2005 comparatives have been restated. See Consolidated Financial Statements (b) Operating cash flow less capital expenditure, disposal of tangible assets, purchase and disposal of intangible assets, movement with associates as well as with minority interests (c) Profit for the period attributable to shareholders of the parent from continuing operations before impairments, restructuring costs, 7.00 7.20 8.00 9.00 10.40 Dividend 2.8 3.1 3.5 results on disposals and significant one-off items. The tax impact from the adjusted items is also adjusted for. Share buy-back 1.3 2.7 Profi t ability Capital expenditure/return on invested capital 2002 2003 2004 2005 (a) 2006 2002 2003 2004 2005 (a) 2006 2002 2003 2004 2005 2006 2002 2003 2004 2005 (a) 2006 EBIT EBIT margin Capital expenditure Return on In millions of CHF In % In millions of CHF invested capital* In % 10 940 11 006 10 760 11 876 13 302 12.3 12.5 12.7 13.0 13.5 3 577 3 337 3 260 3 375 4 200 Excluding goodwill 18.9 19.9 19.9 20.8 21.2 Including goodwill 11.0 11.0 10.8 11.4
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