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Financial Statements 2016 Financial Statements 2016 Consolidated Financial Statements of the Nestlé Group 2016 150th Financial Statements of Nestlé S.A. Consolidated Financial Statements of the Nestlé Group 2016 59 Principal exchange rates 136 Statutory Auditor’s Report – Report on the Audit of the 60 Consolidated income statement for Consolidated Financial Statements the year ended 31 December 2016 142 Financial information – 5 year review 61 Consolidated statement of comprehensive income for the year 144 Companies of the Nestlé Group, joint ended 31 December 2016 arrangements and associates 62 Consolidated balance sheet as at 31 December 2016 64 Consolidated cash fl ow statement for the year ended 31 December 2016 65 Consolidated statement of changes in equity for the year ended 31 December 2016 67 Notes 67 1. Accounting policies 70 2. Scope of consolidation, acquisitions and disposals of businesses, assets held for sale and acquisitions of non-controlling interests 74 3. Analyses by segment 82 4. Net other trading and operating income/ (expenses) 83 5. Net fi nancial income/(expense) 84 6. Inventories 7. Trade and other receivables 85 8. Property, plant and equipment 88 9. Goodwill and intangible assets 94 10. Employee benefi ts 104 11. Provisions and contingencies 106 12. Financial instruments 118 13. Taxes 121 14. Associates and joint ventures 123 15. Earnings per share 124 16. Cash fl ow statement 127 17. Equity 132 18. Lease commitments 133 19. Transactions with related parties 135 20. Guarantees 21. Events after the balance sheet date 58 Consolidated Financial Statements of the Nestlé Group 2016 Principal exchange rates CHF per 2016 2015 2016 2015 Year ending rates Weighted average annual rates 1 US Dollar USD 1.023 0.989 0.985 0.964 1 Euro EUR 1.075 1.081 1.090 1.068 100 Chinese Yuan Renminbi CNY 14.715 15.239 14.838 15.325 100 Brazilian Reais BRL 31.383 25.337 28.583 29.004 100 Philippine Pesos PHP 2.064 2.109 2.075 2.115 1 Pound Sterling GBP 1.255 1.467 1.331 1.474 100 Mexican Pesos MXN 4.938 5.690 5.279 6.074 1 Canadian Dollar CAD 0.758 0.713 0.745 0.752 100 Japanese Yen JPY 0.874 0.822 0.907 0.798 1 Australian Dollar AUD 0.738 0.723 0.733 0.723 100 Russian Ruble RUB 1.685 1.347 1.485 1.579 Consolidated Financial Statements of the Nestlé Group 2016 59 Consolidated income statement for the year ended 31 December 2016 In millions of CHF Notes 2016 2015 Sales 3 89 469 88 785 Other revenue 317 298 Cost of goods sold (44 199) (44 730) Distribution expenses (8 059) (7 899) Marketing and administration expenses (21 485) (20 744) Research and development costs (1 736) (1 678) Other trading income 4 99 78 Other trading expenses 4 (713) (728) Trading operating profi t 3 13 693 13 382 Other operating income 4 354 126 Other operating expenses 4 (884) (1 100) Operating profi t 13 163 12 408 Financial income 5 121 101 Financial expense 5 (758) (725) Profi t before taxes, associates and joint ventures 12 526 11 784 Taxes 13 (4 413) (3 305) Income from associates and joint ventures 14 770 988 Profi t for the year 8 883 9 467 of which attributable to non-controlling interests 352 401 of which attributable to shareholders of the parent (Net profi t) 8 531 9 066 As percentages of sales Trading operating profi t 15.3% 15.1% Profi t for the year attributable to shareholders of the parent (Net profi t) 9.5% 10.2% Earnings per share (in CHF) Basic earnings per share 15 2.76 2.90 Diluted earnings per share 15 2.75 2.89 60 Consolidated Financial Statements of the Nestlé Group 2016 Consolidated statement of comprehensive income for the year ended 31 December 2016 In millions of CHF Notes 2016 2015 Profi t for the year recognised in the income statement 8 883 9 467 Currency retranslations, net of taxes 17 1 033 (3 771) Fair value adjustments on available-for-sale fi nancial instruments, net of taxes 17 16 (144) Fair value adjustments on cash fl ow hedges, net of taxes 17 (1) 62 Share of other comprehensive income of associates and joint ventures 14/17 (154) 165 Items that are or may be reclassifi ed subsequently to the income statement 894 (3 688) Remeasurement of defi ned benefi t plans, net of taxes 10/17 (143) (362) Share of other comprehensive income of associates and joint ventures 14/17 (10) 112 Items that will never be reclassifi ed to the income statement (153) (250) Other comprehensive income for the year 17 741 (3 938) Total comprehensive income for the year 9 624 5 529 of which attributable to non-controlling interests 343 317 of which attributable to shareholders of the parent 9 281 5 212 Consolidated Financial Statements of the Nestlé Group 2016 61 Consolidated balance sheet as at 31 December 2016 before appropriations In millions of CHF Notes 2016 2015 Assets Current assets Cash and cash equivalents 12/16 7 990 4 884 Short-term investments 12 1 306 921 Inventories 6 8 401 8 153 Trade and other receivables 7/12 12 411 12 252 Prepayments and accrued income 573 583 Derivative assets 12 550 337 Current income tax assets 786 874 Assets held for sale 2 25 1 430 Total current assets 32 042 29 434 Non-current assets Property, plant and equipment 8 27 554 26 576 Goodwill 9 33 007 32 772 Intangible assets 9 20 397 19 236 Investments in associates and joint ventures 14 10 709 8 675 Financial assets 12 5 719 5 419 Employee benefi ts assets 10 310 109 Current income tax assets 114 128 Deferred tax assets 13 2 049 1 643 Total non-current assets 99 859 94 558 Total assets 131 901 123 992 62 Consolidated Financial Statements of the Nestlé Group 2016 Consolidated balance sheet as at 31 December 2016 In millions of CHF Notes 2016 2015 Liabilities and equity Current liabilities Financial debt 12 12 118 9 629 Trade and other payables 12 18 629 17 038 Accruals and deferred income 3 855 3 673 Provisions 11 620 564 Derivative liabilities 12 1 068 1 021 Current income tax liabilities 1 221 1 124 Liabilities directly associated with assets held for sale 2 6 272 Total current liabilities 37 517 33 321 Non-current liabilities Financial debt 12 11 091 11 601 Employee benefi ts liabilities 10 8 420 7 691 Provisions 11 2 640 2 601 Deferred tax liabilities 13 3 865 3 063 Other payables 12 2 387 1 729 Total non-current liabilities 28 403 26 685 Total liabilities 65 920 60 006 Equity 17 Share capital 311 319 Treasury shares (990) (7 489) Translation reserve (18 799) (19 851) Other reserves 1 198 1 345 Retained earnings 82 870 88 014 Total equity attributable to shareholders of the parent 64 590 62 338 Non-controlling interests 1 391 1 648 Total equity 65 981 63 986 Total liabilities and equity 131 901 123 992 Consolidated Financial Statements of the Nestlé Group 2016 63 Consolidated cash fl ow statement for the year ended 31 December 2016 In millions of CHF Notes 2016 2015 Operating activities Operating profi t 17 13 163 12 408 Depreciation and amortisation 3 132 3 178 Impairment 640 576 Net result on disposal of businesses — 422 Other non-cash items of income and expense 35 172 Cash fl ow before changes in operating assets and liabilities 16 970 16 756 Decrease/(increase) in working capital 16 1 801 741 Variation of other operating assets and liabilities 16 54 (248) Cash generated from operations 18 825 17 249 Net cash fl ows from treasury activities 16 (327) (93) Taxes paid (3 435) (3 310) Dividends and interest from associates and joint ventures 14 519 456 Operating cash fl ow 15 582 14 302 Investing activities Capital expenditure 8 (4 010) (3 872) Expenditure on intangible assets 9 (682) (422) Acquisition of businesses 2 (585) (530) Disposal of businesses 2 271 213 Investments (net of divestments) in associates and joint ventures 14 (748) (44) Infl ows/(outfl ows) from treasury investments (335) 521 Other investing activities (34) (19) Investing cash fl ow (6 123) (4 153) Financing activities Dividend paid to shareholders of the parent 17 (6 937) (6 950) Dividends paid to non-controlling interests (432) (424) Acquisition (net of disposal) of non-controlling interests 2 (1 208) — Purchase (net of sale) of treasury shares (a) 760 (6 377) Infl ows from bonds and other non-current fi nancial debt 1 695 1 381 Outfl ows from bonds and other non-current fi nancial debt (1 430) (508) Infl ows/(outfl ows) from current fi nancial debt 1 368 643 Financing cash fl ow (6 184) (12 235) Currency retranslations (169) (478) Increase/(decrease) in cash and cash equivalents 3 106 (2 564) Cash and cash equivalents at beginning of year 4 884 7 448 Cash and cash equivalents at end of year 7 990 4 884 (a) In 2015, mostly relates to the Share Buy-Back Programme launched in 2014. 64 Consolidated Financial Statements of the Nestlé Group 2016 Consolidated statement of changes in equity for the year ended 31 December 2016 In millions of CHF Share capital Treasury shares Translation reserve Other reserves Retained earnings equity Total attributable to shareholders of the parent Non-controlling interests Total equity Equity as at 31 December 2014 as originally published 322 (3 918) (17 255) — 90 981 70 130 1 754 71 884 Reclassifi cation following the changes in presentation — — 953 1 418 (2 371) — — — Equity restated as at 31 December 2014 322 (3 918) (16 302) 1 418 88 610 70 130 1 754 71 884 Profi t for the year ————9 066 9 066 401 9 467 Other comprehensive income for the year — — (3 549) (55) (250) (3 854) (84) (3 938) Total comprehensive income for the year — — (3 549) (55) 8 816 5 212 317 5 529 Dividends ————(6 950) (6 950) (424) (7 374) Movement of treasury shares — (6 322) — — 39 (6 283) — (6 283) Equity compensation plans — 239 — — (56) 183 — 183 Changes in non-controlling interests ————(21) (21) 1 (20) Reduction in share capital (a)
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