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Annual Review 2015 Consolidated Financial Statements of the Nestlé Group 2015 149Th Financial Statements of Nestlé S.A

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Annual Review 2015 Consolidated Financial Statements of the Nestlé Group 2015 149Th Financial Statements of Nestlé S.A Summaries Annual Review 2015 Consolidated Financial Statements of the Nestlé Group 2015 149th Financial Statements of Nestlé S.A. Contents 3 Highlights 2015 4 Key figures (consolidated) 6 Financial Review 17 Extract from the Consolidated Financial Statements 18 Consolidated income statement for the year ended 31 December 2015 19 Consolidated statement of comprehensive income for the year ended 31 December 2015 20 Consolidated balance sheet as at 31 December 2015 22 Consolidated cash flow statement for the year ended 31 December 2015 24 Consolidated statement of changes in equity for the year ended 31 December 2015 25 Report of the Statutory Auditor on the Consolidated Financial Statements 26 Extract from the Financial Statements of Nestlé S.A. 26 Income statement for the year ended 31 December 2015 27 Balance sheet as at 31 December 2015 28 Proposed appropriation of profit 29 Report of the Statutory Auditor 30 Shareholder information All sections should be read in connection with the Consolidated Financial Statements of the Nestlé Group 2015 and the 149th Financial Statements of Nestlé S.A. In the Financial Review, the acronyms in the tables at the beginning of each operating segment have the following meaning: – OG: organic growth – RIG: real internal growth – Margin: trading operating margin Following the changes in management responsibilities as from 1 January 2015, Zone Europe has been renamed Zone Europe, Middle East and North Africa (EMENA) and now includes the Maghreb, the Middle East, the North East Africa region, Turkey and Israel, which were formerly included in Zone Asia, Oceania and Africa. Zone Asia, Oceania and Africa has been renamed Zone Asia, Oceania and sub‑Saharan Africa (AOA). Nestlé Nutrition now includes Growing‑Up Milks business formerly included in the geographic Zones. Finally, Other businesses now includes the Bübchen business, formerly included in Nestlé Nutrition. Information by product has been modified following the main transfer of Growing‑Up Milks business in Milk products and Ice cream to Nutrition and Health Science. 2014 comparative information has been restated. 2 Nestlé Group I Summary of the full Annual Report 2015 Highlights 2015 Profitable growth at the higher end of the industry in a still challenging environment – Sales of CHF 88.8 billion. – 4.2% organic growth and 2.2% real internal growth. – Trading operating profit of 15.1%, down 20 basis points on a reported basis affected by the strong Swiss Franc, up 10 basis points in constant currencies. – Net profit of CHF 9.1 billion, decreasing by CHF 5.4 billion versus last year mostly due to the one‑off impact from the disposal in 2014 of part of the L’Oréal stake combined with the revaluation of the Galderma stake, as well as some effect from foreign exchange. – Underlying earnings per share were up 6.5% in constant currencies. – Operating cash flow remained strong at CHF 14.3 billion and free cash flow of CHF 9.9 billion. Strengthening the foundations of future growth – Increased support behind our brands, research and development and innovation. – Continuing focus on portfolio management. – Nestlé Skin Health and Nestlé Health Science expanding our existing food and beverage business in line with our strategic ambition to be the world’s recognised leading Nutrition, Health and Wellness company. – Further development of our platforms in E‑Commerce. – Full deployment of our Nestlé Business Excellence initiative, aggregating business support services to better leverage our scale and free up resources to deliver growth. – On‑going focus on capital discipline, including all elements of working capital, capital expenditure and a continuous focus on efficiencies and profitable growth. Nestlé’s commitment to creating value for society and for shareholders – Responsible and sustainable investments, expanding our manufacturing footprint while continuing to reduce the environmental impact of our business. – Proposed dividend of CHF 7.0 billion for 2015, CHF 2.25 per share, an increase of 2.3%. 2016 Outlook We anticipate that our trading environment in 2016 will be similar to previous years with even softer pricing. As such we expect to deliver organic growth in line with 2015, with improvements in margins and underlying earnings per share in constant currencies, and capital efficiency. Nestlé Group I Summary of the full Annual Report 2015 3 Key figures (consolidated) In millions of CHF (except for data per share and employees) 2015 2014 Results Sales 88 785 91 612 Trading operating profit 13 382 14 019 as % of sales 15.1% 15.3% Profit for the year attributable to shareholders of the parent (Net profit) 9 066 14 456 as % of sales 10.2% 15.8% Balance sheet and Cash flow statement Equity attributable to shareholders of the parent 62 338 70 130 Net financial debt 15 425 12 325 Ratio of net financial debt to equity (gearing) 24.7% 17.6% Operating cash flow 14 302 14 700 as % of net financial debt 92.7% 119.3% Free cash flow (a) 9 945 14 137 Capital expenditure 3 872 3 914 as % of sales 4.4% 4.3% Data per share Weighted average number of shares outstanding (in millions of units) 3 129 3 188 Basic earnings per share CHF 2.90 4.54 Underlying earnings per share (b) CHF 3.31 3.44 Dividend as proposed by the Board of Directors of Nestlé S.A. CHF 2.25 2.20 Market capitalisation, end December 229 947 231 136 Number of employees (in thousands) 335 339 (a) Operating cash flow less capital expenditure, expenditure on intangible assets, investments (net of divestments) in associates and joint ventures, and other investing cash flows. (b) Profit per share for the year attributable to shareholders of the parent before impairments, restructuring costs, results on disposals and significant one-off items. The tax impact from the adjusted items is also adjusted for. 4 Nestlé Group I Summary of the full Annual Report 2015 Key figures (consolidated) Principal key figures in USD (illustrative) Income statement figures translated at weighted average annual rate; balance sheet figures at year-end rate In millions of USD (except for data per share) 2015 2014 Sales 92 143 99 961 Trading operating profit 13 889 15 296 Profit for the year attributable to shareholders of the parent (Net profit) 9 409 15 774 Equity attributable to shareholders of the parent 63 012 70 863 Market capitalisation, end December 232 434 233 553 Data per share Basic earnings per share USD 3.01 4.95 Principal key figures in EUR (illustrative) Income statement figures translated at weighted average annual rate; balance sheet figures at year-end rate In millions of EUR (except for data per share) 2015 2014 Sales 83 153 75 431 Trading operating profit 12 533 11 543 Profit for the year attributable to shareholders of the parent (Net profit) 8 491 11 903 Equity attributable to shareholders of the parent 57 651 58 307 Market capitalisation, end December 212 658 192 170 Data per share Basic earnings per share EUR 2.72 3.74 Nestlé Group I Summary of the full Annual Report 2015 5 Financial Review Group overview 2.4% in AMS, 2.8% in EMENA and 1.2% in AOA. Introduction We demonstrated our continued In 2015 we delivered profitable growth at strength in developed markets with organic the higher end of the industry in what is still growth of 1.9% and in emerging markets a challenging environment. This profitable with 7.0%. We increased or maintained growth was on the back of consistent market share in the majority of our performances in previous years. Our organic categories and markets. growth of 4.2% was supported by increased momentum in real internal growth combined Trading operating profit with continued margin improvement. Trading operating profit was CHF 13.4 billion, Additionally, we grew or maintained market with a margin of 15.1%, down 20 basis points share in the majority of our categories and on a reported basis affected by the strong markets. Swiss Franc, up 10 basis points in constant At the same time we continued to invest currencies. We delivered this margin for the future with increased support improvement while increasing substantially behind our brands and further development our investment in brand support, digital, of our new platforms in nutrition and health research and development, and in our new as well as E‑commerce. We kept up the focus nutrition and health platforms and at the on portfolio management, turning around our same time absorbing the cost of exceptional frozen food business in the United States, events like Maggi noodles in India. disposing of non‑core businesses and forging a new partnership to create a leading player Net profit in ice cream. Net profit was CHF 9.1 billion. The reduction Our free cash flow generation was again of CHF 5.4 billion versus last year was mostly at the top end of the food industry at 11.2% due to the one‑off impact from the disposal of sales, as a result of our focus on margins in 2014 of part of the L’Oréal stake combined with discipline in capital expenditure and with the revaluation of the Galderma stake. working capital. There was also some effect from foreign exchange. Reported earnings per share at Group results CHF 2.90 were down by 36.1%, for the same In 2015 Nestlé’s organic growth was 4.2%, reasons. Underlying earnings per share in composed of 2.2% real internal growth and constant currencies were up 6.5%. 2.0% pricing. Sales were CHF 88.8 billion, with a foreign exchange impact of –7.4%. Cash flow / Working capital Acquisitions, net of divestitures, added 0.1% The Group’s operating cash flow remained to sales.
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