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Paul Bulcke, Nestlé CEO: “After a good performance in the first half of the year we were impacted in the third quarter by exceptional events, with Maggi noodles in India and a rebate adjustment in Nestlé Skin Health. Yet our real internal growth increased, reflecting broad-based positive momentum across our business and many of our markets. There was continued solid performance in Europe, Nestlé Waters and Nestlé Health Science. We made good progress in much of Latin America and delivered a significant improvement in North America, especially in frozen food, contrasting with slower sales recovery in China. On the whole, organic growth fell short of our expectations and therefore we project organic growth of around 4.5% for the full year, with improvements in margins and underlying earnings per share in constant currencies, and capital efficiency.”
In the first nine months of 2015 organic growth was 4.2%, composed of 2.0% real internal growth and 2.2% pricing. Total sales of CHF 64.9 billion were impacted by foreign exchange (-6.7%). Acquisitions, net of divestitures, added 0.4% to sales.
We continued to grow in our three geographies with organic growth of 6.2% in the Americas (AMS), 4.0% in Europe, Middle East and North Africa (EMENA) and 1.1% in Asia, Oceania and sub-Saharan Africa (AOA).
Sales of CHF 18.5 billion, 5.8% organic growth, 1.2% real internal growth
Sales of CHF 12.0 billion, 4.1% organic growth, 2.5% real internal growth
Sales of CHF 10.5 billion, -0.5% organic growth, -1.4% real internal growth
Sales of CHF 5.9 billion, 6.8% organic growth, 7.0% real internal growth
Sales of CHF 7.8 billion, 3.4% organic growth, 1.4% real internal growth
Sales of CHF 10.1 billion, 5.5% organic growth, 4.4% real internal growth
Earlier this month Nestlé announced that it is in advanced discussions with R&R, a leading ice cream company, to set up a joint venture to which Nestlé would contribute its ice cream businesses in Europe and four other countries, and its European frozen food business, excluding pizza. The proposed joint venture brings together the complementary strengths of each company and creates a leading player in ice cream.
For the full year, we project organic growth of around 4.5% with improvements in margins and underlying earnings per share in constant currencies, and capital efficiency.
Nine-month sales overview 2015
(*) 2014 figures have been restated on the following main transfers, effective as from 1 January 2015:
- the Maghreb, the Middle East, the North East Africa region, Turkey and Israel in Zone Asia, Oceania and Africa to Zone Europe;
- Growing-Up Milks business in the geographic Zones to Nestlé Nutrition;
- Bübchen business in Nestlé Nutrition to Other businesses.
a) Renamed following the above mentioned reorganisation.