Slide 1: Nestlé Group Results for 2000
NESTLÉ GROUP RESULTS FOR 2000
Slide 2: Forward looking statements
This presentation contains forward looking statements which reflect Management’s current views and estimates. The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Potential
Slide 3: Agenda
AGENDA Financial overview - Key achievements - Momentum of value drivers Strategic overview - Highlights - The four pillar strategy - Summary 2000 and objectives 2001 3 27.02.2001/res.2000
Slide 4: Agenda
AGENDA Financial overview - Key achievements - Momentum of value drivers Strategic overview - Highlights - The four pillar strategy - Summary 2000 and objectives 2001 4 27.02.2001/res.2000
Slide 5: Key achievements 2000
Key achievements 2000 Strong sales growth Higher profit margins Better return on assets Record cash flow Solid equity base On track to achieve sustainable, capital efficient and profitable long term growth 5 27.02.2001/res.2000
Slide 6: Operational highlights
Operational highlights RIG of 4.4% exceeds trend target of 4% Operating profit margins at all time highs Europe achieves faster growth and better margins Latin America recovered remarkably Very strong performance of South-East Asia and China Chocolate shows significant improvement 6 27.0
Slide 7: Key figures
Key figures (CHF mio.) 1999 2000 % change Sales 74'660 81'422 9.1 EBITDA 10'987 12'516 13.9 EBITA 8'298 9'600 15.7 Trading profit (EBIT) 7'914 9'186 16.1 Net profit 4'724 5'763 22.0 Earnings per share (CHF) 122.1 149.1 22.1 7 27.02.2001/res.2000
Slide 8: Our economic framework is based on seven value drivers
Our economic framework is based on seven value drivers VALUE DRIVERS High P/E Ratio 1 SALES GROWTH implies... PROFIT MARGIN 2 High Valuation WORKING CAPITAL 3 INTENSITY requires... 4 FIXED CAPITAL INTENSITY High Value Drivers 5 INCOME TAX RATE 6 COST OF CAPITAL generating... VALUE GROWTH 7 DURATION
Slide 9: Our economic framework is based on seven value drivers
Our economic framework is based on seven value drivers VALUE DRIVERS 1 SALES GROWTH Operational 2 PROFIT MARGIN 3 WORKING CAPITAL INTENSITY 4 FIXED CAPITAL INTENSITY Financial 5 INCOME TAX RATE 6 COST OF CAPITAL 7 VALUE GROWTH DURATION Strategic 9 27.02.2001/res.2000
Slide 10: The seven value drivers: Sales growth
The seven value drivers 1 SALES GROWTH 10 27.02.2001/res.2000
Slide 11: Determining factors in the evolution of sales
Determining factors in the evolution of sales Sales 2000 : CHF 81.4 billion + 9.1% REAL INTERNAL GROWTH 4.4% Selling price increases 1.0% Variation of exchange rates 5.0% -1.3% 0 Acquisitions minus divestitures Sales growth at comparable structure and constant exchange rates: + 5.4% 11 27.02.2001/re
Slide 12: Evolution of Determining Factors
Evolution of Determining Factors 2000 January October January September December December RIG + 4.2% + 5.0% + 4.4% Change in selling + 0.7% +1.8% + 1.0% prices Variation of + 5.7% + 3.1% + 5.0% exchange rates Acquisitions/ - 1.1% - 1.8% - 1.3% Divestitures TOTAL + 9.5% + 8.1% + 9.1% 12 27.02.2001/re
Slide 13: Real Internal Growth exceeds 4% trend target
Real Internal Growth exceeds 4% trend target (%) 5.0 4.5 4.4 Trend target 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 13 27.02.2001/res.2000
Slide 14: Weighted average exchange rates
Weighted average exchange rates January - December CHF per: 1999 2000 Variation U.S. dollar 1.51 1.69 11.9% Euro 1.60 1.56 ( 2.5%) £ sterling 2.43 2.56 5.3% Real (100) 83.0 92.4 11.3% Yen (100) 1.34 1.57 17.2% Mex. Peso (100) 15.9 17.9 12.6% 14 27.02.2001/res.2000
Slide 15: Sales by management responsibilities and geographical area
Sales by management responsibilities and geographical area Change CHF bio. 1999 2000 (%) FOOD Europe 27.1 26.3 ( 3.0) Americas 22.0 25.5 15.8 Asia, Oceania and Africa 13.6 15.7 15.4 OTHER ACTIVITIES 11.9 13.9 16.8 TOTAL GROUP 74.7 81.4 9.1 * Calculation based on non-rounded figures for sales. The %
Slide 16: Sales by product group
Sales by product group Change CHF bio. 1999 2000 (%) Beverages 20.9 23.0 10.5 Milk products, 19.4 22.0 13.2 nutrition and ice cream Prepared dishes, 20.2 20.6 2.2 cooking aids and pet care Chocolate, confectionery 10.2 11.0 7.6 and biscuits Pharmaceutical 4.0 4.8 19.7 products TOTAL GROUP 74.7 81.4
Slide 17: Real internal growth: Food
Real internal growth : Food 1st half 2nd half % 2000 2000 2000 Total Group 4.5 4.4 4.4 Europe 1.6 3.3 2.5 Western Europe 0.9 2.3 1.6 Eastern Europe 16.2 19.5 18.0 Americas 4.0 4.7 4.4 North America 2.9 3.9 3.5 Latin America 5.6 5.9 5.8 Asia, Oceania 6.3 5.8 6.0 and Africa Excluding acquisitions & di
Slide 18: Real internal growth: Other Activities
Real internal growth : Other Activities 1st half 2nd half % 2000 2000 2000 Other activities 9.3 4.6 6.9 z Water Group 9.5 2.1 5.7 z Alcon Group 9.9 4.3 7.1 z Joint Ventures* 3.0 13.6 8.2 Excluding acquisitions & divestitures * CPW, Galderma 18 27.02.2001/res.2000
Slide 19: Real internal growth by product group
Real internal growth by product group 1st half 2nd half % 2000 2000 2000 Beverages (incl. Water) 6.6 4.6 5.6 Milk products, 3.0 3.3 3.2 nutrition and ice cream Prepared dishes, 3.3 4.7 4.0 cooking aids and pet care Chocolate, confectionery 0.8 2.5 1.7 and biscuits Pharmaceutical 9.0 5.7 7.3 19 27.02
Slide 20: External growth: major acquisitions in 2000
External growth : major acquisitions in 2000 Rounded Impact on sales Company Country Business (CHF mio.) UCC Ueshima Coffee Japan Vending machine 390 activities PowerBar USA Performance nutrition 180 Ice Cream Partners USA Ice cream 165 Summit Autonomous USA Refractive surgery 55 Pycasa Spain Frozen
Slide 21: Streamlining our product portfolio: businesses divested in 2000
Streamlining our product portfolio: businesses divested in 2000 Rounded Impact on sales Company Country Business (CHF mio.) Findus Europe Frozen vegetables/fish (810) MJB, Chase & Sanburn Hills USA R&G Coffee (390) Frozen potatoes USA Frozen food (125) Vismara Italy Processed meat (50) OTHERS (385)
Slide 22: The seven value drivers: Profit margin
The seven value drivers 2 PROFIT MARGIN 22 27.02.2001/res.2000
Slide 23: Record margins
Record margins Rounded diff. basis (% sales) 1999 2000 points EBITDA 14.7 15.4 + 70 EBITA 11.1 11.8 + 70 TRADING PROFIT (EBIT) 10.6 11.3 + 70 NET PROFIT 6.3 7.1 + 80 23 27.02.2001/res.2000
Slide 24: Trading and net profit margins
Trading and net profit margins (%) Trading margin Net profit margin 13.0 8.0 12.5 7.5 12.0 7.0 11.5 6.5 11.0 6.0 10.5 5.5 10.0 5.0 9.5 4.5 9.0 4.0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 24 27.02.2001/res.2000
Slide 25: Trading profit margin improvement
Trading profit margin improvement Rounded diff. basis (% of sales, before unallocated items)* 1999 2000 points Food Europe 9.9 10.5 + 60 Americas 12.7 13.7 +100 Asia, Oceania and Africa 16.1 17.0 + 90 Other Activities 14.1 14.5 + 40 TOTAL GROUP** 10.6 11.3 + 70 * Unallocated items include mainly cor
Slide 26: Trading profit margin improvement
Trading profit margin improvement Rounded diff. basis (% of sales, before unallocated items)* 1999 2000 points Beverages (incl. Water) 18.0 18.7 + 70 Milk products, nutrition 11.2 11.9 + 70 and ice cream Prepared dishes, 9.2 9.4 + 20 cooking aids and pet care Chocolate, confectionery 8.7 10.6 +190 a
Slide 27: Trading profit
Trading profit Rounded diff. basis (% of sales) 1999 2000 points Sales (CHF million) 74'660 81'422 100 100 Cost of goods sold (48.1) (46.8) +130 Distribution (7.1) (7.2) - 10 Marketing and administration (32.0) (32.5) - 50 R&D (1.2) (1.3) - 10 Restructuring (0.5) (0.4) + 10 Amortisation of goodwill
Slide 28: Marketing and Administration
Marketing and Administration Actual % change % of sales CHF bio. 1999 2000 1999 2000 Marketing expenses 17.6 19.5 10.5 23.6 23.9 Administration 6.3 7.0 11.7 8.4 8.6 Marketing and 23.9 26.5 10.9 32.0 32.5 Administration 28 27.02.2001/res.2000
Slide 29: Net profit
Net profit Rounded diff. basis (% of sales) 1999 2000 points TRADING PROFIT (EBIT) 10.6 11.3 + 70 Net financing cost (1.3) (0.9) + 40 Net non-trading expenses (0.1) (0.1) Taxation (3.1) (3.4) - 30 Outside interests (0.3) (0.3) Associated companies 0.5 0.5 NET PROFIT 6.3 7.1 + 80 Tax as a % of pre-ta
Slide 30: Earnings and dividend per share
Earnings and dividend per share CHF Dividend per share Earnings per share Payout ratio 160 149.1 40% 140 39% 122.1 38% 120 36.9% 106.3 107.0 37% 100 91.3 83.7 35.5% 35.2% 36% 76.5 78.5 80 72.2 35% 61.1 66.4 33.8% 60 32.9% 32.9% 34% 32.7% 33% 32.4% 32.0% 32.2% 40 31.7% 32% 20 35.0 38.0 43.0 55.0* 30.
Slide 31: The seven value drivers: Working capital intensity
The seven value drivers 3 WORKING CAPITAL INTENSITY 31 27.02.2001/res.2000
Slide 32: A leaner supply chain
A leaner supply chain CHF mio. 31.12.1999 31.12.2000 Trade receivables 10'148 10'361 Inventories 7'383 7'168 Less : trade payables (5'815) (6'170) Net capital tied up 11'716 11'359 32 27.02.2001/res.2000
Slide 33: Cash conversion cycle accelerates
Cash conversion cycle accelerates Days 90 80 80.2 75.6 70 70.5 64.5 63.5 63.7 60 58.3 50 40 1994 1995 1996 1997 1998 1999 2000 * (AVG trade receivables/sales * 365) + (AVG inventory/ COGS * 365) - (AVG trade payables/ COGS * 365) 33 27.02.2001/res.2000
Slide 34: Healthy operating cash flow
Healthy operating cash flow CHF mio. 9000 8851 8187 7000 7401 6372 5633 5000 3839 3000 1000 1995 1996 1997 1998 1999 2000 Compound annual growth rate 1995-2000 18.1% 34 27.02.2001/res.2000
Slide 35: The seven value drivers: Fixed capital intensity
The seven value drivers 4 FIXED CAPITAL INTENSITY 35 27.02.2001/res.2000
Slide 36: Tangible fixed assets are down
Tangible fixed assets are down CHF mio. 31.12.1999 31.12.2000 Gross tangible fixed assets 44'014 43'519 Less : accumulated depreciation (24'796) (24'894) NET TANGIBLE FIXED ASSETS 19'218 18'625 36 27.02.2001/res.2000
Slide 37: Investment in fixed assets
Investment in fixed assets CHF mio. % of sales 4000 15% 3500 3261 3305 3191 3093 3029 3056 3054 3061 3000 2815 2806 2538 10% 2500 2000 5.6 5.9 5.5 5.4 5.3 5.4 1500 5.0 4.7 4.3 3.8 4.1 5% 1000 500 0 0% 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 37 27.02.2001/res.2000
Slide 38: Return on average allocated assets improves groupwide
Return on average allocated assets* improves groupwide (%) 1999 2000 FOOD Europe 18.6 20.2 Americas 27.6 33.6 Asia, Oceania and Africa 32.5 38.7 OTHER ACTIVITIES 24.9 26.6 * Per Note 1 "Segmental information" 38 27.02.2001/res.2000
Slide 39: Return on average allocated assets
Return on average allocated assets* (%) 1999 2000 Beverages (incl. Water) 38.0 41.6 Milk products, 20.2 23.9 nutrition and ice cream Prepared dishes, 19.2 20.6 cooking aids and pet care Chocolate, confectionery 14.3 18.4 and biscuits Pharmaceutical 51.6 50.6 GROUP RETURN** 20.5 23.2 * Per Note 1 "Se
Slide 40: The seven value drivers: Income tax rate
The seven value drivers 5 INCOME TAX RATE 40 27.02.2001/res.2000
Slide 41: Evolution of tax
Evolution of tax (as % of pre-tax profit) 38 37 36 35.9 34.8 35 34 33.7 33.1 33 33.5 33.1 31.4 32.0 32 31 1993 1994 1995 1996 1997 1998 1999 2000 41 27.02.2001/res.2000
Slide 42: The seven value drivers: Cost of capital
The seven value drivers 6 COST OF CAPITAL 42 27.02.2001/res.2000
Slide 43: Evolution of net indebtedness
Evolution of net indebtedness* CHF billion 12 10 9.5 8 9.1 6.6 6.2 6 6.0 4 3.0 2 H1 H2 H1 H2 H1 H2 0 1998 1999 2000 * Total financial liabilities minus liquid assets. Liquid assets do not include the carrying value of treasury shares (CHF 2.6 bio. at year-end 2000) 43 27.02.2001/res.2000
Slide 44: The Ralston Purina transaction
The Ralston Purina transaction Will add net debt of USD 11.7 bio. (CHF 18.7 bio. at 1.60 CHF vs. USD) Will have favourable impact on the Group's weighted average cost of capital 44 27.02.2001/res.2000
Slide 45: A strong equity base
A strong equity base CHF billion June 30th Dec. 31st June 30th Dec. 31st 1999 1999 2000 2000 Share capital and 24.4 27.5 29.4 32.5 reserves Less treasury shares (2.2) (3.0) (3.0) (2.6) Equity 22.2 24.5 26.4 29.9 As a % of total assets 38.2% 41.5% 42.4% 45.6% 45 27.02.2001/res.2000
Slide 46: Agenda
AGENDA Financial overview - Key achievements - Momentum of value drivers Strategic overview - Highlights - The four pillar strategy - Summary 2000 and objectives 2001 46 27.02.2001/res.2000
Slide 47: Highlights - Europe
Highlights - Europe Exceeded RIG target with 2.5% Profitability at all time high (10.5% of sales) Eastern Europe RIG remained strong (18%) France, Spain, Portugal and Friskies Europe were RIG highlights Disposal of Findus 47 27.02.2001/res.2000
Slide 48: Highlights - the Americas
Highlights - the Americas Exceeded RIG target with 4.4% Good increase in profitability to 13.7% of sales Good RIG performance in the US Nearly all Latin American markets performed well Canada ice cream issues now behind us 48 27.02.2001/res.2000
Slide 49: Highlights - Zone AOA
Highlights - Zone AOA Achieved RIG of 6% Profitability increased to 17% of sales Strong RIG performance from Asia and Africa ASEAN recovery continued China beat expectations Zone restructuring is on track 49 27.02.2001/res.2000
Slide 50: Highlights - Other activities
Highlights - Other activities Achieved RIG of 6.9%; profitability of 14.5% of sales Impact of price increases - Alcon at the end of H1 2000 - Water in H2 2000 Water impacted by poor Summer weather Summit Autonomous in line with expectations CPW performed well; driven by product launches
Slide 51: Highlights - Beverages
Highlights - Beverages RIG of 5.6%; profitability 18.7% of sales Excellent performance by coffee Nesquik, Milo and Nespresso performed well Good progress with RTD tea Reorganisation of CCNR joint venture Acquisition of UCC Vending 51 27.02.2001/res.2000
Slide 52: Highlights - Milk products, nutrition and ice cream
Highlights Milk products, nutrition and ice cream RIG of 3.2%; profitability of 11.9% of sales Milk products performed well, particularly in Latin America Shelf stable dairy products grew well Snow Brand marketing joint venture progressing Ice cream in profit, as forecast - Russia, US, Mex
Slide 53: Highlights - Nutrition
Highlights - Nutrition RIG of 7.2%; actual sales growth of 17% Sales of products with Branded Active Ingredients (BAI) grew 34% Excellent pipeline of trials, new products and extensions French "Homecare" clinical nutrition trials started successfully PowerBar integration going well; progre
Slide 54: Nutrition - 2000 results
Nutrition - 2000 results 1999 2000 change Nutrition Sales (CHF bio.) 4.2 5.0 17.0%* RIG 5.6% 7.2% of which - Infant RIG 5.0% 7.1% - Clinical RIG 14.0% 12.2% - Performance RIG 7.0% 6%** Products with BAI (CHF bio.) 0.410 0.550 34.0% * +13% without of the impact of PowerBar ** Sweet Success excluded 5
Slide 55: Clinical Nutrition Home-Care Project (France)
Clinical Nutrition Home-Care Project (France) Home based Dedicated Tube-Fed Patients "Nestlé Home- Care" Organisation : - dieticians - nurses Full Service : - home delivery of diets & devices - patient family training - co-ordination with patient's doctor Supply Chain - hot-line 55 27.02.2001/res.20
Slide 56: Highlights - Prepared dishes, cooking aids and pet care
Highlights Prepared dishes, cooking aids and pet care RIG of 4%; profitability of 9.4% of sales Improving trend in profitability continued Pet care profitability decreased slightly due to competitive situation in North America Dehydrated and frozen/chilled performed well Stouffer's continu
Slide 57: Highlights - Ralston Purina
Highlights - Ralston Purina Sales(1): $2,763 M EBITDA(1) : $657 M NORTH AMERICAN PET FOOD INTERNATIONAL PET FOOD GOLDEN PRODUCTS Sales: $2,068M Sales: $447M Sales: $248M Largest Operations in Cat litter producer of dry Europe, Latin business in dog food and America, Asia North America dry and
Slide 58: Highlights - Friskies and Ralston Purina
Highlights Friskies and Ralston Purina World class pet care brand portfolio Strong credibility with pet owners and key influencers Excellent geographic fit Broad coverage of the key pet care segments with strong market positions Low cost, global product supply base Strong management with
Slide 59: Highlights - Chocolate, confectionery and biscuits
Highlights Chocolate, confectionery and biscuits RIG of 1.7%; profitability of 10.6% of sales Excellent improvement in profitability (32%) Chocolate was the catalyst for improvement Good performance in Eastern Europe, Asia and North America Past investment in the developing world is paying
Slide 60: The seven value drivers: Value growth duration
The seven value drivers 7 VALUE GROWTH DURATION 60 27.02.2001/res.2000
Slide 61: Value growth duration
Value growth duration The ability to deliver sustainable returns above the weighted average cost of capital via The four pillar strategy Operational efficiency Innovation and renovation Whenever, wherever, however Consumer communication 61 27.02.2001/res.2000
Slide 62: Four strategic priorities
Four strategic priorities 1. Operational 2. Innovation 3. Whenever, 4. Consumer efficiency and wherever, communication renovation however 62 27.02.2001/res.2000
Slide 63: The favourable evolution of COGS continues
The favourable evolution of COGS continues % sales 55% 53% 51% 51.8 51.2 49% 50.1* 47% 48.1* 46.8* 45% 43% 41% 1996 1997 1998 1999 2000 *Takes into account the change to historic cost accounting 63 27.02.2001/res.2000
Slide 64: COGS in % of NPS
MH 97 target savings exceeded 53% Without Improvements 52.0% 51.9% 52% CHF 51.8% 0.6 bio. CHF 51.0% COGS in % of NPS 51% 51.2% 1.3 bio. 50.7% 50% CHF 50.1% 2.2 bio. 49% CHF With Improvements 3.1 bio. CHF 3.7 bio. 48% 48.1% 47% 46.8% 46% 2001 1996 1997 1998 1999 2000 target New cost saving initiative
Slide 65: Factories sold and / or closed in 2000
Factories sold and / or closed in 2000 Other DESCRIPTION Europe Americas AOA activities TOTAL Jan. - Dec. 2000 22* 7 5 4 38 Announced sales/ closures 3 7 3 0 13 TOTAL 25 14 8 4 51 * 13 factories are related to the Findus sale 65 27.02.2001/res.2000
Slide 66: Evolution of Group's factories during 2000
Evolution of Group's factories during 2000 Number Factories as of 31.12.1999 509 - Factories sold / closed in 2000 (38) - Factories acquired /set up 17 - Factories satellised * (9) Factories as of 31.12.2000 479 * Operationally and managerially linked to another factory 66 27.02.2001/res.2000
Slide 67: Four strategic priorities
Four strategic priorities 1. 1. Operational Operational 2. 2. Innovation Innovation 3. 3. Whenever, Whenever, 4. 4. Consumer Consumer efficiency efficiency and and wherever, wherever, communication communication renovation renovation however however 67 27.02.2001/res.2000
Slide 68: Nescafé for younger consumers
Nescafé for younger consumers 68 27.02.2001/res.2000
Slide 69: Rolled out in China, Mexico, Philippines, Thailand and Argentina
Rolled out in China, Mexico, Philippines, Thailand and Argentina 69 27.02.2001/res.2000
Slide 70: A fun and innovative way to eat ice cream
A fun and innovative way to eat ice cream 70 27.02.2001/res.2000
Slide 71: Brand extension from condensed milk into breakfast cereal
Brand extension from condensed milk into breakfast cereal 71 27.02.2001/res.2000
Slide 72: The successful follow-up to Skillet sensations
The successful follow-up to Skillet sensations 72 27.02.2001/res.2000
Slide 73: New Break and Bake technology
New "Break and Bake" technology 73 27.02.2001/res.2000
Slide 74: The healthy choice for puppies in Latin America
The healthy choice for puppies in Latin America 74 27.02.2001/res.2000
Slide 75: Small individual wafers
Small individual wafers 75 27.02.2001/res.2000
Slide 76: Single-piece intraocular lens allowing a smaller incision
Single-piece intraocular lens allowing a smaller incision 76 27.02.2001/res.2000
Slide 77: Four strategic priorities
Four strategic priorities 1. 1. Operational Operational 2. 2. Innovation Innovation 3. 3. Whenever, Whenever, 4. 4. Consumer Consumer efficiency efficiency and and wherever, wherever, communication communication renovation renovation however however 77 27.02.2001/res.2000
Slide 78: The Consumer in the food industry
The Consumer in the food industry Breakfast Ö traditional Ö Lunch Ö traditional Ö Dinner All day SNACKING, immediate consumption in impulse channels Retail Alternative Traditional OOH Impulse Channels Retail •Hotels •QSR •Hyper •CVS •Restaurants •Leisure •Super •Kiosk •QSR •Events •Grocery •Deli sho
Slide 79: Key figures - FoodService
Key figures - FoodService 1998 1999 2000 RIG 3.5% 5.3% 8.7% Sales (CHF bio.) 5.7 6.0 6.9 % of Nestlé Group 7.9% 7.9% 8.5% On track to reach CHF 12 bio. by 2009 79 27.02.2001/res.2000
Slide 80: Vending machines
Vending machines 80 27.02.2001/res.2000
Slide 81: Four strategic priorities
Four strategic priorities 1. Operational 2. Innovation 3. Whenever, 4. Consumer efficiency and wherever, communication renovation however 81 27.02.2001/res.2000
Slide 82: Profit margin improvement did not come at the expense of brand strengthening
Profit margin improvement did not come at the expense of brand strengthening Marketing and sales expenditures + 10.5% of which: Consumer marketing expenses + 17.8% (including advertising) We focus our efforts on the consumer 82 27.02.2001/res.2000
Slide 83: ...and on our worldwide corporate brands
...and on our 6 worldwide corporate brands 83
Slide 84: Agenda
AGENDA Financial overview - Key achievements - Momentum of value drivers Strategic overview - Highlights - The four pillar strategy - Summary 2000 and objectives 2001 84 27.02.2001/res.2000
Slide 85: Summary
Summary 2000 performance : our strategy is working STRATEGIC EXPANSION CONSOLIDATION FOCUS ON LEADERSHIP Broadened Focus on financial High value-added product range and returns and value products in geographical creation growth sectors scope - Development of Internal growth acquisitions of
Slide 86: 2001 Objectives
2001 Objectives Achieve 4% RIG Build on 2000 profit performance Realise operational efficiencies of minimum CHF 600 mio. Improve profitability of Ice cream Build emphasis on high value-added products, especially nutrition Integrate Ralston Purina 86 27.02.2001/res.2000
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