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1、Nestl Annual Review 2015Annual Review 2015Wherever you are in the world we have safe,nutritious products to help you care for yourself and your family.Our product portfolio has seven categories,offering you healthier and tastier choices at every stage of your life,at every time of the day.Our growth
2、 has enabled us to help improve the lives of millions of people through the products and services we provide,and through employment,our supplier networks and the contribution we make to economies around the world.Nestl has grown from a company founded 150 years ago to a global leader in Nutrition,He
3、alth and Wellness.Our businessWhat we sell(in CHF billion)Where we sell(in CHF billion)Number of employees335 000Total group salaries and social welfare expenses(in CHF)16 billionNumber of countries we sell in189Corporate taxes paid in 2015(in CHF)3.3 billion19.214.914.611.58.97.112.6Powdered and Li
4、quid BeveragesMilk products and Ice creamNutrition and Health SciencePetCareConfectioneryPrepared dishes and cooking aidsWaterAMS39.1EMENA27.5AOA22.2Our 39 commitments in the Nestl in society report guide all of us at Nestl in our collective efforts to meet specific objectives.Our commitmentsNutriti
5、on,health and wellness192 billionNumber of servings of fortified foods provided worldwideRural development760 000Number of farmers supplying directly to NestlWater41.2%Cumulative reduction since 2005 of direct water withdrawals per tonne of product in every product categoryEnvironmental sustainabili
6、ty42.7%Cumulative reduction since 2005 of greenhouse gas(GHG)emissionsOur people,human rights and compliance6049Number of work opportunities offered to young people by Nestl in Europe34%Percentage of women holding leadership roles105Number of factories achieving zero waste for disposal7.7 million m3
7、Quantity of water in our operations either recycled or reused10 950Total number of Tier 1 suppliers audited from 201020158041Number of products renovated for nutrition or health considerationsFor a company to prosper over the long term and create value for shareholders,it must create value for socie
8、ty at the same time.We call this Creating Shared Value.On the right is a selection of key achievements from each CSV focus area.Nestl in societyCreating Shared Value andmeeting our commitments 2015Corporate Governance Report 2015Compensation Report 2015Financial Statements 2015Contents28123238404451
9、52545556586061Letter to our shareholdersThe strategyThe highlightsThe futureFinancial reviewGroup overviewProduct category and operating segment reviewPrincipal risks and uncertaintiesFactoriesCorporate Governance and ComplianceCorporate GovernanceBoard of Directors of Nestl S.A.Executive Board of N
10、estl S.A.ComplianceShareholder informationNestl in society Creating Shared Value and meeting our commitments 2015Accompanying reportsCorporate Governance Report 2015Compensation Report 2015Financial Statements 2015Nestl Annual Review 20151Our performance Our performance is driven by our Nutrition,He
11、alth and Wellness strategy,the engine of our value creation.In 2015 we delivered profitable growth at the higher end of the industry in what is still a challenging environment.This profitable growth was on the back of consistent performances in previous years.On the right is a summary of the results
12、 we achieved during the year.Group sales(in CHF)88.8 billionTrading operating profit(in CHF)13.4 billionEarnings per share(in CHF)2.90Operating cash flow(in CHF)14.3 billion92.7%of net financial debtFree cash flow(in CHF)9.9 billionUnderlying earnings per share+6.5%Constant currenciesOrganic growth4
13、.2%Trading operating profit margin15.1%Trading operating profit margin+10 basis pointsConstant currenciesReal internal growth2.2%Proposed dividend increase+2.3%Proposed dividend(in CHF)2.25Nestl Annual Review 20152Letter to our shareholdersDear fellow shareholder,In 2015 we built on the consistent,s
14、ustainable performance of previous years,delivering growth in a difficult and volatile trading environment.Our 2015 performance was driven by the relevance of our Nutrition,Health and Wellness strategy,which represents our engine of value creation and which we continue to execute effectively.We deli
15、vered organic growth of 4.2%,composed of real internal growth of 2.2%and pricing of 2.0%.Sales were CHF 88.8 billion,impacted by foreign exchange of 7.4%.The Groups trading operating profit was CHF 13.4 billion with a margin of 15.1%,down 20 basis points on a reported basis affected by the strong Sw
16、iss Franc,up 10 basis points in constant currencies.This performance was achieved while we again increased substantially our investment in brand support,digital,research and development,and our new nutrition and health platforms.Net profit was CHF 9.1 billion.The reduction of CHF 5.4 billion versus
17、last year was mostly due to the one-off impact from the disposal in 2014 of part of the LOral stake combined with the revaluation of the Galderma stake.There was also some effect from foreign exchange.Earnings per share at CHF 2.90 were down 36.1%for the same reasons.Underlying earnings per share in
18、 constant currencies increased by 6.5%.The Groups operating cash flow remained strong at CHF 14.3 billion and free cash flow was CHF 9.9 billion or 11.2%of sales.In view of this performance and the companys strong financial position,the Board is proposing a dividend of CHF 2.25 per share up from CHF
19、 2.20 last year.During the year we completed a share buyback of CHF 8 billion.It is worth noting that since 1942 your company has never reduced the dividend paid to its shareholders.In fact,the dividend has increased every year since 1995.Based on our solid and consistent record in delivering growth
20、 at the higher end of the industry,we are confident we can continue to deliver on our long-term commitment:organic growth of 5%to 6%with improvements in margins and underlying earnings per share in constant currencies,and capital efficiency.There will be years when we exceed this ambition and years
21、when we come close,but this is the profitable growth line we walk over time.2016 marks the 150th anniversary of our company and we will celebrate 150 years of passion for Nutrition,Health and Wellness.Our founder Henri Nestls determination,commitment and pioneering spirit have inspired our people ar
22、ound the world to develop and apply scientific and nutritional know-how to enhance the quality of life of our consumers and those they care for.This passion for nutrition Nestl Annual Review 20153Peter Brabeck-Letmathe,Chairman(left),and Paul Bulcke,Chief Executive Officer(right).Nestl Annual Review
23、 20154Letter to our shareholderswill continue to guide the development of our company in the future and will further strengthen our determination to bring Good Food,Good Life to billions of consumers around the world.It is with this conviction that we have made public commitments to further improve
24、the nutritional profile of our products by reducing the amount of salt,sugar and saturated fats,and remove trans fats completely.Thanks to our unique global Research and Development capabilities,we are on track to meet these promises.In addition,we are extending the boundaries of our business beyond
25、 our food and beverages portfolio to fully realise our Nutrition,Health and Wellness ambitions.In 2011 we created Nestl Health Science to exploit the therapeutic role of nutrition with an innovative pipeline of products designed to make a major contribution to the health of different populations.The
26、n,in 2014 we created Nestl Skin Health which is helping people meet the needs of their skin at every stage of lifes journey with products to protect,serve and enhance skin health.It is our size and our scale that allows us to invest heavily in these new areas that have the potential,over the long te
27、rm,to offer great benefits to society.For our business to prosper over the long term,we must deliver value to you,our shareholders,as well as to the communities in which we operate and to society as a whole.This is what we call Creating Shared Value.This is how we go about running and developing our
28、 business.This is how we build trust over time.Our full set of 39 public commitments provide the framework for our engagement with society.We build trust by providing our consumers with products and services of the highest quality and safety.We build trust with every consumer contact we make as this
29、 is the basis of our future success,particularly as consumers and the public in a digital world enjoy full transparency on all aspects of the life of the company and are consequently more demanding.When trust is challenged,such as in India with Maggi or in the United States with Beneful,we act swift
30、ly and decisively to deal with the issue.Maintaining the trust of consumers is a non-negotiable priority for our company.In 2015 we continued our portfolio management,designed to ensure the right resource allocation and maximise the growth opportunities in every category.As part of this process we d
31、ivested our Davigel frozen food business and announced our intention to build a strong player in the ice cream industry by setting up a joint venture with R&R Ice Cream,a leading European ice cream company.This and other developments were examined during the Board of Directors annual strategy review
32、.The Board also examined the companys R&D strategy and reviewed the Nestl Annual Review 20155major acquisitions of the last few years as well as the companys business in China.Reflecting our belief in the importance of our people,the Board also considered our progress in diversity and gender balance
33、.For the first time in 2015 we sought the approval of the Annual General Meeting for the compensation of the Board of Directors and the Executive Board as the new Swiss say on pay law required.All the proposals were passed with large majorities.We believe the approach we have taken in this area is i
34、n line with both the law and with the spirit of the law.During the year Nandu Nandkishore,Executive Vice President in charge of Zone Asia,Oceania and sub-Saharan Africa,took early retirement after a long and distinguished career with Nestl.The Board of Directors appointed Wan Ling Martello to succee
35、d him in that role and Franois-Xavier Roger to succeed her as Chief Financial Officer.Also Jos Lopez,Executive Vice President in charge of Operations,took a well-deserved retirement after 36 years of dedicated service to the Group.He was succeeded by Magdi Batato who was most recently the Market Hea
36、d of Pakistan.We would like to thank Nandu,Jos and all of those who retired during the year for their contributions and extend our best wishes for a long and happy retirement.As we embark on our next 150 years of passion for nutrition,we thank you,our shareholders,for your continued trust in Nestl.T
37、hanks to your support,our clear strategic direction,our balanced portfolio,strong innovation pipeline and commitment to quality and to building trust,we continue to prosper.We would like to thank all our 335 000 employees whose hard work,alignment behind our Nutrition,Health and Wellness strategy an
38、d commitment to Nestl enable us to deliver on our promises.By fulfilling the expectations of consumers in meaningful ways each day,they ensure that your company continues to generate the profitable growth that you,our shareholders,rightfully expect.Peter Brabeck-Letmathe ChairmanPaul Bulcke Chief Ex
39、ecutive OfficerNestl Annual Review 20156Nestl Annual Review 20157We are the leading Nutrition,Health and Wellness company.We enhance lives with science-based nutrition and health solutions for all stages of life,helping consumers care for themselves and their families.Nestl Annual Review 20158The st
40、rategyWith our Nutrition,Health and Wellness strategy we support people who want to live a healthier lifestyle.Industry-leading research and development drives innovation and supports the constant renovation of our food and beverage portfolio.In addition,our researchers are exploring the role of nut
41、ritional therapies to maintain or improve health and investigating how we can help people look after their skin.By sharing our insights on global Nutrition,Health and Wellness challenges,by building partnerships and by engaging with policymakers,stakeholders and key opinion leaders we strive to have
42、 a positive impact on the societies in which we operate.We empower people to make informed decisions when they choose what to eat.Through Start Healthy Stay Healthy,our interactive,science-based education programme,we help parents and caregivers provide their children with the nutrition they need in
43、 the crucial first 1000 days of life.Our United for Healthier Kids programme,takes this further,helping parents and caregivers establish healthier eating,drinking and lifestyle habits for children as they get older,and our Nestl Healthy Kids programme is helping to Nestl Annual Review 20159Nestl Ann
44、ual Review 201510The strategyIn addition,we have set out six strategic priorities.Firstly,Make Choices:put resources behind the ideas,products and categories that help us on our journey to recognised Nutrition,Health and Wellness leadership,and to deliver sustained financial performance.Secondly,Gra
45、sp Opportunities:see the opportunity in change and trends,and translate them into concrete business opportunities.The third is Value What Consumers Value:all that we do should create value for consumers and drive out waste.Fourth,Engage with Stakeholders:we want to be trusted by all consumers and st
46、akeholders as a genuine and responsible member of the community.Fifth,Embrace Digital:deepen the connection with consumers through the growing e-commerce channel and through real-time listening,engagement and dialogue.Sixth is Win through People and Teams:we need the right people with the right capa
47、bilities and effective leadership at all levels to engage,empower and enable everyone to give their best.As we strive to become a more agile and higher-performing organisation we ensure that we embed our strong culture and values across all our operating companies,especially those that are newly acq
48、uired,all within the framework of compliance which governs all that we do.We take a long-term view,framed in a robust set of principles and values that are based on respect:respect for people,respect for future generations,respect for the environment and respect for the diverse world we live in.deli
49、ver a healthier lifestyle for children by teaching nutrition and encouraging physical activity.We are on track to deliver on our commitments to reduce the amount of salt,sugar and saturated fats in our products and remove trans fats,while maintaining consumer preference.We are enhancing our portion
50、guidance and improving our labelling,printing GDAs(Guideline Daily Amounts)on the front of packs,making it easier for people to read them.In recent years we have reinforced and expanded our Nutrition,Health and Wellness strategy with the creation of Nestl Health Science and Nestl Skin Health.Nestl H
51、ealth Science is advancing the role of nutritional therapy to change the course of health for consumers,patients and for our partners in healthcare.With Nestl Skin Health we are entering the field of specialised medical skin treatment by offering science-based solutions for the health of skin,hair a
52、nd nails over the course of peoples lives.We strive to meet the fast-changing expectations of our consumers because like them,we care deeply about quality,food safety,the environment and sustainability.Responsible behaviour wherever we operate is at the very heart of what we do.It is our fundamental
53、 belief that for a company to prosper over the long term we need to create value for shareholders while at the same time creating value for society.We call this Creating Shared Value.Trusted leadership in Nutrition,Health and Wellness is our strategic ambition,Creating Shared Value is how we go abou
54、t it.The inclusion of the Nestl in society report,alongside this Annual Review and the Financial Statements in the 2015 Annual Report package,reflects how Creating Shared Value is fully embedded into internal management processes and the way we do business.The Nestl Strategic Roadmap(illustrated opp
55、osite)is the compass that guides our organisation,driving internal alignment behind our goals.The roadmap shows how we deliver profitable growth,the competitive advantages that we leverage and the organisation we have chosen,in order to be effective and efficient.It is the framework that we use to e
56、stablish priorities and drive execution.Nestl Annual Review 201511Compliance SustainabilityCreating Shared ValueNestl culture,values and principlesNutrition,Health and WellnessEmerging markets andPopularly Positioned ProductsOut-of-home consumptionPremiumisationUnmatchedproductand brandportfolioUnma
57、tched research and development capabilityUnmatched geographic presencePeople,culture,values and attitudeConsumerengagementOperationalefficiencyWhenever,wherever,howeverInnovation and renovationOperational pillarsGrowth driversCompetitive advantagesOur objective is to be the leader in Nutrition,Healt
58、h and Wellness,and the industry reference for financial performance,trusted by all stakeholdersNestl Annual Review 201512The highlightsOn the following pages we highlight the innovation and renovation of our portfolio over the past year.We begin with the two newest parts of our business.Nestl Health
59、 Science champions the role of nutritional therapies that have proven clinical benefits.Nestl Skin Health offers science-based solutions to care for the skin,hair and nails.These businesses build on the strong foundations of our food and beverage business,and in the following pages we also highlight
60、 the new ways we are engaging with consumers in these areas.In 2015 we reported sales of CHF 88.8 billion.We report our sales numbers by category,and the review of the food and beverage portfolio follows the same approach.Good Food,Good Life is the commitment we make every day,in every part of the w
61、orld.We have more than 2000 brands in our portfolio,from global icons to local favourites.We help people live more enjoyable,healthier lives,leveraging 150 years of passion for nutrition to bring them products and services they can trust.Nestl Annual Review 201513Nestl Annual Review 201514Nestl Heal
62、th Science was created with the bold ambition to seize opportunities in nutritional science and focus on advancing the role of nutritional therapy to change the course of health management for consumers and patients,and in the minds and practices of healthcare providers.It is supported by the Nestl
63、Institute of Health Sciences which researches how nutrition can empower people to improve and maintain their health.Nestl Health Sciences portfolio is focused on helping to address key challenges our society faces:how to age healthily,how to maintain brain health and gastrointestinal health,and how
64、to support those born with inborn errors of metabolism.Its business is organised into three main areas.Consumer Care covers products people pay for themselves in a pharmacy,a retail outlet or via websites.In North America,the main brand is Boost,intended for consumers who want to live physically and
65、 mentally active lives but who struggle to get the right amount of nutrition.Two new additions to the range,Boost Compact and Boost Calorie Smart 100 calories,were launched during the year in the US.In Europe,the Meritene range of products,which addresses various health challenges from bone,muscle a
66、nd joint health to helping to reduce tiredness and fatigue,was rolled out to new countries.Medical Nutrition is Nestl Health Sciences largest business and covers products recommended by healthcare professionals and mainly reimbursed by insurers or served in institutions.One key focus area is acute c
67、are with a range of nutritional solutions for critically-ill people and for older people suffering from disease-related malnutrition Boost products can be a mini meal or a between-meal snack.They contain high-quality protein and 26 vitamins and minerals,including calcium and vitamin D.Nestl Health S
68、cience40high-potential projects give NHS a strong innovation pipelineNestl Annual Review 201515or swallowing difficulties.Another key focus area is food allergy and intolerances.One range of products,Althra,Alfar and Alfamino,can be used to provide nutrition for infants who are allergic to cows milk
69、 protein.Another,Vitaflo,provides diets for life for those suffering from inborn errors of metabolism who require specialised nutrition to survive and grow.Novel Therapeutic Nutrition is a business in the making,focused on gastrointestinal health and brain health.One area of focus is inflammatory bo
70、wel disease where the standard treatment involves either drug therapy or surgery.The company is developing two new nutritional therapies that can be used as an add-on to standard drug treatment,developed as medical foods.Nestl Health Science benefits from a strong innovation pipeline with forty high
71、-potential projects on the way.As part of the Nestl Group it can leverage Nestls route to market,innovation capabilities and unrivalled Research and Development network.A new Nestl Product Technology Centre will be established in New Jersey,United States,dedicated to accelerating innovation in Nestl
72、 Health Sciences three main business areas.The company also has a strong external innovation network,allowing it to exploit the best scientific and technological know-how.It has invested in the most advanced microbiome technology company,Seres Therapeutics,and in Lipid Therapeutics,a company develop
73、ing a novel therapy to address ulcerative colitis.It has also expanded its venture capital partnership with Flagship Ventures which helps launch transformative start-ups in therapeutics and health technologies.Breastfeeding is best for babies,but for those who are fed with infant formula,Nestl Healt
74、h Science has a hypoallergenic range for the dietary management of cows milk allergy.Nestl Annual Review 201516Nestl Skin HealthNestl Skin Healths mission is to enhance the quality of life by delivering science-based solutions for the health of skin,hair and nails.Nestl Skin Health conducts ground-b
75、reaking research to provide both the healthcare community and the consumer with an ongoing progression of innovative technologies and products to protect,serve and enhance skin health.The skin,our largest organ,protects us from harmful environmental factors,acts as an envelope for the body and can i
76、nfluence the way we interact with the world.Other people look at our skin and it shapes their perception of who we are.We look at our skin and it influences our view of ourselves and our sense of well-being.Today,as people live longer,their needs and expectations are changing.We all want to look and
77、 feel good,and to play an active role in society.To do this best,our skin needs to overcome the challenges of time as it ages.Nestl Skin Healths innovative products and solutions strive to protect,nourish and enhance healthy skin and,when needed,treat,correct and restore compromised skin.Some three
78、thousand skin diseases have been identified,more than for any other organ of the body.Galderma is the Medical Solutions business of Nestl Skin Health and works closely with the healthcare community to ensure it has a clear understanding of patients needs and can respond effectively.In acne,for examp
79、le,Galderma can deliver drugs like Epiduo,the number one topical prescription drug treatment for acne worldwide.Galderma is committed to partnering with physicians to provide new and effective options while,where the market allows,increasing access to treatment by offering self-medication solutions
80、available in pharmacies.This approach offers healthcare professionals a range of products that they can prescribe or recommend with total confidence.We are witnessing a significant shift in the mainstream perception of well-being.These trends are driving strong growth in the Aesthetic European Union
81、 approval was granted early in the year for Soolantra,a novel solution to treat lesions of rosacea,further reinforcing the portfolio.Nestl Annual Review 201517Cetaphil Baby is a range of products that are hypoallergenic and formulated to protect and nourish the delicate skin of infants and young chi
82、ldren.and Corrective dermatology category and Galderma is well-positioned to meet this demand.Our portfolio consists of medical products used for minimally and non-invasive procedures to restore and enhance the appearance of the skin,administered by a qualified healthcare professional.Our Restylane
83、product,the leader in its category,was launched nearly twenty years ago.Based on leading consumer brands such as our Cetaphil range of skincare products and our Daylong sun protection line,the newly formed Consumer Skin Health business aims to bring science-based innovation to the broader market,lev
84、eraging the companys insights and scientific expertise.Healthcare needs will evolve and change as the global population of people over-60 is predicted to grow to 1 billion by 2020,and this will impact the demands on and the role of healthcare professionals.As a response to this challenge,Nestl Skin
85、Health has launched several key initiatives to help contribute towards research,education and the development of solutions for life-long health.Nestl Annual Review 201518Nestl Food and BeverageWe enhance lives by offering tastier and healthier food and beverage choices for all stages of life and at
86、any time of the day,helping consumers care for themselves and their families.Our food and beverage portfolio is the core of our business,the essence of our strategy.The portfolio is wider than any other in the food industry and offers everything from Popularly Positioned Products for consumers on lo
87、w incomes to premium products and services for those who want an indulgent moment of pleasure.Powdered and Liquid BeveragesMilk products and Ice creamNestl Annual Review 201519Prepared dishes and cooking aidsNestl NutritionPetCareConfectioneryWaterNestl Annual Review 201520SalesCHF 19.2 billionOrgan
88、ic growth+5.4%Real internal growth+3.1%Trading operating profit margin21.3%Trading operating profit margin 180 basis points Nestl is the global leader in coffee,uniquely positioned with two strong brands Nescaf and Nespresso,offering consumers a complete range of products,systems and services across
89、 all channels.This is a category we have built and shaped over many years and which we will continue to shape in the future.Nescaf is the worlds favourite coffee brand.One fifth of the 30 000 cups of coffee served each second around the world today are cups of Nescaf.Meanwhile,our premium coffee bra
90、nd Nespresso has redefined and revolutionised the way people enjoy espresso coffee and continues to grow globally,capitalising on the significant development of the portioned coffee segment.The Nescaf REDvolution continues to build brand equity for the Nescaf brand,aligning and enhancing the brand c
91、ommunication in every market with the brand line It all starts with a Nescaf.The growth is supported by the global success of the Nescaf Dolce Gusto system(now in 84 countries around the world)and the beverage business of Nestl Professional which serves the out-of-home industry.A new manufacturing f
92、acility making Nescaf Dolce Gusto capsules has opened in the south east of Brazil,the first outside of Europe,underscoring Nestls confidence in the coffee market across Latin America.Nespresso inaugurated a new factory in Switzerland during the year to satisfy growing world demand for its capsules a
93、nd support its expansion plan in North America where its VertuoLine system is pioneering a new segment of highest-quality,long-cup,freshly-brewed coffee.Worldwide demand for coffee continues to grow,and our coffee businesses are focused on ensuring that sustainably-sourced,good-quality supplies are
94、available so that everyone,everywhere can enjoy a great cup of coffee.The Nespressos Suluja ti South Sudan is the first coffee exported from the worlds newest nation,after a four year effort to revive production there.Powdered and Liquid Beverages6000cups of Nescaf coffee are served around the world
95、 each secondNestl Annual Review 201521Nescaf Koumibaisen is a super premium range of coffee rejuvenated in 2015 with freshly brewed aroma and taste to appeal to drinkers who prefer roast and ground coffee.Nescaf Plan,a global initiative bringing together Nestls commitments and activities that suppor
96、t responsible farming,production and supply of coffee celebrated its five year anniversary during 2015.The Nespresso brands strong commitment to sourcing the highest-quality coffee in the world is evident in its project to revive the coffee industry in South Sudan.The first exports from the new nati
97、on,the result of a partnership with local farmers and a non-profit organisation,TechnoServe,led to the creation of a new Limited Edition addition to Nespressos Grand Cru range.Consumer demand continues to evolve with younger consumers in particular looking for greater variety and sophistication base
98、d on their out-of-home experience in coffee shops or bars.Nescaf is responding with innovations like the new flagship coffee houses Nescaf Harajuku in Tokyo and Nescaf Itaewon in Seoul that offer interactive displays and new coffee creations inspired by the local trendsetting communities.In the Aust
99、rian city of Vienna,Nespresso has opened the first Nespresso Caf,combining a premium coffee shop and takeaway service with the Nespresso Cube that uses robotic technology to prepare an order from the Grand Crus or Limited Edition range in a matter of seconds.Innovation is helping to drive demand for
100、 the creamer brand Coffee-mate with the all-natural variety of Natural Bliss,and Coffee-mate 2GO,a conveniently sized portable creamer for out-of-home usage.The creamer category had dipped slightly during the recession in the United States but has since made a strong comeback with more consumers opt
101、ing for flavoured creamers than ever before.Meanwhile,the advanced technology of Nestls premium-portioned capsule tea system Special.T,along with its range of more than 30 varieties of tea and herbal tea,are now available in Japan and seven European countries.Special.T was the companys third major i
102、nnovation in capsule beverage systems after Nespresso and Nescaf Dolce Gusto.The system offers a selection of fine teas sourced from the top 1%of the worlds tea farms.Coffee-mate 2GO,a portable creamer that does not need refrigeration,is an opportunity to align the brand with the always on-the-go at
103、titude of millennials.More information about how Nespressos AAA Sustainable Quality Program and also the Nescaf Plan help farmers can be found on page 25 of the Nestl in society report.Nestl Annual Review 201522SalesCHF 14.6 billionOrganic growth+1.7%Real internal growth+1.3%Trading operating profit
104、 margin16.9%Trading operating profit margin+180 basis points One glass of Nido Golden Start has all the essential breakfast nutrients needed to prepare children for an active day at school.Across the globe,Nestls heritage dairy brands,which are often childrens first experience of a Nestl product,rep
105、resent a strong foundation for the companys continued growth.Dairy products are considered to be essential for good health in many cultures.At Nestl,we leverage the best of our science and product expertise to provide families with both nutritionally enriched milk products and delicious dairy treats
106、.Today,we offer dairy products to support healthy diets at all stages of life,from early childhood to old age.While our dairy products have many natural nutritional benefits,such as provision of calcium,sometimes they need to do more.At Nestl,we are proud to offer affordable dairy products that also
107、 help to address local micronutrient deficiencies,particularly in developing countries.Milk is naturally rich in calcium and a good carrier of micronutrient fortification,making it a viable,long-term way to deliver more nutrition to large segments of the population.The Nestl range of childrens milk
108、brands has been developed to offer the energy,protein and micronutrients needed by growing children.To make these products accessible for lower-income groups,Nestl makes these milks available in affordable formats.These products are also fortified with iron,zinc,vitamin A and other micronutrients as
109、 appropriate for the micronutrient deficiencies prevalent in each Milk products and Ice cream590 millionbottles of Nestl Milo Nutri G will be produced each year by our new factory in MalaysiaNestl Annual Review 201523Extrme ice creams are particularly popular in France,and combine different flavours
110、,textures and colours to provide people with an indulgent,sophisticated treat.Delicious ready-to-drink peanut milk from our joint-venture Yinlu is popular in China and suitable for those who are lactose intolerant.area.Nido Golden Start was launched in Mexico to coincide with the start of the back-t
111、o-school season.Each glass contains milk,cereals and fruit,and provides proteins,calcium,vitamin C and fibre.It is designed for children who skip breakfast because they are in a rush,estimated to be one in five of the school age population in the country.Another innovation with strong Nutrition,Heal
112、th and Wellness credentials,Nestl Milo Nutri G,is a blend of four whole grains(oats,barley,brown rice and wheat)with malt,milk and cocoa in a ready-to-drink format newly launched in Malaysia.It is aimed at young adults who want the convenience of a ready-to-drink product and the Nestl Milo taste the
113、y grew up with,and who recognise the health benefits of whole grain.In Brazil this year we launched new Nesfit non-dairy beverages,including a whole grain rice and whole grain oat drink designed to be drunk plain or added to breakfast cereals.The range included an instant oatmeal,rich in whole grain
114、 and fibre,helping those watching their weight to stay motivated.We offer the best-tasting ice cream products and continually improve the nutritional profile and benefits of our range.We build upon the wholesome milk at the heart of ice cream,to offer healthier options for you and your family.In add
115、ition,we have enhanced our nutritional labelling,portion size recommendations and the availability of smaller pack options.Our Outshine range,available in North America,has been expanded to include a 100%yoghurt bar,and in Europe we launched the Mvenpick 100%Natural stick ice cream during the year.W
116、e continue to work to ensure that our ice cream products are produced,packaged and distributed in ways that are environmentally sustainable.More information about our commitment to encourage consumption of whole grains can be found on page 18 of the Nestl in society report.Nestl Annual Review 201524
117、Our food portfolio offers products that form the core of healthy and nutritious meals.By making food tastier,more balanced and easier to prepare,we help improve eating habits and contribute to an enjoyable,healthy lifestyle.We continue to improve our products,enhance nutritional information and port
118、ion guidance.We want to empower consumers to make the right informed choices on food and nutrition,and constantly evolve our packaging and digital support for our brands to help achieve this.We are focused on deepening this engagement with consumers to ensure we can better serve their needs.Through
119、innovation and renovation we are enhancing the ability of our brands to contribute to a healthy diet,while ensuring they are relevant to the changing demands of consumers.In the United States,Lean Cuisine has reintroduced itself as a modern eating brand.No longer focused on diet,the brand has evolve
120、d to reflect a shift in the way Americans,primarily women,are eating and shopping.The Lean Cuisine brand relaunched with ten new recipes within the Lean Cuisine Marketplace range,all offering modern benefits such as organic ingredients,gluten-free,high-protein options,no-preservative options,and pro
121、ducts with no GMOs.Meanwhile,the new Stouffers Fit Kitchen range is primarily aimed at men,after research showed that many didnt feel there were enough nutritious and satisfying meals in the frozen food aisle.Six varieties,each offering 25 or more grams of protein,complex carbohydrates and vegetable
122、s,were successfully introduced in the summer.In Europe,the new Rustipani warm bread small meal from Wagner is baked in a traditional rustic oven with two variants,a naturally matured sourdough and a dark oven rye flour bread.The pizza meets the Nestl Nutritional Foundation Prepared dishes and cookin
123、g aidsSalesCHF 12.6 billionOrganic growth+0.1%Real internal growth 1.3%Trading operating profit margin13.7%Trading operating profit margin+40 basis points Stouffers Fit Kitchen frozen meals offer big flavours and at least 25 g of protein in each serving.The range is primarily aimed at male consumers
124、.10new recipes were introduced in the Lean Cuisine Marketplace rangeNestl Annual Review 201525criteria,based on nutrition science and public health dietary recommendations from bodies such as the World Health Organization and the Institute of Medicine.The Rustipani is topped with high-quality ingred
125、ients such as smoked cheese,marinated tomatoes,ham and asparagus.Innovation and renovation are key to success across our food portfolio and drive growth across the category.Maggi Tender cooking papers seasoned with herbs and spices such as coriander,muscat,black pepper and oregano,enable consumers t
126、o flavour meat in the pan,keeping it tender without adding any oil.The product has been rolled out across our European markets and in Latin America.We are leveraging what we call the Kitchen Cupboard approach,renovating our portfolio with the aim of increasing the use of ingredients consumers recogn
127、ise and are familiar with such as spices and herbs,while accelerating the removal of artificial additives.This is an important pillar of our efforts to build trust with the people who buy our products,providing transparency of what the product is made from with information that is easy to read and u
128、nderstand.We recognise we have a role to play in addressing the problems of under-nutrition,as well as certain non-communicable diseases.In emerging markets,fortified products like Maggi soups and bouillon cubes are contributing to efforts to counter the effects of micronutrient deficiencies in iron
129、 and iodine.In Central America,consumers use Maggi chicken noodle soups as a base to cook tasty and balanced meals.Maggi has renovated the entire range and each serving now provides 15%of the recommended daily amount of iron,is low in fat and made without artificial preservatives.We are also helping
130、 to address problems caused by over-nutrition like obesity.Throughout our portfolio we are helping families to improve their diets by reducing the amount of salt,sugar and saturated fats in our products and removing trans fats.Maggi bouillon cubes and tablets fortified with iron can play an importan
131、t role in addressing micronutrient deficiencies in emerging markets.The Nestl Professional Chef range has been created by chefs for chefs,saving them time and the cost of making the dishes from scratch.More information about micronutrient fortification can be found on page 16 of the Nestl in society
132、 report.Nestl Annual Review 201526Nestl NutritionSalesCHF 10.5 billionOrganic growth+3.1%Real internal growth+1.4%Trading operating profit margin22.6%Trading operating profit margin+110 basis points Our nutrition business is dedicated to providing high-quality,innovative,science-based nutrition for
133、mothers and infants,helping to nurture healthier generations.Good nutrition and the right feeding practices during the first 1000 days of life,from conception to a childs second birthday,are crucial for a childs health,growth and development.Establishing the right feeding practices in early childhoo
134、d also supports the establishment of good eating habits.We promote and support breastfeeding which is the best start a baby can have in life.Where breastfeeding is not possible,we provide breast-milk substitutes.We have also developed science-based nutritional solutions for infants with specific med
135、ical needs,who are unable to absorb,digest or metabolise standard infant formulas and are at risk of death or abnormal development if left without access to the right nutrition support.In addition,we provide a range of complementary foods such as growing-up milks,infant cereals and meals and drinks.
136、These products contain carefully selected high-quality ingredients and are fortified with nutrients to meet the specific needs of infants and young children.Our BabyNes system,now available in four countries,is the first advanced nutrition system for infants and toddlers that offers age-specific,sin
137、gle-serve formulas for children up to the age of three years.Appropriate protein supply in early life can shape long-term health outcomes.Nestl Nutritions NAN Optipro offers protein composition and concentration closer to the gold standard of breast milk.Wyeth Nutritions illuma brand helps to enhanc
138、e infants absorption of key nutrients and supports their immune function.25countries have Start Healthy Stay Healthy,our science-based education programme for parentsNestl Annual Review 201527PetCarePetcare is a strong growth driver for Nestl around the world.With a portfolio of many of the worlds m
139、ost popular and trusted dog and cat food brands,Nestl Purina is committed to enriching the lives of pets and the people who love them.In 2015,Purina introduced ground-breaking nutritional advances and product innovations.The successful US launch of Purina Pro Plan Bright Mind for adult dogs aged 7+l
140、everaged the companys breakthrough research findings that a diet containing medium-chain triglycerides(MCTs)from enhanced botanical oils can help promote healthy aging and healthy cognition in senior dogs.In Europe,the Purina Pro Plan brand renovated formulas targeted to the changing nutritional nee
141、ds of dogs in different life-stages,from building a growing puppys natural defences to helping adult dogs maintain a healthy weight.Our focus on product innovation can also help strengthen the bond between people and their pets.Friskies,a global brand of cat food and treats,in the US launched Friski
142、es Pull n Play,the first ever tender,edible strings for cats,as a new way for pet owners to treat and play with their cats.The treat may be fed alone or in conjunction with Wobbert,a wobbly cat toy that can accommodate two treats at once.Globally,Nestl Purina employs 500+world-class nutritionists,be
143、haviorists,veterinarians,immunologists and other pet SalesCHF 11.5 billionOrganic growth+5.9%Real internal growth+3.5%Trading operating profit margin20.8%Trading operating profit margin+100 basis points More information about our commitment to market breast-milk substitutes responsibly can be found
144、on page 21 of the Nestl in society report.To encourage good nutrition in the first 1000 days,we seek to support mothers through our extensive range of educational materials and information.Start Healthy Stay Healthy,our interactive,science-based education programme designed to help parents and careg
145、ivers provide nutritionally and developmentally adequate nutrition in the crucial first 1000 days of life,has now been rolled out to 25 countries.We market our breast-milk substitutes in line with the aims of the World Health Organizations International Code of Marketing of Breast-milk Substitutes a
146、s implemented by governments.Our marketing standards are the strictest in the industry.We are the only breast-milk substitute manufacturer to be included in the FTSE4Good responsible investment index.We implemented the new global Nestl Maternity Protection Policy which is one of the most progressive
147、 programmes of its kind in the industry.This policy gives employees a minimum of 14 weeks paid maternity leave and the right to extend their maternity leave up to six months.It also includes flexible working arrangements and guaranteed access to breastfeeding rooms during working hours in all sites
148、with more than 50 employees.Nestl currently has more than 190 breastfeeding rooms across its global working facilities.500+nutritionists,scientists,veterinarians and animal behaviourists worked on the renovation and innovation of the Nestl Purina portfolioNestl Annual Review 201528experts who are wo
149、rking to improve the lives of pets.Nestl Purina manufacturing facilities around the globe meet or exceed all regulatory requirements and use comprehensive food safety programs to ensure every Purina product meets our high standards for safety and quality.Nestl Purina promotes responsible pet care,hu
150、mane education and strengthening the bond between people and their pets.In Italy,an educational programme promoted in schools helps children learn the basics of pet care and nutrition through a kit distributed to teachers that includes contributions from veterinarians and other experts.Petfinder,Nes
151、tl Purinas searchable web database of pets in need of adoption,has helped over 24 million find homes so far.Guided by our passion for pets,we are committed to using our scale to support shelter pets,creating tools and resources to help them find new homes.In 2015,Nestl Purina donated more than USD 8
152、 million to pet-related causes and community organizations and civic groups across the Americas.Nestl Purina is constantly working on opportunities to improve our environmental performance through designing smarter and more efficient systems.We work throughout our supply chain to ensure our high-qua
153、lity ingredients are sourced responsibly.As a manufacturer,we are focused on reducing solid waste and greenhouse gas emissions and improving the efficiency of the water and energy used at our facilities around the world.Purina Beyond dog food provides healthy nutrition using only high-quality natura
154、l ingredients,so owners can be sure they are making the right choice for their pets.Nestl Purina science and expertise underpins Purina Pro Plan,a super-premium pet food range that delivers optimal nutrition for dogs and cats.Nestl Annual Review 201529Nestls involvement with chocolate goes back to F
155、ranois-Louis Cailler who started to make chocolate in Switzerland in 1819.Today Cailler is Switzerlands oldest chocolate brand.Through various acquisitions,including Cailler in 1929,and more recently in 1988 with the purchase of the UK company Rowntree,Nestl has become one of the worlds largest choc
156、olate and confectionery producers.Chocolate is a highly attractive category for Nestl with growth increasingly fuelled by premiumisation.Around the globe it is the number one snack of choice and there is high potential for emerging market growth where the habit of chocolate consumption is starting t
157、o grow.With KitKat,Nestl has a strong global player driving performance in both emerging and developed markets.KitKat will become the first global confectionery brand sourced from 100 percent certified sustainable cocoa,starting early in 2016.The brand already uses sustainably sourced cocoa,accredit
158、ed by independent third-party bodies,in products sold in certain markets,but this new announcement extends the practice worldwide,including the United States.An essential element of Nestls desire to enhance peoples lives is our commitment to deliver healthier options which help you feel better about
159、 enjoying a treat,for example by using ConfectionerySalesCHF 8.9 billionOrganic growth+6.2%Real internal growth+1.8%Trading operating profit margin14.0%Trading operating profit margin+20 basis points KitKat is the worlds third biggest chocolate brand.More than 20 billion fingers of KitKat are consum
160、ed around the world each year.Nestl announced its entry into the dynamic global super-premium chocolate category with Cailler,a Swiss brand that is almost 200 years old.billion+fingers of KitKat are consumed around the world each yearNestl Annual Review 201530Waternatural ingredients,removing artifi
161、cial colours and flavours,and making it easier to understand how many portions there are in a product through clearer information on the packaging.A year ago we committed to stop marketing confectionery to children under the age of 12 years and this is recognised in the updated and strengthened Nest
162、l Marketing Communication to Children Policy which came into effect at the end of 2015.Our confectionery brands are using partnerships with major tech firms like Google and Amazon to help build new relationships with consumers.KitKat worked closely with Google to launch a new global digital campaign
163、 to help consumers find the top trending YouTube videos on their mobile phones while having a KitKat break.When Nestl began the transformation of the Swiss chocolate brand Cailler into a new global super-premium chocolate brand,it chose Amazon as its primary retailer.Cailler is still produced at Mai
164、son Cailler,the original factory in the Swiss town of Broc,using milk from local farms and high-quality cocoa from the Nestl Cocoa Plan.The new products can be bought through Amazon in the US,UK,China and Germany.They are also sold in travel retail outlets in major airports in Geneva,Zurich,Dubai an
165、d Singapore.SalesCHF 7.1 billionOrganic growth+7.0%Real internal growth+7.0%Trading operating profit margin11.2%Trading operating profit margin+90 basis points More information about our commitment on responsible marketing communication to children can be found on page 21 of the Nestl in society rep
166、ort.Bottled water is a healthy,convenient way to stay hydrated.Nestl Waters contributes to consumers healthy hydration with its global brand Nestl Pure Life,local water brands in different countries and premium international mineral waters S.Pellegrino and Perrier.A key component of Nestls Nutrition
167、,Health and Wellness strategy,water is also a growing category,particularly in developed markets as more consumers switch to water from carbonated sugary drinks.More than half Nestl Waters sales are in North America where bottled water is on track to become the top selling beverage by the end of the
168、 decade.There is also good growth in emerging markets,helped by growing urbanisation and the rise of the middle class in many parts of the world.Nestl Waters has a portfolio of 52 brands,enabling constant innovation to meet the different expectations of consumers all over the globe.The company is th
169、e worlds number one bottled water company by value and Nestl Pure Life is the largest bottled water brand in the world.We make every effort to offer healthy bottled water that tastes good.Because quality is the foundation of what we do,consumers can ensure they are hydrated every day in complete con
170、fidence,using our bottled water.Water is a precious resource.At Nestl Waters,responsible water management does not stop 52brands make up the Nestl Waters portfolioNestl Annual Review 201531More information about our commitments on water stewardship can be found on page 28 of the Nestl in society rep
171、ort.Sold in more than 40 countries,Nestl Pure Life is a great-tasting water that is filtered and enhanced with minerals to provide healthy hydration for the whole family.The new S.Pellegrino Magnum,a champagne-style bottle,has been successfully introduced in various markets around the world.at being
172、 best-in-class within the walls of our factories,but extends to collective actions with other water stakeholders to ensure the long-term stability of shared watersheds.Since its creation the company has striven to be best in class in terms of protecting water sources and reducing the environmental i
173、mpact of its activities.In the United States,investments in conservation measures in the state of California during the year are projected to save 55 million gallons(208 000 cubic metres)of water annually,a reduction of nearly 8%.In Switzerland,Nestl Waters has built an agricultural biogas facility
174、to provide renewable energy for the plant where its local brand Henniez is bottled.At the same time,the company continues to optimise its packaging and recycling efforts,so as to reduce the environmental impact of its business.Nestl Waters reduced packaging weight per litre produced by 14%between 20
175、09 and 2014.Nestl has pledged to adopt sustainable water practices in areas where we operate,source our goods and where our suppliers,employees and consumers live.For example,in Pakistan Nestl has established seven clean drinking water facilities near its facilities:the latest was inaugurated next t
176、o the Nestl Waters Sheikhupura factory.It is estimated that at least 5000 people living in the area will have access to drinking water each day from the facility.Nestl Annual Review 201532The futureEven as competition for land,water and energy increases,the scale of the population growth predicted m
177、eans the world will need to find enough sufficiently nutritious food to feed an additional 2.3 billion people over the next 35 years.In addition,provision has to be made for the 800 million people who do not have access to adequate nutrition today.That is approximately one in nine of the global popu
178、lation.Business has a role to play in both mitigating these issues and adapting our global food system.Companies like ours create value for consumers and the societies in which they live.Processing food enables us to deliver food to the consumer wherever they are in the world.These are products they
179、 can trust,manufactured to the highest specifications and completely safe.Our researchers deliver innovation we can apply throughout the value chain to the sourcing of ingredients,to manufacturing,packaging and distribution,and to offer consumers new types of product or service,or benefits through o
180、ur brands.We are driving advances in agricultural practices and biotechnology to help to secure the food supply,from developing new preservation technology to contributing to better food safety.We are improving our ability to produce more with less environmental impact,reducing carbon emissions,wate
181、r consumption and waste.Our changing environment creates new challenges,for Nestl and for society.The United Nations estimates there will be 9.6 billion people in the world by 2050,70%of whom will live in urban areas.We believe we have a strong contribution to make as the world looks for ways to fee
182、d its growing population.Nestl Annual Review 201533Nestl Annual Review 201534The futureWe are helping smallholders develop sustainable farming practices.At the same time,we are setting ourselves tough challenges to overcome.What ingredients can we use with less environmental impact?How can we accele
183、rate the usage of plant proteins and reduce our reliance on animal proteins which require more resources to produce?How can we further expand our use of micronutrient fortification?How can we contribute to the fight against non-communicable diseases?For instance,today obesity is becoming a global pr
184、oblem.There are twice as many obese people in developing countries as in developed ones.We have a role to play in helping to address this.We are renovating our portfolio to reduce the amount of sugar,salt and saturated fats,and remove trans fats from our products,and have committed ourselves publicl
185、y to targets which allow people to follow our progress.Material science has the potential to offer a much greater contribution to this effort in the years ahead.For example,much of the reduction today is achieved through renovation of a product recipe by replacing sugar with healthier ingredients.Ou
186、r researchers are working on new approaches to make these reductions even greater.We have the strongest Research and Development network in the food industry with more than 5000 scientists and researchers working across the world.We recognise the potential to multiply this effort through collaborati
187、on with the best in each scientific field,from universities to biotech companies to start-ups.We are working with partners in new areas like epigenetics:the science of how eating behaviours and other environmental factors can affect your genes,your health and that of your offspring,and for future ge
188、nerations.The jointly-funded public-private partnership we have with an international alliance of researchers known as the EpiGen Consortium is the largest of its kind.The collaboration is helping us to better develop our understanding of the influence of nutrition and genetics at the beginning of l
189、ife.It will enable us to create products that have a proven,positive impact on the health of mothers and their children.We are already patenting breakthrough discoveries so that we can build products and portfolios on a strong foundation.We publish more scientific papers,and these are cited more oft
190、en,than any other company in the food and beverage industry.We use both nutritional and consumer insights throughout our business to identify the right Nutrition,Health and Wellness innovations that could evolve into platforms for future growth.So-called millennial consumers in particular are more i
191、nterested in artisanal and natural options focusing on new health trends like products that are free of genetically modified ingredients,organic or gluten-free.They want quick,ready-to-eat solutions and guidance on servings and portions to complement busy lifestyles.Meal occasions are fragmenting an
192、d snacking is becoming more popular.Family structures are changing as single-parenting becomes more widespread in many societies and more people live alone.In addition,there is a growing gap between how people want to feel and what they actually achieve through their daily activity.Increasingly they
193、 value balance and look for meals that offer positive health benefits.Our Nutrition,Health and Wellness strategy ensures we are well-positioned to meet these needs.We can expect consumers living longer,more active and healthier lives to generate new opportunities for our businesses and brands.Anothe
194、r area of focus is the internet of things,the growing ability for devices in our lives to share data.This offers a company like ours opportunities to develop new products or systems that will allow people to personalise the nutrition they receive more closely than ever before.The challenge is findin
195、g ways to harness all the data produced,for example,by a sensor you wear to work out how many calories you 5000scientists work at Nestl ResearchNestl Annual Review 201535With people living longer lives,Nestl Health Science is investing in research to develop nutritional solutions that support health
196、y and active aging.Nestls United for Healthier Kids initiative unites schools,businesses,government and civil society to help caregivers raise healthier children.Nestls R&D centre in Abidjan is developing better methods of cocoa plant propagation in partnership with the World Cocoa Foundation and th
197、e Cte dIvoire government.BabyNes is a smart nutrition system that caregivers can use to prepare formula,using capsules tailored to a babys specific developmental needs.Nestl Annual Review 201536The futurehave used in a day,to help you plan your next meal in order to replace those calories and get th
198、e nutrients you need while not over-eating.The opportunities presented by digital are immense,and will grow in the years ahead,making it more important than ever that we have the right people with the right capabilities at Nestl to enable us to exploit them.Our people and the way we work together as
199、 a team are critical if we are to achieve our targets.We recognise the importance of strengthening our global talent pipeline,while also playing a role to ensure that young people in the societies where we operate have the right skills to find employment with us,with our suppliers and throughout the
200、 industry.Our Global Youth Initiative is helping us develop the next generation of Nestl leaders,filling the skills gap left by the retirements of the baby boomer generation.Almost a fifth of our workforce is over the age of 50.So far in Europe we have hired more than 11 000 people as part of the Ne
201、stl European Youth Employment Initiative and created more than 6000 apprenticeships and trainee positions.We have mobilised close to 200 business partners,creating an Alliance for YOUth.In the Americas,the Global Youth Initiative has now been launched in all markets with the aim of offering 24 000 j
202、ob opportunities and 7000 apprenticeship,internship or traineeship opportunities across the Americas by 2018.And in Asia,Oceania and sub-Saharan Africa,our markets are partnering with governments and others to build capabilities and generate opportunities for young people.We continue to focus on dev
203、eloping strong leadership throughout the company as well as further improving the diversity and gender balance of our talent pool and teams.Here too we have made public commitments and publish data so that people can see our progress towards achieving our goals.We are confident about the future.We h
204、ave demonstrated through our 150 years of existence that we are able to anticipate consumers needs and this has been a key enabler of our success.Although the challenges faced by society are not to be underestimated,we believe we will be able to make a strong contribution,creating value for our shar
205、eholders and for the societies in which we operate.Many of the 17 new Sustainable Development Goals announced by the United Nations during the year match directly our own Creating Shared Value focus on nutrition,water and rural development.We are part of the solution to these societal challenges,and
206、 ready to play our part.More information about our commitments to improve gender balance and diversity can be found on page 39 of the Nestl in society report.200business partners have been mobilised by Nestl to create an Alliance for YOUthNestl Annual Review 201537The Digital Acceleration Team(DAT)b
207、rings together future leaders from across Nestl to build brands,innovate and engage with consumers in an increasingly digitally connected world.Nestl Japan is pioneering a new consumer engagement model using the robot Pepper which responds to human emotions to sell Nescaf products.A new global partn
208、ership with Amazon to drive e-commerce began with the launch of historic Swiss super-premium chocolate brand Cailler in the US,China,UK and Germany.The Nestl Milo Champions Band and app give parents personalised information on their childs nutritional intake and physical activity,to help them lead h
209、ealthier lives.Nestl Annual Review 201538Financial review 38Nestl Annual Review 2015Nestl Annual Review 201539In millions of CHF(except for data per share and employees)20152014Results Sales 88 785 91 612 Trading operating profit 13 382 14 019 as%of sales 15.1%15.3%Profit for the year attributable t
210、o shareholders of the parent(Net profit)9 066 14 456 as%of sales 10.2%15.8%Balance sheet and Cash flow statementEquity attributable to shareholders of the parent 62 338 70 130 Net financial debt15 425 12 325 Ratio of net financial debt to equity(gearing)24.7%17.6%Operating cash flow 14 302 14 700 as
211、%of net financial debt92.7%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 shareWeighted average number of shares outstanding(in millions of units)3 129 3 188 Basic earnings per share CHF2.904.54Underlying earnings per share(b)CHF3.313.44Dividend as p
212、roposed by the Board of Directors of Nestl S.A.CHF2.252.20Market 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 ot
213、her 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.Principal key figures(c)(illustrative)in CHF,USD,
214、EURIn millions(except for data per share)Total CHFTotal CHFTotal USDTotal USDTotal EURTotal EUR201520142015201420152014Sales 88 785 91 612 92 143 99 961 83 153 75 431 Trading operating profit 13 382 14 019 13 889 15 296 12 533 11 543 Profit for the year attributable to shareholders of the parent(Net
215、 profit)9 066 14 456 9 409 15 774 8 491 11 903 Equity attributable to shareholders of the parent 62 338 70 130 63 012 70 863 57 651 58 307 Market capitalisation,end December 229 947 231 136 232 434 233 553 212 658 192 170 Data per shareBasic earnings per share 2.904.543.014.952.723.74(c)Income state
216、ment figures translated at weighted average annual rate;Balance sheet figures at year-end rate.Key figures(consolidated)40Nestl Annual Review 2015Group overviewFollowing the changes in management responsibilities as from 1 January 2015,Zone Europe has been renamed Zone Europe,Middle East and North A
217、frica(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).Nestl Nutrition now includes Growing-Up Mil
218、ks business formerly included in the geographic Zones.Finally,Other businesses now includes the Bbchen business,formerly included in Nestl 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 Healt
219、h Science.2014 comparative information has been restated.Operating segments:trading operating profitIn%of salesZone EMENA15.7 Zone AMS19.4 Zone AOA18.4 Nestl Waters10.8 Nestl Nutrition22.6 Other businesses(a)15.7(a)Mainly Nespresso,Nestl Professional,Nestl Health Science and Nestl Skin Health.Introd
220、uctionIn 2015 we delivered profitable growth at the higher end of the industry in what is still a challenging environment.This profitable growth was on the back of consistent performances in previous years.Our organic growth of 4.2%was supported by increased momentum in real internal growth combined
221、 with continued margin improvement.Additionally,we grew or maintained market share in the majority of our categories and markets.At the same time,we continued to invest for the future with increased support behind our brands and further development of our new platforms in nutrition and health as wel
222、l as e-commerce.We kept up the focus on portfolio management,turning around our frozen food business in the United States,disposing of non-core businesses and forging a new partnership to create a leading player in ice cream.Our free cash flow generation was again at the top end of the food industry
223、 at 11.2%of sales,as a result of our focus on margins with discipline in capital expenditure and working capital.Trading operating profit 14 00015.3%13 00015.0%12 00014.7%P In millions of CHFP In%of sales14 01913 38215.3%15.1%20152014Nestl Annual Review 201541Sales by geographic areasDifferences 201
224、5/2014(in%)in CHFin local currencyin CHF millionsBy principal markets2015United States+7.7%+2.4%25 293 Greater China Region+6.4%+3.2%7 060 France 12.0%+0.1%4 848 Brazil 23.3%+2.9%3 925 United Kingdom+0.6%+3.0%3 006 Germany 12.3%0.2%2 929 Mexico 7.1%+5.3%2 749 Philippines+6.2%+3.6%2 645 Italy 11.4%+0
225、.8%1 867 Canada 5.9%+3.8%1 847 Spain 10.1%+2.2%1 668 Switzerland 1.0%1.0%1 549 Australia 7.6%+5.5%1 498 Japan 3.5%+4.3%1 440 Russia 23.1%+16.3%1 330 Rest of the world 6.1%(a)25 131 Total 3.1%(a)88 785(a)Not applicable.Group resultsIn 2015 Nestls organic growth was 4.2%,composed of 2.2%real internal
226、growth and 2.0%pricing.Sales were CHF 88.8 billion,with a foreign exchange impact of 7.4%.Acquisitions,net of divestitures,added 0.1%to sales.Organic growth was broad-based across geographies and categories,5.8%in the Americas(AMS),3.5%in Europe,Middle East and North Africa(EMENA)and 1.9%in Asia,Oce
227、ania and sub-Saharan Africa(AOA).Real internal growth was also broad-based,2.4%in AMS,2.8%in EMENA and 1.2%in AOA.We demonstrated our continued strength in developed markets with organic growth of 1.9%and in emerging markets with 7.0%.We increased or maintained market share in the majority of our ca
228、tegories and markets.Trading operating profitTrading operating profit was CHF 13.4 billion,with a margin of 15.1%,down 20 basis points on a reported basis affected by the strong Swiss Franc,up 10 basis points in constant currencies.We delivered this margin improvement while increasing substantially
229、our investment in brand support,digital,research and development,and in our new nutrition and health platforms,and at the same time absorbing the cost of exceptional events like Maggi noodles in India.Net profitNet profit was CHF 9.1 billion.The reduction of CHF 5.4 billion versus last year was most
230、ly due to the one-off impact from the disposal in 2014 of part of the LOral stake combined with the revaluation of the Galderma stake.There was also some effect from foreign exchange.Reported earnings per share at CHF 2.90 were down by 36.1%,for the same reasons.Underlying earnings per share in cons
231、tant currencies were up 6.5%.Geographic sales and organic growth OG(%)6 4 2 0Sales 22.5 27.5 32.5 37.5 CHF billionEach region includes sales of the corresponding Zones as well as Nestl Waters,Nestl Nutrition,Nespresso,Nestl Professional,Nestl Health Science and Nestl Skin Health.P AMS+5.8%CHF 39.1 b
232、illion P EMENA+3.5%CHF 27.5 billionP AOA+1.9%CHF 22.2 billionNestl Annual Review 201542Sales by geographic areaEmployees by geographic areaFactories by geographic area44.1%32.5%161AMS(2014:43.0%)(2014:32.7%)(2014:163)30.9%34.7%166EMENA(a)(2014*:32.5%)(2014*:34.6%)(2014*:170)25.0%32.8%109AOA(2014*:24
233、.5%)(2014*:32.7%)(2014*:109)*2014 figures have been restated see note on page 40.(a)10 885 employees in Switzerland in 2015.Employees by activityIn thousands20152014Factories170175Administration and sales165164Total335339Nestl Annual Review 201543Cash flow/Working capitalThe Groups operating cash fl
234、ow remained strong at CHF 14.3 billion and free cash flow was CHF 9.9 billion or 11.2%of sales.This was the result of our focus on margins and our discipline in capital expenditure and working capital,and shows Nestls capability to deliver very strong cash flow despite the challenging foreign exchan
235、ge environment.The average total working capital has improved by 60 basis points from 5.3%of sales to 4.7%.Financial positionThe Groups net debt was in line with historic levels,increasing from CHF 12.3 billion to CHF 15.4 billion,driven by our completion of the share buy-back,an investment of CHF 6
236、.5 billion in 2015.Our strong free cash flow during the year at CHF 9.9 billion more than offset the payment of dividends of CHF 6.9 billion.Return on invested capitalThe Groups return on invested capital was 10.9%including goodwill and intangible assets,up 10 basis points and it was 29.9%excluding
237、goodwill and intangible assets,down 50 basis points,impacted by unfavourable foreign exchange.DividendThe Board of Directors is proposing a dividend of CHF 2.25 per share,up from CHF 2.20 in 2014.OutlookWe anticipate that our trading environment in 2016 will be similar to previous years with even so
238、fter 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.75.0070.0065.0060.00|J F M A M J J A S O N DEvolution of the Nestl S.A.share in 2015in CHFP Nestl S.A.shareP Nestl r
239、elative to Swiss Market Index105.0%100.0%95.0%90.0%85.0%2.9014.72.151.952011201220132014201520152015201420142.202.254.5414.32.05Earnings per sharein CHFDividend per sharein CHFOperating cash flowin billions of CHFNestl Annual Review 201544Product category and operating segment reviewLeading position
240、s in dynamic categoriesIn millions of CHF2014*2015Proportion of total sales(%)RIG(%)OG(%)Powdered and Liquid BeveragesSoluble coffee/coffee systems9 328 8 880 46.1%Other10 974 10 365 53.9%Total sales20 302 19 245 100.0%+3.1%+5.4%Trading operating profit 4 685 4 100 21.3%WaterTotal sales6 875 7 112+7
241、.0%+7.0%Trading operating profit 710 796 11.2%Milk products and Ice creamMilk products11 073 10 686 73.0%Ice cream4 117 3 951 27.0%Total sales15 190 14 637 100.0%+1.3%+1.7%Trading operating profit 2 295 2 471 16.9%Nutrition and Health ScienceTotal sales14 605 14 854+2.3%+4.4%Trading operating profit
242、 3 136 2 909 19.6%Prepared dishes and cooking aidsFrozen and chilled7 302 6 984 55.5%Culinary and other6 230 5 595 44.5%Total sales13 532 12 579 100.0%1.3%+0.1%Trading operating profit 1 801 1 724 13.7%ConfectioneryChocolate7 053 6 365 71.8%Sugar confectionery1 148 1 130 12.7%Biscuits1 568 1 375 15.
243、5%Total sales9 769 8 870 100.0%+1.8%+6.2%Trading operating profit 1 344 1 246 14.0%PetCareTotal sales11 339 11 488+3.5%+5.9%Trading operating profit 2 246 2 386 20.8%*2014 figures have been restated see note on page 40.Nestl Annual Review 201545SalesCHF 25.8 billionOrganic growth+5.5%Real internal g
244、rowth+1.6%Trading operating profit margin19.4%Trading operating profit margin+80 basis pointsZone Americas(AMS)Zone AMS In millions of CHF2014*2015Proportion of total sales(%)RIG(%)OG(%)United States and Canada16 396 17 187 66.5%Latin America and Caribbean10 229 8 657 33.5%Powdered and Liquid Bevera
245、ges3 190 2 860 11.1%Milk products and Ice cream7 025 6 609 25.6%Prepared dishes and cooking aids4 744 4 833 18.7%Confectionery3 972 3 454 13.3%PetCare7 694 8 088 31.3%Total sales26 625 25 844 100.0%+1.6%+5.5%Trading operating profit 4 940 5 021 19.4%Capital expenditure1 027 1 038 4.0%*2014 figures h
246、ave been restated see note on page 40.Growth in the Zone picked up momentum through the year and market shares grew broadly in both North and Latin America.In North America growth accelerated,led by the turnaround in the frozen meals business.Sales of the new ranges of Lean Cuisine and Stouffers wer
247、e strong,supported by positive consumption trends.Pizzas positive momentum also accelerated,driven by innovation.In ice cream,Hagen-Dazs and snacks continued to drive growth with new product launches.Coffee-mate maintained its good momentum through constant innovation and renovation of flavours and
248、packaging as well as new distribution.Petcare in North America continued to grow with strong performances from Fancy Feast,Purina One and cat litter.Increased brand support is helping the recovery of Beneful.In Latin America we saw good performances in many countries in spite of the volatile environ
249、ment.In Brazil,our business achieved positive organic and real internal growth despite the challenging,recessionary environment.Nescaf soluble coffee and Nescaf Dolce Gusto,KitKat and Nesfit were the growth drivers.Mexico delivered good growth across the entire portfolio,helped by strong performance
250、s in creamers,Nescaf Dolce Gusto,Nescaf soluble coffee and ambient culinary.Other highlights were Chile,driven by ice cream and biscuits,Colombia with ambient culinary,Peru with Nescaf,and the Plata Region and Ecuador with growth across their portfolios.Petcare continued its very good growth momentu
251、m across Latin America,benefiting from expanded capacity in Argentina and Mexico.We increased investment in consumer facing marketing support while improving the trading operating profit margin thanks to a favourable product mix,operational efficiencies,lower input costs and low restructuring and li
252、tigation costs.Nestl Annual Review 201546SalesCHF 16.4 billionOrganic growth+3.7%Real internal growth+2.5%Trading operating profit margin15.7%Trading operating profit margin+50 basis pointsZone Europe,Middle East and North Africa(EMENA)Zone EMENA In millions of CHF2014*2015Proportion of total sales(
253、%)RIG(%)OG(%)Western Europe12 087 11 022 67.2%Eastern and Central Europe3 088 2 629 16.0%Middle East and North Africa2 790 2 752 16.8%Powdered and Liquid Beverages4 700 4 366 26.6%Milk products and Ice cream2 356 2 171 13.2%Prepared dishes and cooking aids4 382 3 853 23.6%Confectionery3 446 3 124 19
254、.0%PetCare3 081 2 889 17.6%Total sales17 965 16 403 100.0%+2.5%+3.7%Trading operating profit 2 735 2 572 15.7%Capital expenditure840 710 4.3%*2014 figures have been restated see note on page 40.The Zone continued to outperform the markets in its main categories with positive contributions from all g
255、eographies,with good evolution of market shares despite the economic and political volatility.The exceptional performance relative to the environment in Western Europe was driven by successful innovation and renovation.Petcare continued to deliver growth across the region with Felix and Purina One d
256、ry cat food.Nescaf Dolce Gusto and frozen pizza with the Wagner and Buitoni brands were the other growth drivers.Culinary was impacted by the competitive retail environment and softness in the category.Overall France,Germany and Benelux were the highlights,and Spain accelerated.Solid growth in Centr
257、al and Eastern Europe was driven by Russia,Ukraine and Poland.Petcare,Nescaf Dolce Gusto,Nescaf soluble coffee and confectionery all delivered very good growth across the region,leveraging strong market positions.Despite the difficult business context,Russia had a good year with positive growth and
258、market share gains,especially in premium coffee.In the Middle East and North Africa there was a solid performance despite the unstable environment.There was good growth in Nescaf soluble coffee,confectionery and petcare,that was partially offset by softer trading in ambient dairy.Saudi Arabia,Kuwait
259、,Qatar and Iran contributed to an overall solid performance.Nescaf soluble coffee and chocolate drove the strong growth in Turkey.The difficult conditions in Yemen,Libya and Syria had an impact.The trading operating profit margin improvement was the result of careful pricing and significant cost red
260、uctions which were partly reinvested in promotional and marketing activities to generate future growth.Nestl Annual Review 201547Zone Asia,Oceania and sub-Saharan Africa(AOA)SalesCHF 14.3 billionOrganic growth+0.5%Real internal growth 0.1%Trading operating profit margin18.4%Trading operating profit
261、margin 80 basis pointsZone AOAIn millions of CHF2014*2015Proportion of total sales(%)RIG(%)OG(%)ASEAN markets4 239 4 260 29.7%Oceania and Japan2 713 2 494 17.4%Other Asian markets5 761 5 692 39.7%Sub-Saharan Africa2 079 1 892 13.2%Powdered and Liquid Beverages5 059 4 979 34.7%Milk products and Ice c
262、ream4 957 4 932 34.4%Prepared dishes and cooking aids2 244 1 969 13.7%Confectionery1 969 1 947 13.6%PetCare563 511 3.6%Total sales14 792 14 338 100.0%0.1%+0.5%Trading operating profit 2 834 2 632 18.4%Capital expenditure586 482 3.4%*2014 figures have been restated see note on page 40.The Zones perfo
263、rmance was seriously impacted by the Maggi noodles issue in India.The emerging markets improved gradually,with China showing increased momentum towards the end of the year.In China,our reinvestment in Nescaf soluble coffee and Nescaf ready-to-drink products led the growth together with Totole in cul
264、inary and Shark wafers in confectionery.Hsu Fu Chi delivered a solid performance in a very difficult economic environment.Yinlu improved but needs more time.In India,we halted production and sales of Maggi noodles for five months while we dealt with allegations made against the product.We began the
265、return to the market in November.Vietnam and Indonesia were the highlights among the other Asian markets.Sub-Saharan Africa delivered solid growth despite the pressure from lower oil prices in several countries.South Africa performed well.The developed markets had another good year with growth acros
266、s most categories.In Japan,the main growth drivers in beverages were Nescaf Dolce Gusto and the barista machine for Nescaf soluble coffee.KitKat remained the highlight in confectionery,driven by innovation in novel flavours and formats.Growth in Oceania was driven by confectionery,mainly KitKat,and
267、by Nescaf soluble coffee and Nescaf Dolce Gusto.Also,there were benefits from improved management of trade terms.The Zones trading operating profit margin remained strong and accretive to the Group,despite the withdrawal and destruction costs of noodles product in India.The evolution in favourable i
268、nput costs enabled increased investment in consumer facing marketing support.Nestl Annual Review 201548Nestl WatersSalesCHF 7.6 billionOrganic growth+6.7%Real internal growth+6.7%Trading operating profit margin10.8%Trading operating profit margin+110 basis pointsNestl WatersIn millions of CHF2014201
269、5Proportion of total sales(%)RIG(%)OG(%)Europe2 190 1 949 25.5%United States and Canada3 780 4 131 54.2%Other regions1 420 1 545 20.3%Total sales7 390 7 625 100.0%+6.7%+6.7%Trading operating profit 714 825 10.8%Capital expenditure308 432 5.7%Nestl Waters delivered good broad-based organic and real i
270、nternal growth in all geographies,driven by category dynamics and innovation.There was a strong performance for our flagship brand for healthy hydration,Nestl Pure Life.The premium international brands Perrier and S.Pellegrino continued their good growth momentum,creating additional value in the cat
271、egory.Complementing these performances,our strong local brands also contributed good growth,especially Poland Spring in the United States,Buxton in the United Kingdom,Erikli in Turkey,and Sta.Mara in Mexico.The improvement in the trading operating profit margin was due to a combination of volume gro
272、wth,continuous cost improvement and lower input costs that also allowed for increased investment behind our brands.Nestl Annual Review 201549Nestl NutritionSalesCHF 10.5 billionOrganic growth+3.1%Real internal growth+1.4%Trading operating profit margin22.6%Trading operating profit margin+110 basis p
273、ointsNestl NutritionIn millions of CHF2014*2015Proportion of total sales(%)RIG(%)OG(%)EMENA2 366 2 062 19.7%AMS3 975 3 688 35.3%AOA4 574 4 711 45.0%Total sales10 915 10 461 100.0%+1.4%+3.1%Trading operating profit 2 343 2 361 22.6%Capital expenditure393 489 4.7%*2014 figures have been restated see n
274、ote on page 40.Nestl Nutritions solid organic growth was supported by an increased real internal growth momentum during the year.Infant formula including growing-up milks,delivered good growth.Wyeth Infant Nutrition remained the key driver with its premium brand illuma.There was a positive contribut
275、ion from the emerging markets,in particular China and Mexico.In the developed markets,Spain and Germany were the highlights,helped by successful innovation in NAN.Baby food delivered broad-based growth.Infant cereals performed well,with share gains in particular in Latin America and the United State
276、s.Tough comparisons and softer pricing due to lower input costs and moderating category growth across Asia had an impact.The increase in trading operating profit margin was driven by strict control of fixed costs,lower input costs,the results of portfolio management and lower impairment charges.At t
277、he same time,there was increased investment behind our brands.Nestl Annual Review 201550Other businessesSalesCHF 14.1 billionOrganic growth+5.3%Real internal growth+3.7%Trading operating profit margin15.7%Trading operating profit margin 330 basis pointsOther businesses(a)In millions of CHF2014*2015R
278、IG(%)OG(%)Total sales13 925 14 114+3.7%+5.3%Trading operating profit 2 651 2 221 15.7%Capital expenditure573 518 3.7%*2014 figures have been restated see note on page 40.(a)Mainly Nespresso,Nestl Professional,Nestl Health Science and Nestl Skin Health.The growth for Nestl Professional was driven by
279、emerging markets,particularly Turkey,the Middle East Region,Russia,Mexico,the South Asia Region and China.Western Europe continued to face challenges in the out-of-home environment.The strategic growth drivers,beverage solutions and savoury flavours,continued to perform well.The divestment of Davige
280、l was completed in November.Nespresso delivered solid growth in all regions in 2015,affirming its strong position in European markets and continued to build momentum in Asia and the Americas.In the USA,sales of the recently launched VertuoLine system accelerated on the back of the new varieties of m
281、achine and Grands Crus,and the new communication campaign.Global growth was supported by innovations and significant investments in the coffee,machine and service pipeline,as well as in sustainability activities,brand awareness and geographic expansion in new and existing markets.Nestl Health Scienc
282、e reported good growth,driven by strong performances in Europe,AOA,and in the USA.Consumer Care was the growth engine,driven by Boost and Carnation Breakfast Essentials and the continuing roll-out of the Meritene range in Europe.Medical Nutrition saw good growth,notably from the allergy portfolio(Al
283、far,Althra,Alfamino)across all geographies and particularly in China.Growth was also supported by Vitaflos geographic expansion and the continuing roll-out of the product range.Novel Therapeutic Nutrition made strategic investments in Seres Therapeutics,a leading microbiome therapeutics company,whil
284、e generic competition impacted Lotronex.Nestl Skin Health delivered good growth.There were very good results in Aesthetic&Corrective,driven by Restylane and Azzalure,and in Self-medication,driven by Cetaphil cleansers and moisturisers,the acne treatment Benzac and by continued roll-out of line exten
285、sions.The Prescription business successfully launched the rosacea treatment Soolantra and the higher strength acne drug Epiduo Forte,but faced pressure from some generic entrants in the US and in Europe.There was an impact from the business decision to take a more conservative approach to its prescr
286、iption rebate policy in the US which required a one-off charge in the third quarter.The trading operating profit margin of the Other businesses was impacted by the rebate adjustments in Nestl Skin Health,the effect of the strong Swiss Franc on Nespresso and the generic competition on Lotronex.These
287、impacts overshadow good underlying profit improvement across the businesses.Nestl Annual Review 201551Principal risks and uncertaintiesGroup Risk ManagementThe Nestl Group Enterprise Risk Management Framework(ERM)is designed to identify,communicate,and mitigate risks in order to minimise their poten
288、tial impact on the Group.Nestl has adopted a dual approach in identifying and assessing risks.A top-down assessment is performed at Group level once a year to create a good understanding of the companys mega-risks,to allocate ownership to drive specific actions around them and take any relevant step
289、s to address them.A bottom-up assessment occurs in parallel and focuses on the global risk portfolio in the businesses/corporate functions.It involves the aggregation of individual assessments by the Zones,Globally Managed Businesses and all markets.It is intended to provide a high-level risk mappin
290、g and allows Group Management to make sound decisions on the future operations of the company and ensure that any risk growing in importance within the organisation is captured and addressed in Nestls ERM agenda.Nestl engages with external stakeholders to better understand issues that are of most co
291、ncern to them with the aim of assessing any potential gaps between internal and external perception of risks and their impact on reputation.Recommendations from stakeholders are reported on in the Nestl in society report along with the issues stakeholders consider to be material to the company.An an
292、nual compliance risk assessment is performed in the Group Compliance Committee.Risk assessments are the responsibility of line management;this applies equally to a business,a market or a function,and any mitigating actions identified in the assessments are the responsibility of the individual line m
293、anagement.If Group-level intervention is required,responsibility for mitigating actions will generally be determined by the Executive Board.The results of the Group ERM are presented annually to the Executive Board and to the Audit Committee,and conclusions reported to the Board of Directors.Factors
294、 affecting resultsNestls reputation is based on consumers trust.Any major event triggered by a serious food safety or other compliance issue could have a negative effect on Nestls reputation or brand image.The Group has policies,processes,controls and regular monitoring(dedicated dashboard with rele
295、vant KPIs)in place to prevent such events.The success of the Nestl Group depends on its ability to anticipate consumer preferences and to offer high-quality,appealing products.The Groups business is subject to some seasonality,and adverse weather conditions may impact sales.The food industry as a wh
296、ole is faced with the global challenge of increasing obesity.The Group makes all its products available in a range of sizes and varieties designed to meet all needs and all occasions.Nestl is dependent on the sustainable supply of a number of raw materials,packaging materials and services/utilities.
297、Any major event triggered by natural hazards(drought,flood,etc.),change in macroeconomic environment(shift in production patterns,biofuels,excessive trading,etc.),resulting in input price volatilities and/or capacity constraints,could potentially impact Nestls financial results.The Group has policie
298、s,processes,controls and regular monitoring in place to(if ever possible)anticipate such events and adequately mitigate against them.In particular,Nestl manages risks and opportunities related to climate change and water resources proactively given the impact it may have on agriculture and food prod
299、uction systems.Details of the Groups climate change and water strategies are available in Nestls response to the CDP Climate Change and Water Investor Information Requests and also in the Nestl in society report.The Groups liquidities/liabilities(currency fluctuation,interest rate,derivatives,and/or
300、 hedging,pension funding obligations/retirement benefits,banking/commercial credit,and cost of capital,etc.)could be impacted by any major event in the financial markets.Again,Nestl has the appropriate risk mitigation measures in place.Nestl is dependent on sustainable manufacturing/supply of finish
301、ed goods for all product categories.A major event in one of Nestls key plants,at a key supplier,contract manufacturer,co-packer,and/or Nestl Annual Review 201552warehouse facility could potentially lead to a supply disruption and impact Nestls financial results.Business continuity plans are establis
302、hed and regularly maintained in order to mitigate against such an event.The Group depends on accurate,timely information and numerical data from key software applications,without disruption,to enable day-to-day decision making.The Group is subject to environmental regimes applying in all countries w
303、here it operates and has put controls in place to comply with legislation concerning the protection of the environment,including the use of natural resources,release of air emissions and waste water,and the generation,storage,handling,transportation,treatment and disposal of waste materials.Nestl is
304、 subject to health and safety regimes in all countries where it operates and has procedures in place to comply with legislation concerning the protection of the health and welfare of employees and contractors.Our Group companies are party to a variety of legal proceedings arising out of the normal c
305、ourse of business.The relevant companies believe that there are valid defences for the claims,and such companies intend to defend any such litigation.Nestl has factories in 85 countries and sales in 189 countries around the world.Security,political instability,legal and regulatory,fiscal,macroeconom
306、ic,foreign trade,labour and/or infrastructure risks could potentially impact Nestls ability to do business in a country or region.Events such as infectious disease could also impact the Groups ability to operate.Any of these events could lead to a supply disruption and impact Nestls financial result
307、s.Regular monitoring and ad hoc business continuity plans are established in order to mitigate against such events.One of the most valuable assets of Nestl is the Group-wide geographical and product category spreads,which represent a tremendous natural hedge.Americas(AMS)Argentina7P LPP LP LP LLP LB
308、olivia1LLLLP LLBrazil23P LP LP LP LP LP LP LCanada10P LP LP LP LP LP LP LChile7P LLP LP LP LP LLColombia4P LLP LP LP LP LP LCosta Rica1LLLP LLLLCuba3LP LP LLLLDominican Republic2LLP LLP LLLEcuador3P LLP LP LP LP LLGuatemala3P LLLLP LLLMexico11P LP LP LP LP LP LP LNicaragua1P LLP LLLLLPanama1LLP LLP
309、LLLPeru1P LLP LP LP LP LLTrinidad and Tobago1P LLP LLLLLUnited States76P LP LP LP LP LP LP LUruguay1P LLLLP LLLVenezuela5P LLP LP LP LP LP LFactoriesThe figure in black after the country denotes the number of factories.P Local production(may represent production in several factories).L Imports(may,i
310、n a few particular cases,represent purchases from third parties in the market concerned).P Powdered and Liquid Beverages P WaterP Milk products and Ice creamP Nutrition and Health ScienceP Prepared dishes and cooking aidsP ConfectioneryP PetCareNestl Annual Review 201553Europe,Middle East and North
311、Africa(EMENA)Algeria2P LPP LLLLAustria1P LLP LLP LLLBahrain1LP LLLLLLBelgium1LP LLLLLLBulgaria2LLP LLLP LLCzech Republic3LLLLP LP LLDenmark1LLLLP LLLEgypt3P LP LP LP LPP LFinland3LLP LP LP LLLFrance21P LP LP LP LP LLP LGermany17P LP LP LP LP LP LP LGreece3P LP LP LLLLLHungary2P LLLLLP LP LIran2LPP L
312、P LLLLIraq 1LP LLLLLIreland1LLP LP LLLLIsrael9P LLP LP LPP LLItaly13P LP LP LLP LP LP LJordan1LP LLLLLLLebanon2LP LLLLLLMorocco1P LLP LP LP LLLNetherlands1LLP LP LLLLPoland8P LP LP LP LP LP LP LPortugal3P LLP LP LLLLQatar1LP LLLLLLRepublic of Serbia2LLP LLP LP LLRomania1P LLLLLP LLRussia7P LLP LP LP
313、 LP LP LSaudi Arabia7LP LLLLLLSlovak Republic1LLLLP LLLSpain11P LP LP LP LP LP LP LSweden2P LLLP LLLLSwitzerland12P LP LP LP LP LP LLSyria1LLLLLTunisia1P LP LLLTurkey2P LP LP LLPP LLUkraine3P LLLLP LP LLUnited Arab Emirates2P LP LP LLP LP LLUnited Kingdom9P LP LP LP LLP LP LUzbekistan2LPP LP LLLAsia
314、,Oceania and sub-Saharan Africa(AOA)Angola1LLP LLLLAustralia9P LLP LP LP LP LP LBangladesh1P LPP LP LPCameroon1P LP LLP LCte dIvoire2P LLP LLPDemocratic Republic of Congo(DRC)1LLP LLP LLGhana1P LLP LP LLLGreater China Region30P LP LP LP LP LP LP LIndia7P LPP LP LP LIndonesia4P LLP LP LP LP LLJapan3P
315、 LLP LLP LP LLKenya1P LLP LP LP LLMalaysia7P LLP LP LP LP LLNew Zealand2LLLLP LP LP LNigeria3P LPP LP LP LPPakistan4P LPP LP LLPapua New Guinea1P LP LLP LLPhilippines6P LLP LP LP LLLRepublic of Korea1LP LLLLLLSenegal1LLLLP LSingapore2P LLP LP LP LLLSouth Africa7P LLP LP LP LP LP LSri Lanka1P LP LLP
316、LLThailand7P LP LP LP LP LLP LVietnam5P LP LP LLP LZimbabwe1P LP LP LP LLNestl Annual Review 2015Corporate Governanceand ComplianceNestl Annual Review 201554Nestl Annual Review 201555Private Shareholders 21%Institutions 79%Corporate GovernanceOur approach to Corporate Governance is built upon a set
317、of strong principles and values set by the Board of Directors for our management and employees.Our Board also provides our long-term strategy and appropriate oversight.It establishes the appropriate tone at the top;oversees management and long-term performance;reviews financial planning and audit pr
318、ocess;ensures risk oversight and compliance;sets compensation and performance goals;and manages director nomination,evaluation and succession planning.It oversees our economic,social and environmental sustainability.But good Corporate Governance is not an end in itself.It is a means to create market
319、 confidence and helps focus on the long term.Therefore,Nestl has adopted best practices in governance including an intense dialogue with our shareholders in our roadshows,investor meetings,shareholder surveys,analyst and engagement calls,Chairmans Roundtables and bilateral meetings.We actively engag
320、e with the providers of capital and other stakeholders to ensure our sustainable long-term growth.Our Chairmans and Corporate Governance Committee liaises between the Chairman and the full Board,acts as a consultant body to the Chairman and CEO,and regularly reviews aspects of our Governance.It also
321、 advises on financial matters.Our Nomination Committee ensures our managerial sustainability and oversees the long-term succession planning of the Board,its independence and self-evaluation.It ensures an appropriately wide net is cast on key successions.Our Compensation Committee sets our remunerati
322、on principles and prepares the proposals for remuneration.In 2015,we implemented the new Swiss say on pay law both in letter and in spirit.Our proposals were adopted with large majorities of our shareholders.Our Compensation Report explains our compensation system and pay-outs.It is submitted annual
323、ly to an advisory vote of our shareholders.Our Audit Committee oversees internal and external audit,financial reporting,compliance and risk management,and paid special attention to cyberlaw and quality this year.P Switzerland 35.21%P United States 26.80%P United Kingdom 5.78%P Germany 4.79%P Belgium
324、 4.47%P Luxembourg 3.06%P Japan 2.46%P Canada 2.33%P China 2.02%P France 1.84%P Others 4.05%Our Annual Report includes both our financial and nonfinancial commitments.It gives insights into how material issues affect our financial performance and how our long-term strategy relates to our ability to
325、create value.We recognize that this is central to our business model and gives us our license to operate.For our company to be successful over the long term and create value for shareholders,we must also create value for society.Share capital distribution by geography100%80%60%40%20%0%Share capital
326、by investor type,long-term evolution(a)20112015(a)Percentage derived from total number of registered shares.Registered shares represent 57.6%of the total share capital.Statistics are rounded,as at 31.12.2015.200720031999Nestl Annual Review 201556Board of Directors of Nestl S.A.Peter Brabeck-Letmathe
327、Paul BulckeFor further information on the Board of Directors,please refer to the Corporate Governance Report 2015.(1)Term expires on the date of the Annual General Meeting 2016.(2)Chairmans and Corporate Governance Committee.(3)Compensation Committee.(4)Nomination Committee.(5)Audit Committee.Helmut
328、 O.Maucher Honorary ChairmanDavid P.Frick Secretary to the BoardKPMG SA Geneva branch(1)Independent auditors Board of Directors of Nestl S.A.at 31 December 2015Peter Brabeck-Letmathe(1,2,4)ChairmanPaul Bulcke(1,2)Chief Executive OfficerAndreas Koopmann(1,2,3,4)Vice ChairmanChairman,Georg Fischer AGB
329、eat Hess(1,2)Former Group Legal Director,Royal Dutch Shell plc.Renato Fassbind(1,2,5)Vice Chairman,Swiss Re AGDaniel Borel(1,3)Co-founder,LogitechInternational S.A.Steven G.Hoch(1,4)Partner,Brown Advisory,LLCNana Lal Kidwai(1,5)Former Chairperson,HSBC Group of Companies in IndiaJean-Pierre Roth(1,3)
330、Chairman,Geneva Cantonal BankAnn M.Veneman(1,4)Former Executive Director,UNICEF,and Secretary,U.S.Department of AgricultureHenri de Castries(1,5)Chairman and CEO,AXAEva Cheng(1,5)Former Chairwoman and CEO,Amway China&Southeast AsiaRuth K.Oniango(1)Professor of Food Scienceand NutritionPatrick Aebisc
331、her(1)President of the SwissFederal Institute ofTechnology Lausanne(EPFL)Nestl Annual Review 201557Andreas KoopmannJean-Pierre RothNana Lal KidwaiSteven G.HochBeat HessRuth K.OniangoRenato FassbindDaniel BorelPatrick AebischerAnn M.VenemanHenri de CastriesEva ChengNestl Annual Review 201558Executive
332、 Board of Nestl S.A.Executive Board of Nestl S.A.at 31 December 2015 1 Paul Bulcke Chief Executive Officer 2 Luis Cantarell EVP,Europe,Middle East,North Africa 3 Laurent Freixe EVP,United States of America,Canada,Latin America,Caribbean 4 Chris Johnson EVP,Nestl Business Excellence 5 Patrice Bula EV
333、P,Strategic Business Units,Marketing and Sales 6 Wan Ling Martello EVP,Asia,Oceania,sub-Saharan Africa 7 Stefan Catsicas EVP,Innovation Technology,Research and Development 8 Marco Settembri EVP,Nestl Waters 9 Franois-Xavier Roger EVP,Chief Financial Officer10 Magdi Batato EVP,Operations11 Peter Vogt Deputy EVP,Human Resources12 Martial Rolland Deputy EVP,Nestl Professional13 Heiko Schipper Deputy
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