Annual - Nestlé
AnnualReport 2012Nutrition to enhancethe quality of life
Annual Report 2012Table of contents2Letter to our shareholders38881011Corporate Governanceand ComplianceCorporate GovernanceBoard of Directorsof Nestlé S.A.ComplianceExecutive Board of Nestlé S.A.394041525455141620242832Accompanying reportsFinancial review2012 Business reviewLeading positionsin dynamic categoriesOverviewPrincipal key figures (illustrative)in CHF, USD, EURPrincipal risks and uncertaintiesGeographical data: factoriesShareholder informationThe Nestlé Roadmap toGood Food, Good LifeFour competitive advantagesFour growth driversFour operational pillars2012 Highlights GlobalNutrition, Health and WellnessConsumer engagementUnmatched geographicpresenceBuilding for the futureNestlé in societyCreating Shared Value andmeeting our commitments2012Creating Shared Valueand meetingour commitments2012Nestlé – Corporate Governance Report 2012 2012 Financial StatementsNestlé in societyNestlé insocietyCorporate Governance Report 20122012 Financial StatementsCorporateGovernanceReport 2012includingCompensation Report 20122012FinancialStatementsThe brands in italics are registered trademarks of the Nestlé Group.
Key figures (consolidated)In millions of CHF(except per share data)20112012Sales83 64292 186Trading operating profit12 53814 012as % of sales15.0%15.2%Profit for the year attributable to shareholders of the parent (Net profit)9 48710 61111.3%11.5%Capital expenditure4 7795 368as % of sales5.7%5.8%as % of salesEquity attributable to shareholders of the parent before proposed appropriation of profit of Nestlé S.A.Market capitalisation, end DecemberOperating cash flow (a)Free cash flow (b)56 79760 947171 287190 03810 18015 7724 7579 879Net financial debt14 31918 152Ratio of net financial debt to equity (gearing)25.2%29.8%Per shareTotal basic earnings per shareCHF2.973.33Underlying (c)CHF3.083.37Dividend as proposed by the Board of Directors of Nestlé S.A.CHF1.952.05(a) 2011 comparatives have been restated following the changes in the cash flow statement described in the Consolidated Financial Statements:Note 1 – Accounting policies.(b) Operating cash flow less capital expenditure, expenditure on intangible assets, sales of property, plant and equipment, investments(net of disinvestments) in associates and other investing cash flows. As from 2012, movements with non-controlling interests are no longer deducted.2011 comparative has been restated accordingly.(c) Profit per share for the year attributable to shareholders of the parent before impairments, restructuring costs, results on disposals and significantone-off items. The tax impact from the adjusted items is also adjusted for.
Nestlé in society: Creating Shared ValueHighlights75.7%5.4 million669211 700100 billion690 05444 00048921739– 24%18 103Nestlé products meetingNutritional Foundation criteriaEquivalent tonnes of salt removedby Maggi from its portfolio overthe last eight yearsFarmers having access to financialassistance from Nestléworth up to USD 37.8 millionFactories generatingzero waste for disposalChildren reached by the NestléHealthy Kids Global Programme,in 64 countriesServings of iodine-enrichedMaggi products sold worldwideWater-saving projects in ourfactories, saving 6.5 million m3Reduction in direct GHG(Greenhouse Gas) emissionssince 2002Please see the attached Nestlé in society report for more information.Renovated products for nutritionor health considerationsFarmers working directlywith NestléClean drinking water projects inthe South Asia region, helping toimprove access and sanitation formore than 100 000 school childrenEmployees completing our onlinehuman rights training tool
Group highlightsThe Nestlé Model achieved in 2012Group salesOrganic growthCHF 92.2 billion 8.6 billion 10.2%5.9%Trading operating profitTrading operating profit marginCHF 14.0 billion 1.5 billion15.2% 20 basis pointsEarnings per shareUnderlying earnings per shareCHF 3.33 12.2% 7.5%constant currenciesProposed dividendCHF 2.05 5.1%Operating cash flowOutlookNestlé Annual Report 2012CHF 15.8 billionCHF 5.6 billion 55%Despite the many challenges 2013will no doubt bring, we expect todeliver the Nestlé Model of organicgrowth between 5% and 6% aswell as an improved margin andunderlying earnings per share inconstant currencies.1
Letter to our shareholdersFellow shareholders,The 2012 environment was once again challenging, but italso brought opportunities. As such, it was a good exampleof what we characterise as “the new reality”.The fact that we delivered for the 17th consecutive time theNestlé Model of organic growth between 5% and 6% togetherwith an improvement in our trading operating profit margin insuch an environment demonstrates the value of having strongalignment of our people behind our strategic priorities.This strategic alignment provides a framework foraccelerated innovation, increased engagement withconsumers and enhanced operational and financialperformance. It enables us to build appropriate capabilitiesto ensure we remain fit to win in an ever more intenseenvironment. It creates a real competitive advantage,empowering our people, and unlocking their energy andcreativity, as we strive to meet and beat our objectives.It is a marriage of “global inspiration and local execution”,that means we are all on that same roadmap, but arealways respectful of local cultures, tastes, habits and laws,and of the individuality of our consumers.The 2012 results demonstrate that your companyhas made further progress. Sales were up 10.2% toCHF 92.2 billion, with organic growth of 5.9%, incorporatingreal internal growth of 3.1%. The trading operating profitwas up 11.8% to CHF 14.0 billion and the margin increasedby 20 basis points to 15.2%. The net profit was up 11.8%to CHF 10.6 billion and earnings per share increased 12.2%to CHF 3.33 per share. Operating cash flow increasedfrom CHF 10.2 billion to CHF 15.8 billion. In view of thisperformance and the company's strong financial position,the Board is proposing a dividend of CHF 2.05 per share, upfrom CHF 1.95 last year.The history of food has been of continual, gradualchange, accompanied by an increasing understanding of therole of nutrition. At first, food was something people neededto survive, then something that brought families together,gave convenience and pleasure. More recently, it hasbecome more consciously a way to bring health benefits.And the role of nutrition continues to evolve. In today’s eraof spiraling healthcare costs, nutritional science can play arole in disease prevention and management.2As the role of nutrition has evolved, so has Nestlé, adjustingour offering to be in line with or anticipate the needs of ourconsumers, whilst staying true to our core business of food,beverage and nutrition. Today, our nutrition, health andwellness strategy has three aspects:–– All our food and beverage brands, regardless of categoryor eating occasion, should offer consumers not just thebest taste and pleasure but also the best nutritional profilein their category, as part of a healthy diet.–– We are targeting particular nutritional needs throughNestlé Nutrition, with its Infant, Performance and Weightmanagement divisions.–– And, through Nestlé Health Science (NHSc) and theNestlé Institute of Health Sciences, which wasinaugurated in 2012, we are pioneering science-basedpersonalised nutritional solutions to prevent and treatmedical conditions.Nutrition is Nestlé’s core. That core was enhanced in 2012by acquisitions for both Nestlé Nutrition and NHSc. NHScacquired a stake in Accera, whose key brand is intendedfor the clinical dietary management of Alzheimer’s disease.NHSc also created a joint venture with Chi-Med, NutritionScience Partners (NSP), to research and bring to marketnutritional and medicinal products derived from plantswith an initial focus on gastrointestinal health. NSP will getaccess to one of the leading traditional Chinese medicinelibraries.Nestlé Nutrition’s global leadership in infant nutritionwas enhanced in November with the acquisition of theWyeth Nutrition business from Pfizer. This business, with85% of its sales in emerging markets, is a wonderful fit withour existing business, even after the required divestitures. Inparticular, it enhances our position in that category in China.China would now be Nestlé’s second biggest market,with annualised sales of around CHF 6 billion, including theWyeth Nutrition acquisition and our 2011 partnerships, Yinluand Hsu Fu Chi. Our investments in China, including newR&D units in Xiamen and Dongguan, demonstrate our desireto benefit from the incredible capabilities and know-howwhich the country has to offer. Another development therewas the opening of our dairy farming institute in Heilongjiangprovince. The institute aims to be the country’s leading dairytraining centre. Meanwhile, our work with coffee farmers inNestlé Annual Report 2012
Peter Brabeck-LetmatheChairmanNestlé Annual Report 2012Paul BulckeChief Executive Officer3
Letter to our shareholdersYunnan province over the last 20 years was recognised with aWorld Business and Development Award at Rio 20.China is just one market where people’s lives arechanging dramatically and where there are opportunitiesfor Nestlé to contribute. There are billions of consumers inemerging markets who share the objective of living betterlives. This is creating a dynamic catalyst for growth anddevelopment, individually for people, collectively for thecountries where they live, and for Nestlé.We have deep roots in emerging markets, where wehave continued to expand our presence: in 2012 we openedour first factories in Angola and the Democratic Republicof Congo.As part of our Creating Shared Value strategy, wehave also extended our relationships with farmers acrossemerging markets.–– One example is helping farmers adapt to climatechange. Since 2001, we have halved our greenhouse gasemissions per tonne of product; if we can also reduce theenvironmental impact of our supply chain, this can helpsecure an enhanced supply of higher quality raw materials.–– We scaled up the Nestlé Cocoa Plan with a significantincrease in the amount of cocoa sourced directly fromfarmers, with the intention to reach 15% in 2013. Weare also working with the Fair Labor Association to helpeliminate child labour on farms supplying our factoriesand to allow children to attend school.–– We are working with local authorities in Morocco toincrease milk production and improve the quality of freshmilk. The partnership should benefit 10 000 farmers.–– We extended our commitment to Colombian coffeefarmers for five years and have joined a programmeto help coffee farmers in Haiti. In Vietnam, we arehelping 20 000 farmers improve productivity throughbetter farming practices and by distributing high-yield,disease resistant plantlets. In India, we opened our firstcoffee “demonstration” farm to help improve quality,productivity and sustainability.–– All in all we collaborate with more than 680 000 small-holdfarmers, mainly in the areas of milk, cocoa and coffee.The coffee category had a very dynamic year in 2012, andNescafé will be celebrating its 75th anniversary in 2013.Nescafé Dolce Gusto is now in 62 markets, and we are4making capacity investments in Germany and the UnitedKingdom. Nespresso continued to grow double-digit,and we have announced a CHF 300 million investment inSwitzerland. The Nescafé systems are also performing wellin the out-of-home market.The success of our coffee systems businessesdemonstrates the importance of R&D to Nestlé. In 2012, wecelebrated our 100th anniversary in India with the openingof a development centre focused on local ingredientsand popularly positioned products (products designed tobe affordable on a daily basis for emerging consumers).We also began work on an R&D development centre inSwitzerland to manage our global clinical trials programme.R&D brings consumer benefits even in what might beimagined to be standard food products, such as Maggicubes in Africa. These are in fact fortified with iron andiodine helping to address micronutrient deficiencies; Nestlécan use its R&D capabilities and credibility to be part of thesolution to health issues ranging from malnutrition to obesityby enriching the dialogue around health and nutrition issues.With this in mind, we launched several initiatives in 2012.–– We are supporting the United Nations EducationFirst initiative, committing to teach over six millionchildren in 60 countries the value of good nutrition andphysical activity. This is part of the Nestlé Healthy KidsProgramme, which we plan to extend to 70 countries by2016, in association with the International Associationof Athletics Federations. We are also a sponsor of the“Institute for Healthy Childhood Weight”, establishedby the American Academy of Pediatrics. It will produceclear, accessible resources for health professionals,communities and parents, based on government policiesand scientific evidence.–– Healthy aging is another key issue. The 9th NestléInternational Nutrition Symposium, attended byover 150 world-renowned scientists and healthcareprofessionals, addressed this. We also launched the“Elderly Care – Health Project” in China to enableelderly people to receive free heart checks and healthconsultations.A priority for R&D is to advance food and nutrition science.In 2012 our projects included childhood allergies, diabetes,osteoporosis, inflammatory bowel disease, healthyNestlé Annual Report 2012
“Nestlé can use its R&D capabilitiesand credibility to be part of the solutionto health issues ranging from malnutritionto obesity by enriching the dialoguearound health and nutrition issues.”Nestlé Annual Report 2012hydration, immune systems, healthier alternatives to salt,and the impact of dark chocolate on stress, as well asagriculture, packaging and environmental life cycle analysisof products. A strong R&D capability is at the heart of ourambition to be the trusted leader in Nutrition, Health andWellness. As such, it is a prerequisite for a successful future,together with a willingness to invest and a focus on thelonger term, regardless of shorter-term challenges.Critical to our success in the future is the developmentof people, the management of career paths and successionplanning. Nestlé now has about 339 000 people, withthousands having joined in the last two years. They havefound themselves part of a decentralised organisationwhich is aligned, entrepreneurial and fast moving whereverit operates, and which is linked together by firm valuesand principles, including a warm appreciation for thebenefits of diversity. We have welcomed them into ourgroup, expecting many to benefit from the internationalopportunities that we offer as their careers progress.It is fundamental that a company such as Nestlé playsa positive role in society. Indeed, we believe that we willcreate long-term value for our shareholders only if weconnect positively with society at large. This is what we call“Creating Shared Value”. We have discussed in this letterhow we use our know-how and resources not just to ensurethat we run our business sustainably, but also to play abroad role in society. The accompanying Nestlé in societyreport details our approach and lists various commitmentsthat we have made around nutrition, compliance andenvironmental sustainability amongst others.This commitment to Creating Shared Value stands frontand centre as we pursue our objective of being the referencefor financial performance in our industry and, as such,is a priority for your Board.The Board’s other priorities in 2012 included the WyethNutrition acquisition and the related funding strategy,balance sheet management and capital allocation, themanagement of the Group’s pensions, the asset and liabilityreview, as well as reviewing the direction of our Nutrition,Health and Wellness strategy.André Kudelski, will retire from our Board after twelveyears. We would like to thank him for his greatly appreciatedcontribution. Peter Brabeck-Letmathe, Steven G. Hoch,5
Letter to our shareholdersa member of our Nomination Committee; Titia de Lange,a member of Nestlé’s Nutrition Council; and Jean-PierreRoth, a member of our Compensation Committee, arestanding for re-election. Eva Cheng, of Chinese nationality,will be proposed for election to the Board. She is the formerCorporate Executive Vice President responsible for GreaterChina and Southeast Asia Region of Amway Corporation, aU.S. based global consumer product company. We believethat with her extensive business experience and strongentrepreneurial background, Ms Cheng will enrich ourBoard’s business competencies particularly in light of ourexpanding footprint in Asia.There were changes to the Executive Board in 2012.James Singh retired as Chief Financial Officer and wassucceeded by Wan Ling Martello, who joined the Group in2011. The Board thanks Jim for his many years of service.Kurt Schmidt decided to leave the company, and wasreplaced by Luis Cantarell as Head of Nestlé Nutrition.Luis will combine this position with running Nestlé HealthScience, though the two businesses will remain separate.As always, it is our pleasure to express our gratitude toall our people on behalf of the Board and our shareholders.The year under review has been another chacterised bydifficulties and challenges, whether caused by naturaldisasters, civil unrest or the macro issues in many countries.Regardless, our people have continued to devote theirenergies and resourcefulness to ensuring that our companycontinues to perform to the highest levels and standards.Our thanks go to all of them.The environment looks to be every bit as challengingin 2013 as it was in 2012. But 2013 will again provideopportunities to leverage our competitive advantages,deliver on our growth opportunities and benefit from ourdrive for continuous improvement across the Group. Weexpect, therefore, to deliver the Nestlé Model once againin 2013: organic growth between 5% and 6% togetherwith an improved trading operating profit margin andunderlying earnings per share in constant currency, as wellas improvement in our capital efficiency.“A strong R&D capability is at the heartof our ambition to be the trusted leaderin Nutrition, Health and Wellness. As such,it is a prerequisite for a successful future,together with a willingness to investand a focus on the longer term, regardlessof shorter-term challenges.”Peter Brabeck-LetmatheChairman6Paul BulckeChief Executive OfficerNestlé Annual Report 2012
Nutritionis at the heartof NestléNestlé Annual Report 20127
Corporate Governanceand ComplianceCorporate GovernanceThe prerequisite for a company to engage with society iscompliance and effective governance. The Chairman andthe CEO ensure the tone of good governance at Board leveland below on the basis of strong principles that provide theframework of how we do business.In our Corporate Governance Report we outline howour governance ensures the effectiveness of our Board.It explains the role of our Board and its committees, Boardprocesses and risk oversight in line with established bestpractices. Our Compensation Report is submitted annuallyto a separate advisory vote of our shareholders. The Boardregularly solicits the input from investors, governance expertsand proxy advisors on our governance. Resulting changes aredescribed in the report and explained to shareholders prior tothe relevant vote at the Annual General Meeting.We integrate the reporting of financial and nonfinancial performance measures along the lines of the UNGlobal Compact Principles for Responsible Investment(UNPRI) and the Global Reporting Initiative (GRI), whichplays a critical role in demonstrating our commitmentson governance, environmental, social, ethical andsustainability issues.Good governance helps us create and maintain trustwith our employees, investors, governments, NGOs, ourcustomers, consumers and other stakeholders. In our Nestléin society report we demonstrate how we engage withsociety at large. Conditioned upon strong compliance, weaim to run our business sustainably and for the long term.This gives us the legitimacy to engage with society in a waythat leads to the creation of shared value.Nestlé has a highly diversified ownership structure,and we use a number of ways to communicate with ourshareholders. Through shareholder surveys, investorroundtables, analyst and engagement calls, and bilateralmeetings, we have established a dialogue with our investors,pursuing a holistic approach that manages both theirfinancial and governance expectations.We are actively engaged in the development of Swiss lawand governance practices. In 2012, focus was on the properfunctioning of the voting chain and the development of aSwiss Code of Best Practice for the Exercise of Voting Rightsby Institutional Investors.8Board of Directors of Nestlé S.A.at 31 December 2012Peter Brabeck-LetmathePaul BulckeAndreas KoopmannHelmut O. MaucherHonorary ChairmanDavid P. FrickSecretary to the BoardKPMG SA Geneva branchIndependent auditorsTerm expires 2013 (1)Peter Brabeck-Letmathe (2, 4)ChairmanTerm expires 2013 (1)Paul Bulcke (2)Chief Executive OfficerTerm expires 2014 (1)Andreas Koopmann (2, 3, 4)1st Vice ChairmanChairman of Georg Fischer AG.Term expires 2014 (1)Nestlé Annual Report 2012
(1) On the date of the AnnualGeneral Meeting.(2) Chairman’s and CorporateGovernance Committee.(3) Compensation Committee.(4) Nomination Committee.(5) Audit Committee.Rolf HänggiJean-Pierre MeyersFor further information on theBoard of Directors, please referto the Corporate GovernanceReport 2012, enclosed.Ann M. VenemanNaïna Lal KidwaiBeat HessTitia de LangeHenri de CastriesAndré KudelskiDaniel BorelRolf Hänggi (2, 5)2nd Vice ChairmanFormer Chairman, Rüd,Blass & Cie AG.Term expires 2014 (1)Beat Hess (2)Former Group Legal Director,Royal Dutch Shell plc.Term expires 2014 (1)Daniel Borel (3)Co-founder and Board member,Logitech International S.A.Term expires 2015 (1)Nestlé Annual Report 2012Steven G. HochJean-Pierre RothJean-Pierre Meyers (3)Vice Chairman, L’Oréal S.A.Term expires 2014 (1)André Kudelski (5)Chairman and CEO, KudelskiGroup.Term expires 2013 (1)Steven G. Hoch (4)Founder and Senior Partner,Highmount Capital.Term expires 2013 (1)Naïna Lal Kidwai (5)Country Head of HSBC Groupof Companies in India.Term expires 2014 (1)Titia de LangeAssociate Director, AndersonCancer Center,The Rockefeller University.Term expires 2013 (1)Jean-Pierre Roth (3)Chairman, Geneva Cantonal Bank.Term expires 2013 (1)Ann M. Veneman (4)Former Executive DirectorUNICEF and Secretary of U.S.Department of Agriculture.Term expires 2014 (1)Henri de Castries (5)Chairman and CEO, AXA.Term expires 2015 (1)9
Corporate Governance and ComplianceWe continue to pursue initiatives to improve dialogue withall our stakeholders on the basis of the clear expectationsset in the purpose clause of our Articles of Association,where we have committed ourselves to aim for long-term,sustainable value creation.“Good compliance is a condition for usto engage credibly with society. Beyondcompliance, we do business sustainably –preserving our business and our environmentfor future generations.”ComplianceWe will not sacrifice our principles and values for short-termsuccess. Compliance with laws, codes of conduct andour own principles forms the basis of how we do businessand is the foundation on which we engage with society.While responsibility is assigned to the markets as per ourCustodian Concept, a dedicated corporate Compliancefunction and a cross-functional Compliance Committeedefine the framework, facilitate the coordination betweenthe relevant support functions and provide guidance andbest practices in a holistic approach to Governance, Risk andCompliance (GRC).The right commitment and tone at the top foster astrong, principles-based compliance culture. The tenprinciples of our Corporate Business Principles provide theover-arching framework. Various corporate functions ensuretheir continued implementation. Our Managementand Leadership Principles, our Code of Business Conductand our Supplier Code are other cornerstones of ourcross-functional Corporate Compliance Programme.Awareness campaigns and regular risk assessments help usimplement and develop relevant best practices. Complianceis regularly monitored by our corporate functions, internaland external audit, and through our expanded CARE auditprogramme relying on an independent external auditnetwork. In our performance evaluations compliance islinked to “how” goals were accomplished.Our anti-bribery and antitrust programmes includedglobal training initiatives in 2012. Our integrity reportingsystem was rolled out globally to deal with compliancerelated grievances, complementing the “whistleblowerprocedure” introduced with our Code of BusinessConduct. Fraud, employment conditions, privacy andregulatory compliance were other focus areas. We useour Nestlé Continuous Excellence (NCE) framework tofoster a common understanding of compliance acrossthe functions. This includes the verification of appropriate10Nestlé Annual Report 2012
Executive Board of Nestlé S.A.at 31 December 2012For further information on theExecutive Board, please referto the Corporate GovernanceReport 2012, enclosed.Standing (from left to right): Marc Caira, John J. Harris, Werner Bauer, Chris Johnson, Laurent Freixe, Doreswamy (Nandu) Nandkishore, David P. Frick, Jean-Marc DuvoisinSeated (from left to right): José Lopez, Patrice Bula, Paul Bulcke, Wan Ling Martello, Luis CantarellPaul Bulcke Chief ExecutiveOfficerMembers, Executive BoardWerner Bauer EVP, Innovation,Technology, Research andDevelopmentLuis Cantarell EVP, NestléNutrition, President and CEO,Nestlé Health ScienceJosé Lopez EVP, Operations,GLOBENestlé Annual Report 2012John J. Harris EVP, Nestlé WatersLaurent Freixe EVP, EuropeChris Johnson EVP, United Statesof America, Canada, LatinAmerica, CaribbeanPatrice Bula EVP, StrategicBusiness Units, Marketing andSalesDoreswamy (Nandu)Nandkishore EVP, Asia, Oceania,Africa, Middle EastWan Ling Martello EVP, ChiefFinancial Officer (includes Legal,Intellectual Property, GlobalBusiness Services)Marc Caira Deputy EVP, NestléProfessionalJean-Marc Duvoisin Deputy EVP,Human ResourcesDavid P. Frick SVP, CorporateGovernance, Compliance andCorporate ServicesYves Philippe Bloch, CorporateSecretaryEVP: Executive Vice PresidentSVP: Senior Vice President11
Corporate Governance and ComplianceShareholders by geography (a)Belgium 2.14%Switzerland 35.34%China 2.27%Japan 2.38%Luxembourg 2.38%France 3.23%Norway 3.93%Germany 4.11%United Kingdom 5.71%Others 11.94%principles and policies, adequate internal controls, effectivestructures, monitoring and reporting, proper consequencemanagement and above all the right culture and top levelcommitment.Our WHO Code Compliance programme covers allNestlé operations involved in the marketing of infantnutrition products. We adhere to the decisions of allgovernments regarding the application of the WHO Codein their countries and voluntarily apply the WHO Code inall developing countries. Our Code Compliance Committeeprovides guidance in this area and a separate reportingsystem helps us manage complaints. Our inclusion in theFTSE4Good Index is a testimony to our commitment andhas allowed us to focus our efforts in specific areas forimprovement in 2012.Our human rights due diligence programme, coordinatedby our Human Rights Working Group, is based on theUN Framework on Business and Human Rights and ourcooperation with the Danish Institute for Human Rights.It includes risk assessments, impact evaluation, trainingand monitoring.Good compliance is a condition for us to crediblyengage with society. Beyond compliance, we do businesssustainably – preserving our business and our environmentfor future generations. Ultimately, to build a profitablebusiness, we must create long-term value for society as wellas for our shareholders. We must create shared value.USA 26.57%Distribution of Share Capital by geography orway20%United 112012Share Capital by Investor Type, long-term evolution (a)100%Institutions 79%80%Private40%Shareholders 21%0%19972001200520092012(a) Percentage derived from total number of registered shares. Registeredshares represent 62.3% of the total share capital. Statistics are rounded,as at 31.12.2012.12Nestlé Annual Report 2012
Our objectiveis to bethe leaderin Nutrition,Health andWellness,trusted byall stakeholdersNestlé Annual Report 201213
The Nestlé Roadmap toGood Food, Good LifeIn recent years the Nestlé4x4x4 Roadmap has helped usbuild both a strong alignmentwithin our Company and a deepunderstanding of what wewant to achieve, strategicallyand financially, and how to goabout it.Our people are better ablethan ever today to pursue ourambition to be the recognisedand trusted leader in Nutrition,Health and Wellness. That trustis reflected in the hundreds ofmillions of purchase decisions– made by consumers every day– enabling them to enhance theirlives and those of their familiesby providing tastier andhealthier food and beveragechoices for all stages of life,and at any time of the day.True to our values andprinciples, and our commitmentto environmental sustainabilityand compliance along everystep of our value chain, wealso seek to Create SharedValue in communities wherewe operate. We believe thatthis is the only way to securelong-term value creation forour shareholders.Our commitment is to provideGood Food, Good Life.Four competitive advantagesFour growth driversFour operational pillarsNestlé’s product and brandportfolio ranges from globalicons to local favourites. It issupported by an unmatchedresearch and developmentcapability, with clear priorities,focused on driving innovation andrenovation that is relevant andattractive for consumers.Leadership in Nutriti
Nestlé Annual Report 2012 1 The Nestlé Model achieved in 2012 Outlook Despite the many challenges 2013 will no doubt bring, we expect to deliver the Nestlé Model of organic growth between 5% and 6% as well as an improved margin and underlying earnings per share in constant currencies. Group sales CHF 92.2 billion 8.6 billion 10.2%
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Annual Report 2020 compared to our 2019 Annual Report. The total carbon footprint for printing CIMB Annual Report 2020 was 11,588kgCO2e, compared to 14,987kgCO2e for our 2019 annual report. The carbon footprint for the 3 books of CIMB Annual Report 2020 is 14.485kgCO2e. We are committed to reducing the environmental impact of our annual report .
