SALES IN THE THIRD QUARTER AND FIRST NINE MONTHS OF 2014

+6.9%[1] organic growth in the third quarter
Solid underlying trends across all businesses
Full-year targets for 2014 confirmed

  • Q3 2014 sales[2] are up +6.9% like-for-like[3] and up +3.0% as reported
  • Figures reflect solid trends across all businesses, underpinned by a favorable basis for
    comparison in Early Life Nutrition
  • Group is continuing to follow the roadmap set out at the beginning of the year—
    adapting its portfolio and structures in Europe, building and enhancing the value of
    Fresh Dairy Products markets in the United States and Russia, and rebuilding Early Life
    Nutrition sales in China
  • 2014 targets confirmed: sales[2] growth of between +4.5% and +5.5%[1], trading operating
    margin stable within a range of -20bps and +20bps[1] , free cash-flow of around €1.5 billion
    excluding exceptional items[3]

[1] Like-for-like: see pages 6 and 7 for details on calculation of financial indicators not defined in IFRS
[2] Net sales
[3] See pages 6 and 7 for details on calculation of financial indicators not defined in IFRS

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