REG - Nestle SA Nestle Holdings Inc - Nestlé reports half-year results for 2024
25/07/2024 07:00
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RNS Number : 8076X Nestle SA 25 July 2024
Nestlé press release
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Report published today
2024 Half-Year Report:
https://www.nestle.com/sites/default/files/2024-07/2024-half-year-report-en.pdf
Other language versions:
https://www.nestle.com/investors/publications
.......................................
[Ad hoc announcement pursuant to Art. 53 LR]
Vevey/Switzerland, July 25, 2024
Nestlé reports half-year results for 2024
· Organic growth of 2.1%, with positive real internal growth (RIG) of
0.1% for the first half and 2.2% for the second quarter improving in all Zones
and categories. Pricing of 2.0%.
· Total reported sales of CHF 45.0 billion (-2.7%), with an impact from
foreign exchange of -4.4% and net divestitures of -0.4%.
· Underlying trading operating profit (UTOP) margin increased 30 basis
points to 17.4% on a reported basis and up 40 basis points in constant
currency.
· Trading operating profit (TOP) margin increased 50 basis points to
16.4% on a reported basis.
· Underlying earnings per share up 3.3% in constant currency (-1.0% on
a reported basis to CHF 2.40). Earnings per share increased 1.8% to CHF 2.16
on a reported basis.
· Free cash flow up CHF 0.6 billion to CHF 4.0 billion.
· Full-year 2024 outlook updated: we expect organic sales growth of at
least 3%. Underlying earnings per share in constant currency is expected to
increase at a mid single-digit rate. Underlying trading operating profit
margin guidance unchanged with a moderate increase expected.
Mark Schneider, Nestlé CEO, commented: "Positive real internal growth is
back. We delivered improved volume and mix growth across the Group in the
second quarter. Nestlé Health Science is recovering as planned and is set for
a strong second half. Looking ahead to the remainder of the year, we will
continue to drive RIG by launching innovations that address consumer trends
and growing our large iconic brands. At the same time, we have seen pricing
come down faster than expected. Therefore, we consider it prudent to adjust
our guidance for the year, with organic sales growth now expected to be at
least 3%."
Total Group Zone North America Zone Europe Zone AOA Zone Latin America Zone Greater China Nestlé Health Other Businesses
Science Nespresso
Sales 6M-2024 (CHF m) 45 045 12 234 9 283 8 441 6 166 2 440 3 239 3 096 146
Sales 6M-2023 (CHF m) 46 293 12 553 9 467 9 060 6 082 2 548 3 318 3 128 137
Real internal growth (RIG) 0.1% -1.5% 1.3% 0.0% 0.1% 2.9% -0.2% 1.1% 8.4%
Pricing 2.0% 1.4% 3.1% 3.5% 2.5% -1.3% 0.4% 0.7% 1.4%
Organic growth 2.1% -0.1% 4.5% 3.5% 2.7% 1.6% 0.1% 1.8% 9.7%
Net M&A -0.4% 0.0% -2.7% 0.0% -0.1% 0.2% 0.4% 0.1% 0.0%
Foreign exchange -4.4% -2.5% -3.7% -10.3% -1.1% -6.1% -3.0% -2.9% -3.9%
Reported sales growth -2.7% -2.5% -1.9% -6.8% 1.4% -4.2% -2.4% -1.0% 6.0%
6M-2024 Underlying TOP Margin 17.4% 21.8% 17.7% 23.8% 19.8% 15.8% 13.4% 21.5% -2.9%
6M-2023 Underlying TOP Margin 17.1% 21.6% 16.6% 22.8% 19.8% 16.6% 13.0% 21.7% -12.5%
Group sales
Organic growth was 2.1%. RIG was 0.1%, strengthening in the second quarter to
2.2%, with broad-based improvement across geographies and categories. Pricing
was 2.0%, decelerating to 0.6% in the second quarter, largely reflecting a
high base of comparison in 2023 and increased growth investments. By
geography, organic growth was driven by Europe and emerging markets. In
developed markets, organic growth was 1.0%, led by pricing with negative RIG.
In emerging markets, organic growth was 3.7%, driven by pricing and close to
flat RIG.
By product category:
§ Coffee was the largest organic growth contributor with mid single-digit
growth, supported by our three leading global coffee brands Nescafé,
Nespresso and Starbucks.
§ PetCare delivered mid single-digit growth, driven by continued momentum for
science-based premium brands, Purina Pro Plan, Fancy Feast and Purina ONE.
§ Sales in confectionery grew at a high single-digit rate, led by KitKat and
key local brands.
§ Water delivered mid single-digit growth, underpinned by continued momentum
for S.Pellegrino and a rebound in Perrier.
§ Infant Nutrition sales grew at a low single-digit rate, based on continued
momentum for NAN, Lactogen and human milk oligosaccharides (HMOs) products.
§ Growth in Nestlé Health Science turned positive, with sales improvements
across most segments in the second quarter. The integration plan is fully on
track.
§ Dairy posted close to flat growth, as dairy culinary solutions delivered
robust growth, offsetting a sales decline in coffee creamers and ambient
dairy.
§ In culinary, Maggi delivered robust growth, which was offset by frozen food
in North America.
By channel, organic growth in retail sales was 2.0%. E-commerce sales grew by
10.6%, reaching 18.2% of total Group sales. Organic growth of out-of-home
channels was 3.8%.
Net divestitures impacted sales by -0.4%, largely related to the creation of a
joint venture with PAI Partners for Nestlé's frozen pizza business in Europe.
The impact on sales from foreign exchange was negative at -4.4%. Total
reported sales decreased by ‑2.7% to CHF 45.0 billion.
Underlying Trading Operating Profit
Underlying trading operating profit decreased by -0.8% to CHF 7.8 billion. The
underlying trading operating profit margin increased to 17.4%, an improvement
of 30 basis points on a reported basis and 40 basis points in constant
currency.
Gross profit margin increased by 160 basis points to 47.2%, driven by pricing,
lower input costs and portfolio optimization.
Distribution costs as a percentage of sales decreased by 10 basis points to
8.5%, mainly as a result of lower freight and energy costs.
Marketing and administration as a percentage of sales increased by 130 basis
points to 19.9%. Advertising and marketing expenses were 8.1% of sales, an
increase of 100 basis points compared to the first half of 2023. This step up
is aimed at driving future RIG-led growth. In constant currency, advertising
and marketing expenses increased by 14.4% compared to the prior year.
Administration expenses increased by 30 basis points, largely reflecting the
appreciation of the Swiss Franc and one-off items.
R&D expenses increased by 10 basis points following increased investments
to support product innovation.
Net other trading items decreased from CHF 553 million to CHF 443 million,
mainly due to lower restructuring costs. As a result, trading operating profit
increased by 0.6% to CHF 7.4 billion. The trading operating profit margin
increased to 16.4%, an improvement of 50 basis points on a reported basis and
60 basis points in constant currency.
Net Financial Expenses and Income Tax
Net financial expenses increased from CHF 697 million to CHF 744 million,
following a higher level of average net debt. The average cost of net debt was
2.6%, unchanged versus in the first half of 2023.
The Group reported tax rate increased by 170 basis points to 25.0%. The
underlying tax rate increased by 150 basis points to 22.1%, mainly due to
increased tax rates in some geographies related to the implementation of OECD
Pillar Two.
Net Profit and Earnings Per Share
Net profit was flat at CHF 5.6 billion. Net profit margin increased by 30
basis points to 12.5% on a reported basis and by 40 basis points in constant
currency. As a result, earnings per share increased by 1.8% to CHF 2.16 on a
reported basis.
In constant currency, underlying earnings per share increased by 3.3% to CHF
2.51. The increase was mainly the result of positive organic growth and
improved underlying trading operating profit margin. On a reported basis,
underlying earnings per share decreased by
-1.0% to CHF 2.40, largely due to the impact of exchange rates. Nestlé's
share buyback program contributed 1.0% to the underlying earnings per share
increase, net of finance costs.
Cash Flow
Cash generated from operations increased to CHF 8.1 billion from CHF 7.1
billion. The step up was mainly due to a positive contribution from working
capital movements. Free cash flow increased to CHF 4.0 billion from CHF 3.4
billion. Excluding the CHF 0.6 billion proceeds from the disposal of the
Prometheus Biosciences stake in the first half of 2023, the increase in free
cash flow was CHF 1.2 billion.
Share Buyback Program
In the first half, the Group repurchased CHF 2.4 billion of Nestlé shares as
part of the three-year CHF 20 billion share buyback program, which began in
January 2022.
Net Debt
Net debt increased to CHF 59.5 billion as at June 30, 2024, compared to CHF
49.6 billion as at December 31, 2023. The increase largely reflected the
dividend payment of CHF 7.8 billion and share buybacks of CHF 2.5 billion.
Portfolio Management
On March 1, 2024, the Group completed the acquisition of a majority stake in
Grupo CRM, a premium chocolate boutique chain in Brazil.
Zone North America
· -0.1% organic growth: -1.5% RIG; 1.4% pricing.
· The underlying trading operating profit margin increased by 20 basis
points to 21.8%.
Sales Sales RIG Pricing Organic growth UTOP UTOP Margin Margin
6M-2024 6M-2023 6M-2024 6M-2023 6M-2024 6M-2023
Zone North America CHF 12.2 bn CHF 12.6 bn -1.5% 1.4% -0.1% CHF 2.7 bn CHF 2.7 bn 21.8% 21.6%
Organic growth was -0.1%. RIG was -1.5%, turning positive in the second
quarter at 2.8% reflecting increased growth investments with strong growth in
e-commerce and specialty channels. The improvement was supported by larger
than usual orders from some retailers ahead of key July promotional campaigns.
Pricing was 1.4%. Foreign exchange had a negative impact of -2.5%. Reported
sales in Zone North America decreased by -2.5% to CHF 12.2 billion. The Zone
drove market share gains in pet food and coffee, with losses in frozen pizza
and coffee creamers.
By product category, Purina PetCare was the largest growth contributor with
mid single-digit growth, led by Purina Pro Plan, Fancy Feast and Dog Chow. The
business expanded its range of functional offerings across segments with
launches, including Pro Plan Vital Systems for cats and Pro Plan Veterinary
Diets Elemental for dogs. Water and flavored water offerings delivered mid
single-digit growth, driven by sustained momentum for S.Pellegrino and the
launch of Maison Perrier. Sales of confectionery grew at a mid single-digit
rate, led by Tollhouse in the U.S. and KitKat in Canada. Growth for the
beverages category, including Starbucks at-home products, Coffee mate and
Nescafé, was close to flat, as continued growth momentum for Starbucks and
Nescafé was offset by Coffee mate. In the second quarter, sales of Coffee
mate turned slightly positive. Infant Nutrition saw a sales decrease, with
robust growth for Nido growing up milks more than offset by a category
slowdown, which impacted Gerber baby food. Growth in frozen food was negative
as the category remains under pressure, reflecting soft consumer demand and
continued price competition. The business delivered improved trends in the
second quarter for all segments through sharpened price points and affordable
innovations such as DiGiorno Classic Crust.
The Zone's underlying trading operating profit margin increased by 20 basis
points, following gross profit margin improvement and lower distribution
costs. Advertising and marketing investments increased to support future
growth.
Zone Europe
· 4.5% organic growth: 1.3% RIG; 3.1% pricing.
· The underlying trading operating profit margin increased by 110
basis points to 17.7%.
Sales Sales RIG Pricing Organic growth UTOP UTOP Margin Margin
6M-2024 6M-2023 6M-2024 6M-2023 6M-2024 6M-2023
Zone Europe CHF 9.3 bn CHF 9.5 bn 1.3% 3.1% 4.5% CHF 1.6 bn CHF 1.6 bn 17.7% 16.6%
Organic growth of 4.5% was broad-based across geographies and almost all
categories. RIG was 1.3%, increasing to 2.9% in the second quarter. Pricing
was 3.1%. Foreign exchange reduced sales by -3.7% and net divestitures
impacted sales by -2.7%. Reported sales in Zone Europe decreased by -1.9% to
CHF 9.3 billion. The Zone achieved market share gains in pet food and ambient
culinary, with continued but slowing market share losses in water.
By product category, the key contributor to growth was Purina PetCare. The
business delivered mid single-digit growth, driven by differentiated offerings
across premium brands Gourmet, Purina ONE and Felix. Confectionery achieved
high single-digit growth fueled by strong momentum for KitKat and key local
brands. Coffee delivered mid single-digit growth, led by Nescafé soluble
coffee and Starbucks products. Sales in water grew at a mid single-digit rate,
driven by the relaunch of Perrier. Nestlé Professional delivered mid
single-digit growth, led by beverage solutions. Culinary achieved positive
growth, supported by new product launches in Maggi, including its new Asia
range and Thomy. Infant Nutrition posted flat growth, following a high base of
comparison in 2023.
The Zone's underlying trading operating profit margin increased by 110 basis
points, following gross profit margin improvement and portfolio optimization.
Advertising and marketing investments increased to support future growth.
Zone Asia, Oceania and Africa (AOA)
· 3.5% organic growth: flat RIG; 3.5% pricing.
· The underlying trading operating profit margin increased by 100
basis points to 23.8%.
Sales Sales RIG Pricing Organic growth UTOP UTOP Margin Margin
6M-2024 6M-2023 6M-2024 6M-2023 6M-2024 6M-2023
Zone AOA CHF 8.4 bn CHF 9.1 bn 0.0% 3.5% 3.5% CHF 2.0 bn CHF 2.1 bn 23.8% 22.8%
Organic growth was 3.5%. With ongoing consumer hesitation around global brands
in some markets, RIG was flat turning slightly positive in the second quarter.
Pricing was 3.5%. Foreign exchange reduced sales by -10.3%. Reported sales in
Zone AOA decreased by -6.8% to CHF 8.4 billion. By geography, the key growth
drivers were Central and West Africa, South Asia and Thailand. The Zone
achieved market share gains in confectionery and coffee ready-to-drink, with
losses in dairy.
By product category, culinary delivered high single-digit growth, fueled by
distribution expansion and strong sales momentum for Maggi. Infant Nutrition
reached mid single-digit growth, led by NAN and our affordable nutrition
range, Lactogen. Coffee delivered mid single-digit growth, driven by Nescafé
and supported by new product launches including the new espresso concentrate
for cold coffee. Sales for Nestlé Professional grew at a high single-digit
rate across most geographies and categories, underpinned by customer
acquisition. Dairy posted positive growth, supported by affordable milks and
dairy culinary solutions. Water delivered mid single-digit growth, driven by
local brands. Confectionery reported low single-digit growth, with continued
momentum for KitKat.
The Zone's underlying trading operating profit margin increased by 100 basis
points, following gross profit margin improvement. Advertising and marketing
investments increased to support future growth.
Zone Latin America
· 2.7% organic growth: 0.1% RIG; 2.5% pricing.
· The underlying trading operating profit margin was unchanged at
19.8%.
Sales Sales RIG Pricing Organic growth UTOP UTOP Margin Margin
6M-2024 6M-2023 6M-2024 6M-2023 6M-2024 6M-2023
Zone Latin America CHF 6.2 bn CHF 6.1 bn 0.1% 2.5% 2.7% CHF 1.2 bn CHF 1.2 bn 19.8% 19.8%
Organic growth was 2.7%. RIG was 0.1%, turning positive to 1.1% in the second
quarter. Foreign exchange had a negative impact of -1.1%. Pricing was 2.5%.
Reported sales in Zone Latin America increased by 1.4% to CHF 6.2 billion.
Growth was driven by robust sales momentum in Brazil, Mexico and Central
America, which more than offset slower sales growth in other markets. The Zone
achieved market share gains in chocolate, portioned coffee and ambient
culinary, with losses in soluble coffee and dairy.
By product category, confectionery continued to grow at a high single-digit
rate, driven by KitKat and key local brands Garoto and Carlos V. The launch of
Choco Trio tablets, under the Nestlé brand, resonated strongly with
consumers. Sales for Nestlé Professional grew at a double-digit rate, fueled
by continued customer expansion. Coffee posted low single-digit growth, driven
by Nescafé. The Zone launched Starbucks and Nescafé ready-to-drink offerings
in Brazil. Culinary delivered low single-digit growth, underpinned by Maggi
and new product launches. Sales in dairy grew at a low single-digit rate, with
strong growth for La Lechera and Carnation. Infant Nutrition posted positive
growth, with robust demand for infant cereals. Purina PetCare saw close to
flat growth, supported by Felix and Friskies.
The Zone's underlying trading operating profit margin was unchanged versus the
prior year. Gross profit margin improvement was offset by increased growth
investments, particularly in advertising and marketing.
Zone Greater China
· 1.6% organic growth: 2.9% RIG; -1.3% pricing.
· The underlying trading operating profit margin decreased by 80
basis points to 15.8%.
Sales Sales RIG Pricing Organic growth UTOP UTOP Margin Margin
6M-2024 6M-2023 6M-2024 6M-2023 6M-2024 6M-2023
Zone Greater China CHF 2.4 bn CHF 2.5 bn 2.9% -1.3% 1.6% CHF 0.4 bn CHF 0.4 bn 15.8% 16.6%
Organic growth was 1.6%. RIG was 2.9%, increasing to 3.8% in the second
quarter, driven by continued momentum for out-of-home and e-commerce channels.
Pricing was -1.3%, impacted by low single-digit deflation in the food &
beverage industry. Foreign exchange had a negative impact of -6.1%. Reported
sales in Zone Greater China decreased by -4.2% to CHF 2.4 billion. The Zone
drove market share gains in soluble coffee, pet food, confectionery and infant
nutrition, with losses in culinary.
By product category, coffee achieved high single-digit growth, led by Nescafé
ready-to-drink offerings and supported by new product launches with functional
benefits. Nestlé Professional delivered high single-digit growth, fueled by
continued innovation and customer acquisition. Sales of confectionery grew at
a high single-digit rate, driven by Shark Wafer, Hsu Fu Chi and KitKat. Purina
PetCare achieved double-digit growth, building on new product launches and
strong e-commerce momentum for Purina Pro Plan. Culinary reported flat growth,
with strong contributions from out-of-home and e-commerce channels. Infant
Nutrition delivered negative growth, outperforming a category decline. Dairy
posted negative growth, reflecting a market slowdown in dairy-based
categories.
The Zone's underlying trading operating profit margin decreased by 80 basis
points, following increased growth investments in advertising and marketing.
Nestlé Health Science
· 0.1% organic growth: -0.2% RIG; 0.4% pricing.
· The underlying trading operating profit margin increased by 40
basis points to 13.4%.
Sales Sales RIG Pricing Organic growth UTOP UTOP Margin Margin
6M-2024 6M-2023 6M-2024 6M-2023 6M-2024 6M-2023
Nestlé Health Science CHF 3.2 bn CHF 3.3 bn -0.2% 0.4% 0.1% CHF 0.4 bn CHF 0.4 bn 13.4% 13.0%
Organic growth was 0.1%. RIG was -0.2%, improving to 3.0% in the second
quarter. Pricing was 0.4%. Net acquisitions increased sales by 0.4%. Foreign
exchange negatively impacted sales by -3.0%. Reported sales in Nestlé Health
Science decreased by -2.4% to CHF 3.2 billion. By geography, Europe delivered
high single-digit growth, while other regions combined saw slightly negative
growth.
Vitamins, minerals and supplements posted negative growth, reflecting the
impact of supply constraints encountered in the second half of 2023. The
recovery plan is on track and the business is starting to retake market share.
Active nutrition saw low single-digit growth, with strong sales contribution
from Orgain offsetting negative growth for Boost. Medical Nutrition delivered
high single-digit growth, with continued market share gains. Growth was driven
by strong sales momentum for adult medical care products and Vitaflo. Sales
for gastrointestinal products continued to grow at a double-digit rate.
The underlying trading operating profit margin of Nestlé Health Science
increased by 40 basis points, driven by portfolio optimization and cost
efficiencies.
Nespresso
· 1.8% organic growth: 1.1% RIG; 0.7% pricing.
· The underlying trading operating profit margin decreased by 20 basis
points to 21.5%.
Sales Sales RIG Pricing Organic growth UTOP UTOP Margin Margin
6M-2024 6M-2023 6M-2024 6M-2023 6M-2024 6M-2023
Nespresso CHF 3.1 bn CHF 3.1 bn 1.1% 0.7% 1.8% CHF 0.7 bn CHF 0.7 bn 21.5% 21.7%
Organic growth was 1.8%. RIG was 1.1%, improving to 2.4% in the second
quarter. Pricing was 0.7%. Foreign exchange negatively impacted sales by
-2.9%. Reported sales in Nespresso decreased by -1.0% to CHF 3.1 billion. By
geography, sales in North America grew at a mid single-digit rate with market
share gains. Europe posted close to flat growth.
Growth was driven by the Vertuo system, with continued broad-based sales
momentum. New product launches, including the expansion of compostable
capsules in seven European markets, supported growth. Out-of-home channels
continued to generate robust growth, fueled by the further adoption of the
Momento system.
The underlying trading operating profit margin of Nespresso decreased by 20
basis points, following increased advertising and marketing investments to
drive future growth.
Business as a force for good: Cocoa-farming families of Nestlé's income
accelerator are seeing higher yields and incomes
Launched just two years ago, Nestlé's income accelerator is already making a
difference in addressing the challenges facing cocoa-farming families. In the
first 18 months of the program's test at scale, cocoa yields of participating
farmers increased by 32% after adopting the high-quality pruning practices
learned through the program. Their household income also rose by 38%. This is
according to a report published by the KIT Institute, an independent center of
expertise and education for sustainable development.
The KIT study, which was based on a sample of 1 500 income accelerator
households, found that participating households had a higher rate of school
enrollments than non-participating households. It confirmed that the program
is helping to effectively mitigate diseases and pests on farms, facilitating
income diversification, promoting financial access and empowering women.
The goal of Nestlé's income accelerator is to help close the living income
gap of cocoa-farming families and to reduce the risk of child labor. The
program rewards participating households for enrolling children in school;
implementing good agricultural practices, like pruning; taking up regenerative
agriculture activities, such as agroforestry; and diversifying their household
income.
Nestlé introduced the first-ever KitKat bars made with cocoa grown by income
accelerator farming families earlier this year. These KitKat bars aim to raise
consumers' awareness about the sustainability of the cocoa used in the iconic
bars and build consumer trust, as they showcase the traceability of Nestlé's
cocoa. Consumer research shows that these efforts can help build brand loyalty
and engagement.(1)
Nestlé's income accelerator has so far supported more than 10 000 families in
Côte d'Ivoire. It is expanding to Ghana in 2024 to include a total of 30 000
families. By 2030, the program aims to reach an estimated 160 000
cocoa-farming families in Nestlé's cocoa supply chain.
(1) Nestlé Sustainability Pillars Research
Outlook
Full-year 2024 outlook updated: we expect organic sales growth of at least 3%.
Underlying earnings per share in constant currency is expected to increase at
a mid single-digit rate. Underlying trading operating profit margin guidance
unchanged with a moderate increase expected.
Contacts:
Media: Christoph Meier Tel.: +41 21 924 22 00 mediarelations@nestle.com
Investors: Luca Borlini Tel.: +41 21 924 3509 ir@nestle.com
Annex
Half-year sales and underlying trading operating profit (UTOP) overview by
operating segment
Total Group Zone North America Zone Europe Zone AOA Zone Latin America Zone Greater China Nestlé Health Other Businesses
Science
Nespresso
Sales 6M-2024 (CHF m) 45 045 12 234 9 283 8 441 6 166 2 440 3 239 3 096 146
Sales 6M-2023 (CHF m) 46 293 12 553 9 467 9 060 6 082 2 548 3 318 3 128 137
Real internal growth (RIG) 0.1% -1.5% 1.3% 0.0% 0.1% 2.9% -0.2% 1.1% 8.4%
Pricing 2.0% 1.4% 3.1% 3.5% 2.5% -1.3% 0.4% 0.7% 1.4%
Organic growth 2.1% -0.1% 4.5% 3.5% 2.7% 1.6% 0.1% 1.8% 9.7%
Net M&A -0.4% 0.0% -2.7% 0.0% -0.1% 0.2% 0.4% 0.1% 0.0%
Foreign exchange -4.4% -2.5% -3.7% -10.3% -1.1% -6.1% -3.0% -2.9% -3.9%
Reported sales growth -2.7% -2.5% -1.9% -6.8% 1.4% -4.2% -2.4% -1.0% 6.0%
6M-2024 Underlying TOP (CHF m) 7 841 2 662 1 644 2 006 1 219 386 433 667 -5
6M-2023 Underlying TOP (CHF m) 7 904 2 713 1 570 2 068 1 202 422 432 678 - 17
6M-2024 Underlying TOP Margin 17.4% 21.8% 17.7% 23.8% 19.8% 15.8% 13.4% 21.5% -2.9%
6M-2023 Underlying TOP Margin 17.1% 21.6% 16.6% 22.8% 19.8% 16.6% 13.0% 21.7% -12.5%
Half-year sales and underlying trading operating profit (UTOP) overview by
product
Total Group Powdered & liquid beverages Water Milk products & ice cream Nutrition & Health Science Prepared dishes & cooking aids Confec-tionery PetCare
Sales 6M-2024 (CHF m) 45 045 12 041 1 621 5 189 7 637 5 260 3 845 9 452
Sales 6M-2023 (CHF m) 46 293 12 339 1 706 5 418 7 832 5 931 3 694 9 373
Real internal growth (RIG) 0.1% 0.9% -0.8% -0.8% -0.6% -3.0% 2.1% 1.3%
Pricing 2.0% 1.9% 4.8% 0.7% 1.4% 1.0% 4.9% 2.5%
Organic growth 2.1% 2.8% 4.0% -0.1% 0.8% -2.0% 7.0% 3.8%
6M-2024 Underlying TOP (CHF m) 7 841 2 529 152 1 202 1 492 1 003 548 2 086
6M-2023 Underlying TOP (CHF m) 7 904 2 607 187 1 261 1 529 989 536 1 959
6M-2024 Underlying TOP Margin 17.4% 21.0% 9.4% 23.2% 19.5% 19.1% 14.3% 22.1%
6M-2023 Underlying TOP Margin 17.1% 21.1% 11.0% 23.3% 19.5% 16.7% 14.5% 20.9%
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