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2 Disclaimer This presentation may contain statements which reflect Management s current views and estimates and could be construed as forward looking statements. The future involves certain risks and uncertainties that could cause actual results to differ materially from the current views being expressed. Potential risks and uncertainties include such factors as general economic conditions, commodities and currency fluctuations, competitive product and pricing pressures, industrial relations and regulatory developments. Responses can be given to questions, which are not price sensitive. Calculations in this presentation are based on non-rounded figures. Real Internal Growth (RIG) and Organic Growth (OG) are basis Nestlé Internal Reporting Standards in relation to third party sales only.
3 INR 45.8 Bio 9 months highlights INR 8.4 Bio % INR 4.6 Bio Jan-Sep 10 + INR 8.0 Bio Volumes + INR 0.9 Bio % & Prices bps % INR 37.8 Bio INR 7.5 Bio % INR 4.1 Bio Jan-Sep 09 Net Sales RIG% OG% OPBIT Economic Profit Includes figures from Nestlé Internal Reporting Standards
4 INR 16.4 Bio 3 months highlights INR 3.0 Bio % INR 2.2 Bio Jul-Sep 10 + INR 3.4 Bio Volumes + INR 0.6 Bio % & Prices - 50 bps % INR 13.0 Bio INR 2.4 Bio % INR 1.8 Bio Jul-Sep 09 Net Sales RIG% OG% OPBIT Net Profit Includes figures from Nestlé Internal Reporting Standards
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6 Healthy growth continues Organic Growth (OG) (%) Real Internal Growth (RIG) (%) Net Sales (INR Bio) Jan-Sep 09 Jan-Sep 10 RIG & OG are basis Nestlé Internal Reporting Standards in relation to third party sales only
7 ...based on consistent domestic performance... Volume (000 Tons) Value (INR Bio) and recovery in exports. Volume (000 Tons) Value (INR Bio) Jan-Sep 09 Jan-Sep Jan-Sep 09 Jan-Sep 10
8 Sustained diversified portfolio across categories... % Share 14.6 Contribution to Net Sales Chocolate & Confectionery % Share Prepared Dishes & Cooking Aids Beverages Milk Products & Nutrition 46.3 Jan-Sep 10 Jan-Sep 09
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11 A balanced performance Valu ue Growth (%) Milk Products & Nutrition 20.6 x = 17.9 Prepared Dishes & Cooking Aids Chocolate & Confectionery x = Beverages Volume Growth (%) Bubble shows Net Sales (INR Bio) Jan-Sep 10
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16 Our Cost Structure 49.2 Jan-Sep 2010 Jan-Sep 2009 % Operating Income Effective increase 22.6% INR Bio Materials Staff Cost Distribution Cost Advertisment & Sales Promotion Power & Fuel Depreciation Figures have been regrouped / reclassified to make them comparable. Not to scale
17 High commodity prices impact margins but margins remain healthy and have Jan-Sep 09 Jan-Sep 10 OPBIT (INR Bio) OPBIT % of Net Sales 17
18 improved over the quarters OPBIT % Year Qtr 1 Qtr 2 Qtr 3 YTD Change bps Material cost as % of Net Sales Year Qtr 1 Qtr 2 Qtr 3 YTD Change bps
19 margin recovery Q1 Q2 Q3 OPBIT Margin Quarterly Cumulative
20 Steady increase in selling prices Q1 '10 Q2 '10 Q3 '10 Real Internal Growth (RIG) Price Increase Organic Growth (OG) Basis Nestlé Internal Reporting Standards
21 Marginal & Effective tax rates move in tandem Jan-Sep 09 Jan-Sep 10 Tax Expense (INR Bio) Marginal Tax Rate (%) Effective Tax Rate (%) Excludes Fringe Benefit & Dividend Distribution Tax
22 Impact of decline in OPBIT % partially offset by tax Jan-Sep 09 Jan-Sep 10 Net Profit (INR Bio) % of Net Sales
23 Level impacted by margins but within tolerance Jan-Sep 09 Jan-Sep 10 Operating working capital (INR Bio) % of Net Sales Operating Working Capital = Inventories + Debtors Trade Payables (excluding Staff Costs, Contingencies, Capex & Taxes) Sales are on rolling 4 quarters basis and Operating Working capital is average for rolling 4 quarters Basis Nestlé Internal Reporting Standards
24 Healthy Cash flow...albeit impacted by period end working capital & margins Base effect of working capital Non cash costs in 09 Margins # 2009 Jan-Sep 09 Jan-Sep 10 Operating cash flows (INR Bio) % of Net Sales # excludes one off inflows. Reported 16.7%
25 ROIC is 5 times ACC Jan-Sep 09 Jan-Sep 10 Economic Profit (INR Bio) Economic Profitability (%) Return on Invested Capital (%) ACC % Risk Free rate % Group risk Premium% Basis Nestlé Internal Reporting Standards
26 Accretion to shareholders wealth continues, ROE amongst the top albeit ROE % declines Average Share Price (INR) Jan-Sep 09 Jan-Sep 10 DPS (INR) EPS (INR) ROE % Dividend (INR Bio) figures include special dividend of Rs. 7.5/Share Jan-Sep includes dividend declared till Oct of each year
27 Effective CAPEX is up Commitments (INR Bio) Jan Sep 09 Jan Sep 10 Capex (INR Bio) Capex as % of Net sales FA Rotation Dep (INR Bio) Fixed Assets exclude Intangibles
28 Stepping up CAPEX In the last 5 years we have spent INR 9.2 Bio on CAPEX. Averaging at 5.2% of sales. Capacity utilization across most plants and products categories are at all time high. Expansions at existing manufacturing locations are underway.
29 Expansion at Samalkha Factory
30 Expansion at Nanjangud Factory
31 Expansion at Ponda Factory
32 Expansion at Bicholim Factory
33 Stepping up CAPEX Greenfield sites are also under consideration. CAPEX is planned across product categories. In particular: - Prepared Dishes & Cooking Aids - Milk Products & Nutrition - Chocolate & Confectionery CAPEX foreseen on existing & new products spread across Premium, Mainstream & PPP segments.
34 Stepping up CAPEX CAPEX foreseen to significantly increase in near future and is naturally based on the potential growth foreseen in the domestic consumption in India
35 Financing CAPEX Last 5 years the Operating Cash Flows were sufficient to meet CAPEX and maximize Dividends. All fig. s % net sales Operating Cash Flows Free Cash Flows Dividend # CAPEX cash flows Dividend Tax (DDT) # # on appropriation basis
36 Financing CAPEX Last 5 years the average dividend payout has been ~ 98% 4 yr average 100 Div Payout % Nestle India 97 FMCG One Equity Share = INR * EPS (INR) DPS (INR) Payout Ratio (%) 10 9 Payout Ratio (Dividend Paid + Dividend Distribution Tax) / PAT less statutory transfer to Reserves *
37 Financing CAPEX Our Sales to Net Worth turns are high Sales to Equit ty (N.W) Turns Our Reserves & Surplus to Share Capital are low Nestle FMCG1 FMCG2 FMCG3 FMCG4 FMCG5 FMCG6 Reserves & Surplus to Share Capital (times)
38 Financing CAPEX Our ROE/ RONW is amongst the highest but we are low in ranking in terms of absolute amount of Net Worth Nestle India - Ranking in India's top 500 companies in 2008 Ranking Criteria Total Income Net Profit Net Worth Market Cap RONW PAT Margin Nestle India Source - Dunn & Bradstreet's Business Insight Series 2008
39 Financing Strategy Nestle India s Balance Sheet will require Capitalization ( Net Worth) Leveraging to support the acceleration in CAPEX.
40 Financing Strategy Will need a judicious mix of Internal Accruals & Debt. Following elements will be key to the financing strategy: Dividend Payout Debt :Equity Local foreign currency debt. Credit Ratings. Nestle India (locally AAA) Nestle SA (AA)
41 Conculsions Nestle India has doubled turnover in 4 years. Operating margins have been healthy. Has generated strong cash flows. Annualized return to the shareholders has been over 35%. Current capacity utilizations are at all time high. India growth story is compelling CAPEX is being stepped up across most locations & products. Financing is foreseen through a judicious mix of Internal Accruals Debt
42 THANK YOU
43 Nestlé Commodity Basket Price Index YTD 2010
44 Green Coffee Evolution of Commodity Cost 800 Jan-Sep 10 Impact of price change (INR Mio) Fats Palm Oil (30) (20) (10) (400) (800) (1200) 1.8 MSK 1.5 Wheat Flour Fresh Milk Sugar 0.2 Cocoa (1600) Price indices (%) Bubble size represents the consumption in Jan-Sep 10 (INR Bio) Impact of price change & Price indices reflect YoY change
45 Evolution Fresh Milk Fat Prices Current % Q 1 Q2 Q3 Q4 Indexed with base Q
46 Evolution MSK Prices Current % Q 1 Q2 Q3 Q4 Indexed with base Q
47 132.5 Evolution Green Coffee Prices Current % Q 1 Q2 Q3 Q4 Indexed with base Q
48 Evolution - Sugar Prices Current % Q 1 Q2 Q3 Q4 Indexed with base Q
49 Evolution Wheat Flour Prices Current % Q 1 Q2 Q3 Q4 Indexed with base Q
50 Evolution Palm Oil Prices Current % Q 1 Q2 Q3 Q4 Indexed with base Q
51 Evolution Crude Oil Prices [NYMEX] Q USD/Barrel Mean Jan-Sep USD/Barrel +12% Q USD/Barrel Mean Jan-Sep USD/Barrel % New York Mecantile Exchange
52 Fuel Oils % % Furnace Oil Price - Rs./ltr HSD Jan-Sep 10 Jan-Sep 09 Share % in total Power & Fuel cost Furnace Oil ~ 49% HSD ~ 14%
53 COFFEE ROBUSTA [LIFFE] London International Financial Futures Exchange
54 Inter Continental Exchange COFFEE ARABICA [ICE]
55 Inter Continental Exchange SUGAR [ICE]
56 Chicago Board Of Trade WHEAT [CBOT]
57 Bursa Malaysia Derivatives PALM OIL [BMD]
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