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    NESN   CH0038863350

NESTL╔ S.A.

(NESN)
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Delayed Swiss Exchange  -  11:30 2022-12-02 am EST
113.00 CHF   -0.63%
12/02NESTLE : Deutsche Bank gives a Neutral rating
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Nestle to stop sourcing from Indonesian palm oil producer AAL

09/30/2022 | 07:49am EST
FILE PHOTO: Logo is pictured on the Nestle research center in Lausanne

LONDON/JAKARTA (Reuters) - Food giant Nestle plans to stop sourcing from subsidiaries of Astra Agro Lestari (AAL), a major Indonesian palm oil producer accused by environmental groups of land and human rights abuses.

The move comes as multinationals face increased reputational and legal pressure from consumers and governments to clean up their global supply chains in the fight against climate change.

Nestle, maker of KitKat chocolate and Nespresso coffee, told Reuters that following a recent independent assessment, it instructed its suppliers to ensure palm oil from three subsidiaries of AAL no longer enters its supply chain.

It did not specify the claims again AAL other than to say it had been on its 'grievance' list for several months.

The Swiss-based group expects it will not be using any palm oil from the AAL subsidiaries by the end of the year.

AAL denied the accusations made against it.

"Astra Agro is very serious about implementing our sustainability policy. It is not true that Astra Agro or its subsidiaries carry out land grabbing," Mr. Santosa, president director of AAL, told Reuters.

The European Commission has proposed several laws aimed at preventing and, in the case of forced labour, banning the import and use of products linked to environmental and human rights abuses.

Friends of the Earth said Nestle's move to stop sourcing from AAL is an important "first step" and renewed its call on consumer majors such as Procter & Gamble, Hershey's <HSY.N >, Kellogg's <K.N >, Unilever and PepsiCo to follow suit.

"Nestle and other consumer giants now have a monumental opportunity to ensure grievances are redressed, conflicts are resolved, and justice is delivered to communities," the environmental group said in a statement.

(Reporting by Maytaal Angel. Additional reporting by Bernadette Christina)

By Maytaal Angel and Bernadette Christina


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -1.49% 85.9 Delayed Quote.11.13%
CRUDE PALM OIL 0.07% 741 End-of-day quote.-26.42%
NESTLÉ S.A. -0.63% 113 Delayed Quote.-11.33%
PEPSICO, INC. -0.11% 185.69 Delayed Quote.7.02%
UNILEVER PLC -0.04% 4178 Delayed Quote.5.89%
WTI -1.34% 80.208 Delayed Quote.6.89%
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Financials
Sales 2022 95 002 M 101 B 101 B
Net income 2022 11 718 M 12 474 M 12 474 M
Net Debt 2022 42 330 M 45 059 M 45 059 M
P/E ratio 2022 26,4x
Yield 2022 2,63%
Capitalization 312 B 332 B 332 B
EV / Sales 2022 3,73x
EV / Sales 2023 3,58x
Nbr of Employees 276 000
Free-Float 97,9%
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Mean consensus OUTPERFORM
Number of Analysts 25
Last Close Price 113,00 CHF
Average target price 119,04 CHF
Spread / Average Target 5,34%
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Managers and Directors
Ulf Mark Schneider Chief Executive Officer & Director
Franšois-Xavier Michel Marie Roger Chief Financial Officer & Executive Vice President
Paul Bulcke Chairman
Stefan Palzer Chief Technology Officer & Executive VP
Magdi Batato Head-Operations & Executive Vice President
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