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    NESN   CH0038863350

NESTLÉ S.A.

(NESN)
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Press Release: Nestle: Nestlé reports three-month sales for 2021

04/22/2021 | 01:15am EDT
 
 
 
   This press release is also available in Français (pdf) 
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   ............. 
 
   Vevey, April 22, 2021 
 
 
 
   Nestlé reports three-month sales for 2021 
 
 
 
 
   -- Organic growth reached 7.7%, with real internal growth (RIG) of 6.4% and 
      pricing of 1.2%. Growth was broad-based across most geographies, 
      supported by early signs of recovery from out-of-home channels, improved 
      pricing and market share gains. 
 
   -- Foreign exchange reduced sales by 5.3% due to the continued appreciation 
      of the Swiss franc against most currencies. Net divestitures had a 
      negative impact of 1.0%. As a result, total reported sales increased by 
      1.3% to CHF 21.1 billion (3M-2020: CHF 20.8 billion). 
 
   -- Portfolio management on track. The sale of Nestlé's regional spring 
      water brands, purified water business and beverage delivery service in 
      the U.S. and Canada was completed on March 31, 2021. The acquisition of 
      Essentia Water was completed on March 5, 2021. 
 
   -- Full-year 2021 outlook confirmed: continued increase in organic sales 
      growth towards a mid single-digit rate. Underlying trading operating 
      profit margin with continued moderate improvement. Underlying earnings 
      per share in constant currency and capital efficiency expected to 
      increase. 
 
 
 
 
   Mark Schneider, Nestlé CEO, commented: ""We are pleased with 
Nestlé's strong organic sales growth in the first quarter, building 
on broad-based contributions from most geographies and product 
categories. Our growth was fueled by disciplined execution, enhanced 
digital capabilities and rapid innovation, resulting in further market 
share gains. Retail sales saw solid growth and out-of-home channels saw 
signs of improvement. We confirm our guidance for the year and our 
mid-term outlook for sustained mid single-digit organic growth. 
 
   The development of COVID-19 vaccines has given the world hope and we are 
supporting the broad and equitable delivery of vaccines in the 
communities where we operate. Our partnership with the International 
Federation of the Red Cross and Red Crescent Societies is helping to get 
vaccines to those who need them most. In these challenging times, we can 
truly demonstrate how business can act as a force for good and help 
accelerate the recovery." 
 
 
 
 
 
 
                                                       Nestlé 
           Total    Zone    Zone    Zone                 Health       Other 
           Group    AMS    EMENA     AOA    Nespresso    Science    Businesses 
Sales 
 3M-2021 
 (CHF m)   21 089   8 244   5 203    5 094      1 571          930          47 
Sales 
 3M-2020 
 (CHF 
 m)*       20 812   8 347   5 313    4 974      1 359          765          54 
Real 
 internal 
 growth 
 RIG         6.4%    4.8%    3.8%     8.8%      16.3%         9.4%     - 11.1% 
Pricing      1.2%    2.4%    0.6%     0.3%       0.8%         0.1%        0.3% 
Organic 
 growth      7.7%    7.2%    4.4%     9.1%      17.1%         9.5%     - 10.8% 
Net M&A    - 1.0%    0.3%  - 3.7%   - 3.4%     - 0.1%        17.3%        0.0% 
Foreign 
 exchange  - 5.3%  - 8.6%  - 2.8%   - 3.4%     - 1.4%       - 5.2%      - 2.3% 
Reported 
 sales 
 growth      1.3%  - 1.2%  - 2.1%     2.3%      15.6%        21.6%     - 13.2% 
 
 
 
   * 2020 figures restated following the disclosure of Nestlé Health 
Science and Nespresso as standalone segments from 2021 onwards 
(previously combined and presented in Other Businesses). 
 
 
 
   Group sales 
 
   Organic growth reached 7.7%, with RIG of 6.4%. Pricing increased to 1.2%, 
reflecting input cost inflation. 
 
   Growth was broad-based across most geographies. Organic growth was 5.0% 
in developed markets, based mostly on RIG. Pricing was positive. Growth 
in emerging markets was 11.4%, with strong RIG and positive pricing. 
 
   Most product categories delivered strong organic growth. Coffee was the 
largest contributor to growth, fueled by strong demand for Nespresso, 
Nescafé and Starbucks products. Dairy grew at a double-digit rate, 
based on elevated demand for home-baking products and fortified milks. 
Purina PetCare saw high single-digit growth, led by its science-based 
and premium brands Purina Pro Plan, Purina ONE and Felix. Prepared 
dishes and cooking aids posted broad-based double-digit growth, with 
robust momentum across most brands. Vegetarian and plant-based food 
offerings continued to see strong double-digit growth, led by Garden 
Gourmet. Confectionery grew at a double-digit rate, supported by 
improved growth in impulse and gifting products as well as sustained 
momentum in home-baking products. Nestlé Health Science reported 
high single-digit growth, reflecting increased demand for vitamins, 
minerals and supplements and healthy-aging products. Infant Nutrition 
saw a sales decrease. A return to positive growth in China was more than 
offset by sales declines in other markets, due to consumer stockpiling 
in March last year and lower birth rates in the context of the pandemic. 
Water recorded negative growth due to its high exposure to out-of-home 
channels. 
 
   By channel, retail sales posted high single-digit organic growth, 
reflecting continued strong demand for at-home consumption. Sales 
declines in out-of-home channels moderated, with a return to positive 
growth in AOA. E-commerce sales grew by 39.6%, reaching 14.5% of total 
Group sales. Most categories saw strong momentum, particularly coffee, 
Purina PetCare and culinary. 
 
   Net divestitures decreased sales by 1.0%, largely related to the 
divestment of the Herta charcuterie business and the Yinlu peanut milk 
and canned rice porridge businesses. Foreign exchange reduced sales by 
5.3%, reflecting the appreciation of the Swiss franc versus most 
currencies, particularly in emerging markets. Total reported sales 
increased by 1.3% to CHF 21.1 billion. 
 
 
 
   Portfolio Management 
 
   On March 5, 2021, Nestlé completed the acquisition of Essentia 
Water, a premium functional water brand in the U.S. 
 
   On March 31, 2021, Nestlé completed the sale of its regional spring 
water brands, purified water business and beverage delivery service in 
the U.S. and Canada to One Rock Capital Partners, in partnership with 
Metropoulos & Co. for USD 4.3 billion. 
 
 
 
   Zone Americas (AMS) 
 
 
   -- 7.2% organic growth: 4.8% RIG; 2.4% pricing. 
 
   -- North America posted mid single-digit organic growth, with strong RIG and 
      positive pricing. 
 
   -- Latin America reached double-digit organic growth, with positive RIG and 
      pricing. 
 
 
 
 
 
 
 
        Sales     Sales                    Organic   Net    Foreign   Reported 
        3M-2021   3M-2020   RIG   Pricing  growth    M&A    exchange   growth 
Zone    CHF 8.2   CHF 8.3 
 AMS       bn        bn     4.8%     2.4%     7.2%    0.3%    - 8.6%    - 1.2% 
 
 
 
 
   Organic growth was 7.2%, with strong RIG of 4.8%. Pricing contributed 
2.4%, improving in both North and Latin America. Net acquisitions 
increased sales by 0.3%. The acquisitions of Freshly and Essentia Water 
more than offset the divestiture of the U.S. ice cream business. Foreign 
exchange had a negative impact of 8.6%, reflecting broad-based currency 
depreciations against the Swiss franc, particularly in Latin America. 
Reported sales in Zone AMS decreased by 1.2% to CHF 8.2 billion. 
 
   Zone AMS reported high single-digit organic growth, with a high base of 
comparison in 2020. The Zone saw broad-based market share gains, led by 
pet food, coffee, dairy and Infant Nutrition. 
 
   North America recorded mid single-digit growth, with strong RIG in most 
product categories and positive pricing. Frozen and chilled food was the 
largest growth contributor, supported by Stouffer's, Lean Cuisine and 
the recently launched Life Cuisine. The newly acquired Freshly business 
posted strong growth, helped by expanded distribution. The beverages 
category grew at a double-digit rate, with strong demand for Starbucks 
at-home products, Coffee mate and Nescafé. Purina PetCare delivered 
mid single-digit growth, with strong momentum in e-commerce and premium 
brands Purina Pro Plan, Purina ONE and Fancy Feast. Merrick recorded 
strong growth, supported by new product launches in Healthy Grains. 
Home-baking products, including Toll House and Carnation, saw positive 
growth. Sales of ice cream and confectionery in Canada grew at a 
double-digit rate, driven by Häagen-Dazs and KitKat. Water and 
Nestlé Professional reported negative growth, with sales declines 
moderating. 
 
   Latin America reached double-digit growth, with both strong RIG and 
pricing across geographies and most product categories. Sales in Brazil 
grew at a double-digit rate, with strong growth in confectionery, dairy 
and coffee. Mexico also reported broad-based double-digit growth, 
reflecting high demand for Nescafé and home-baking brands, La 
Lechera and Abuelita. Sales in Chile grew at a double-digit rate, led by 

(MORE TO FOLLOW) Dow Jones Newswires

April 22, 2021 01:15 ET (05:15 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) -0.01% 0.70552 Delayed Quote.3.81%
BRITISH POUND / SWISS FRANC (GBP/CHF) -0.01% 1.25914 Delayed Quote.4.33%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) 0.05% 0.74192 Delayed Quote.7.49%
CHINESE YUAN RENMINBI / SWISS FRANC (CNY/CHF) 0.00% 0.139965 Delayed Quote.3.55%
CLASS III MILK FUTURES (DC) - CMG (ELECTRONIC)/C1 -0.53% 18.8 End-of-day quote.19.62%
CLASS IV MILK?FUTURES (GDK) - CMG (ELECTRONIC)/C1 0.00% 16.07 End-of-day quote.16.53%
CRESCENT NV -11.07% 0.0257 Real-time Quote.-26.57%
DANISH KRONE / SWISS FRANC (DKK/CHF) 0.00% 14.678 Delayed Quote.2.04%
DRY WHEY?FUTURES (DY) - CMG (ELECTRONIC)/C1 0.69% 65.75 End-of-day quote.47.74%
EURO / BRAZILIAN REAL (EUR/BRL) 0.01% 6.3651 Delayed Quote.0.31%
EURO / SWISS FRANC (EUR/CHF) 0.00% 1.09481 Delayed Quote.1.30%
HONGKONG-DOLLAR / SWISS FRANC (HKD/CHF) -0.75% 11.5941 Delayed Quote.2.33%
INDIAN RUPEE / SWISS FRANC (INR/CHF) -0.01% 0.012281 Delayed Quote.1.79%
JAPANESE YEN / SWISS FRANC (JPY/CHF) 0.02% 0.8289 Delayed Quote.-2.97%
NESTLÉ S.A. 0.20% 109.12 Delayed Quote.4.66%
NEW ZEALAND DOLLAR / SWISS FRANC (NZD/CHF) -0.16% 0.65535 Delayed Quote.3.30%
NONFAT DRY MILK FUTURES (GNF) - CMG (ELECTRONIC)/C1 -0.60% 124.25 End-of-day quote.10.72%
RUSSIAN ROUBLE / SWISS FRANC (RUB/CHF) 0.00% 0.012233 Delayed Quote.2.26%
S&P GSCI CLASS III MILK (USD) -0.32% 143.8876 Delayed Quote.8.35%
S&P GSCI COFFEE INDEX -0.91% 117.7513 Delayed Quote.19.22%
SINGAPORE-DOLLAR / SWISS FRANC (SGD/CHF) -0.22% 0.6791 Delayed Quote.1.67%
STARBUCKS CORPORATION -0.35% 114.34 Delayed Quote.7.25%
SWEDISH KRONA / SWISS FRANC (SEK/CHF) 0.01% 0.108408 Delayed Quote.0.11%
TOTAL SE -0.23% 39.05 Real-time Quote.10.62%
US DOLLAR / SWISS FRANC (USD/CHF) -0.01% 0.9002 Delayed Quote.2.56%
ZR (ZR) - CBE (ELECTRONIC)/C1 2.05% 14.19 End-of-day quote.14.44%
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Financials
Sales 2021 85 506 M 94 920 M 94 920 M
Net income 2021 12 012 M 13 335 M 13 335 M
Net Debt 2021 32 791 M 36 401 M 36 401 M
P/E ratio 2021 25,4x
Yield 2021 2,61%
Capitalization 307 B 341 B 341 B
EV / Sales 2021 3,98x
EV / Sales 2022 3,86x
Nbr of Employees 273 000
Free-Float 96,6%
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Technical analysis trends NESTLÉ S.A.
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 117,35 CHF
Last Close Price 109,12 CHF
Spread / Highest target 20,1%
Spread / Average Target 7,54%
Spread / Lowest Target -11,1%
EPS Revisions
Managers and Directors
NameTitle
Ulf Mark Schneider Chief Executive Officer & Director
François-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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