Balance Sheet Nestlé S.A.

Equities

NESN

CH0038863350

Food Processing

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09/01	Unilever's Indonesia headache worsens with boycott as local brands seize the day	RE
09/01	NESTLE : Bernstein sticks Neutral	ZD

74.oapHtmFzjez6rBfpG5HZQNP4LaNHr6xpnHT_k7egRlo.-8Er2EwbuYPI6iCdUdipKJm8d_Qp490cxkG69v3IHg2Y7BbYChTbmqyVeA

Published financial data: NESTLÉ S.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	9.26TCr	8.43TCr	8.71TCr	9.44TCr	9.3TCr
Other Revenues, Total	30Cr	34Cr	38Cr	36Cr	35Cr
Total Revenues	9.29TCr	8.47TCr	8.75TCr	9.48TCr	9.34TCr
Cost of Goods Sold, Total	4.66TCr	4.28TCr	4.55TCr	5.17TCr	5.03TCr
Gross Profit	4.62TCr	4.18TCr	4.2TCr	4.3TCr	4.3TCr
Selling General & Admin Expenses, Total	2.84TCr	2.52TCr	2.53TCr	2.53TCr	2.54TCr
R&D Expenses	167.2Cr	157.6Cr	167Cr	169.6Cr	165.6Cr
Other Operating Expenses	21Cr	50Cr	38Cr	29Cr	34Cr
Other Operating Expenses, Total	3.03TCr	2.73TCr	2.74TCr	2.73TCr	2.74TCr
Operating Income	1.59TCr	1.45TCr	1.46TCr	1.58TCr	1.57TCr
Interest Expense, Total	-102.6Cr	-83Cr	-82Cr	-112.4Cr	-150Cr
Interest And Investment Income	16Cr	7.7Cr	4.2Cr	14Cr	19Cr
Net Interest Expenses	-86Cr	-75Cr	-77Cr	-98Cr	-130.8Cr
Income (Loss) On Equity Invest.	100.1Cr	181.5Cr	865.1Cr	104Cr	112Cr
Other Non Operating Income (Expenses)	-20L	30L	-20L	-10L	-10L
EBT, Excl. Unusual Items	1.6TCr	1.56TCr	2.25TCr	1.58TCr	1.55TCr
Restructuring Charges	-55Cr	-22Cr	-31Cr	-27Cr	-72Cr
Merger & Related Restructuring Charges	-1.1Cr	-4.5Cr	-5.5Cr	-4.6Cr	-2.7Cr
Impairment of Goodwill	-78Cr	-40Cr	-35Cr	-7.1Cr	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	341.4Cr	176.3Cr	32Cr	-6.8Cr	-23Cr
Asset Writedown	-155.7Cr	-31Cr	-226.1Cr	-276.1Cr	-65Cr
Legal Settlements	-48Cr	-24Cr	-56Cr	-40Cr	-17Cr
Other Unusual Items	-	-42Cr	16Cr	14Cr	16Cr
EBT, Incl. Unusual Items	1.61TCr	1.57TCr	1.95TCr	1.23TCr	1.38TCr
Income Tax Expense	315.9Cr	336.5Cr	226.1Cr	273Cr	231.4Cr
Earnings From Continuing Operations	1.29TCr	1.24TCr	1.72TCr	959.6Cr	1.15TCr
Net Income to Company	1.29TCr	1.24TCr	1.72TCr	959.6Cr	1.15TCr
Minority Interest	-30Cr	-14Cr	-29Cr	-33Cr	-30Cr
Net Income - (IS)	1.26TCr	1.22TCr	1.69TCr	927Cr	1.12TCr
Net Income to Common Incl Extra Items	1.26TCr	1.22TCr	1.69TCr	927Cr	1.12TCr
Net Income to Common Excl. Extra Items	1.26TCr	1.22TCr	1.69TCr	927Cr	1.12TCr
Per Share Items
Net EPS - Basic	4.3	4.3	6.06	3.42	4.24
Basic EPS - Continuing Operations	4.3	4.3	6.06	3.42	4.24
Basic Weighted Average Shares Outstanding	292.9Cr	284.5Cr	278.8Cr	270.7Cr	264.6Cr
Net EPS - Diluted	4.3	4.29	6.06	3.42	4.23
Diluted EPS - Continuing Operations	4.3	4.29	6.06	3.42	4.23
Diluted Weighted Average Shares Outstanding	293.4Cr	284.9Cr	279.1Cr	270.9Cr	264.8Cr
Normalized Basic EPS	3.32	3.38	4.94	3.53	3.54
Normalized Diluted EPS	3.31	3.38	4.94	3.53	3.54
Dividend Per Share	2.7	2.75	2.8	2.95	3
Payout Ratio	57.34	62.95	45.44	82.18	69.85
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	1.87TCr	1.71TCr	1.71TCr	1.83TCr	1.82TCr
EBITA	1.59TCr	1.46TCr	1.48TCr	1.59TCr	1.58TCr
EBIT	1.59TCr	1.45TCr	1.46TCr	1.58TCr	1.57TCr
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	19.67	21.38	11.62	22.15	16.74
Total Current Taxes	308.4Cr	281.4Cr	261.6Cr	256.6Cr	289.1Cr
Total Deferred Taxes	-3.5Cr	66Cr	35Cr	4.8Cr	-78Cr
Normalized Net Income	972.5Cr	961.56Cr	1.38TCr	955.46Cr	936.81Cr
Interest on Long-Term Debt	9.8Cr	7.9Cr	6.6Cr	7.2Cr	8.6Cr
Non-Cash Pension Expense	-5.6Cr	6.7Cr	5.2Cr	90L	-30L
Supplemental Operating Expense Items
Selling and Marketing Expenses	849.6Cr	785.1Cr	791.9Cr	838.6Cr	776.5Cr
Research And Development Expense From Footnotes	167.2Cr	157.6Cr	167Cr	169.6Cr	165.6Cr
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., Other (Total)	31Cr	27Cr	24Cr	18Cr	21Cr
Total Stock-Based Compensation	31Cr	27Cr	24Cr	18Cr	21Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	746.9Cr	523.5Cr	698.8Cr	551.1Cr	481.6Cr
Short Term Investments	279.4Cr	337.4Cr	700.7Cr	117.6Cr	103.5Cr
Trading Asset Securities, Total	5.7Cr	9.6Cr	4.3Cr	5.7Cr	-
Total Cash And Short Term Investments	1.03TCr	870.5Cr	1.4TCr	674.4Cr	585.1Cr
Accounts Receivable, Total	942.5Cr	809.8Cr	857.2Cr	883.1Cr	900.1Cr
Other Receivables	310.9Cr	335.6Cr	378.7Cr	357Cr	327.8Cr
Total Receivables	1.25TCr	1.15TCr	1.24TCr	1.24TCr	1.23TCr
Inventory	934.3Cr	1.01TCr	1.2TCr	1.5TCr	1.19TCr
Prepaid Expenses	50Cr	48Cr	58Cr	55Cr	52Cr
Other Current Assets, Total	296.8Cr	333.1Cr	30Cr	35Cr	31Cr
Total Current Assets	3.57TCr	3.41TCr	3.93TCr	3.51TCr	3.09TCr
Gross Property Plant And Equipment	5.93TCr	5.28TCr	5.67TCr	5.92TCr	5.84TCr
Accumulated Depreciation	-3.05TCr	-2.7TCr	-2.84TCr	-2.9TCr	-2.8TCr
Net Property Plant And Equipment	2.88TCr	2.58TCr	2.83TCr	3.01TCr	3.05TCr
Long-term Investments	1.41TCr	1.46TCr	1.46TCr	1.63TCr	1.6TCr
Goodwill	2.89TCr	2.76TCr	3.1TCr	3.13TCr	2.87TCr
Other Intangibles, Total	1.78TCr	2.01TCr	2.22TCr	2.02TCr	1.82TCr
Deferred Tax Assets Long-Term	211.4Cr	128.5Cr	125.8Cr	104.3Cr	118.1Cr
Other Long-Term Assets, Total	56Cr	47Cr	241.7Cr	116.1Cr	109.2Cr
Total Assets	13TCr	12TCr	14TCr	14TCr	13TCr
Liabilities
Accounts Payable, Total	1.4TCr	1.38TCr	1.56TCr	1.58TCr	1.42TCr
Accrued Expenses, Total	639.2Cr	686.3Cr	692.3Cr	688Cr	677.7Cr
Short-term Borrowings	805.3Cr	499.2Cr	430.3Cr	382.2Cr	221.3Cr
Current Portion of Long-Term Debt	556.3Cr	650.2Cr	547.3Cr	641.2Cr	632.8Cr
Current Portion of Leases	71Cr	62Cr	64Cr	66Cr	88Cr
Current Income Taxes Payable	267.3Cr	266.1Cr	296.2Cr	244.7Cr	236Cr
Other Current Liabilities	420.8Cr	428.7Cr	409.9Cr	395.9Cr	433.6Cr
Total Current Liabilities	4.16TCr	3.97TCr	4TCr	4TCr	3.71TCr
Long-Term Debt	2.05TCr	2.58TCr	3.42TCr	4.11TCr	4.38TCr
Long-Term Leases	266.6Cr	216.4Cr	229.5Cr	233.4Cr	203.4Cr
Pension & Other Post Retirement Benefits	615.1Cr	511.8Cr	377.9Cr	288.4Cr	271.8Cr
Deferred Tax Liability Non Current	258.9Cr	263.6Cr	379.4Cr	367.1Cr	288.6Cr
Other Non Current Liabilities	159.1Cr	211Cr	134Cr	243.9Cr	165Cr
Total Liabilities	7.51TCr	7.75TCr	8.54TCr	9.24TCr	9.02TCr
Common Stock, Total	30Cr	29Cr	28Cr	28Cr	27Cr
Retained Earnings	8.31TCr	7.68TCr	8.14TCr	7.46TCr	6.83TCr
Treasury Stock	-975.2Cr	-664.3Cr	-619.4Cr	-930.3Cr	-515.5Cr
Comprehensive Income and Other	-2.16TCr	-2.48TCr	-2.23TCr	-2.36TCr	-2.76TCr
Total Common Equity	5.2TCr	4.57TCr	5.31TCr	4.2TCr	3.57TCr
Minority Interest	83Cr	82Cr	59Cr	81Cr	64Cr
Total Equity	5.29TCr	4.65TCr	5.37TCr	4.28TCr	3.64TCr
Total Liabilities And Equity	13TCr	12TCr	14TCr	14TCr	13TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	288Cr	281.65Cr	275.96Cr	266.81Cr	262.13Cr
ECS Total Common Shares Outstanding	288Cr	281.65Cr	275.96Cr	266.81Cr	262.13Cr
Book Value / Share	18.07	16.22	19.26	15.73	13.64
Tangible Book Value	531.5Cr	-207.3Cr	-9.5Cr	-951.7Cr	-1.12TCr
Tangible Book Value Per Share	1.85	-0.74	-0.03	-3.57	-4.26
Total Debt	3.75TCr	4TCr	4.69TCr	5.43TCr	5.52TCr
Net Debt	2.71TCr	3.13TCr	3.29TCr	4.76TCr	4.94TCr
Debt Equivalent of Unfunded Proj. Benefit Obligation	245Cr	208.8Cr	-82Cr	-123.3Cr	-36Cr
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	83Cr	82Cr	59Cr	81Cr	64Cr
Equity Method Investments, Total	1.15TCr	1.2TCr	1.18TCr	1.3TCr	1.31TCr
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	411.6Cr	452.1Cr	578.9Cr	752.9Cr	572.5Cr
Inventories - Finished Goods, Total	547.2Cr	582.2Cr	646.7Cr	781.8Cr	650.9Cr
Land - (BS)	1.74TCr	1.55TCr	1.5TCr	1.51TCr	1.51TCr
Machinery, Total	3.87TCr	3.47TCr	3.44TCr	3.49TCr	3.34TCr
Full Time Employees	3L	3L	3L	3L	3L
Accumulated Allowance for Doubtful Accounts (Supple)	28Cr	27Cr	26Cr	30Cr	27Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	1.26TCr	1.22TCr	1.69TCr	927Cr	1.12TCr
Depreciation & Amortization - CF	348.8Cr	312.7Cr	305.6Cr	309.7Cr	299.3Cr
Amortization of Goodwill and Intangible Assets - (CF)	4.6Cr	8.5Cr	11Cr	14Cr	15Cr
Depreciation & Amortization, Total	353.4Cr	321.2Cr	316.7Cr	323.7Cr	314Cr
Amortization of Deferred Charges, Total - (CF)	18Cr	25Cr	27Cr	30Cr	32Cr
(Gain) Loss From Sale Of Asset	-341.4Cr	-176.3Cr	-32Cr	6.8Cr	23Cr
Asset Writedown & Restructuring Costs	233.6Cr	71Cr	261.4Cr	272.6Cr	65Cr
(Income) Loss On Equity Investments - (CF)	-100.1Cr	-181.5Cr	-865.1Cr	-104Cr	-112Cr
Stock-Based Compensation (CF)	12Cr	12Cr	13Cr	13Cr	14Cr
Other Operating Activities, Total	122.8Cr	180.9Cr	34Cr	86Cr	66Cr
Change In Accounts Receivable	-102.8Cr	3.6Cr	-82Cr	-32Cr	-102.7Cr
Change In Inventories	-71Cr	-174Cr	-141.4Cr	-342.8Cr	175.6Cr
Change In Accounts Payable	166.1Cr	119.3Cr	211.5Cr	49Cr	6.5Cr
Change in Other Net Operating Assets	33Cr	13Cr	-48Cr	-39Cr	-8.5Cr
Cash from Operations	1.58TCr	1.44TCr	1.39TCr	1.19TCr	1.59TCr
Capital Expenditure	-369.5Cr	-407.6Cr	-488Cr	-509.5Cr	-571.4Cr
Cash Acquisitions	-12Cr	-452Cr	-639.4Cr	-171Cr	-21Cr
Divestitures	995.9Cr	391.6Cr	353Cr	16Cr	22Cr
Sale (Purchase) of Intangible assets	-52Cr	-29Cr	-46Cr	-27Cr	-49Cr
Investment in Marketable and Equity Securities, Total	243.8Cr	-93Cr	496.9Cr	498.4Cr	-66Cr
Other Investing Activities, Total	30Cr	23Cr	19Cr	2.4Cr	66Cr
Cash from Investing	835.6Cr	-566.7Cr	-304.4Cr	-190.3Cr	-619.6Cr
Short Term Debt Issued, Total	-	-	-	15Cr	-
Long-Term Debt Issued, Total	5.7Cr	1.03TCr	1.13TCr	1.09TCr	980.6Cr
Total Debt Issued	5.7Cr	1.03TCr	1.13TCr	1.11TCr	980.6Cr
Short Term Debt Repaid, Total	-44Cr	-274.7Cr	-88Cr	-	-253.7Cr
Long-Term Debt Repaid, Total	-328.7Cr	-318.2Cr	-447.4Cr	-328.3Cr	-358.9Cr
Total Debt Repaid	-373.1Cr	-592.9Cr	-535.9Cr	-328.3Cr	-612.6Cr
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-977.3Cr	-681.4Cr	-654.8Cr	-1.07TCr	-523.4Cr
Common Dividends Paid	-723Cr	-770Cr	-768.1Cr	-761.8Cr	-782.9Cr
Common & Preferred Stock Dividends Paid	-723Cr	-770Cr	-768.1Cr	-761.8Cr	-782.9Cr
Other Financing Activities, Total	-48Cr	-27Cr	-90Cr	-89Cr	-38Cr
Cash from Financing	-2.12TCr	-1.04TCr	-915.2Cr	-1.14TCr	-975.8Cr
Foreign Exchange Rate Adjustments	-22Cr	-56Cr	8.9Cr	-10Cr	-68Cr
Net Change in Cash	282.9Cr	-223.4Cr	175.7Cr	-148.1Cr	-70Cr
Supplemental Items
Cash Interest Paid	102.8Cr	82Cr	75Cr	95Cr	133Cr
Cash Income Tax Paid (Refund)	285.4Cr	264.5Cr	272.2Cr	310.7Cr	280.1Cr
Levered Free Cash Flow	1.37TCr	824.42Cr	912.06Cr	388.08Cr	820.68Cr
Unlevered Free Cash Flow	1.43TCr	876.36Cr	963Cr	458.32Cr	914.42Cr
Change In Net Working Capital	-454.7Cr	-30Cr	-214Cr	362.4Cr	-189.6Cr
Net Debt Issued / Repaid	-367.4Cr	440.1Cr	598Cr	780.1Cr	368Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	7.5	7.22	6.95	7.18	7.48
Return on Total Capital	10.49	10.28	9.78	9.96	10.37
Return On Equity %	23.2	24.9	34.31	19.88	29.07
Return on Common Equity	23.05	25.03	34.21	19.49	28.84
Margin Analysis
Gross Profit Margin %	49.77	49.41	48.02	45.41	46.09
SG&A Margin	30.62	29.79	28.94	26.68	27.17
EBITDA Margin %	20.11	20.18	19.6	19.35	19.45
EBITA Margin %	17.17	17.28	16.86	16.77	16.93
EBIT Margin %	17.12	17.18	16.74	16.62	16.77
Income From Continuing Operations Margin %	13.9	14.61	19.66	10.12	12.33
Net Income Margin %	13.58	14.44	19.33	9.78	12.01
Net Avail. For Common Margin %	13.58	14.44	19.33	9.78	12.01
Normalized Net Income Margin	10.47	11.36	15.76	10.08	10.04
Levered Free Cash Flow Margin	14.7	9.74	10.43	4.09	8.79
Unlevered Free Cash Flow Margin	15.39	10.35	11.01	4.84	9.8
Asset Turnover
Asset Turnover	0.7	0.67	0.66	0.69	0.71
Fixed Assets Turnover	3.16	3.1	3.23	3.24	3.08
Receivables Turnover (Average Receivables)	9.99	9.63	10.45	10.85	10.43
Inventory Turnover (Average Inventory)	5.05	4.41	4.12	3.83	3.74
Short Term Liquidity
Current Ratio	0.86	0.86	0.98	0.88	0.83
Quick Ratio	0.55	0.51	0.66	0.48	0.49
Operating Cash Flow to Current Liabilities	0.38	0.36	0.35	0.3	0.43
Days Sales Outstanding (Average Receivables)	36.54	38.02	34.93	33.64	34.99
Days Outstanding Inventory (Average Inventory)	72.25	83.06	88.64	95.23	97.6
Average Days Payable Outstanding	105.38	116.77	113.42	104.68	115.96
Cash Conversion Cycle (Average Days)	3.41	4.31	10.15	24.18	16.64
Long Term Solvency
Total Debt/Equity	70.86	86.08	87.28	126.92	151.82
Total Debt / Total Capital	41.47	46.26	46.6	55.93	60.29
LT Debt/Equity	43.76	60.04	67.9	101.47	125.94
Long-Term Debt / Total Capital	25.61	32.27	36.26	44.71	50.01
Total Liabilities / Total Assets	58.68	62.5	61.39	68.34	71.25
EBIT / Interest Expense	15.5	17.5	17.96	14.02	10.44
EBITDA / Interest Expense