Global leader in the branded food industry. Strong brand portfolio, encompassing about 30 billionaire brands. Extensive geographic and product diversity. Strong presence in fast-growing emerging markets and in the infant nutrition business. Strong innovation, backed by robust research and development. High cash generation. Conservative financial policy. Discretionary cash flows constrained by high shareholder returns. Robust financial metrics, with Standard&Poor's-adjusted funds from operations to debt of about 65% at year-end 2013. Track record of share buybacks and large acquisitions. The stable outlook on Switzerland-incorporated international food manufacturing group Nestlé S.A. reflects Standard&Poor's Ratings Services expectation that the group will continue to pursue its conservative financial policy and generate significant free cash flow, and maintain a financial risk
