Number-one position worldwide in the stable and cash-generative branded food industry; Extensive product portfolio; Extensive geographical diversification; Conservative financial policy; and Superior cash flow generation. Profitability not fully reflective of the group's scale and leading positions worldwide in most categories. The ratings on Switzerland-based Nestlé S.A. and its related entities reflect the group's superior business profile--as the largest player worldwide in the stable and cash-generative branded and packaged food industry--and cash flow generation, and the expected further improvement in its financial profile. At the end of 2003, the group had Swiss francs (SFr) 16.8 billion ($13.1 billion) of net debt, adjusted for operating leases and unfunded postretirement liabilities and excluding the SFr3 billion option pertaining to U.S. ice-cream manufacturer Dreyer's
