No. 1 position worldwide in the stable and cash-generative branded food industry Extensive product portfolio Extensive geographical diversification Conservative financial policy Superior cash flow generation Profitability not fully reflective of the group's scale and leading positions worldwide in most categories Ongoing share buyback programs The ratings on Switzerland-based Nestlé S.A. and its related entities, the largest player worldwide in the stable and cash-generative branded and packaged food industry, reflect the group's superior business profile and cash flow generation, and a sustained improvement of its financial profile. With 2005 consolidated sales of Swiss franc (SFr) 91 billion (€59 billion), Nestlé boasts a broadly diversified business portfolio, with leading market shares worldwide in numerous product categories, including soluble coffee; bottled water; condensed,
