No. 1 position worldwide in the stable and cash-generative branded food industry Extensive product portfolio Extensive geographical diversification Conservative financial profile Superior cash flow generation Profitability not fully reflective of the group's scale and leading positions worldwide in most categories Change in financial policy with much greater use of share buybacks 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 excellent business profile, strong geographic diversification, very robust free cash flow generation and strong financial flexibility, as well as its strong financial profile, although the latter is less conservative than in the past. Nestlé recently announced a Swiss franc (CHF)25 billion ($21.4
