No. 1 position worldwide in the stable and cash-generative branded food industry Wide ranging product portfolio Extensive geographic diversification Conservative financial profile Superior cash flow generation Profitability that doesn't fully reflect 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, which is, however, less conservative than in the past. With 2007 consolidated sales of Swiss franc (CHF) 107.6
