Global leader in the branded food industry. Strong brand portfolio, encompassing 34 billionaire brands. Proved ability to actively manage the portfolio and to create and develop new leading brands (i.e. Nespresso). Extensive geographic diversity with solid presence in emerging markets. 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 adjusted debt to EBITDA of 1.3x at year-end 2015. Track record of share buybacks and large acquisitions. The stable outlook on Switzerland-incorporated international food manufacturing group Nestlé S.A. reflects S&P Global Ratings' expectation that the group will continue to pursue its conservative financial policy and generate significant free cash flow, thanks to its ability
