One of the world's largest consumer products manufacturers with leading global market shares in its main product segments, including personal care and foods. Very strong portfolio of international and local brands, supported by large investments in marketing and product innovation. Wide product range and geographical diversification, with around 60% of revenues derived from emerging markets. Extensive manufacturing and distribution footprint. Exposure to volatile input costs, foreign-exchange movements, and weak economies such as Brazil, Russia, and Nigeria. Forecast annual discretionary cash flow (DCF) of about €1 billion. Forecast debt leverage to remain around debt to EBITDA of 2x, assuming debt-financed acquisitions and stable dividend payments. Debt structure characterised by a large commercial paper issuance (40% of total debt). The stable outlook
