Very large revenue base and leading global market shares in personal care, foods&refreshments, and home products. Wide product range and geographical presence, with about 60% of revenues from emerging markets. Portfolio of strong international and local brands, supported by large investments in marketing and product innovation. A more active focus on reshaping the product portfolio and cut operating costs. Extensive manufacturing and distribution footprint. Exposure to volatile input costs, foreign-exchange movements, and emerging consumer markets. Very large free operating cash flow (FOCF) of €6.0 billion-€7.0 billion annually with stable capex. Adjusted debt leverage of 2.2x-2.5x in 2018-2019, factoring in the increase in shareholder remuneration. External growth strategy focused on small to midsize acquisitions with limited integration risks. Prudent
