Leading global market shares in personal care, foods and beverages, and home products. Very strong portfolio of international and local brands, supported by large investments in marketing and product innovation. Wide product range and geographical diversification, with about 60% of revenues from emerging markets. Extensive manufacturing and distribution footprint. Supportive decision to dispose of the declining Spreads business and increase operating cost cutting in homecare and refreshments. Exposure to volatile input costs, foreign-exchange movements, and emerging consumer markets such as Brazil. Stable forecast free operating cash flow (FOCF) of about €5 billion-€5.5 billion annually with low expansion capex. External growth strategy focused on small to midsize acquisitions. Credit metrics should moderately weaken in 2017-18 following recent decision to increase shareholder
