The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: James Targett - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: So a couple of questions on the top line outlook just in terms of volume growth. So I assume you're still expecting kind of 4% to 6% for Taste &
Nutrition this year. And I just wondered now you're talking -- well, first, if you could confirm that. But also with regards to the foodservice, you say
it's back to 2019 levels. Do you still expect foodservice growth to be accretive to the growth to the top line volume growth rate considering
obviously, there's still changing dynamics, should we say, in the foodservice market? And then sticking with volumes. I think looking at the slides,
it looks like the dairy unit was about 50 basis points dilutive to volume growth in 2021. Is that similar level of dilution that you've seen, say, over
the last 5 years? I'll leave it there, so it's my 2 questions on volume outlook.
Question: James Targett - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Taking a quick follow-up. I mean I just had 1 new question, which was on reformulation. I mean I know in previous inflation cycles, you've had a
bit of a beneficiary of your customers reformulating to try and reduce the overall cost of their products. So I just wondered, if you're seeing any
benefit at the moment from that and if you expect to this year in terms of your volumes.
And then sorry, if I can maybe just follow up actually on that last question, Marguerite, to clarify that, that inflation figure is raw materials. Could
you maybe talk about some of your other cost buckets and the communication that you're seeing there?
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