Nestlé Investor Seminar 2008
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1 Nestlé Investor Seminar 2008 Procurement of Raw Materials at Nestlé Malcolm Harrison Head of Procurement 1 Nestlé Investor Seminar Vevey June 2008
2 Disclaimer This presentation contains forward looking statements which reflect Management s current views and estimates. The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments. 2 Nestlé Investor Seminar Vevey June 2008
3 Managing Commodity Prices at Nestlé Nestlé Corporate Operations Procurement Functional Responsibility worldwide Operational Responsibility on key commodities Buying Policy reviewed formally every month Input from all Zones; business alignment Signed off by Executive Board Have approved rapid changes when required Buying & Hedging in 6 Commodity Procurement Centres across the Zones 3 Nestlé Investor Seminar Vevey June 2008
4 Procurement Objectives Ensure quality supply to our factories Buy better than the market Pursue cost reduction opportunities Manage impact of price changes First recipients of supplier innovation Compliant suppliers, Sustainability -CSR Efficient supplier interfaces optimize supply chain 4 Nestlé Investor Seminar Vevey June 2008
5 Topics Evolution of Nestlé spend on commodities Commodity market trends driving factors The new environment How we manage the price pressures Nestlé s buying performance Impact of oil prices Sustainability with suppliers Outlook 2008 and Nestlé Investor Seminar Vevey June 2008
6 Total expenditure - spend category (2007) Total: CHF 58 billion Services & Indirect Materials (S&IM) CHF 28 billion Raw Materials CHF 21 billion Packaging Materials CHF 9 billion 6 Nestlé Investor Seminar Vevey June 2008
7 Spend on Raw Materials & Commodities Nestle Commodity Spend Total 2007 spend of CHF 21 Billion The 6 key commodity groups account for CHF 13 Billion Dairy 15% Coffee 51% 12% Cereals Sugar Dairy Cocoa Coffee Cereals Sugar Cocoa Oils & Oils Fats & 9% 5% 8% 7 Nestlé Investor Seminar Vevey June 2008
8 Food commodities 8 Nestlé Investor Seminar Vevey June 2008
9 Cost Base Evolution Raw Materials (Bn CHF) Packaging (Bn CHF) Turnover (Bn CHF) Raw Materials & Packaging % T/O Change (bps) Nestlé Investor Seminar Vevey June
10 So why the trend change? 1980s investments exceeded demand Excess supply. Then: Mergers & Acquisitions Consolidation Capacity reductions Competition Reduced suppliers Safety stocks at all time lows Weather events Demand growth exceeds supply growth 10 Nestlé Investor Seminar Vevey June 2008
11 World GDP and Commodity Prices Metals and Energy have been driven by China / Asian / Middle East construction boom. Growth, especially BRIC, likely to fuel increased food demand and create commodity specific spikes. Food rallies historically tend to be more supply (weather) related. Investment by funds make traded commodities another volatile financial market. Nestlé Investor Seminar Vevey June
12 New factors in 2007 & 2008 Sustained demand growth BRIC countries Major new demand from bio-fuels Fund activity commodities an attractive investment Significant price volatility but varies by commodity Weaker USD Memories of the late 70s / early 80s!! 12 Nestlé Investor Seminar Vevey June 2008
13 Global Food Commodities 13 Nestlé Investor Seminar Vevey June 2008
14 Mitigating the business impact Both rising input prices and volatility to manage How? Commodity Research Team Centres of expertise in hedging Aggregation of buying volumes (Regional / Global) Major focus on structured communications Continued emphasis on Operational Efficiency Good Buying is necessary but not sufficient 14 Nestlé Investor Seminar Vevey June 2008
15 Procurement practices Different techniques in different supply markets How big a buyer is Nestlé? How important is the spend? What is structure of supply market? Availability of futures / derivatives for hedging? Long-term contracts help ensure supply Multiple-origin sourcing balances risk Direct Procurement creates new sources, gives transparency, adds competitive advantage The right sourcing strategy is a balanced one 15 Nestlé Investor Seminar Vevey June 2008
16 New practices for a new environment Review supply strategies for critical materials Creation of Supply Working Groups managing impact on our business Evaluate mix of supply; re-consider value added vertical integration Long-term supply agreements; supplier investments; assure competitive / quality supply Spend management on world-wide basis leverage scale of Nestlé; best suppliers Continue to apply best practices in Procurement 16 Nestlé Investor Seminar Vevey June 2008
17 Nestlé Performance vs Market Indices Nestlé skim powder purchases against key market indices World market Index = 100 Long cover: benefit end 06 & early 07 Under-supplied market mid 2007 avr.06 mai.06 juin.06 juil.06 août.06 sept.06 oct.06 nov.06 déc.06 janv.07 févr.07 mars.07 avr.07 mai.07 juin.07 juil.07 août.07 sept.07 oct.07 nov.07 déc.07 Skimmed milk powder Benchmark 3 Series2 month moving average 17 Nestlé Investor Seminar Vevey June 2008
18 Managing cost pressures Coffee Buying performance vs market : Managing cost pressures Nestlé Green Coffee Priced Cover Performance vs Market Value above market below market (unfavorable) (favorable) Nestlé Investor Seminar Vevey June 2008
19 Managing cost pressures Cocoa Buying performance vs market : 100 Nestlé Cocoa Priced Cover Performance vs Market Value above market (unfavorable) below market (favorable) Nestlé Investor Seminar Vevey June 2008
20 Managing cost pressures Procurement savings within Operation Excellence: Million CHF Million CHF Million CHF Savings from Price Negotiations, Specification Harmonization, Alternative Suppliers. GLOBE enabled, through increased spend visibility. 20 Nestlé Investor Seminar Vevey June 2008
21 Summary A new environment Commodity prices were too low for too long Price volatility will continue Procurement techniques, controlled hedging policy, strong global co-ordination Since 2006, greater focus on business engagement alignment communications Long-term supply, direct procurement, harmonized specifications balanced sourcing strategy Continue to measure performance vs markets and consistently to beat them Focus on operational improvements since Nestlé Investor Seminar Vevey June 2008
22 The impact of oil prices on Nestlé Several areas of impact Energy -utilities Transportation Packaging Supplier cost inflation Weekly Brent Crude 2nd Position Line; QLCOc3; Last Trade(Last); ; (LON) Price USD Bbl m j j a s o n d j f m a m j j a s o n d j f m a m j j Q Q Q Q Q Q Q Q Q The impact on Nestlé 2008 and 2009 Some exposure on transportation 20% (inc duty) of distribution costs and certain packaging categories Majority of 2008 on fixed price contracts Sustained high oil prices could impact Nestlé Investor Seminar Vevey June 2008
23 The Nestlé Supplier Code States Nestlé s expectations Integrity; sustainability; labour practices; safety, health & environment; agriculture all covered Applies to all suppliers, world-wide Compliance, corrective measures and continuous improvements will be expected Audit plan in place Link to contracts through GLOBE A responsible, sustainable and competitive supplier base to support Nestlé's future growth 23 Nestlé Investor Seminar Vevey June 2008
24 Commodity prices: Outlook 2008 & 2009 Increases over 2007 in line with expectations; prices will stabilize in H outlook higher prices stimulating supply: Dairy & Cereals down from 2008 highs; no return to pre-2007 prices; more stability in 2009 Coffee price unlikely to increase further; large 2008 crops could reduce prices, but not immediately Cocoa shows little sign of major supply growth; prices remain firm Strong demand for Oils & Fats, as well as Sugar to keep prices firm despite growth in supply Anticipate 2009 will see stability vs 2008 for Nestlé 24 Nestlé Investor Seminar Vevey June 2008
25 And finally Focus on buying competitively sustainable & responsible to support Nestlé s accelerated growth Improve operational efficiencies eliminate waste; align & communicate with business Commodity markets have changed; no return to 2004; more stability in H and Nestlé Investor Seminar Vevey June 2008
26 Nestlé Investor Seminar Nestlé Investor Seminar Vevey June 2008
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