Summary

  • History: Henri Nestlé started an infant food namely ‘farine lactée’ in 1867 in Vevey, Switzerland. Another company Anglo-Swiss Condensed Milk Company is started in 1866 by the US brothers Charles and George Page, which in 1905 merged with Nestlé to become Nestlé Group. Thus, history of Nestlé starts in 1866.
  • Headquarters: The company is headquartered at Vevey, Vaud, Switzerland.
  • Management: Currently (June, 2022), Chairman of the Board of the company is Paul Bulcke and Chief Executive Officer is Mark Schneider.
  • Industry & Products: The company belongs to fast moving consumer goods industry (FMCG). Products include baby food, coffee, dairy products, breakfast cereals, bottled water, PetCare products, ice cream and so on.
  • Brands and company size (2021): The company currently operates 2,000+ brands in more than 186 countries in the world. It has around 270,000 employees all over the world. The company has established 354 factories in 79 countries as of 2021.
  • Financial results (2021): The company has reported sales of CHF 87,088 million, operating income CHF 11,679 million, net income CHF 17,196 million, EPS CHF 6.06, ROE 32%, ROIC 17%, D/E 0.84, current ratio 0.98.

Company Overview

Nestlé SA (SWX: NESN) is a Swiss-based food manufacturing conglomerate headquartered in Vevey, Vaud, Switzerland. It is the largest food manufacturing company in the world according to Forbes in 2020 measured by composite score of revenue, profit, assets, and market value.1

nestle logo oldAccording to the branding of the company, Nestlé is a Good food, Good life company. Purpose of the company is “Unlocking the power of food to enhance quality of life for everyone, today and for generations to come. That is our purpose.”

More than 150 years ago, Henri Nestlé has started what is today, Nestlé. The company currently operates 2,000+ brands in more than 186 countries in the world. It has around 270,000 employees all over the world. The company has established 354 factories in 79 countries as of 2021. Portfolio of the company covers almost every food and beverage category – offering products and services for all stages of like, every moment of the day, helping people care for themselves and their families.

The company is headed by Mark Scheider as the CEO (Chief Executive Officer). Paul Bulcke is the Chairman of the Board of the company in 2022.

Group Structure and Shareholders

Nestlé Group is listed on the stock markets of countries worldwide as the company itself or the subsidiaries.2 Nestlé S.A. shares are listed on the SIX Swiss Exchange in Switzerland. On December 31, 2021, the market capitalization of the company was CHF 351,682,442,600.

Major shareholders of the company include BlackRock Inc., New York, who holds 4.998% of Nestlé S.A.’s share capital. The capital Group Companies, Inc., Los Angeles, directly or indirectly holds 3.55% of the company’s share. All the other shareholders, as per the best knowledge of Nestlé S.A., hold less than 3% of the company’s stake.

History of Nestlé

Henri Nestlé, a trained pharmacist, develops a breakthrough infant food in 1867 namely ‘farine lactée’ (‘flour with milk’) and launches it in Vevey, Switzerland. The product combines cow’s milk, wheat flour and sugar, and Nestlé develops it for the infants who cannot be breastfed. The ‘Nest’ logo of the group came into being around this time.

However, the history starts 1 year back in 1866 when US brothers Charles and George Page had established Anglo-Swiss Condensed Milk Company, which would merge with Nestlé to become Nestlé Group in 1905. They established their first condensed milk production facility in Cham and they ran the Milkmaid brand.

1866 Anglo-Swiss company milkmaid

In 1875, Henri Nestlé sells his company and factory in Vevey to three local businessmen, who employ chemists and skilled workers to help expand production and sales. A fierce competition grows between Nestlé and Anglo-Swiss by 1878 as when they both started developing and selling each other’s products. Both companies expanded sales and production outside Switzerland.

Death of one of the founders of Anglo-Swiss, George Page, leads the company into troubles. This in the end leads to the merger of Anglo-Swiss with Nestlé to form Nestlé Group in the ensuing years. In 1882, Anglo-Swish expanded into the US; but the death of George Page compels it to sell its US operation in 1902, which paves the way into eventually merging with Nestlé.

In partnership with Peter & Kohler, Nestlé begins selling chocolates in 1904. Basically, Daniel Peter used the condensed milk of Nestlé from back in 1880s as his raw material of chocolate production.

Anglo-Swiss and Nestlé merge in 1905 to initially form Nestlé & Anglo-Swiss Milk Company. The company had more than 20 factories and started using its subsidiaries to establish a sales network across Africa, Asia, Latin America and Australia. It had two offices – one in Veyvey and another in Cham. It opened a third office in London to drive dairy export sales. Over several years the company expands its range to include unsweetened condensed milk and sterilised milk. As World War One approaches, the firm benefits from the period of prosperity known as the Belle Époque or ‘Beautiful Age’, and becomes a global dairy company.

When the World War I was over in 1918, the skyrocketing demand for Nestlé’s canned milk slid to such a level as to lead the company into first-time, and one time so far, loss in its lifetime. The company experienced falling prices and high stock levels in 1921. As a measure to recover from that situation, banker Louis Dapples joins as Crisis Manager, and encourages the company to appoint professional manager for the first time. The company centralizes its administration and consolidates its research laboratory in Vevey Switzerland.

The company meets a tough time again due to the great depression in 1929. Purchasing power of the customers decreased significantly during that time. However, in 1929, The company buys Switzerland’s largest chocolate company Peter-Cailler-Kohler, the origins of which date back to 1819 when François Louis Cailler creates one of the country’s first chocolate brands Cailler. Chocolate now becomes an integral part of the Nestlé & Anglo-Swiss business.

Malted chocolate drink Milo is launched in Australia in 1934, and its success means it is later exported for sale in other markets. The company continues to develop baby and infant foods in this inter-war period, and launches Pelargon in 1934, a full-milk powder for babies enriched with lactic acid bacteria, to improve its digestibility.

A competitive market for chocolate in Switzerland encourages Nestlé-Peter-Cailler-Kohler to innovate by launching Galak white chocolate and Rayon, a chocolate with honey and air bubbles, the next year. Vitamins are a major selling point for healthy products in the 1930s, and Nestlé launches vitamin supplement Nestrovit in 1936.

Nescafé is launched in 1938 as a ‘powdered extract of pure coffee’ that retains coffee’s natural flavour, but can be prepared by simply adding hot water. The product is the brainchild of Max Morgenthaler, who begins work on it in 1929, when the Brazilian government asks Nestlé & Anglo-Swiss to find an outlet for its huge coffee surplus.

The outbreak of World War Two in 1939 affects virtually every market, but Nestlé & Anglo-Swiss continues to operate in difficult circumstances, supplying both civilians and armed forces. In 1947, the company adds Maggi soups and seasonings to its product range, and adopts the name Nestlé Alimentana.

Fearing that the Axis powers could occupy Switzerland, Nestlé & Anglo-Swiss relocates some managers to a new office in Stamford in the US, which operates as the company’s second headquarters during the war. The fighting in Europe makes it impossible for Nestlé to export milk from there, so the company supplies Africa and Asia from the US and Australia, and expands production in Latin America by 1939. World War Two initially slows sales of Nescafé, but they pick up as hostilities continue. After the US enters the war, Nestlé brands rapidly gain popularity among American service personnel. At the end of the war, Nescafé is also included in CARE aid supplies in Japan and Europe. Nestea is launched in the late 1940s.

In 1943, Nestlé & Anglo Swiss merges with Swiss company Alimentana, which produces Maggi soups, bouillons and seasonings, and is renamed Nestlé Alimentana. Alimentana’s history dates back to 1884, when Julius Maggi developed a protein-rich dried soup to tackle malnutrition. The post-war period is marked by growing prosperity, and people in the US and Europe spend money on machines that make life easier, such as refrigerators and freezers. They also favour convenience foods, and Nestlé Alimentana meets this need with new products including Nesquik and Maggi ready meals.

In 1948, In the US Nestlé Alimentana launches a soluble tea, Nestea, which is manufactured using the same method as Nescafé, and can be served both hot or cold. Nesquik, which dissolves easily in cold milk, is also launched in the US and becomes a top seller. Nestlé infant cereal has been available since 1948 as a powdered product, but it is rebranded as Cerelac in 1954. Originally only sold as a bouillon cube, Maggi seasoning brand Fondor is launched as a powder. Packaged in a convenient shaker, it can now be used as a condiment in the dining room, as well as in the kitchen.

Canned ravioli is launched under the Maggi brand in 1957. Its huge success prompts Nestlé to launch more canned, prepared foods, which become a new growth segment.

Acquisitions enable Nestlé to enter fast-growing new areas such as frozen foods, and to expand its traditional businesses in milk, coffee and canned foods. In the 1970s the company diversifies into pharmaceuticals and cosmetics. It starts to attract criticism from activist groups that allege its marketing of infant food is unethical. Nestlé later becomes one the first companies to apply the WHO code on breast-milk substitutes across its business.

1981 to 2005

During the years from 1981 to 2005, following years of growth, Nestlé disposes of unprofitable brands and promotes those that satisfy increasingly health-conscious consumers, in line with its new ‘Nutrition, Health and Wellness’ ambition. The company expands in the US, Eastern Europe and Asia, and targets for global leadership in water, ice cream and animal food.

In the period from 1981 to 2005, Nestlé made a series of acquisitions. In acquired US-based Carnation Company for USD 3 billion in 1985, UK confectionery company Rowntree Machintosh in 1988, Perrier Group of France in 1992, Italian mineral waters business Sanpellegrino Group in 1998, US pet food business Ralston Purina in 2001, licensing rights to premium producer Häagen-Dazs in the US and Canada in 2002, and Mövenpick and Dreyer’s Grand Ice Cream in 2003. The company also merged with Ralston Purina, after buying it in 2001, its pet care business Nestlé Friskies Petcare in the same year to establish the new market leader in pet care – Nestlé Purina Petcare.

During the same period, the company did a lot of expansions, product-wise. The company launched Stouffer’s Lean Cuisine in 1981, Carnation and Coffee-Mate in 1985, Nespresso in 1986, KitKat, After Eight and Smarties in 1988, Nestea in 1991, Nestlé Waters in 1993 – renamed in 2002, Nestlé Pure Life and Aquarel in 1998.

2006 to today

Nestlé made a series of acquisition again from 2006 to onward. It acquired Jenny Craig and Australian breakfast cereals company Uncle Toby’s in 2006, Novartis Medical Nutrition, baby food company Gerber, and Swiss mineral waters concern Sources Minérales Henniez in 2007, Kraft Foods’ frozen pizza business in 2010, Wyeth Nutrition in 2012, US-based medical foods company Pamlab in 2013, Zenpep, Vital Proteins and Aimmune in 2020, and Essentia and Nuun in 2021.

Nestle Headquarters

During this period of time, the company sells several of its business segments and ends ties with some businesses. In the meantime, it has created some newer joint ventures, reduced control in some and increased control in other joint ventures. In 2013, the company sold its weight management business Jenny Craig in America and Oceania. With the creation of Nestlé Skin Health, Nestlé takes full control of the Galderma dermatology joint venture which it created with L’Oréal in 1981. The companies also end their joint venture Innéov, a cosmetic nutritional supplements business launched in 2002. Galderma subsequently acquires some of its assets. The company sold French frozen foods business Davigel in 2015. In 2018, Nestlé and The Coca-Cola Company end their Beverage Partners Worldwide joint venture. The company closes the sale of Nestlé Skin Health, and sells 60% of its stake in Herta and creates a joint venture with Casa Tarradellas. The company sells its business of Yinlu peanut milk and canned rice porridge in 2020. In 2021, the company sold the water business segment Nestlé Waters North America brands with a view to transforming its business strategy. In the same year, the company reduces its stake in L'Oréal.

In this period of time, Nestlé articulates its Creating Shared Value approach to business for the first time, and launches its Nestlé Cocoa Plan and Nescafé Plan to further develop sustainable supply chains in cocoa and coffee. While strengthening its position in traditional segments, infant formula and frozen foods, Nestlé strengthens its focus on medical nutrition.

Summary of the history of Nestlé SA

A steady growth of Nestlé has been reported throughout the years in the above paragraphs. What has started in 1867 in the hands of Henri Nestlé, has fared through time with hundreds of mergers, starting with merger with Anglo-Swiss in 1905.

Whenever Nestlé saw a product doing great in the market and it wished to develop it, it sought a company that sells that product and merged with it or acquired it or entered into a join venture with it. Thus, Nestlé included many a product into its portfolio over time such as chocolates, Maggi soup, and Petcare. The company used to acquire another business and make a different unit that deals with certain products. Examples exist such as Nestlé Purina, Nestlé & Anglo-Swiss, Nestlé-Peter-Cailler-Kohler and so on. The development of new products always came from the demand in markets and a careful consideration of Nestlé group about the nutrition and convenience of its target consumers.

Nestle Headquarter Lead

The operation of Nestlé has been a perfect example of a ‘company with negative beta’ during both world wars. During WWI, the company’s canned milk has become the major food item into the militaries since it was easy to carry and store. Similar picture sustained during WWII. The demand for the products of Nestlé skyrocketed during these years. However, the company suffered afterwards though, the toughest year being 1921. During great depression, the demand for the products of Nestlé dipped as the consumers remained confused between spending and saving. Also, the great depression caused worldwide fallout of markets and suffering of the people and governments which impacted the sales of Nestlé.

With the right strategy on board, the company always profited from however tough the years be. A spate of acquisition and merger took place during 1981 to 2005. Also, the company dropped some of its businesses during these years. From 2006 to this day, the company again made a series of acquisitions and dropped several businesses as well as joint ventures and partnerships.

Nestle general building with logo

Corporate strategy of Nestlé SA

With its motto “Good Food, Good Life”, Nestlé SA has adopted a winning business strategy that, according to the CEO Mark Schneider’s remark in 2019 interview with the New York Times, seeks to strike a balance between being virtuous and profitable in the business at the same time. The company focuses its energy and resources in unlocking the power of food to make greatest positive impact on the lives of people and pets.

The business strategy of Nestlé stands on three pillars as explained below

Growth through continuous innovation: The business strategy of Nestlé sets a goal to maintain mid single-digit organic sales growth by maintaining a diversified portfolio both in terms of geography and category. The agility of the company in changing environments and its cultivation of high-quality global, local and regional brands contribute to long-term financial performance. The company ensures its targeted growth through rapid innovation, market share gains and portfolio management.

Operational efficiency: The growth agenda of Nestlé is fuelled by its disciplined cost management to improve operational efficiency at all levels of the business. This strategy together with the sales growth helps the company to free up resources for reinvestment in product innovation, brand building, digitalization, and sustainability initiatives.

Prudent capital allocation: The company invests in the long-term growth and development of its business. But in doing so, the company first ensures improvements in the shareholder’s return and shared value with the other stakeholders. The company takes a disciplined approach to capital allocation, with prudent financial policies designed to strike the right balance between growth, returns and flexible access to financial markets.

The company bases its value-creation strategy centring the customers. It understands and serves its customers by identifying trends early and acting quickly to capture them. The company capitalizes on the increasing importance that people put on good nutrition and health management. The preference of the people for products with simple, understandable ingredients, natural or organic, and ideally locally produced is a major foothold of the business design of Nestlé.

Nestlé has the largest research and development network in the food and beverages industry, continually innovating and renovating our portfolio to meet changing consumer demands. Nestlé offers a range of affordably-priced, high‑quality, nutritious products. Many of their foods and beverages, especially those for children, include added micronutrients such as iron, iodine, vitamin A and zinc to support good health and well‑being.

Creating shared value is another fundamental principle of Nestlé’s way of doing business. The company sets its strategy to maximise value for the shareholders as well as for the society at the same time.

Locations of Nestlé

Nestlé is headquartered at Avenue Nestlé 55, Vevey, Switzerland. In the United States, the office is at 1812 N Moore St, Arlington, United States. The company has its corporate offices in at least 115 locations worldwide and it has 354 factories in 79 countries around the globe. The list of countries in which the company has corporate office is given below –

AfricaAmericasAsiaEuropeOceania
AlgeriaArgentinaBahrainAustriaAustralia
AngolaBoliviaBangladeshBelarusFiji
BeninBrazilCambodiaBelgiumNew Caledonia
Burkina FasoCanadaChina Mainland, Greater ChinaBosnia & HerzegovinaNew Zealand
CameroonCaribbeanHong Kong SAR, Greater ChinaBulgariaPapua New Guinea
ChadChileIndiaCroatiaPolynesia
Congo- KinshasaColombiaIndonesiaCzechia 
Côte d’IvoireCosta RicaIranDenmark 
EgyptCubaIsraelFinland 
GabonDominican RepublicJapanFrance 
GhanaEcuadorJordanGermany 
KenyaEl SalvadorKazakhstanGibraltar 
MauritiusGuatemalaKuwaitGreece 
MoroccoHaitiLebanonHungary 
MozambiqueHondurasMalaysiaIreland 
NigeriaJamaicaOmanItaly 
SenegalMexicoPakistanMalta 
South AfricaNicaraguaPhilippinesNetherlands 
TunisiaPanamaQatarNorth Macedonia 
ZambiaParaguaySaudi ArabiaNorway 
 PeruSingaporePoland 
 Puerto RicoSouth KoreaRomania 
 Trinidad & TobagoSri LankaRussia 
 United StatesSyriaSerbia 
 UruguayTaiwan, Greater ChinaSlovakia 
 VenezuelaThailandSlovenia 
  TurkeySpain 
  United Arab EmiratesSweden 
  UzbekistanSwitzerland 
  VietnamUkraine 
   United Kingdom 

Nestle Malaysia mother of Milo

Brands of Nestlé

Nestlé sells almost every different type of food and beverage ranging from baby food and bottled water to cereal and healthcare nutrition products. Biggest brands of the company include Nescafé, KitKat, Nespresso, Maggi, Toll House and Milo. A complete list of brands along with a short description of each is given in the following table – 

BrandShort Description
Acqua PannaThe unique taste of Acqua Panna Natural Mineral Water comes from the earth.
AeroKnown for its delightful bubbles. A unique way to experience pure chocolate pleasure. Available in many countries including the UK, Canada and Japan.
AlpoA leading dog food brand known for meaty taste and high quality protein. Available in many varieties including wet and dry food, and tasty treats.
Baci PeruginaNothing brings people together better than Baci Perugina, an Italian iconic chocolate, founded on passion and tradition.
Bakers CompleteThe UK’s #1 complete dry dog food made with fresh meat and wholesome kibbles. Available in a range of varieties for each stage of your dog’s life.
BenefulDog food that keeps your dog happy with a perfect balance of wholesome ingredients, quality nutrition and great taste. Available in many countries.
Blue Bottle CoffeeExperience coffee as it should be: sustainably sourced, fresh, and brewed to perfection.
BuitoniDedicated to using the highest quality ingredients to make delicious pastas and sauces - inspired by traditional Italian cuisine.
CarnationA delicious evaporated milk alternative to cream for creating meals and treats. A good source of calcium. Also available in light variety.
Cat ChowCat food that helps cats enjoy a healthy lifestyle - whether a kitten, adult or mature cat. Available in multiple formulas and countries.
CerelacA range of nutritious, easily-digested instant cereals – as a complementary food for infants from six months onwards.
CheeriosCheerios are great tasting cereals made of five whole grains and with no artificial colors or flavors.
ChefDeveloped by chefs for chefs, Chef product culinary bases are the best kept secret of professional kitchens around the world.
Chef-MateHigh quality, dependable, shelf-stable products that professional chefs have come to know and trust for the past 30 years.
Coffee-MateThe perfect partner to coffee. Non-dairy creamer available in many varieties that is lactose and cholesterol free. Makes coffee richer and creamier.
DiGiornoThe leader in the US frozen pizza category, DiGiorno delivers fresh-baked taste in the comfort of your home.
Dog ChowComplete, balanced nutrition for dogs of all ages. High quality ingredients deliver 100% of the essential nutrients your dog needs to stay happy.
Dreyer’sPremium ice cream and frozen treats. Trusted, great-tasting brands for the family including Grand, Slow Churned, Dibs, and Outshine Fruit Bars.
ExtrêmeA convenient and delicious cone available in multiple flavours. A balance of taste and texture with the delight of a chocolate-filled tip.
Dreyer’sAn exquisite feline dining experience with all the nutritional benefits. An assortment of single-serve entrees in succulent varieties and textures.
Fancy FeastAn exquisite feline dining experience with all the nutritional benefits. An assortment of single-serve entrees in succulent varieties and textures.
FelixIrresistibly tasty cat food treats and milk. For kittens through to senior cats. Available in a range of delectable flavours, textures and formats.
FitnessDelicious flakes made with whole grain and important vitamins and minerals, including calcium and iron.
FitnessDelicious snacks made made with oats and wholegrains and no artificial colors or flavors.
FriskiesEverything your cat wants – great taste, nutrition and an unbelievable selection of flavours and formats. Helps cats live life to the fullest.
GerberOne of the most trusted names in baby food and baby care. Since 1927, committed to promoting good nutrition and healthy eating habits for children.
GourmetCat food made to the highest cat culinary standards. Available in convenient, single-serve portions in a tantalising array of recipes.

Häagen-Dazs

 

The finest creations. Ice cream, gelato, sorbet and frozen yogurt made from the finest ingredients like sweet, fresh strawberries and rich cocoa.
Hot PocketsAmerica’s favourite frozen sandwiches for any meal. Convenient, great tasting varieties including Lean Pockets with 9 grams of fat or less.
KitKatOne of the world's favorite chocolate brands. Light layers of praline-filled wafer in smooth milk chocolate.

La Laitière

 

Great tasting desserts for everyone who loves the wholesome goodness of nature and a choice of lighter options.
Lean CuisineLean Cuisine meals are low in fat and high in nutritional value. Delicious nutritious meals ready to eat in minutes.
Lean CuisineFor food service operators who need to satisfy healthful and flavour-craving preferences. Includes vegetarian, Asian and traditional comfort food.
Lion CerealsA unique combination of chocolate and caramel created to feed your wild hunger.
MaggiQuick and easy solutions like bouillons, soups and seasonings to help professional kitchens bring out the flavour and nutrition of fresh ingredients.
MagginQuick and easy options like bouillons, soups, seasonings, sauces and instant noodles. Complements fresh meat and vegetables as part of a healthy diet.
MilkybarMilkybar is one of the UK best loved brands and the No.1 White Chocolate brand.
MiloThe world's leading chocolate malt beverage with essential vitamins and minerals. Includes calcium, iron, vitamin A, vitamins B1 and B2 and Vitamin C.
MiloThe world's leading chocolate malt energy drink. A popular product for food service operators especially in Asia, Africa and Oceania.
Minor’sPure flavour, premium quality, superior aroma, bold functionality providing the perfect solution for chefs' sauces and gravies.

Mövenpick

 

The Art of Swiss Ice Cream - crafted with the best ingredients that nature can provide. Natural flavour; no artificial additives or colours.
NaturNesBaby food with better nutrition and taste. Steam cooking preserves nutrients and flavour. 100% natural; no added salt, sugar or modified starches.

Nescafé

 

Helping food service operators enhance their drink menu with a range of trusted products, beverage delivery systems and Nestlé Professional service.

Nescafé

 

One of the world's most popular coffee brands. Many varieties to suit all tastes and occasions. Rich in natural goodness, flavour and convenience.

Nescafé

 

A multi-coffee capsule system using ground-breaking technology to give you a perfect cup of coffee, every time.
Nescafé Dolce GustoA multi-coffee capsule system using ground-breaking technology to give you a perfect cup of coffee, every time.
Nescafé Ready to DrinkDiscover Nescafé to go in convenient ready to drink formats.
NespressoFor coffee connoisseurs. Stylish machines and Grand Cru coffees available in exclusive Nespresso boutiques and via the company website.
NesquikChocolate powder, syrup and ready-to-drink products. A quick and easy way to complement the natural nutrition of milk and make delicious drinks.
Nesquik Breakfast CerealThe only breakfast cereal with the irresistible taste of Nesquik chocolate in every bite. Made with whole grain, minerals, plus iron and calcium.
NesteaRefreshing, naturally-flavoured sweetened and unsweetened iced tea and green tea products in a range of convenient formats.
NesteaRefreshing, naturally-flavoured sweetened and unsweetened iced tea and green tea products in a range of formats. Great for any food service menu.
Nestlé Les Recettes de l'AtelierSince 2014, Nestlé Les Recettes de l'Atelier has been offering delicious premium chocolate blocks with natural fruit and nut pièces.
NidoRange of milk and milk-based products with nutrition solutions for each stage of childhood. A brand that mothers trust. And a taste that kids love.
PerrierThe ultimate sparkling water refreshment – a unique balance of minerals and a light effervescent taste.
PurinaFor over 75 years the Purina brand has worked to help make pets' lives better through a range of trusted pet food brands and advice.
Purina ONERange of dog and cat food rich in essential nutrients and taste. Innovative formulas to help pets' health and meet changing nutritional needs.
Purina Pro PlanPet food developed by nutritionists. Made from only high quality ingredients, scientifically formulated to help pets enjoy a long and healthy life.
Quality StreetWith 12 iconic sweets to choose from in the classic assortment, Quality Street creates more magic moments for you and your family.
ResourceRange of nutritional solutions to provide adequate nutrients and energy when the body needs it most such as after an illness, surgery, or injury.
S.PellegrinoAn extraordinary combination of exceptionally pure water and minerals. It is the sparkling mineral water preferred by top restaurants worldwide.
SjoraA smooth, light-tasting blend of fruit juices and milk that helps food service operators offer a range of healthier beverages.
SmartiesThe delicious nibble everyone loves! Colourful coated chocolate confectionery.
Starbucks Coffee At HomeOur Starbucks Coffee At Home range includes a variety of signature Starbucks blends and single-origin coffees, classic beverages such as Caramel Macchiato and Cappuccino, tea latte and coffee creamers.
Stouffer’sVersatility and ease. A range of great tasting heat-and-serve products for food service operators seeking locked in freshness, texture and nutrition.
Stouffer’sAn impressive range of high quality, convenient entrées and side dishes – devoted to bringing families together around delicious food.
ThomyThe first brand to put mustard in a tube. The undisputed leader in offering delectable spreads and sauces in Germany and Switzerland.

Competition Analysis of Nestlé

Nestlé is a global company – the biggest food manufacturing company in the world. The competition that Nestlé faces is therefore very high. Operation of the company is diverse and exists across the world. In 2021, the company has posted 24% of its total sales from Europe, Middle East and Northern Africa (EMENA) region, 38% from Americas, 23% from Asia, Oceania and Sub-Saharan Africa region. Major competitors of the company include Unilever, Safeway, Walgreen Company, Walmart, Kraft foods, Kroger and so on. The competition is growing and the rival brands are concentrating on capturing more market share even if it is by sharp price reduction.3

The diversified portfolio of Nestlé consists of 27% powdered and liquid beverages, 17% PetCare, 15% nutrition and health science, 14% prepared dishes and cooking aids and 12% milk products and ice cream and the rest 15% other products in 2021.

Nestlé faces a fierce competition from its close rival Unilever. Unilever has 148,000 employees and has 400 powerful brands worldwide. The company operates in other segments but a big portion of its brands overlaps with the operation of Nestlé. Of the product portfolio of Unilever, 38% belongs to the food and refreshment sector, which overlaps with Nestlé. Unilever also has 58% emerging market besides its 42% established market. The company is continually thriving for entering new markets. Both companies follow the strategies of purchasing already established and household brands.

In a list created by mbaSKOOL in 2022 of top 10 FMCG (Fast Moving Consumer Goods) companies in the world puts Johnson & Johnson at the top of it considering the revenue, profit and number of brands. J&J posted revenue of $93.7 billion in 2020 with 90 brands. Second in the list is Nestlé AG which has posted an annual revenue of $91.4 billion and 2000 brands in total. The list goes on by listing Procter & Gamble as the third in this list, followed by Pepsi Co., JBS, Unilever, AB InBev, Tyson Foods, Coca Cola and L’Oréal S.A.4

Nestlé has unmatched research and development capability than its competitors. Strong geographic presence of the company makes it stand out. Localised products are designed to match the test of the people in different areas in a different way. The brands that Nestlé has established are unparallel and they are familiar all around the world. The company makes an active effort to be environmentally sustainable like all the other companies.

However, the company is often criticised for several reasons like high water usage, anti-unionism, selling contaminated food, forced child labour and other unethical practices. The company is criticised for taking water off California to operate its bottled water business – Nestlé Waters North America (now Blue Triton after being acquired by a private equity firm in April 20215). Lawsuits have been filed against the company over the issue. In 2014, Nestlé recalled and destroyed 37,000 tons of contaminated Maggi noodles in India. This resulted in hundreds of millions in lost sales and damaged brand reputation. his resulted in hundreds of millions in lost sales and damaged brand reputation. Recently, the company had to recall various prepared dishes in the U.S., which may have contained pieces of glass. The company has to recall some of its products almost monthly.

Such negative publicity heavily affects Nestlé’s business.6 (see the “Controversy” section for full analysis).

However, despite all the challenges and competition, the company is performing very well worldwide. The financial results and non-financial results reported by the company are positively optimistic.

Risk analysis

Several risk factors are prevalent in the business of Nestlé.

  • Product quality and safety is one of the top risk factors according to the annual review of the company, 2021.7
  • Oftentimes, compromised quality of the products caused hazard to the consumers triggering a controversy like the one in China in 2002.
  • Failure to predict consumer preferences and to anticipate the competition accurately can cost the company market shares and a dip in sales. The market dynamics of the FMCG industry can change very quickly. Although Nestlé has adequate R&D facilities along with proper focus towards consumer needs and market dynamics, it always remains a risk factor.
  • Increased regulation from authorities concerning the misleading labelling of products’ nutrition factors is another risk factor for the company. The company is also subject to pressure from the propaganda of international organizations. For example, when in 1990s, Nestlé advertised its Children Breast Milk substitute, Save the Children issued a statement regarding this issue which outrightly denied all the claims of Nestlé’s advertisement that their product can be a substitute to mother’s milk. Apart from that the company is subject to increased regulation for human rights-related issues such as child labour, child trafficking, forced labour etc.
  • Operational nature of the company creates environmental hazard such as plastic wastage, excessive use of natural resources, air emissions, waste discharges and so on. Plastic packaging alone can create an environmental hazard which may bolster climate change. The company understands this risk and is complying with the regulations related to it. However, increased awareness about environmental preservation is a risk for the company from a compliance point of view; it is a risk from ethical and corporate social responsibility point of view as well.
  • Supply chain disruption is always a major risk for a company as big as Nestlé. Major events such as commodity shortages, strikes, sanctions, natural disasters, health outbreaks etc. can affect the transport, sourcing, and internal/external manufacturing facilities of the company.
  • Other systematic risks such as macro financial factors and geo-political factors are present in the risk profile of the business. Macro financial factors include sudden disruption in inflation, interest rate, exchange rates, and other macro-economic variables. Geo-political factors include political instability, conflicts, pandemic, trade wars, labour or infrastructure-related risks.

Business Overview

The business of Nestlé is driven by the purpose of unlocking the power of food to enhance quality of life for everyone, today and for generations to come. Nestlé sold in 2021 powdered and liquid beverages of 24.0 billion CHF, PetCare of 15.6 billion CHF, nutrition and health science products of 13.2 billion CHF, prepared dishes and cooking aids of 12.1 billion CHF, milk products and ice cream of 10.7 billion CHF, confectionery of 7.5 billion CHF, and water of 4.0 billion CHF. The company geographically divides its worldwide operation in 3 segments (see competition analysis of Nestlé). Highest sale of the company comes from American region – 39.1 billion CHF; second highest from European region – 25.8 billion CHF; and third highest from Asian and African region – 22.2 billion CHF.

The company employs 276000 employees as of 2021. It sells its products in 186 countries. The company’s total group salaries and social welfare expenses amount to CHF 14 billion and it paid 2.7 billion in corporate taxes.

The strategic choice of the company has resulted into the following results in 2021 –

  • Coffee, pet care, nutrition, water and nutritional health science, together representing 63% of sales, grew by 8.2%.
  • Plant-based food products generated sales of around CHF 800 million with organic growth of 16.8%.
  • Another 31 brands of the company including Maggi, Milo, and Nido has generated over CHF 1 billion annual sales each at the retail level.
  • E-commerce sales of the company represented 14.3% of total sales and grew by 15.1% year-on-year.
  • Direct-to-consumer businesses represented 8.7% of sales and grew by 8.7%.
  • Emerging markets of the company represented 41% of sales and grew by 7.8%.

To focus on categories and geographies, Nestlé has completed more than 85 acquisitions and divestitures transactions since 2017. In 2021, the company has divested the Nestlé Waters North America brands, acquired core brands of The Bountiful Company, including Nature’s Bounty, Solgar, Osteo Bi-Flex, Puritan’s Pride, Ester-C and Sundown. The company also acquired a premium functional water brand namely Essentia, and a leader in functional hydration through effervescent tablets name Nuun.

The emphasize that Nestlé puts on R&D drives it to invest 1.7 billion Swiss francs annually in research and development. The company has 23 R&D locations and 4100 R&D employees worldwide. About 30% of its sales came from products innovated or renovated in the last three years.

The company’s effort to be environment-friendly has resulted into 4.0 million tonnes of greenhouse gas emissions reductions (CO2e) since 2018, 97.2% of its supply chains are deforestation-free, and the company has reduced virgin plastic packaging by 8.1% since 2018. To ensure gender equality, the company has 27.2% women in the top 200+ senior executive positions.

Financial Performance

The financial year of Nestlé ends on December 31 of the respective year. Gross sales of the company during 2021 have grown by 3.25% - reported sales in 2021 is 87,088 million CHF and in 2020 84,343 million CHF. The company has reported trading operating of CHF 12,159 million which was CHF 14,233 million a year earlier. This slide in trading profit is a resultant of a spike in ‘other trading expenses’ head, which has increased almost three-fold from CHF 908 million to CHF 3,131 million. Operating profit reported in 2021 is CHF 11,679 million in place of CHF 14,796 million a year earlier. The drop is a carry forward from the trading operating profit and sent down farther by a slide in other operating income. In 2020, the other operating income reported was CHF 1,919 million but in 2021, it was almost three-fold down to CHF 698 million only.

This other operating income comes mainly from the gain on disposal of businesses. In 2021, for the large part, the company only disposed the Nestlé North America Business. But in 2020, the company disposed US Ice Cream business, Herta Charcuterie and Yinlu.

Finance income and finance expense of the company remains almost same round the years. Since the taxable income of the company is less than the previous year, the company ends up paying less taxes than the year earlier. Total amount of tax paid in the year 2021 is CHF 2,261 million whereas it was CHF 3,365 million. The company reported a significant amount of earning from the head titled as ‘income from associates and joint ventures’. In 2020, the company reported CHF 1,815 million income under this head. But in 2021, the company has reached a startling 4.5 (approx.) multiple of the past year’s amount to CHF 8,651 million.

Associates of Nestlé are those companies where Nestlé has the power to exercise significant influence but does not exercise control. When Nestlé has 20% or more of the voting rights in the investee, the latter is considered to be an associate and Nestlé can then participate in the financial and operating policy decisions. L`Oréal is the top associate of Nestlé. The Group holds a number of other associates that are individually not material, the main ones being IVC Evidensia (veterinary services provider in Europe and North America), Lactalis Nestlé Produits Frais (chilled dairy business in Europe) and Herta (cold cuts and meat-based products).

Joint ventures are contractual arrangements over which the Group exercises joint control with partners and where the parties have rights to the net assets of the arrangement. Total net investment of the company in the associates and joint ventures is CHF 11,806 million in 2021 and CHF 12,005 million in 2020. The reported bump in the income of the company comes from the gain on disposal of L`Oréal’s shares partially. The company has gained CHF 7,184 million in 2021 from that.

The final net income of the company for 2021 stood at CHF 17,196 million, which was CHF 12,372 million a year earlier. The relevant ratios of the company are reported below –

Ratio20212020
Gross profit margin48%49%
Net profit margin20%15%
EPS6.114.29
Return on Equity (ROE)32%27%
Return on Capital Invested (ROIC)17%14%
Total assets turnover0.630.68
Debt to Equity0.840.84
Debt to Total Asset0.330.31
Current Ratio0.980.86

Stock Market Facts

Nestlé S.A., the parent company of Nestlé Group, is listed at SIX Swiss Exchange. Each share of the company has been trading for CHF 106.60 as on 17 June, 2022. Since the last 1 year till this date, the stock of the company has changed by negative 16.35%.

Trading symbol of the stock is NESN.8 Nominal value per share of the company is 0.10 CHF. Number of shares in the issue is 2,815,000,000, thus, share capital of the company is CHF 281,500,000.

The company has declared dividend of CHF 2.80 per share in 2022, CHF 2.75 per share in 2021, CHF 2.70 in 2020, CHF 2.45 in 2019 and so on.

Controversies

Baby formula and boycott

In the 1990s, Nestlé pushed their breastfeeding formula in the least developed countries in a way that would seem that their formula is almost as good as mother’s milk. This aggressive marketing targeting the poor is criticised for its unethical intentions.

Nestlé and water crisis in California and elsewhere

Nestlé has been sourcing its water from San Bernardino National Forest, California without permit. While California is facing severe droughts and a receded ground water, this company is using around 1 billion gallons of water according to an independent analysis.

In a small Pakistani community of Bhati Dilwan, the children were catching diseases due to filthy water. A former village councillor commented that the bottled water maker Nestlé is to blame. The company dug a deep well, and thus deprived the locals of potable water.

Apart from allegations about using the limited ground water in an unthrifty way, the company was sued for bottling only tap-water but labelling and market them as processed mineral water.

Child labour, abuse and trafficking

The chocolate industry depends on the cocoa plants mostly grown in Africa. In the supply chain of Cocoa, allegedly child labour, abuse and trafficking of children exist. In a 2010 documentary film styled ‘The Dark Side of Chocolate’9,

child labour and abuses were found. The children are usually 12 to 15 years old, and some are trafficked from nearby countries – and Nestlé is no stranger to this practice. In 2005, the cocoa industry was under the spotlight for the first time and International Labour Rights Fund filed a lawsuit against Nestlé among others. Though Nestlé is not directly legally bound to this allegation, they are ethically liable and liable of creating more demand for chocolates and not raising its voice against child labour.

Health threats

In July 2009, Food and Drug Administration (FDA) and Centers for Disease Control and Prevention (CDC) warned consumers to avoid eating any varieties of prepackaged Nestle Toll House refrigerated cookie dough due to risk of contamination with E. coli O157:H7 (a foodborne bacterium that causes illness). In the US, it caused sickness in more than 50 people in 30 states, half of whom required hospitalization.10

In 2008, the Chinese Milk Scandal claimed life of six infants and 860 were hospitalized after consuming Nestlé’s milk powder. The product was contaminated with melamine – a substance that is often mixed with powered milk to enhance protein content. In October 2008, Taiwan Health ministry announced that six types of milk powders produced in China by Nestlé contained low-level traces of melamine and were removed from the shelves.

Apart from the above controversies, the company is alleged of environmental pollution, of demanding $6 million from famine-ridden Ethiopia in 2002, of making unethical deals with Robert Mugabe, of price fixing, and false labelling its products.

Recent Developments

  • Nestlé has disclosed in sales of first three month of 2022 in April. Total reported sales increased by 5.4% to CHF 22.2 billion (3M-2021: CHF 21.1 billion). Foreign exchange decreased sales by 0.8%. Net divestitures had a negative impact of 1.3%.
  • In 155th Annual General Meeting of the company held on April 07, 2022, Luca Maestri, Chief Financial Officer at Apple, and Chris Leong, Chief Marketing Officer at Schneider Electric, were elected to Nestlé S.A.’s Board of Directors.
  • Nestlé announced an investment of USD 675 million to build a new beverage facility in Glendale, Arizona that will create 350 jobs.
  1. ^ https://www.forbes.com/sites/chloesorvino/2020/05/13/the-worlds-largest-food-and-restaurant-companies-in-2020/?sh=1494cd33262d
  2. ^ See Financial Statements 2021, p.154 for complete list. Available at: https://www.nestle.com/sites/default/files/2022-03/2021-corp-governance-compensation-financial-statements-en.pdf
  3. ^ https://s3.amazonaws.com/coursera-uploads/peer-review/a3f86i8hEeWv_w7cMMH1Uw/6b87a71fd27bc955f9b707ae6adfb79f/Nestl_-S.A.-Competitive-position-and-Analysis.pdf
  4. ^ https://www.mbaskool.com/fun-corner/top-brand-lists/17609-top-10-fmcg-companies-in-the-world.html
  5. ^ https://www.nytimes.com/2021/04/29/us/nestle-water-california.html
  6. ^ https://strategicmanagementinsight.com/swot-analyses/nestle-swot-analysis/
  7. ^ Annual Review 2021, p.61. Available at: https://www.nestle.com/sites/default/files/2022-03/2021-annual-review-en.pdf
  8. ^ https://www.six-group.com/en/products-services/the-swiss-stock-exchange/market-data/shares/share-explorer/share-details.CH0038863350CHF4.html#/share-details
  9. ^ https://www.youtube.com/watch?v=7Vfbv6hNeng
  10. ^ https://www.zmescience.com/science/nestle-company-pollution-children/#Baby_Formula_and_Boycott
Tags: CH:NESN
Created by MD. TOUHIDUL ISLAM on 2022/05/09 13:58
     

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  547. US:PUFXF
  548. US:PULM
  549. US:PVG
  550. US:QRSRF
  551. US:QSR
  552. US:RAD
  553. US:RBA
  554. US:RBGPF
  555. US:RCI
  556. US:RCKT
  557. US:RDHL
  558. US:RDUS
  559. US:RELX
  560. US:REPH
  561. US:RGLS
  562. US:RIGL
  563. US:RIO
  564. US:RNN
  565. US:RNVA
  566. US:ROX
  567. US:RSSFF
  568. US:RTTR
  569. US:RY
  570. US:SCYX
  571. US:SDRL
  572. US:SEGXF
  573. US:SENS
  574. US:SESN
  575. US:SGBY
  576. US:SGGEF
  577. US:SGMO
  578. US:SGYP
  579. US:SHMP
  580. US:SHOP
  581. US:SJR
  582. US:SKLN
  583. US:SLF
  584. US:SLFPF
  585. US:SMFTF
  586. US:SMGKF
  587. US:SNAP
  588. US:SNN
  589. US:SPHS
  590. US:SPLIF
  591. US:SPRWF
  592. US:SQ
  593. US:SRNA
  594. US:SRNE
  595. US:SRRA
  596. US:SSRM
  597. US:STJPF
  598. US:STLY
  599. US:STML
  600. US:STMP
  601. US:STN
  602. US:STRRF
  603. US:SU
  604. US:SWN
  605. US:SYN
  606. US:TAC
  607. US:TBQBF
  608. US:TD
  609. US:TECK
  610. US:TENX
  611. US:TEVA
  612. US:TFII
  613. US:TGOPF
  614. US:TGTX
  615. US:THCBF
  616. US:TK
  617. US:TMXXF
  618. US:TNDM
  619. US:TOP
  620. US:TRI
  621. US:TROV
  622. US:TRP
  623. US:TRTC
  624. US:TRVN
  625. US:TRXC
  626. US:TSG
  627. US:TSLA
  628. US:TTM
  629. US:TTNP
  630. US:TTNQY
  631. US:TU
  632. US:TVTY
  633. US:TWTR
  634. US:TXMD
  635. US:UBQU
  636. US:UNXL
  637. US:VAPE
  638. US:VBLT
  639. US:VCEL
  640. US:VDQSF
  641. US:VPCO
  642. US:VSTM
  643. US:VXRT
  644. US:VZ
  645. US:WIT
  646. US:WLDFF
  647. US:WLL
  648. US:WMIH
  649. US:WMT
  650. US:WPM
  651. US:WPP
  652. US:WSPOF
  653. US:XGTI
  654. US:XON
  655. US:XTNT
  656. US:XXII
  657. US:ZGNX
  658. US:ZSAN
  659. US:ZYNE
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