Key Points
Sales revenue increased by 4%; up 7% in Europe and up 1% in the Americas. Like-for-like sales up 5%.
Earnings before interest, tax, depreciation and amortisation (EBITDA) in line with AGM guidance;
EBITDA 27% ahead of first-half 2013 reflecting strong operating leverage.
Dividend per share maintained at 18.5c.
Portfolio review is progressing; a multi-year divestment programme of c. €1.5 - €2 billion is actively underway.
First-half acquisitions/investments of €130 million.
Incremental cost savings of €45 million to date in 2014 with full year target of €100 million on track.
Continued focus on cash flow - lower seasonal working capital and capital expenditure outflows.
Net debt of €3.7 billion, €0.5 billion lower than June 2013.
