Key Points
Good profit growth
Enhanced portfolio through M&A
Strong cash generation; de-leveraging accelerated
Margins and returns ahead
Financial Highlights
Sales of €23.6 billion, 25% ahead of 2014; continuing operations (see page 29) up 17%
EBITDA up 35% to €2.2 billion, ahead of November guidance; continuing operations up 33%
Cash inflow from operations up 47% to €1.3 billion; year-end net debt of €6.6 billion
Dividend per share maintained at 62.5c, covered 1.4 times
Strategic Highlights
Strengthening market positions through focused portfolio management
Delivering value through capital allocation and reallocation at attractive multiples
Acquisitions and investments of almost €8 billion; transaction/one-off costs of €0.2 billion
Divestment and disposal proceeds of circa €1.0 billion; cumulative proceeds from divestment programme since 2014 of €1.4 billion
