financial statement analysis - nestle

7/25/2019 Financial Statement Analysis - Nestle

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ABS TRACT

NestléIndia,

operating intheFMCGsector, isasubsidiar



Project

Course name Financial Management II

Nestle – Financial Statement Analysis

FAS Group No: E2Ashish Rakheja 15F11Pankaj !eshpan"e 15F1#Sarthak $han"ra 15F1##Shruti Shukla 15F1#%Sree"a P 15F15

&ER' – 2(1)

& A PA* 'ANAGE'EN& *NS&*&+&E, 'AN*PA-



&a.le o/ $ontents

10 *ntro"uction to F'$G *n"ustry!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

20 Nestle – An erie3!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

0 $ommon Si4e an" &ren" Analysis!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#

"!$ Common Si%e Anal&sis o' Income Statement!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#

"!( Trend Anal&sis ) Income statement!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*

"!" Common Si%e o' Balance Sheet!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*

"!# Trend Anal&sis o' Balance Sheet!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!+

#0 Financial Forecastin!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

#!$ -re.'orecasting Ratios!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!/

#!( -ost Forecasting Ratios!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$0

50 !ii"en" Policy!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$

)0 6orkin $apital Financin Policy!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$(

Re/erences!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! $"



10 *ntro"uction to F'$G *n"ustry

In (0$*, globall& FMCG industr& 'aced 1ith t1o main challenges!

Continued negati2e gro1th in people3s disposable incomes

Changing consumer attitudes to1ard products and brands

To respond to this challenge companies must ta4e alternate routes to reach tocustomers! It is anticipated that global FMCG ecommerce 1ill ha2e an increase o' 5$ billion in sales b& the end o' (0$+! It is also e6pected that Asia 1ill be the ne6tma7or gro1th mar4et!8$9

As per the report b& AC Nielsen, the mar4et si%e o' FMCG sector in India is estimatedto gro1 b& $(: in (0$+ 1ith 'ood products accounting 'or #": o' the o2erall mar4et!8(9 Nestle being one o' the prominent pla&er in the 'ood and be2erage segment inIndia it is necessar& to anal&se their ;nancial per'ormance o2er the &ears andcorrelate it 1ith their strategies!

20 Nestle – An erie3

Nestlé India has a presence in mil4 < nutrition, be2erages, read&.to.coo4 'ood <coo4ing aids and chocolate < con'ectioner& segments o' the Indian FMCG mar4et!About (0: o' Nestle India3s re2enue comes 'rom the sales o' Maggi ) their =agshipproduct in the read&.to.coo4 'ood segment!

>ith the FSSAI issuing a ban on Maggi on ?une *th, (0$* Nestle reported a net loss o' INR +#!#0 crores in the second @uarter ended ?une "0, (0$*! 8"9 This 'urther led to adecrease in net sales b& $!(: b& the &ear end o' (0$* compared to (0$#!

Figure 1: Quarterly record of Nestle for past 5 years

The ;nancial position o' Nestle prior to Maggi ban, and the impact o' Maggi ban 1illbe studied in detail through common si%e and trend anal&sis o' Nestlé3s ;nancial

statements!



0 $ommon Si4e an" &ren" Analysis

In this section common si%e anal&sis o' Nestle Income Statement and Balance Sheetis per'ormed 'or the past + &ears From (0$0 to (0$*! Also, in this section trendanal&sis o' Nestle Income Statement and Balance Sheet is per'ormed 'or the past +

&ears From (0$0 to (0$* ta4ing (0$" as the base &ear!

"!$ Common Si%e Anal&sis o' Income Statement

peratin Pro7t

Although the CGS decreased b& (": in (0$* compared to (0$#, the sudden drop innet sales b& $!(: as a result o' Maggi ban issue caused their operating pro;ts to'urther drop to $+!0D:!

*nterest E8pense

Further in (0$# the sales increased b& /!(: 'rom (0$" and the repa&ment o' ECBloans lead to a sudden decrease in Nestle3s interest e6pense!

Pre9&a8 *ncome

From (0$0 to (0$$, Nestle3s CGS aspercentage o' sales decreased as a result o' impro2ed productchannel mi6 and Neslte3scontinuous initiati2e to impro2e itsoperations! This resulted in sudden increasein operating pro;ts 'rom $/!$+: in (0$0 to(0!": in (0$0! ate in (0$# although sales

increased b& /!(:&o&, Nestle sa1 a decreasein operating pro;ts as percentage o' sales,this is mainl& due to higher cost o' mil4 andits deri2ati2es in India that 1as higher than

Nestle3s interest e6pense increased

drasticall& 'rom 0!0(: o' sales in (0$0 to0!#: in (0$"! From anal&sing the balancesheets 'or this period 1e see that their ong.term borro1ings increased up to Rs!$$/D#/la4hs! This is mainl& due to the restatemento' E6ternal Commercial Borro1ings at theclosing e6change rate in (0$"! Also HS5$D(mn remained outstanding since (0$(

-re.ta6 income as :sales remained almostconstant around $/: 'rom (0$0 to (0$#!o1e2er, in (0$* the 2alue decreaseddrasticall& to $0!0(:! The decline in sales in(0$* as a result o' Maggi ban lead nestle tomo2e to operating losses o' Rs!#/D* la4hs'rom an operating pro;t o' Rs!*"la4hs in

(0$#!



Net *ncome Aaila.le to $ommon Sharehol"ers

Similar to pre.ta6 income, net income 1as almost stable at $(.$": 'rom theperiod (0$0 to (0$#! In (0$*, it reduced to +!D": as a result o' the Maggi banissue!

"!( Trend Anal&sis ) Income statement

From the abo2e graph, it is e2ident that net pro;t, net sales 1as the highest in (0$#compared to last +&ears, 1hereas perating pro;ts 1as the highest in (0$" and pre.ta6 income 1as the highest in (0$#! (0$* had the lo1est 2alue 'or all theseparameters as a result o' Maggi ban issue and loss o' 'aith in the brand 'romcustomers! Although Nestle suJered loss due to this incident onl& in K( o' FL(0$*,the& 1ere not able to pull up their sales drasticall& in the remaining + months sincethe ban and as a result 'aced $$!(#: decrease in sales compared to (0$"! Thissudden decrease in sales attributed to the decline in their net income during theperiod, although their operating income increase b& /: compared to (0$"!

To 'urther understand the operating and ;nancing measures ta4en b& Nestle duringthe period (0$0 to (0$* 1e carr& out common si%e and trend anal&sis o' theirbalance sheets during this period!

"!" Common Si%e o' Balance Sheet

&otal Assets

Net sales 1orth Rs! "0"#0 la4hs had to be

re2ersed during the 'ull &ear endedecember (0$* as the Maggi noodle pac4etshad to be 1ithdra1n 'rom traders and mar4etdue to the ban! This 'urther increasedNeslte3s operating e6penses 1hich 'urther



The total current assets o' Nestle as a percentage o' total assets reduced 'rom#+!/: in (0$0 to (D!"$: in (0$$! At the same time the total long.term assetsincreased 'rom *"!((: in (0$0 to 0!+D: in (0$$! There 1as $0$!*: increase inNestle3s cash in (0$$ compared to (0$0, 1hile their short term in2estmentsreduced b& +*:! The& also in2ested hea2il& in ;6ed assets in (0$$! In (0$",Nestle ac@uired non.controlling sta4e in Sah&adri Agro and air& td!O and alsoin2ested in long term ta6 'ree bonds! o1e2er, the in2estment in ;6ed assets 1as

comparati2el& less! In (0$", their cash balance and current in2estments alsoincreased b& ((: and (: respecti2el& due to better cash =o1s 'romoperations! In (0$#, the e6tra cash balance 1as used to repa& the ECB loans as aresults their cash reduced b& #$: compared to (0$"! In (0$*, the in2entoriesincreased as a result o' recall o' Maggi 'rom mar4et! In the same &ear, theirin2estments in ;6ed decresed b& ":! This increased the current assetscomponent in the total assets compared to non.current assets in (0$* o2er (0$#!

&otal -ia.ilities

&otal Euity

Total liabilities as : o' total assets 1as the

highest in (0$$ and the lo1est in (0$#! In(0$$, Nestle in2ested hea2il& in ;6ed assetsdue to the capacit& e6pansion pro7ects 'or1hich the& borro1ed HS 5 $"+ million 'romNestle SA 'or *&rs under ECB appro2al 'rom RBI,India! >hereas in (0$#, Nestlé paid o' their ECB



There 1as a stead& increase in total e@uit& o' Nestle 'rom (0$0 to (0$#! o1e2er,the 2alue o' e@uit& as percentage o' asset is "": in (0$0 and is (D: in (0$$because the 2alue o' assets o1ned b& Nestle in (0$$ is higher than (0$0! The e@uit&in (0$* reduced b& Rs! $D" la4hs causing the 2alue o' e@uit& as a percentage o' assets to reduce to #+:!

"!# Trend Anal&sis o' Balance Sheet

&otal Assets

>hile the total assets and total long termassets o' Nestle in (0$* 1as less thanthat in (0$" b& "!: and $0!(+:respecti2el&, the total current liabilit&increased b& !":! The main cause 'orthis 1as the increase in in2entories b&$$!*": compared to (0$" due to therecall o' Maggi 'rom the mar4et and also

short term in2estment also increased b



&otal -ia.ilities

#0 Financial Forecastin

The 'orecasted Balance sheet and Income statement 'or &ear ending ec "$, (0$+ isgi2en belo1,

Total current liabilities in (0$0, (0$$and (0$* 1as higher than the 2alue in(0$" b& ("!D":, /!D": and D!*#:!o1e2er, the eJect o' long termliabilities caused the total liabilities inall the &ears 'rom (0$0 to (0$* be a2alue less than (0$"! Nestle 1ase6panding their capacit& in India duringthis period and had borro1ed HS 5

Nestle India sa1 a (0: decline in (0$* K( sales,a'ter Maggi 1as pulled oJ 'rom the shel2es due to

sa'et& concerns! The cost o' remo2ing Maggi 'romthe mar4et led to a one.time e6ceptional loss o' Rs!#!*(bn 1hich is $!* times the a2erage pro;t in(0$#! o1e2er, Maggi is onl& a small part o' theirbusiness and the negati2e eJect o' recall on salesgro1th 1as temporar& to K(! B& the end o' (0$*, thesales o' Nestle rose b& #!*: 'rom ?une 1hich 1ashigher than the a2erage 'orecast o' #!": b& theanal&sts!8#9 o1e2er, the compan& could not meet thelong.term target o' *.+: &earl& gro1th, due to'oreign e6change rate =uctuations and the noodlerecall and thus ended 1ith a sales less b& $:compared to (0$# &o&!

According to the mar4et report b& Reuters India, thesales o' Nestle is e6pected to gro1 at a rate o' " .*:



#!$ -re.'orecasting RatiosNestle India has its presence in almost all segments o' the FMCG Industr&! The&mainl& operate in Food processing and dair& products segments! In these segments,atsun Agro -roducts and Qadilal are their main competitors! In this section, 1eanal&se the post 'orecast ratios o' Nestle India 1ith the ratios o' atsun Agro-roducts and Qadilal 'or the past &ears 'rom (0$$ ) (0$*! The comparison table isgi2en belo1!



Nestle3s capital structure is mainl& e@uit& dri2en! Thus in comparison 1ith the (competitors, Nestle India has the least ebtE@uit& ratio o2er the past * &ears,indicating more ;nancial stabilit& compared to its peers! Thus 1e can interpret thatNestle has a better sol2enc&!

-er'orming li@uidit& anal&sis, 1e see that in (0$$ Nestle has the highest Current ratio0!// but the ho1e2er, @uic4 ratio is the least 0!"/ compared to its peers!Although current ratio is the measure o' companies abilit& to repa& short.termliabilities using its current assets, this measure can o'ten be misleading as currentassets also includes in2entories! Thus 1e can see that Nestle3s li@uidit& position in(0$$ 1as poor compared to peers! o1e2er 'rom (0$" to (0$*, Nestlé had higher

current ratio and @uic4 ratio 1hich implies that o2er the &ears Nestlé has impro2edon their in2entor& management! Another interesting obser2ation is that although in(0$*, Nestle 1itnessed the Maggi ban issue, the& 1ere able to maintain theirli@uidit& position compared to the peers!

Coming to pro;tabilit& ratios, 1e see that Nestle India has maintained an almostconstant gross pro;t margin o' abo2e *0:, 1hich is ideal! It is also much abo2e thepro;t margin o' its peers! o1e2er, its operating pro;t margin has decreased o2erthe &ears sho1ing decrease in operating ePcienc& e2en though sales ha2e beenincreasing! o1e2er, still it is com'ortabl& abo2e its competitors! Net pro;t margin isalmost constant at about $(:, e6cept in (0$* 1here it came do1n to +!D": due to

the Maggi ban!

The management ePcienc& ratio sho1 a concern! Return on e@uit& has 'allen do1nconsiderabl& in the last * &ears 'rom *: in (0$$ to #$: in (0$#! The e@uit& o' Nestle has increased much more than its income resulting in the 'all o' RE! Thisindicates that the& are losing their competiti2e edge! The increase in e@uit& is due toincrease in retained earnings! This is consistent 1ith their capital structure 1herethe& don3t depend on liabilities!

The a2erage pa&able da&s ha2e increased 'rom (" to "" da&s &et it is much betterthan its peers! Since, the 'ood processing industr& is mainl& cash based, the a2eragecollection period is less than # da&s, comparable to the peers!



#!( -ost Forecasting RatiosIn this section, Neslte3s ;nancial position is anal&sed b& calculating the ratios 'or the'orecasted ;nancial statements o' (0$+ and is compared 1ith the ratios in (0$* topredict its 'uture per'ormance!

From the abo2e table! It is clear that the sol2enc& position o' Nestlé 1ill almostremain unchanged in (0$+ compared to (0$*! E6panding the capacit& 1ould not beo' pre'erence in (0$+, rather the& 1ould pre'er to concentrate on attaining the

stabilit& in mar4et b& restoring the brand perception o' their customers 1hich 1ouldhelp them boost their sales in (0$+ compared (0$*! o1e2er, the li@uidit& positiono' Nestle seems to be 1orr&ing! The Maggi ban in (0$* had led to a decline in netsales b& $!(: and domestic sales b& $/!": due to 1hich Nestlé net incomereduced b& almost $00: in (0$* 'rom (0$#! Thus in (0$+ to regain its position,Nestlé 1ill ha2e to ma4e 'ull use o' its assets to generate more sales and hence 1illnot be in a position to repa& its short.term liabilities using these current assets!

The pro;tabilit& and gro1th ratios also is 'orecasted to remain unchanged in (0$+, i' Nestlé achie2es a gro1th rate o' *: as predicted! Assuming that Nestle 1ill continueits current operational ePcienc&, the in2entor& da&s, accounts pa&able da&s,

recei2able da&s is 'orecasted to remain almost the same!Asset turno2er ratio compared to (0$* is predicted to impro2e b& 0!(# in (0$+! Thisindicates that Nestle 1ill be concentrating on ma4ing 'ull use o' its assets togenerate sales re2enue! This higher asset turno2er ratio compensates 'or the lo1li@uidit& 'orecasted!

Return o' e@uit&, return on assets and return on capital emplo&ed is 'orecasted toimpro2e drasticall& appro6! #:, +:, $": respecti2el& in (0$+ 1hich is anindication that the temporar& sales loss caused b& Maggi ban can be o2ercome in thecoming &ear i' Nestlé continues its current operations and achie2es the predictedgro1th rate o' *:!

2erall Nestlé3s ;nancial position in (0$+ seems to be promising 'or its attempt toattain stabilit& in mar4et! Adopting aggressi2e methods to push sales and e6pand



capacit& is not suggested in (0$+ gi2en that the customers trust has hit hard due tothe Maggi ban! Aggressi2e methods could gi2e a 1rong message to customers aboutNestlé3s products and thus might hit hard on sales! Thus continuing the currentmodest approach 1ould help Nestlé achie2e the 'orecasted ;nancial position (0$+!

50 !ii"en" PolicyNestle had A F Ferguson < Co! as its auditors! As on "$.ec.(0$*, the compan& has atotal o' D+,#$*,$+ shares outstanding!

For the &ear ending ecember (0$#, Nestle India has declared an e@uit& di2idend o' +"0!00: amounting to Rs +" per share! The compan& has a good di2idend trac4report and has consistentl& declared di2idends 'or the last + &ears!

Nestle 'ollo1s almost ;6ed di2idend polic&! For the ;nancial &ear ending ec3(0$#,the nestle di2idend increased to +" rupees per share 'rom #/!*0 rupees per share! In;nancial &ear ending ec3(0$* the price 'ell to rupees "0 per share o1ing to egalproceedings 'aced b& Maggi! This boils do1n to lo1er di2idends!

Nestle t&picall& pa&s out hal' o' it pro;ts as di2idends to its shareholders! In allli4elihood, the pa&.out 1ould be lesser this &ear! E2er& time the compan& announcesits @uarterl& results, the stoc4 could ta4e a 4noc4! This 1ould unsettle plans o' opportunistic in2estors 1ho are tempted to bu& the blue chip no1! The stoc4 hasdropped ((: in the past three months and has come oJ its pea4 2aluation o' +(times o' earnings hit in ?anuar& this &ear!

Currentl& the mar4et price o' Nestle India3s share is the highest o' past +&ears 1ith a2alue o' Rs! *#D0. 1hereas the E-S is the lo1est 1hich is around Rs!*/!#(.! Thus

the -E Ratio o' Nestle increased to D"!D 'rom #"!0 in ec (0$# i!e!, an increaseo' more than (00:! igh -E Ratio implies that Nestle India has opportunit& to gro1,ho1e2er the FMCG Industr& as a 1hole has a -E Ratio o' onl& ""!$! This indicatesthat the mar4et is regaining its 'aith in Nestle a'ter the Maggi ban incident and thusNestlé has to li2e up to this high e6pectations b& substantiall& increasing itsearnings, or the stoc4 price 1ill need to drop!

Financial ;ear 2(1( 2(11 2(12 2(1 2(1# $urrent*n"ustry P<ERatio

(0))2)05(%#

20#5=)

20%5(2

#0(1=#

01>21=

Nestle -E Ratio "0!0D "/!#D "!#$ #"!$+ #"!0* D"!D

*n"ustry!ii"en" ;iel" 201%? 10=2? 10)5? 10#5? 10#>? 105)?

i2idend Lield $!D0: $!(+: $!$: 0!D: $!$D: 0!**:



Nestle has al1a&s had a lo1 di2idend &ield compared to the industr& a2erage! Thiscan mean t1o things $ the share price is high because the mar4et rec4ons thatNestle has impressi2e prospects and is not 1orried about the compan&s di2idendpa&ments, or ( the compan& is in trouble and cannot aJord to pa& reasonabledi2idends!

o1e2er, combining the eJect o' both di2idend &ield 2alue and the -E ratio o' Nestle, it is e2ident that that option $ is more appropriate! 8*9

The last bonus that Nestle India had announced 1as in $DD+ in the ratio o' $(! Theshare has been @uoting e6.bonus 'rom ?ul& $*, $DD+!

Nestle India has not split the 'ace 2alue o' the share so 'ar!

)0 6orkin $apital Financin Policy>or4ing capital o' Nestle India is depicted in the graph belo1!

(0$0 (0$$ (0$( (0$" (0$# (0$*

.+000!00

.#000!00

.(000!00

0!00(000!00

#000!00

+000!00/000!00

$0000!00$(000!00

>or4ing Capital

Financial Lear

>or4ing Capital

Ratios !ec 2(1# !ec 2(1 !ec 2(12 !ec 2(11 !ec 2(1(

Current Ratio 0!*" 0!+* 0!*# 0!** 0!+(

Kuic4 Ratio 0!(* 0!"D 0!(( 0!( 0!(

In2entor& Turno2erda&s (D!+0 "#!/0 "$!+0 (D!*$ "$!(/

ebtors Turno2erda&s

"!( #!"# #!## "!#* "!#0

a&s -a&able *!D" *!*( *0!/D "D!#0 0!0

Number o' a&s In>or4ing Capital

((!+# "/!#* $*!D0 ./!+" .(!+0

i2idend -a&out Ratio *!$$ #/!+" #"!/ #$!/* *$!(

The compan& had negati2e 1or4ing capital during (0$0.(0$$! Also, it a2eraged

negati2e 1or4ing capital 'or most o' the last decade! A negati2e 1or4ing capital is asign o' managerial ePcienc& as FMCG industr& is characteri%ed b& lo1 in2entor& and



accounts recei2ables as it operates on an almost cash basis! It indicates that it ma&be collecting mone& 'rom sale be'ore it pa&s 'or goods 1hich mean it has good cash=o1! Con2entionall&, the FMCG Companies are 'amous 'or negati2e 1or4ing capitaldue to ePcient suppl& chain management! This industr& has lo1er le2el o' debtors,1hich are usuall& ;nanced b& creditors or suppliers! Also, Nestle3s turno2er does notdepend upon their production but upon the capabilit& to sales! Similarl&,de2elopment o' SCM, ER- and ?IT, etc! made eJecti2e management o' in2entor& andresources, 1hich signi;cantl& minimise the need o' current assets!



Re/erences

8$9 Accelerating the Gro1th o' Ecommerce in FMCG ) Global Ne1s .http111!4antar1orldpanel!com Februar& (*, (0$+

8(9 >hat3s in Store 'or India3s FMCG Mar4et ) Insights ) Reports (0$# ) Nielsen IndiaFebruar& (*, (0$+

8"9 Indian E6press article Nestle posts ;rst loss in $ &ears a'ter Maggi banO anarticle on Maggi ban issue dated ?ul& "0, (0$*httpindiane6press!comarticlebusinessbusiness.othersthe.maggi.eJect.nestle.posts.;rst.loss.in.$.&ears Februar& (*, (0$+

8#9 Reuters ne1s article Nestle tempers sales gro1th e6pectations in toughmar4etsO dated Feb $/, (0$+ httpin!reuters!comarticlenestle.results.idINCN0QR0F Februar& (*, (0$+

8*9 ong term stoc4 return stud& o' Nestle India b& unal -a1as4ar on Capitol rbitportal http111!caporbit!comnestle.india.a.long.term.stoc4.return.stud&Februar& (*, (0$+

8+9 Financial results ) Stoc4 and Financial ) In2estors . Nestle India 1ebpageFebruar& (#, (0$+

89 Annual Reports ) Stoc4 and Financial ) In2estors . Nestle India 1ebpage Februar&(#, (0$+

8/9 Mone&control!com ) 'or ;nancial ratios o' peers and Nestle3s current stoc4per'ormance Februar& (, (0$+

8D9 Bloomberg data 'or ;nancial statements 'or &ears 'rom (0$0 to (0$* 'or NestleIndia NSE isted Februar& (", (0$+

http://www.kantarworldpanel.com/

http://indianexpress.com/article/business/business-others/the-maggi-effect-nestle-posts-first-loss-in-17-years/


http://in.reuters.com/article/nestle-results-idINKCN0VR0KF


http://www.caporbit.com/nestle-india-a-long-term-stock-return-study/

http://www.kantarworldpanel.com/





http://www.caporbit.com/nestle-india-a-long-term-stock-return-study/

financial statement analysis - nestle

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