2014 FULL YEAR RESULTS
Key Points
Improving economic backdrop; US recovery gaining momentum, Europe normalising
Focus on performance and operational delivery
Strong cash generation
Financial discipline and balance sheet strength
Financial Highlights
Sales of €18.9 billion, 5% ahead of 2013; like-for-like sales up 4%
EBITDA up 11% to €1,641 million; ahead of November guidance
Cash inflow of €0.9 billion from operations; year-end net debt of €2.5 billion
Dividend per share maintained at 62.5c
Operational Highlights
Increased margins in all divisions and strong operating leverage
Cost savings of €118 million, bringing cumulative total to €2.5 billion
Strategic Highlights
Delivery on capital allocation and reallocation at attractive multiples
Acquisitions and investments of €0.19 billion
Divestment and disposal proceeds of €0.35 billion; €0.58 billion due to complete in Q1 2015
