Key Points
Strong profit delivery
Good operating leverage
Margins and returns ahead in all divisions
Good cash management
De-leveraging ahead of plan
Interim dividend per share increased 1.6% to 18.8c
Trading Highlights
Reported sales increased 35% to €12.7 billion. Reported EBITDA more than doubled to €1.12 billion.
Proforma sales up 8%; up 3% in Europe, up 13% in the Americas and up 4% in Asia.
Proforma EBITDA increased 20%; up 5% in Europe, up 39% in the Americas and up 7% in Asia.
Proforma EBITDA margin 9.0% (proforma H1 2015: 8.1%).
Strategic Highlights
Operating cash outflow of €0.3 billion; better than the normal seasonal pattern.
Net debt at 30 June of €7.1 billion; on track to deliver year-end debt metrics at or below normalised levels.
