Capital Allocation

We will continue to exercise strict financial discipline in the generation and use of cash. We have consistently demonstrated our ability to generate significant operating cash flow from growth in our operating activities, tight working capital management and a disciplined approach to capital expenditure. Our first priority for the use of cash will always be to invest behind our brands and to take full advantage of the organic growth opportunities in our business.

Our optimal capital structure remains a net debt to EBITDA ratio of around 2 times. Deleveraging to around 2x remains our commitment, and we will prioritize debt repayment in order to meet this objective.

Mergers and Acquisitions remain a core competency and we will always be ready to look at opportunities when and if they arise, subject to our strict financial discipline and deleveraging commitment.

Our goal is for dividends to be a growing flow over time, consistent with the non-cyclical nature of our business. However, given our emphasis on deleveraging, dividend growth is expected to be modest.

Dividend Payments

Share Buyback Program

Download the Share Buyback Program amount of one billion US dollars, which was announced on 26 February and was completed on 22 June 2015. Our current intention is to use the shares acquired to fulfil our various share delivery commitments under the stock ownership plan.  The program was executed under the powers granted at the General Meeting of Shareholders on 30 April 2014.

Download: Share Buyback Program Report