Strategy by business segment

During the three-year period 2012-2014 the average annual growth in total revenues in the Consumer segment is estimated at 13% (10% excluding Russia). Also in this case, it will be the Premium segment which will drive the other segments with growth in all regions, both in mature markets and in rapidly developing economies where there is a growing demand for Premium products.

Profitability, estimated at around 12% in 2011 (two years ahead of the target set in the previous industrial plan), will grow further to reach a level between 16.5% and 17.5% in 2014. In the Consumer segment the EBIT is expected to increase more than twofold in the same three year Period.

2012 Target update

Volumes: 2012 target revised from -2.5%/-3.5% to -4.5%/-5.0%; Premium volumes to grow +17%/+18% (previous target approx. +20%) and non-Premium volumes to decrease by approximately 15% (previous target -13%/-14%).

Price mix: improving by approximately 14% (previous guidance between 14% and 15%).

evenues: expected at approximately 4.48 billion euro (previous target approximately 4.65 billion euro) including the contribution of the Russian JV and the distribution network Däckia for approximately 250 million euro.

Profitability: Ebit margin confirmed at approximately 14%.


Last Revised: 21 Nov 2012