...Management Report 2008 © 2009, Nestlé S.A., Cham and Vevey (Switzerland) The Management Report contains forward looking statements which reflect Management’s current views and estimates. The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments. The World’s leading Nutrition, Health and Wellness Company Photography Nicole Bachmann, Gaëtan Bally/Keystone, Nathan Beck, Patrick Brown/Panos Pictures, Markus Bühler-Rasom, Goh Seng Chong/Keystone, Douglas Engle/Panos Pictures, Sam Faulkner/NB Pictures, Jonathan Fong, Peter Ginter, Georgina Goodwin, Marcel Grubenmann, Alain Herzog/EPFL, Harmen Hoogland/Nestec, Wollodja Jentsch, Marc Latzel, George Osodi/Panos Pictures, Philippe Prêtre/APG Image, Sergio Santorio, Qilai Shen/Panos Pictures, Christian Vogt, Cédric Widmer Printing Entreprise d’arts graphiques Jean Genoud SA (Switzerland) Paper This report is printed on Consort Royal, a paper produced from well-managed forests and other controlled sources certified by the Forest Stewardship Council (FSC) Management Report 2008 Letter to our shareholders Board of Directors of Nestlé S.A. Executive Board of Nestlé S.A. Corporate Governance and...
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...CONTENTS Managing Director & CEO’s Letter to Shareholders Board of Directors Snap Shot of Key Financial Indicators : 2009-2013 Highlights Directors’ Report Management’s Discussion & Analysis Auditors’ Report Balance Sheet Profit and Loss Account Cash Flow Statement Schedules Forming Part of Balance Sheet Schedules Forming Part of Profit and Loss Account Significant Accounting Policies Notes to Accounts Auditors’ Certificate on Corporate Governance Corporate Governance Auditors’ Report on Consolidated Financial Statements Consolidated Financial Statements Business Responsibility Report Disclosures under the New Capital Adequacy Framework (Basel II Guidelines) Bank’s Network : List of Centres 3 4 5 6 7 16 29 31 32 33 35 41 42 50 88 89 111 112 155 167 185 1 MANAGING DIRECTOR & CEO’S LETTER TO THE SHAREHOLDERS It has been a challenging environment but despite the slowing momentum of growth in the economy, your Bank has reported another consistent performance - reflected in a steady growth of our customer base, widening reach through multiple channels, healthy growth of business and revenues and stable asset quality. It is also an affirmation of the Bank’s focus on a balanced growth strategy. The Bank’s retail businesses grew steadily during the year and there was credible growth of both retail deposits and loans, supported by an expanding network that is critical to the retail franchise. We added 325 branches and 1,321 ATMs in FY 2012-13. Your Bank continues to balance growth...
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