Highlights (change versus prior year)
January-December 2013
Adjusted EBITDA at constant FX achieved double-digit growth of 11.3% driven by continued revenue increase.
Core revenue at constant FX increased 6.1% driven by strong price/mix, more than compensating for a 4.6% decline of total shipment volume. This decline was due to industry contraction in a number of markets and trade inventory adjustments, partly offset by a fine cut volume growth of 18.4%.
Despite Winston momentum, GFB shipment volume declined 0.8%.
October-December 2013
Total shipment volume declined 3.2% due to continued industry contraction in a number of markets. GFB shipment volume increased 3.1% mainly due to a favorable comparison versus the same quarter the prior year.
Adjusted EBITDA at constant FX grew 11.9% driven by solid revenue growth.
Core revenue at constant FX increased 10.3% as a result of strong price/mix.