Highlights
3 months quarter-to-date 2014 (January-March)
Core revenue grew 1.2%, driven by strong price/mix, compensating for the volume decline.
At constant FX, core revenue grew 5.1%, resulting in 14.5% growth in adjusted operating profit.
Total and GFB shipment volumes declined 5.4% and 5.5%, respectively, due to industry contraction in several key markets, notably in France, Russia, Spain and the UK, as well as trade inventory adjustments coupled with downtrading from increased competition in the Value segment in Turkey. Fine cut volume grew 10.5%, driven by our GFB growing 34.1% essentially in Europe.
Year-on-year market share3 was flat or increased in most key markets namely France, Italy, Spain, Turkey and the UK. In Russia, share of value4 and GFB share of market gains continued.