January-December 2011
Full year EBITDA grew 17.3%, or 15.6% at constant rates of exchange, exceeding our forecast.
Core net sales increased 10.9%, or 8.0% at constant rates of exchange, driven by GFB shipment volume growth and strong pricing.
GFB shipment volume grew 2.6% driven by Russia and the Middle East.
Year-on-year market share3 grew in most key markets, including Turkey, Italy, France and Spain.
October-December 2011
Core net sales grew 5.3%, or 7.0% at constant rates of exchange, driven by pricing.
GFB shipment volume growth in Russia and the Middle East partly offset declines inSpain and the Philippines.
Shipment Volume by Cluster: October-December 2011
South and West Europe: Due to industry contraction in Spain, both GFB and total shipment volumes decreased 7.5% and 8.7% respectively. Market share increased in Italy, France and Spain.
North and Central Europe: GFB shipment volume increased 0.7% driven by growth in Poland, Czech Republic and Austria. Total shipment volume decreased 3.1% due to industry contraction and an unfavorable comparison with the previous year as a result of the timing of price increases in the UK. Market share grew in Poland, Czech Republic and Germany.
CIS+: GFB shipment volume grew 5.5%, driven by a positive performance in Russia, Romania and Ukraine. Total shipment volume declined 3.5% due to the decline in low-end local brands in Russia, partly offset by the GFB shipment growth. Share of market in Russia was maintained, with continued GFB share growth.
Rest-of-the-World: Total shipment volume increased 2.5% driven by momentum in the Middle East. GFB shipment volume decreased 8.8% due to an unfavorable comparison with the previous year, when trade inventory was built-up in the Philippines ahead of a price increase in January 2011. Market share grew in Turkey.