Highlights – 3 months quarter-to-date 2015 (January-March)
Adjusted operating profit at constant FX grew 13.1% driven by GFB growth and strong pricing in several key markets. On a reported basis, adjusted operating profit declined 13.8% due to unfavorable currency movements.
Core revenue at constant FX was up 6.5% while it declined 14.2% on a reported basis due to unfavorable currency movements.
Total and GFB shipment volumes increased 0.5% and 8.4%, respectively, reflecting positive performance in the Benelux markets, France, Germany, Italy, the Middle East, Spain, Taiwan and Turkey. This volume growth was also driven by resumed shipments in the Middle East as well as inventory adjustments and Camel’s performance in Turkey versus this time last year. GFB fine cut shipment volume grew 31.7% driving total fine cut volume growth to 13.6%.
Year-on-year market share increased in the key markets of France, Spain, Turkey and the UK. In Russia, GFB share of market gains continued, led by Winston and LD.