3 months quarter-to-date 2016 (April-June)
Adjusted operating profit at constant FX grew 14.3%, driven by robust price/mix and shipment volume growth, offsetting the cost increase due to ongoing investments. On a reported basis, adjusted operating profit declined 2.6%, due to currency fluctuations.
Core revenue increased 11.6% at constant FX and 2.9% on a reported basis driven by strong business momentum and pricing.
Total and GFB shipment volumes grew 2.2% and 3.4%, respectively, reflecting continued market share momentum and contributions from recent acquisitions. In fine cut, GFB shipment volume increased 22.0% resulting in total fine cut shipment volume growing 9.6%.
Year-on-year market share3 increased in the key markets of France, Italy, Spain, Taiwan and the UK. In Russia, GFB market share continued to grow driven by LD and solid Winston performance.
6 months year-to-date 2016 (January-June)
Core revenue and adjusted operating profit grew 12.6% and 17.7% at constant FX, respectively, led by strong price/mix and positive GFB performance. Investments accelerated, particularly in seeding markets and emerging products.
Reported core revenue increased 3.5% driven by strong business momentum offsetting currency fluctuations. Reported adjusted operating profit declined 2.3% due to currency fluctuations.
Total and GFB shipment volumes increased 4.4% and 6.7%, respectively, driven by market share gains, contributions from acquisitions and favorable trade inventory adjustments in the first quarter. In fine cut, total and GFB shipment volumes grew 13.3% and 27.1%, respectively.