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2006 Financial StatementsConsolidated Financial Statements of the Nestl GroupAnnual Report of Nestl S.A.

Consolidated Financial Statements of the Nestl Group

Consolidated Financial Statements of the Nestl Group

40th Annual Report of Nestl S.A.

Incomestatementfortheyearended31December2006...................................94

Balancesheetasat31December2006...................95AnnextotheannualaccountsofNestlS.A............96Accounting policies .....................................................96Notes to the annual accounts ......................................98 . Income from Group companies ..............................98 2. Financial income ....................................................98 3. Profit on disposal of fixed assets ............................98 4. Investment write downs .........................................98 5. Administration and other expenses ........................98 6. Financial expense ...................................................99 7. Taxes ......................................................................99 8. Liquid assets ..........................................................99 9. Receivables ............................................................99

0. Financial assets .................................................... 00 . Participations in Group companies ....................... 00 2. Loans to Group companies ................................... 00 3. Own shares .......................................................... 0 4. Intangible assets .................................................. 0 5. Tangible fixed assets ............................................ 0 6. Short term payables ............................................. 02 7. Long term payables .............................................. 02 8. Provisions ............................................................. 02 9. Share capital ......................................................... 03 20. Changes in equity ................................................. 03 2. Reserve for own shares ........................................ 04 22. Contingencies ....................................................... 04Proposedappropriationofprofit............................ 105Reportofthestatutoryauditors............................. 106

Principal exchange rates ................................................2Consolidatedincomestatementfortheyear

ended31December2006..................................... 3Consolidatedbalancesheetasat

31December2006................................................ 4Consolidatedcashflowstatementfortheyear

ended31December2006..................................... 6Consolidatedstatementofrecognisedincomeand

expenseandchangesinequity............................. 8Annex....................................................................... 12Accounting policies ..................................................... 2Financial risk management and commodity price risk management .........................................................22Modification of the scope of consolidation .................23Notes ...........................................................................24 . Segmental information ...........................................24 2.Net other income/(expenses) ..................................28 3.Financial income ....................................................28 4.Expenses by nature ................................................29 5.Taxes ......................................................................29 6. Associates ..............................................................30 7.Earnings per share from continuing operations .....30 8.Liquid assets .......................................................... 3 9. Trade and other receivables ...................................320. Inventories ..............................................................32. Derivative assets ....................................................332. Property, plant and equipment ...............................363. Non-current financial assets ..................................384. Goodwill .................................................................39

5. Intangible assets ....................................................42 6.Trade and other payables .......................................437.Current financial liabilities ......................................448.Derivative liabilities ................................................459.Non-current financial liabilities ...............................4820.Employee benefits ..................................................522.Share-based Payment ............................................5622.Deferred taxes ........................................................6223.Provisions ...............................................................6324.Share capital of Nestl S.A.....................................6425.Treasury shares ......................................................6426. Decrease/(increase) in working capital ...................6427. Acquisitions ............................................................6528. Disposals ................................................................66 29. Discontinued operations and Assets

held for sale and Liabilities directly associated with assets held for sale .......................66

30. Dividends ...............................................................68 3. Commitments for expenditure on property,

plant and equipment and financial assets ..............6832. Lease commitments ...............................................68 33. Transactions with related parties ...........................69 34. Guarantees .............................................................7035. Contingent assets and liabilities .............................7036. Events after the balance sheet date .......................70 37. Group companies ...................................................70ReportoftheGroupauditors.................................... 71Financialinformationfiveyearreview................... 72CompaniesoftheNestlGroup................................ 74

2 Consolidated Financial Statements of the Nestl Group

Principalexchangerates

CHF per 2006 2005 2006 2005

Year ending rates Average annual rates

US Dollar USD .222 .30 .250 .248

Euro EUR .609 .560 .574 .549

Pound Sterling GBP 2.400 2.270 2.34 2.267

00 Brazilian Reais BRL 57.220 56.400 57.820 5.60

00 Japanese Yen JPY .027 .20 .075 .29

00 Mexican Pesos MXN .250 2.300 .470 .460

Canadian Dollar CAD .052 .30 .04 .037

Australian Dollar AUD 0.967 0.963 0.943 0.950

00 Philippine Pesos PHP 2.492 2.480 2.444 2.265

3Consolidated Financial Statements of the Nestl Group

Consolidated income statementfor the year ended 3 December 2006

In millions of CHF Notes 2006 2005 (a)

Salestocustomers 1 98458 91115

Cost of goods sold (40 73) (37 97)

Distribution expenses (8 244) (7 402)

Marketing and administration expenses (34 465) (32 42)

Research and development costs ( 734) ( 499)

EBITEarningsBeforeInterest,Taxes,restructuringandimpairments(b) 1 13302 11876

Net other income/(expenses) 2 (56) (920)

Profitbeforeinterestandtaxes 12786 10956

Net financing cost

Financial income 3 537 605

Financial expense ( 28) ( 92)

(68) (587)

Profitbeforetaxesandassociates 12105 10369

Taxes 5 (3 293) (2 647)

Share of results of associates 6 963 896

Profitfromcontinuingoperations 9775 8618

Net profit/(loss) on discontinued operations 29 74 (4)

Profitfortheperiod 9849 8604

of which attributable to minority interests 652 523

of which attributable to shareholders of the parent (Net profit) 9 97 8 08

Aspercentagesofsales

EBIT Earnings Before Interest, Taxes, restructuring and impairments 3.5% 3.0%

Profit for the period attributable to shareholders of the parent (Net profit) 9.3% 8.9%

Earningspersharefromcontinuingoperations(c)(inCHF)

Basic earnings per share 7 23.7 20.82

Fully diluted earnings per share 7 23.56 20.63

(a) 2005 comparatives have been restated following the first application of the option of IAS 9 Employee Benefits 93A ss. and IFRIC 4 Determining whether an Arrangement contains a Lease, as well as the decision to transfer the fresh cheese activities in Italy to Nestl Nutrition (refer to Note 29).

(b) Prior to the repeal of goodwill amortisation, named EBITA (Earnings Before Interest, Taxes and Amortisation of goodwill)(c) Based on the profit for the period attributable to shareholders of the parent adjusted for the net profit/(loss) on discontinued operations

4 Consolidated Financial Statements of the Nestl Group

Consolidated balance sheet as at 3 December 2006before appropriations

In millions of CHF Notes 2006 2005

Assets

Current assets

Liquid assets 8

Cash and cash equivalents 5 278 4 658

Short term investments 6 97 2 735

475 7 393

Trade and other receivables 9 4 577 4 29

Assets held for sale 29 74 633

Inventories 0 8 029 8 62

Derivative assets 556 645

Prepayments and accrued income 594 64

Totalcurrentassets 35305 41765

Non-current assets

Prop

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