The table below shows the results compared with the corresponding period of 2013:
| CONSUMER (in millions of euro) | 1Q | 2Q | 3Q | 4Q | TOTAL | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2O14 | 2O13 | 2O14 | 2O13 | 2O14 | 2O13 | 2O14 | 2O13 | 2O14 | 2O13 | |
| Net sales | 1,128.7 | 1,116.7 | 1,159.6 | 1,138.7 | 1,178.0 | 1,123.2 | 1,144.0 | 1,100.3 | 4,610.3 | 4,478.9 |
| yoy | 1.1% | 1.8% | 4.9% | 4.0% | 2.9% | |||||
| Gross operating margin before restructuring expenses | 219.4 | 194.8 | 245.1 | 203.5 | 228 | 211.9 | 242.2 | 229.4 | 934.7 | 839.6 |
| % of net sales | 19.4% | 17.4% | 21.1% | 17.9% | 19.4% | 18.9% | 21.2% | 20.8% | 20.3% | 18.7% |
| Operating income (loss) before restructuring expenses | 162.7 | 138.0 | 186.8 | 146.7 | 167.3 | 155.3 | 180.4 | 172.2 | 697.2 | 612.2 |
| % of net sales | 14.4% | 12.4% | 16.1% | 12.9% | 14.2% | 13.8% | 15.8% | 15.7% | 15.1% | 13.7% |
| Restructuring expenses | (3.9) | (2.0) | (5.5) | (2.5) | (3.1) | (4.1) | (8.3) | (7.2) | (20.8) | (15.8) |
| Operating income (loss) | 158.8 | 136 | 181.3 | 144.2 | 164.2 | 151.2 | 172.1 | 165 | 676.4 | 596.4 |
| % of net sales | 14.1% | 12.2% | 15.6% | 12.7% | 13.9% | 13.5% | 15.0% | 15.0% | 14.7% | 13.3% |
The table below provides a detailed breakdown of the market trend:
| 1 Q | 2 Q | 1st half 2O14 | 3 Q | 9 months 2O14 | 4 Q | Total year | ||
|---|---|---|---|---|---|---|---|---|
| EUROPE (*) | Original Equipment | +9% | +3% | +6% | +2% | +5% | +2% | +4% |
| Replacement | +9% | +6% | +7% | +1% | +5% | -8% | +2% | |
| NAFTA | Original Equipment | +4% | +3% | +4% | +7% | +5% | +4% | +5% |
| Replacement | +2% | +5% | +3% | +3% | +3% | +2% | +3% | |
| SOUTH AMERICA | Original Equipment | -11% | -25% | -19% | -19% | -19% | -9% | -17% |
| Replacement | +4% | +3% | +4% | +4% | +4% | +7% | +5% | |
| CHINA | Original Equipment | +10% | +12% | +11% | +6% | +10% | +9% | +10% |
(*) including Turkey; excluding Russia
Net sales totalled euro 4,610.3 million, showing an organic growth of 8.9% (+2.9% including the impact of exchange rates) thanks to the following factors:
- the positive contribution of the volumes component +5.0% (+8.4% in mature markets, +3.7% in emerging markets, which were affected by the contracting in the Original Equipment market in South America -17%), higher than the market growth;
- the improvement of the price/mix (+3.9%) mainly due to the increasing weight of the Premium (55.0% of Consumer revenues in 2014 compared to 50.8% in 2013) and the increasing weight of sales in Europe and North America.
Premium revenues amounted to euro 2,536.0 million, a growth of 11.5% in total over the previous year (+13.2% excluding foreign exchange impact). This business segment recorded sustained growth in sales in all markets compared to 2013; in particular, the trend of strong business development in Europe (+8.1%), in Apac (+28.3%), Middle East, Africa (+17.6%) and Russia (+37.5%) is worth mentioning.
Below is the breakdown of the change in sales:
| 1 Q | 2 Q | 3 Q | 4 Q | Cumulative at 12/31 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |
| Volume | 5.9% | 1.2% | 4.3% | 4.6% | 5.3% | 6.0% | 4.5% | 6.9% | 5.0% | 4.6% |
| of which Premium volume | 22.2% | 4.0% | 20.9% | 12.9% | 17.3% | 19.1% | 10.7% | 27.5% | 17.8% | 15.3% |
| Price/mix | 4.4% | -0.5% | 5.8% | 5.7% | 3.1% | 3.1% | 2.5% | 5.1% | 3.9% | 3.2% |
| Change on a like-for-like basis | 10.3% | 0.7% | 10.1% | 10.3% | 8.4% | 9.1% | 7.0% | 12.0% | 8.9% | 7.8% |
| Translation effect | -9.2% | -3.7% | -8.3% | -4.7% | -3.5% | -8.5% | -3.0% | -9.4% | -6.0% | -6.5% |
| Total change | 1.1% | -3.0% | 1.8% | 5.6% | 4.9% | 0.6% | 4.0% | 2.6% | 2.9% | 1.3% |
Operating income before restructuring costs reached euro 697.2 million, with a margin of 15.1% compared to euro 612.2 million in 2013 (13.7% of sales). Operating income amounted to euro 676.4 million (with a margin of 14.7%), an increase of euro 80.0 million compared to euro 596.4 million in 2013 (13.3% margin).
The increase in profitability reflects:
- the improvement of the price/mix, thanks to the growing weight of Premium in all region, and to a greater weight of the Replacement channel;
- the growth in the volumes;
- the progressive achievement of internal efficiencies, the lower impact of start-up costs and better use of production capacity.