Nestlé, the world's largest food group, posted strong underlying sales ngrowth during 2011. The frm's revenues increased by 7.5% on an norganic basis (excluding currency movements), while its measure of n'real internal growth', a proxy for volume growth, came in at 3.9%. nHowever, reported revenues in domestic currency terms fell for the nffth straight year as the company continued to be affected by the nstrengthening Swiss currency. While a strengthening currency makes nthe Swiss listed frm more valuable for foreign investors, it means nthat for local investors it has not generated any real improvement nin earnings (in franc terms) over the last fve years.
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