We manage our markets according to the strategic role they play, not by geographic location. Our markets prioritise either Growth or Returns, driving more effective resource allocation and greater collaboration.

Growth Markets are characterised by large profit and/or volume pools. We tend to have shares below 15 per cent and see considerable opportunities for share and profit growth over the long term.

Our main Growth Markets include selected markets in the EU, Eastern Europe, Asia, and the Middle East. We manage the USA as a standalone Growth Market.

We measure the performance of our Growth Markets against share, volume and revenue metrics and our quality of growth by the progress our Growth Brands are making.

In Returns Markets we have relatively large shares, mostly above 15 per cent. We prioritise sustainable profit performance, while actively managing our strong market share positions. Our main Returns Markets include Australia and markets in the EU, Eastern Europe and Africa.

This approach drives more effective resource allocation and greater collaboration. We report our performance on the basis of this market classification.

KEY GROWTH MARKETS

Growth Markets are characterised by large profit and/or volume pools. We typically have shares below 15 per cent and see real potential for long-term share and profit growth.

Greece

Greece

Italy

Italy

Russia

Russia

Saudi-Arabia

Saudi Arabia

Taiwan

Taiwan

USA MARKET

We manage the USA as a standalone Growth Market through our dynamic new business ITG Brands.

USA

USA

KEY RETURNS MARKETS

We have relatively large shares in Returns Markets, mostly above 15 per cent. We focus on managing these strong positions, whilst driving sustainable profit growth.

Australia

Australia

France

France

Germany

Germany

Spain

Spain

United-Kingdom

United Kingdom