Confectionery, food and beverage company Mondelēz International has reported a 0.3 per cent decline in net sales in 2019 as a result of unfavourable currency impacts. Gross profit fell $15 million to $10.34 billion (a drop of 0.1 per cent).

However, fourth quarter sales at the company increased 2.1 per cent from the year before to $6.91 billion, a result that was better than the forecasts predicted by many market analysts.

“2019 was a major step forward for the company,” said Dirk Van de Put, Mondelēz’s chief executive. “Execution of our strategy, including investments in global and local brands, enabled us to deliver strong top-line performance and to meet or exceed all of our financial targets.”

He explained that Mondelēz is “increasingly confident that our incremental investments in brands and capabilities, emphasis on volume leverage and profit dollar growth will create a virtuous cycle that consistently delivers attractive top and bottom line growth and sustained free cash flow generation.”

Looking ahead in 2020, the company expects performance in line with its long-term growth predictions – over 3 per cent organic net revenue growth, high-single-digit per cent adjusted earnings per share growth on a constant-currency basis and free cash flow of approximately $3bn.

Meanwhile, Gustavo Valle has been named as the company’s new president, Latin America. Valle previously worked for more than 20 years at Danone, where most recently he led the company’s global dairy division.