DANONE: Continued good momentum across categories and geographies
2022 Half-Year ResultsPress
release – Paris, July 27, 2022
Continued good momentum across categories
and geographies
- Net sales of €13,325m in H1 2022, up +7.4% on
a like-for-like (LFL) basis and +12.6% on a reported basis
- Strong sales growth in Q2 at +7.7% LFL, led by
price up +6.8% and volume/mix up +0.9%
- Continued good momentum across categories and
geographies
- +8.9% in North America driven by coffee creamers, yogurts and
plant-based
- +5.1% in Europe led by Specialized Nutrition and Waters
- +3.3% in China, North Asia & Oceania led by Specialized
Nutrition, while Mizone was penalized by Covid-related restrictions
and lockdowns
- +12.3% in Rest of the World with all categories
contributing
- Recurring operating margin at 12.1%: focus on
revenue growth management and productivity efforts, reinvestment
journey kickstarted
- Recurring EPS at €1.63, +7.2% from last year;
€0.7bn free-cash-flow
- 2022 guidance updated: LFL net sales growth
now expected between +5 and +6%, recurring operating margin above
12% confirmed
|
2022
Half-Year Key Figures |
in millions of euros except if stated otherwise |
H1 2021 |
H1 2022 |
Reported Change |
Like-for-likeChange (LFL) |
Sales |
11,835 |
13,325 |
+12.6% |
+7.4% |
Recurring operating income |
1,551 |
1,612 |
+3.9% |
+0.5% |
Recurring operating margin |
13.1% |
12.1% |
-101 bps |
-88 bps |
Non-recurring operating income and expenses |
(700) |
(233) |
+467 |
|
Operating income |
851 |
1,380 |
+62.0% |
|
Operating margin |
7.2% |
10.4% |
+316 bps |
|
Recurring net income – Group share |
1,000 |
1,051 |
+5.1% |
|
Non-recurring net income – Group share |
68 |
(314) |
(381) |
|
Net income – Group share |
1,068 |
737 |
-31.0% |
|
Recurring EPS (€) |
1.53 |
1.63 |
+7.2% |
|
EPS (€) |
1.63 |
1.14 |
-29.8% |
|
Free cash flow |
1,009 |
674 |
-33.2% |
|
Cash flow from operating activities |
1,381 |
970 |
-29.8% |
|
1
Antoine de
Saint-Affrique: CEO statement
“This strong first half, with broad based
progress despite an unprecedented external environment, is a
testimony to the resilience, the focus and the engagement of all
Danoners. We started deploying our Renew Danone agenda with
discipline and consistency, further accelerating our growth in Q2:
we show good momentum across many facets of the business from
Aptamil to Waters or North America, to name a few. While the
quality of our first half delivery is encouraging and leads us to
now expect a +5 to +6% like-for-like sales growth for the full
year, this is only the start of our Renew journey: we believe there
is still much we can do to bring Danone where we want it to be and
deliver on both our purpose and our business ambition.”
I. 2022
HALF-YEAR RESULTS
Second quarter and half-year
sales
In the first half of 2022,
consolidated sales stood at €13.3 bn, up +7.4% on a like-for-like
basis, with a +6.1% contribution from price and +1.3% contribution
from volume/mix. On a reported basis, sales increased by +12.6%,
benefiting from a positive forex impact of +4.2%, notably
reflecting the appreciation of the US dollar, the British pound and
various Asian and Latin American currencies against the Euro.
Reported sales were also impacted by a positive organic
contribution of hyperinflation geographies to growth of +0.9%, as
well as a slightly negative scope effect of -0.4%, resulting from
the combined impacts of the integration of Follow Your Heart and
the disposal of Vega.
In the second quarter, sales
increased by +7.7% on a like-for-like basis, with a +6.8%
contribution from price and +0.9% contribution from volume/mix. On
a reported basis, sales increased by +14.5%, benefiting from a
positive forex impact of +6.0% and a positive organic contribution
of hyperinflation countries to growth of +0.8%, while the scope
effect was slightly negative (-0.5%).
€ million except % |
Q22021 |
Q22022 |
Reported change |
LFL SalesGrowth |
Volume/Mix Growth |
H12021 |
H12022 |
Reported change |
LFL SalesGrowth |
Volume/MixGrowth |
|
BY GEOGRAPHICAL ZONE |
|
|
|
|
|
|
|
|
|
|
Europe |
2,155 |
2,267 |
+5.2% |
+5.1% |
+0.2% |
4,142 |
4,382 |
+5.8% |
+5.4% |
+1.6% |
|
North America2 |
1,391 |
1,662 |
+19.5% |
+8.9% |
+2.0% |
2,707 |
3,139 |
+16.0% |
+7.2% |
+1.7% |
|
China, North Asia & Oceania2 |
832 |
936 |
+12.5% |
+3.3% |
+4.4% |
1,430 |
1,671 |
+16.9% |
+8.3% |
+6.1% |
|
Rest of the World |
1,793 |
2,202 |
+22.8% |
+12.3% |
-0.9% |
3,556 |
4,132 |
+16.2% |
+9.7% |
-1.5% |
|
BY CATEGORY |
|
|
|
|
|
|
|
|
|
|
EDP |
3,254 |
3,684 |
+13.2% |
+5.6% |
-3.0% |
6,406 |
7,062 |
+10.2% |
+4.6% |
-2.4% |
|
Specialized Nutrition |
1,793 |
2,106 |
+17.5% |
+11.4% |
+8.7% |
3,513 |
4,029 |
+14.7% |
+10.4% |
+6.3% |
|
Waters |
1,125 |
1,277 |
+13.6% |
+7.9% |
-0.4% |
1,916 |
2,234 |
+16.6% |
+11.2% |
+4.2% |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
6,171 |
7,067 |
+14.5% |
+7.7% |
+0.9% |
11,835 |
13,325 |
+12.6% |
+7.4% |
+1.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring Operating Margin
Danone’s recurring operating income reached €1.6
bn in H1 2022. Recurring operating margin stood at 12.1%, down -101
basis points (bps) on a reported basis and -88 bps on a
like-for-like basis compared to last year. This decrease was mainly
driven by the strong negative impact of input-cost inflation net of
productivity, estimated at c. -610 bps. This negative effect was
partially offset by the positive effect of topline drivers – which
include volume, mix and price – for a combined estimated
impact of c. +440 bps.
Danone has kickstarted its reinvestment journey,
focusing notably on product superiority and capabilities, with
reinvestments having a negative effect of -10 bps in H1. Finally,
Overheads before reinvestments had a positive effect of +111 bps,
reflecting the savings achieved as part of Local First.
In addition to like-for-like effects, reported
margin also includes the negative impact of Forex and others,
changes in scope and an organic contribution from hyperinflation
countries for a total combined effect of -29 bps.
Recurring operating profit
(€m) and margin (%) |
H1 2021 |
H1 2022 |
Change |
€m |
Margin (%) |
€m |
Margin (%) |
Reported |
Like-for-like |
BY GEOGRAPHICAL ZONE |
|
|
|
|
|
|
|
Europe |
625 |
15.1% |
574 |
13.1% |
-199
bps |
-183 bps |
North America3 |
283 |
10.4% |
254 |
8.1% |
-235
bps |
-245 bps |
China, North Asia & Oceania2 |
423 |
29.6% |
534 |
32.0% |
+240
bps |
+240 bps |
Rest of the World |
221 |
6.2% |
250 |
6.1% |
-16 bps |
+17 bps |
BY CATEGORY |
|
|
|
|
|
|
|
EDP |
616 |
9.6% |
494 |
7.0% |
-262
bps |
-257 bps |
Specialized Nutrition |
769 |
21.9% |
933 |
23.2% |
+128
bps |
+180 bps |
Waters |
166 |
8.6% |
185 |
8.3% |
-39 bps |
-106 bps |
|
|
|
|
|
|
|
|
Total |
1,551 |
13.1% |
1,612 |
12.1% |
-101 bps |
-88 bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance by geographical
zone
Europe posted sales growth of
+5.4% in H1 2022 on a like-for-like basis and recurring operating
margin stood at 13.1%, down -199 bps compared to last year.
In the second quarter, sales
increased by +5.1% on a like-for-like basis, driven by +4.9% growth
in price and +0.2% growth in volume/mix. The performance varied
from country to country, and was led by the UK, Spain and Poland.
By category, growth was driven by a strong momentum in Specialized
Nutrition, led by Aptamil, and in Waters, led by evian, Zywiec
Zdroj and Font Vella. In EDP, sales increased by low single
digits, driven by Actimel, Alpro and YoPro.
North America posted +7.2%
sales growth in H1 2022 on a like-for-like basis and recurring
operating margin decreased by -235 bps to 8.1%.
In the second quarter, sales
increased by +8.9% on a like-for-like basis, driven by +6.8% growth
in price and +2.0% growth in volume/mix. In the US, this strong
growth was driven by continued momentum across categories and
brands. In EDP, coffee creamers, yogurts and plant-based posted
high single-digit competitive growth, driven by International
Delight, Oikos, Activia, Danimals and Silk. In Specialized
Nutrition, Danone stepped up exports of Neocate specialized formula
and Aptamil baby formula to help address baby formula shortages. In
Canada, growth was led by Activia, Silk and Oikos.
- CHINA, NORTH ASIA & OCEANIA
China, North Asia & Oceania
posted sales growth of +8.3% in H1 2022 on a like-for-like basis
and recurring operating margin was up +240 bps to 32.0%.
In the second quarter, sales
increased by +3.3% on a like-for-like basis, with volume/mix up
+4.4% and price down -1.0%. In China, Infant Milk Formula posted
mid-to-high single digit growth with continued resilient market
share on both Domestic and International labels. Chinese Labels
grew by double digits, while International labels saw continued
growth, with indirect channels (Daigous, Friends & Family) now
representing less than 15% of the segment’s revenues in Q2. Special
Pediatric solutions and Adult Nutrition continued their good
momentum, while in Waters, Mizone declined in the mid-teens range,
impacted by mobility restrictions and lockdowns across China.
Beyond China, Japan delivered double-digit growth, led by Activia,
Danone and Oikos, while Oceania platforms showed strong momentum in
Specialized Nutrition.
Rest of the World registered
sales growth of +9.7% in H1 2022 on a like-for-like basis and
recurring operating margin was broadly stable at 6.1% (-16
bps).
In the second quarter, sales
increased by +12.3% on a like-for-like basis, with volume/mix down
-0.9% and price up +13.1%. In Indonesia, sales were up
double-digits, led by strong growth in Aqua in all formats, with
stable market shares, and strong momentum in Specialized Nutrition.
In Latin America, sales increased double-digits, led by all
categories, while operating conditions remain extremely constrained
in Russia and Ukraine.
Net income and Earnings per
share
Other operating income and
expense reached -€233 million vs -€700 million in the
prior year. In 2021, Other operating income and expense resulted
primarily from one-off implementation costs of the Local First
project and by investments related to the transformation of
Danone’s operations. As a result, reported operating margin was up
+316 bps in H1 2022, from 7.2% to 10.4%.
Net financial costs increased
by -€12 million to -€141 million, resulting from appreciation of
the US dollar against the euro. Net income from
associates decreased significantly from €602 million to
-€89 million, reflecting the impact of the Mengniu disposal in H1
2021 and impairment related to the disposal of the remaining
minority investments in Mengniu partnerships announced in H1
2022.
As a result, Reported EPS decreased by -29.8% to
€1.14, while Recurring EPS was up
+7.2% to €1.63.
|
H1 2021 |
H1 2022 |
|
in millions of
euros except if stated otherwise |
Recurring |
Non-recurring |
Total |
|
Recurring |
Non-recurring |
Total |
|
Recurring operating income |
1,551 |
|
1,551 |
|
1,612 |
|
1,612 |
|
Other
operating income and expense |
|
(700) |
(700) |
|
|
(233) |
(233) |
|
Operating income |
1,551 |
(700) |
851 |
|
1,612 |
(233) |
1,380 |
|
Cost of net
debt |
(87) |
|
(87) |
|
(78) |
|
(78) |
|
Other financial income and expense |
(43) |
0 |
(42) |
|
(69) |
6 |
(63) |
|
Income
before taxes |
1,422 |
(699) |
722 |
|
1,466 |
(227) |
1,239 |
|
Income
tax |
(391) |
173 |
(218) |
|
(403) |
28 |
(376) |
|
Effective tax rate |
27.5% |
|
30.2% |
|
27.5% |
|
30.3% |
|
Net
income from fully consolidated companies |
1,031 |
(527) |
504 |
|
1,063 |
(199) |
863 |
|
Net income
from associates |
9 |
593 |
602 |
|
25 |
(114) |
(89) |
|
Net
income |
1,040 |
66 |
1,106 |
|
1,088 |
(313) |
774 |
|
• Group
share |
1,000 |
68 |
1,068 |
|
1,051 |
(314) |
737 |
|
• Non-controlling interests |
40 |
(2) |
38 |
|
37 |
0 |
37 |
|
EPS (€) |
1.53 |
|
1.63 |
|
1.63 |
|
1.14 |
|
|
|
|
|
|
|
|
|
|
|
Cash flow and Debt
Free cash flow reached €674
million in H1 2022, down -33.2% from last year, reflecting the
decrease in cash-flow from operating activities. Capex stood at
€318 million, down from last year (€390 million in H1 2021).
As of June 30, 2022, Danone’s net debt
stood at €11.5 bn, up €1.0 bn from December 31, 2021.
II. 2022
GUIDANCE
Price-led like-for-like sales growth now
expected between +5 and +6%, versus +3 to +5% previously; recurring
operating margin expected above 12%.
III. MAJOR
DEVELOPMENTS OVER THE PERIOD
- April 26, 2022: At Danone’s 2022 Annual
General Meeting, shareholders approved all resolutions submitted
for approval by the Board of Directors, including the distribution
of a dividend of €1.94 per share in cash, in line with last year,
as well as the appointment of all candidates proposed to join the
Board of Directors – Antoine de Saint-Affrique, Patrice Louvet,
Géraldine Picaud and Susan Roberts – and the ratification of the
co-opting of Valérie Chapoulaud-Floquet as Director.
- April 29, 2022: Danone and Compañía
Cervecerías Unidas (CCU) announced a strategic alliance, as CCU
Argentina has acquired a large minority stake in Aguas Danone de
Argentina. This partnership will allow both companies to enrich
their beverage offerings and strengthen their operations in the
country.
- May 6, 2022: Danone announced that it agreed
to sell to Mengniu the 25% stake the company holds in Yashili and
the 20% stake it holds in the Inner Mongolia Dairy Joint Venture.
In parallel, Danone will acquire from Yashili 100% of Dumex Baby
Food Co Ltd, a Chinese manufacturer of Infant Milk Formula
products. China remains highly strategic for Danone, and the
announcement will notably allow the company to further expand its
ability to manufacture Infant Milk Formula products locally. In
line with Danone’s capital allocation priorities, the expected
proceeds will be dedicated to further deleveraging the
company.
IV. IFRS
STANDARDS AND FINANCIAL INDICATORS NOT DEFINED IN IFRS
IAS29: impact on reported
data
Danone has been applying IAS 29 in
hyperinflation countries as defined in IFRS, except for Turkey in
view of the unmaterial impact for the first semester 2022. Adoption
of IAS 29 in these hyperinflationary countries requires its
non-monetary assets and liabilities and its income statement to be
restated to reflect the changes in the general pricing power of its
functional currency, leading to a gain or loss on the net monetary
position included in the net income. Moreover, its financial
statements are converted into euros using the closing exchange rate
of the relevant period.
IAS 29: impact on reported data €
million except % |
Q2 2022 |
|
H1 2022 |
|
Sales |
3 |
|
28 |
|
Sales growth (%) |
+0.04% |
|
+0.21% |
|
Recurring Operating Income |
|
|
-25 |
|
Recurring Net Income – Group share |
|
|
-53 |
|
Breakdown by quarter of first-half 2022 sales
after application of IAS 29H1 2022 sales correspond to the addition
of:
- Q2 2022 reported sales;
- Q1 2022 sales resulting from the application of IAS29 until
June 30, 2022 to sales of entities of hyperinflation countries
(application of the inflation rate until June 30, 2022 and
translation into euros using June 30, 2022 closing rate) and
provided in the table below for information (unaudited data).
€ million |
Q1 20221 |
Q2 2022 |
H1 2022 |
Europe |
2,114 |
2,267 |
4,382 |
North
America |
1,477 |
1,662 |
3,139 |
China,
North Asia & Oceania |
735 |
936 |
1,671 |
Rest of the World |
1,931 |
2,202 |
4,132 |
|
|
|
|
|
Total |
6,258 |
7,067 |
13,325 |
|
|
|
|
|
|
|
|
1Results from the application of IAS29 until
June 30, 2022 to Q1 sales of entities of hyperinflation
countries.
Financial
indicators not defined in IFRS
Due to rounding, the sum of values presented may
differ from totals as reported. Such differences are not
material.
Like-for-like changes in sales,
recurring operating income and recurring operating margin reflect
Danone's organic performance and essentially exclude the impact
of:
- changes in consolidation scope, with indicators related to a
given fiscal year calculated on the basis of previous-year scope,
both previous-year and current-year scopes excluding entities in
countries under hyperinflation according to IAS 29 during the
previous year (as for Argentinian entities since January 1st, 2019,
and except for Turkey);
- changes in applicable accounting principles;
- changes in exchange rates with both previous-year and
current-year indicators calculated using the same exchange rates
(the exchange rate used is a projected annual rate determined by
Danone for the current year and applied to both previous and
current years).
Bridge from reported data to like-for-like
data
(€ million except %) |
H1 2021 |
Like-for-like change |
Impact of changesin scope of
consolidation |
Impact of changes in exchange rates & others incl.
IAS29 |
Organic contribution from hyperinflation
countries |
Reported change |
H1 2022 |
|
|
|
|
|
|
|
|
Sales |
11,835 |
+7.4% |
-0.4% |
+4.7% |
+0.9% |
+12.6% |
13,325 |
Recurring operating margin |
13.1% |
-88 bps |
+3 bps |
-17 bps |
+2 bps |
-101 bps |
12.1% |
Recurring operating income is
defined as Danone’s operating income excluding Other operating
income and expenses. Other operating income and expenses comprise
items that, because of their significant or unusual nature, cannot
be viewed as inherent to Danone’s recurring activity and have
limited predictive value, thus distorting the assessment of its
recurring operating performance and its evolution. These mainly
include:
- capital gains and losses on disposals of fully consolidated
companies;
- impairment charges on intangible assets with indefinite useful
lives;
- costs related to strategic restructurings or transformation
plans;
- costs related to major external growth transactions;
- costs related to major crisis and major litigations;
- in connection with of IFRS 3 (Revised) and IAS 27 (Revised)
relating to business combinations, (i) acquisition costs related to
business combinations, (ii) revaluation profit or loss accounted
for following a loss of control, and (iii) changes in earn-outs
relating to business combinations and subsequent to acquisition
date.
Recurring operating margin is
defined as Recurring operating income over Sales ratio.
Other non-recurring financial income and
expense corresponds to financial income and expense items
that, in view of their significant or unusual nature, cannot be
considered as inherent to Danone’s recurring financial management.
These mainly include changes in value of non-consolidated
interests.
Non-recurring income tax
corresponds to income tax on non-recurring items as well as tax
income and expense items that, in view of their significant or
unusual nature, cannot be considered as inherent to Danone’s
recurring performance.
Recurring effective tax rate
measures the effective tax rate of Danone’s recurring performance
and is computed as the ratio income tax related to recurring items
over recurring net income before tax.
Non-recurring results from
associates include items that, because of their
significant or unusual nature, cannot be viewed as inherent to the
recurring activity of those companies and thus distort the
assessment of their recurring performance and its evolution. These
mainly include (i) capital gains and losses on disposal and
impairment of Investments in associates, and (ii) non-recurring
items, as defined by Danone, included in the net income from
associates.
Recurring net income (or
Recurring net income – Group Share) corresponds to the Group share
of the consolidated Recurring net income. The Recurring net income
excludes items that, because of their significant or unusual
nature, cannot be viewed as inherent to Danone’s recurring activity
and have limited predictive value, thus distorting the assessment
of its recurring performance and its evolution. Such non-recurring
income and expenses correspond to Other operating income and
expenses, Other non-recurring financial income and expenses,
Non-recurring income tax, and Non-recurring income from associates.
Such income and expenses, excluded from Net income, represent
Non-recurring net income.
Recurring EPS (or Recurring net
income – Group Share, per share after dilution) is defined as the
ratio of Recurring net income adjusted for hybrid financing over
Diluted number of shares. In compliance with IFRS, income used to
calculate EPS is adjusted for the coupon related to the hybrid
financing accrued for the period and presented net of tax.
|
H1 2021 |
|
H1 2022 |
|
Recurring |
|
Total |
|
Recurring |
|
Total |
|
Net income-Group share (€ million) |
1,000 |
|
1,068 |
|
1,051 |
|
737 |
|
Coupon related to hybrid financing net of tax (€ million) |
(8) |
|
(8) |
|
(7) |
|
(7) |
|
Number of shares |
|
|
|
|
|
|
|
|
• Before dilution |
650,135,856 |
|
650,135,856 |
|
638,514,268 |
|
638,514,268 |
|
• After dilution |
650,695,040 |
|
650,695,040 |
|
638,827,268 |
|
638,827,268 |
|
EPS (€) |
|
|
|
|
|
|
|
|
• Before dilution |
1.53 |
|
1.63 |
|
1.64 |
|
1.14 |
|
• After dilution |
1.53 |
|
1.63 |
|
1.63 |
|
1.14 |
|
|
|
|
|
|
|
|
|
|
|
Free cash flow represents cash
flows provided or used by operating activities less capital
expenditure net of disposals and, in connection with IFRS 3
(Revised), relating to business combinations, excluding (i)
acquisition costs related to business combinations, and (ii)
earn-outs related to business combinations and paid subsequently to
acquisition date.
(€ million) |
H1 2021 |
H1 2022 |
Cash-flow from operating activities |
1,381 |
970 |
Capital expenditure |
(390) |
(318) |
Disposal of tangible assets & transaction fees related to
business combinations1 |
17 |
22 |
Free cash-flow |
1,009 |
674 |
1 Represents acquisition costs related to business combinations
paid during the period.
Net financial debt represents the net debt
portion bearing interest. It corresponds to current and non-current
financial debt (i) excluding Liabilities related to put options
granted to non-controlling interests and earn-outs on acquisitions
resulting in control and (ii) net of Cash and cash equivalents,
Short term investments and Derivatives – assets managing net
debt.
(€ million) |
December 31, 2021 |
June 30, 2022 |
Non-current financial debt |
12,537 |
12,198 |
Current financial debt |
4,048 |
3,540 |
Short-term investments |
(5,197) |
(3,173) |
Cash and cash equivalents |
(659) |
(965) |
Derivatives — non-current assets1 |
(120) |
(43) |
Derivatives — current-assets1 |
(91) |
(39) |
Net debt |
10,519 |
11,518 |
- Liabilities related to put options granted to non-controlling
interests — non-current
|
(76) |
(90) |
- Liabilities related to put options granted to non-controlling
interests and earn-outs on acquisitions resulting in control —
current
|
(280) |
(250) |
Net financial debt |
10,163 |
11,178 |
1 Managing net debt only
o o O o o
FORWARD-LOOKING STATEMENTS
This press release contains certain
forward-looking statements concerning Danone. In some cases, you
can identify these forward-looking statements by forward-looking
words, such as “estimate”, “expect”, “anticipate”, “project”,
“plan”, “intend”, “objective”, “believe”, “forecast”, “guidance”,
“foresee”, “likely”, “may”, “should”, “goal”, “target”, “might”,
“will”, “could”, “predict”, “continue”, “convinced” and
“confident,” the negative or plural of these words and other
comparable terminology. Forward looking statements in this document
include, but are not limited to, predictions of future activities,
operations, direction, performance and results of Danone.
Although Danone believes its expectations are
based on reasonable assumptions, these forward-looking statements
are subject to numerous risks and uncertainties, which could cause
actual results to differ materially from those anticipated in these
forward-looking statements. For a detailed description of these
risks and uncertainties, please refer to the “Risk Factor” section
of Danone’s Universal Registration Document (the current version of
which is available at www.danone.com).
Subject to regulatory requirements, Danone does
not undertake to publicly update or revise any of these
forward-looking statements. This document does not constitute an
offer to sell, or a solicitation of an offer to buy Danone
securities.
The
presentation to analysts and investors will be broadcast live today
from 8:30 a.m. (Paris time) on Danone’s website
(www.danone.com).
Related slides will also be available on the website in the
Investors section.
APPENDIX –
Sales by geographical zone and by category (in €
million)
|
First quarter |
Second quarter |
First half |
|
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
BY GEOGRAPHICAL ZONE |
|
|
|
|
|
|
|
Europe |
1,987 |
2,114 |
2,155 |
2,267 |
4,142 |
4,382 |
North America4 |
1,316 |
1,477 |
1,391 |
1,662 |
2,707 |
3,139 |
China, North Asia & Oceania2 |
598 |
735 |
832 |
936 |
1,430 |
1,671 |
Rest of the World |
1,756 |
1,909 |
1,793 |
2,202 |
3,556 |
4,132 |
BY CATEGORY |
|
|
|
|
|
|
|
EDP |
3,149 |
3,365 |
3,254 |
3,684 |
6,406 |
7,062 |
Specialized Nutrition |
1,719 |
1,919 |
1,793 |
2,106 |
3,513 |
4,029 |
Waters |
790 |
951 |
1,125 |
1,277 |
1,916 |
2,234 |
|
|
|
|
|
|
|
|
TOTAL |
5,657 |
6,236 |
6,171 |
7,067 |
11,835 |
13,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First quarter 2022 |
Second quarter 2022 |
First half 2022 |
|
Reported change |
Like-for-like change |
Reported change |
Like-for-like change |
Reported change |
Like-for-like change |
BY GEOGRAPHICAL ZONE |
|
|
|
|
|
|
|
Europe |
+6.4% |
+5.7% |
+5.2% |
+5.1% |
+5.8% |
+5.4% |
North America1 |
+12.2% |
+5.5% |
+19.5% |
+8.9% |
+16.0% |
+7.2% |
China, North Asia & Oceania2 |
+22.9% |
+15.3% |
+12.5% |
+3.3% |
+16.9% |
+8.3% |
Rest of the World |
+8.7% |
+7.0% |
+22.8% |
+12.3% |
+16.2% |
+9.7% |
BY CATEGORY |
|
|
|
|
|
|
|
EDP |
+6.9% |
+3.6% |
+13.2% |
+5.6% |
+10.2% |
+4.6% |
Specialized Nutrition |
+11.7% |
+9.5% |
+17.5% |
+11.4% |
+14.7% |
+10.4% |
Waters |
+20.5% |
+15.9% |
+13.6% |
+7.9% |
+16.6% |
+11.2% |
|
|
|
|
|
|
|
|
TOTAL |
+10.2% |
+7.1% |
+14.5% |
+7.7% |
+12.6% |
+7.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
All references in this document to Like-for-like
(LFL) changes, Recurring operating income and margin, Recurring net
income, Recurring income tax rate, Recurring EPS, Free cash-flow
and net financial debt, correspond to financial indicators not
defined in IFRS. Their definitions, as well as their reconciliation
with financial statements, are listed on pages 6 and 7.
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